Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

There are a handful of listed banks in the UK. But there are nearly 300 UK banks in our SNL database, which include unlisted banks. These are mostly the subsidiaries of banks in other regions, including Asia. The immediate concern is how banks adjust their risk-weightings on their UK assets. S&amp;P and Moody's downgrades, will also affect UK bank counterparty risk. The more distant concern is the outlook for impairments on some of these assets, namely loans and corporate bonds. UK assets to group…

There are a handful of listed banks in the UK. But there are nearly 300 UK banks in our SNL database, which include unlisted banks. These are mostly the subsidiaries of banks in other regions, including Asia. The immediate concern is how banks adjust their risk-weightings on their UK assets. S&amp;P and Moody's downgrades, will also affect UK bank counterparty risk. The more distant concern is the outlook for impairments on some of these assets, namely loans and corporate bonds. UK assets to group…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser extent. We plan to reduce the fair value estimates for Nomura Holdings as the company remains poorly positioned as a subscale investment bank with high conduct risk and repeated failures in expanding the global fixed income franchise. Nomura makes significant use of three subsidiaries under European Economic Area, or EEA, passporting privileges to reach its wholesale clients in continental Europe. For other banks, the impacts are likely to be less acute relative to Nomura as they do not hold too many derivative contracts under United Kingdom entities, and their direct exposures are largely limited to traditional lending functions to support foreign subsidiaries of the Japanese parent companies.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

Chairman, sgtradex

Tan Chin-Hwee

Chairman

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business owner hire and invest?Uncertainty is often lumped together as risk but there is a different: risk can be measured but uncertainty cannot. Daniel Ellsberg devised the famous experiment where there are 2 jars. The first jar, you are told, contains 50 red balls and 50 black balls. The 2nd jars contain 100 red and black balls but the number of each is…

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business owner hire and invest?Uncertainty is often lumped together as risk but there is a different: risk can be measured but uncertainty cannot. Daniel Ellsberg devised the famous experiment where there are 2 jars. The first jar, you are told, contains 50 red balls and 50 black balls. The 2nd jars contain 100 red and black balls but the number of each is…

Markets from Here-Uncertainty Is NOT Risk

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund <a href="https://www.smartkarma.com/entities/22754" target="_blank" data-smartkarma-citation="entities:22754">Vietnam Enterprise Investments Limited</a>, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

<ul><li>Last year seven banks in China saw deposits contract. The year previous the number was one. </li><li>Deposit flight is one of the first things to look for in a banking crisis.&nbsp;</li><li>Even where deposits are simply being moved out of traditional banks and placed with a government policy bank, it can be a concern.</li><li>As bad loans worsen, banks find it increasingly difficult to pay back depositors, which can mean calling in loans. This only exacerbates financial stress for debtors.</li></ul>Full report below the fold....&nbsp;

Last year seven banks in China saw deposits contract. The year previous the number was one. Deposit flight is one of the first things to look for in a banking crisis.&nbsp;Even where deposits are simply being moved out of traditional banks and placed with a government policy bank, it can be a concern.As bad loans worsen, banks find it increasingly difficult to pay back depositors, which can mean calling in loans. This only exacerbates financial stress for debtors.Full report below the fold....&nbsp;

United Kingdom

3i Group plc is an international investor focused on private equity, infrastructure and debt management. The Company's investments are located across multiple continents through local investment teams in Europe, Asia and North America.

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3i Group PLC (III LN)

UK Subsidiaries of Asian Banks

There are a handful of listed banks in the UK. But there are nearly 300 UK banks in our SNL database, which include unlisted banks. These are...

Daniel Tabbush

The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

The Brexit vote result is a clear negative for independent investment banks, and major banks with sizable crossborder transaction flows to a lesser...

Morningstar, Inc.

Markets from Here-Uncertainty Is NOT Risk

Cameron has to take the fall as he took a huge strategic risk for partisan reasons, misreading the mood. The question is: do you as a business...

Tan Chin-Hwee

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently...

Nomadic Equity

Deposit Flight at China's Banks

Last year seven banks in China saw deposits contract. The year previous the number was one. Deposit flight is one of the first things to look...

Daniel Tabbush

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