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.

Equity Bottom-Up

<ul>
<li>Fee income is down 33% in the most recent quarter which may have prompted the bank to realize gains up 63% in the period to preserve profit growth</li>
<li>Quality of earnings is not strong, with more than half of the bank's pre-tax income delta driven by realized and unrealized gains, with credit cost decline the other key driver</li>
<li>Loss NPLs are now 26% of total NPLs, from 11% a few year ago, suggesting worsening credit metrics. Declining credit costs seem at odds with economy, NPL distribution.</li>
</ul>


Fee income is down 33% in the most recent quarter which may have prompted the bank to realize gains up 63% in the period to preserve profit growth
Quality of earnings is not strong, with more than half of the bank's pre-tax income delta driven by realized and unrealized gains, with credit cost decline the other key driver
Loss NPLs are now 26% of total NPLs, from 11% a few year ago, suggesting worsening credit metrics. Declining credit costs seem at odds with economy, NPL distribution.


Bank of Jiangsu - Fees -33%, Gains +64% Credit Costs -19%, Does Not Suggest Quality Earnings

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, ICBC and Innovent Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, ICBC and Innovent Biologics.


Hong Kong Connect Flows (Sep 22nd): China Mobile, ICBC, Innovent Biologics

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Innovent Bio, Trip.Com, Nio, Baba, Zto Express, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 15th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Innovent Bio, Trip.Com, Nio, Baba, Zto Express, HSBC.


HK Short Interest Weekly: Innovent Bio, Trip.Com, Nio, Baba, Zto Express, HSBC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in ICBC, Xiaomi, Petrochina, CCB, Li Auto, Baba, Aac Tech.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 8th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in ICBC, Xiaomi, Petrochina, CCB, Li Auto, Baba, Aac Tech.


HK Short Interest Weekly: ICBC, Xiaomi, Petrochina, CCB, Li Auto, Baba, Aac Tech

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 1st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent, Li Auto, Baba, China Mobile, Evergrande.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 1st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent, Li Auto, Baba, China Mobile, Evergrande.


HK Short Interest Weekly: Tencent, Li Auto, Baba, China Mobile, Evergrande

United Kingdom

HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance.  The Group operates worldwide.

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HSBC Holdings (5 HK)

Bank of Jiangsu - Fees -33%, Gains +64% Credit Costs -19%, Does Not Suggest Quality Earnings

Dramatically lower fee income, far higher realized gains, and lower credit costs are driving net profit growth, and do not suggest a positive or...

Daniel Tabbush

Hong Kong Connect Flows (Sep 22nd): China Mobile, ICBC, Innovent Biologics

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, ICBC, Innovent Biologics.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Innovent Bio, Trip.Com, Nio, Baba, Zto Express, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Sep 15th and highlight short interest changes in Innovent Bio, Trip.Com,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: ICBC, Xiaomi, Petrochina, CCB, Li Auto, Baba, Aac Tech

We analyzed the latest HK SFC report for aggregate short position as of Sep 8th and highlight short interest changes in ICBC, Xiaomi, Petrochina,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, Li Auto, Baba, China Mobile, Evergrande

We analyzed the latest HK SFC report for aggregate short position as of Sep 1st and highlight short interest changes in Tencent, Li Auto, Baba,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)