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)

In DBS’s year 2014 annual report it defines market risk on page 90 as follows: “Market risk is the risk is the risk of loss arising from adverse changes in interest rates, foreign exchange rates, equity prices, credit spreads and commodity prices, as well as their correlations and implied volatilities.” <figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/004/663/original/Market%20Risk.png?1450243661" class="editor-image img-responsive" data-smartkarma-image-id="4663"><figcaption class="figcaption">Source: DBS 2014 Annual Report p90</figcaption></figure>In the bank’s 2012 annual report the definition on page 81 was slightly different: “Market risk affects the economic values of financial instruments held by the…

In DBS’s year 2014 annual report it defines market risk on page 90 as follows: “Market risk is the risk is the risk of loss arising from adverse changes in interest rates, foreign exchange rates, equity prices, credit spreads and commodity prices, as well as their correlations and implied volatilities.” Source: DBS 2014 Annual Report p90In the bank’s 2012 annual report the definition on page 81 was slightly different: “Market risk affects the economic values of financial instruments held by the…

With Radically Lower Oil Prices, Market Risk Assets Is a Focus

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

<ul><li class="p1">We view high quality shopping centres as benefiting from strong competitive advantages, and generally ascribe narrow economic moat ratings to REITs with better quality shopping malls.</li><li class="p1">However, identifying a quality mall is complex as there are multiple factors impacting how a mall will trade.</li><li class="p1">In terms of sustainable competitive advantage, which underlies Morningstar's Economic Moat methodology, the best placed are large shopping centres dominating their catchment areas, particularly in built-up areas with high population density.</li><li class="p1">The wide range of retailers in one location, along with good transport infrastructure, underpins ongoing shopper foot traffic and hence tenant demand. With demand in the catchment being largely met by a dominant mall, a new entrant would be dissuaded by the high cost of development of a similarly attractive mall, particularly in built-up areas where land prices are high.</li><li class="p1">Incremental demand growth can often be met by expansion of the existing mall, generating strong returns on investment and cementing the incumbent's dominance.</li></ul>Analysts: Tony Sherlock, Adrian Atkins, Todd Lukasik, David Ellis and Stephen Ellis.Full report below the fold....

We view high quality shopping centres as benefiting from strong competitive advantages, and generally ascribe narrow economic moat ratings to REITs with better quality shopping malls.However, identifying a quality mall is complex as there are multiple factors impacting how a mall will trade.In terms of sustainable competitive advantage, which underlies Morningstar's Economic Moat methodology, the best placed are large shopping centres dominating their catchment areas, particularly in built-up areas with high population density.The wide range of retailers in one location, along with good transport infrastructure, underpins ongoing shopper foot traffic and hence tenant demand. With demand in the catchment being largely met by a dominant mall, a new entrant would be dissuaded by the high cost of development of a similarly attractive mall, particularly in built-up areas where land prices are high.Incremental demand growth can often be met by expansion of the existing mall, generating strong returns on investment and cementing the incumbent's dominance.Analysts: Tony Sherlock, Adrian Atkins, Todd Lukasik, David Ellis and Stephen Ellis.Full report below the fold....

Assessing Driver of Moats in Retail Shopping Centres

United States

Simon Property Group, Inc. is a self-administered and self-managed, real estate investment trust. The Company owns, develops, and manages retail real estate properties including regional malls, outlet centers, community/lifestyle centers, and international properties.

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Simon Property Group (SPG US)

With Radically Lower Oil Prices, Market Risk Assets Is a Focus

In DBS’s year 2014 annual report it defines market risk on page 90 as follows: “Market risk is the risk is the risk of loss arising from adverse...

Daniel Tabbush

Assessing Driver of Moats in Retail Shopping Centres

We view high quality shopping centres as benefiting from strong competitive advantages, and generally ascribe narrow economic moat ratings to...

Morningstar, Inc.

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