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>There is talk that the regulator in China will allow banks to swap NPLs for equity stakes in the debtor companies. </li>
<li>This is also talk that the government will allow banks to package NPLs in the form of securities and sell them.  </li>
</ul><div class="content-highlight">The fact that these stories are coming out now, suggests that Beijing is incredibly worried about NPL formation, bank health and the state of economy.  And it should be, but these measures do not solve the asset quality problem, for want of scale for one thing.   </div><h2>Ping An</h2>…


There is talk that the regulator in China will allow banks to swap NPLs for equity stakes in the debtor companies. 
This is also talk that the government will allow banks to package NPLs in the form of securities and sell them.  
The fact that these stories are coming out now, suggests that Beijing is incredibly worried about NPL formation, bank health and the state of economy.  And it should be, but these measures do not solve the asset quality problem, for want of scale for one thing.   Ping An…

Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>Fed Wednesday, where market will be surprised by a more hawkish than expected statement. Risk is to the upside for greater US dollar strength </li></ul><ul><li>Euro crosses &amp; global macro traders will still be digesting the Draghi surprise &amp; the epitome of a poorly placed sentence (What were they thinking!?)</li></ul><ul><li>ECB surprise &amp; price action last week is not similar to the BoJ &amp; Yen movements, ‘same same but very different’. The market is ‘wrong’ to jump the gun on no further QE in the EZ</li></ul>

Fed Wednesday, where market will be surprised by a more hawkish than expected statement. Risk is to the upside for greater US dollar strength Euro crosses &amp; global macro traders will still be digesting the Draghi surprise &amp; the epitome of a poorly placed sentence (What were they thinking!?)ECB surprise &amp; price action last week is not similar to the BoJ &amp; Yen movements, ‘same same but very different’. The market is ‘wrong’ to jump the gun on no further QE in the EZ

Global Macro Take: WK 11 - ECB Digestion, Fed Wednesday & Potentially Risk-On Reversal

We ask the questions that need to be asked, Hong Bao Media Holdings Pte Ltd

Mark Laudi • Investor Central

We ask the questions that need to be asked

Hong Bao Media Holdings Pte Ltd

Now that Singapore's banks have published their results, veteran market watchers Song Seng Wun and Kevin Scully take an in-depth look at China's economic woes and give their calls on the banks and other financial services companies.

Now that Singapore's banks have published their results, veteran market watchers Song Seng Wun and Kevin Scully take an in-depth look at China's economic woes and give their calls on the banks and other financial services companies.

Video: How Much Will a Bursting of the China Bubble Hurt Singapore Banks?

Transport Sector, China and Asia-focused Research

Charles De Trenck

In addition to Whiskey investing, or buying paintings of Great Masters, there are truly great opportunities to invest, learn and derive enjoyment from the activity and art of investing.Jerry Seinfeld made headlines with his Porsche collection this week, though showing you can also lose on car investing…Cuban cigars, most especially special humidor editions, have proved good investments at times… when not all smoked. The holy grail here perhaps has been “Cuban Davidoffs” and Cohibas from the early 90s.   We can’t all be so lucky as to play with expensive cars or chase expensive wines. But there are a few things we can and should do.  Gold should be at the top of the list for so many reasons.  Not as a fad, but as a generational practice. There is a way to focus on long term premiums in gold.

In addition to Whiskey investing, or buying paintings of Great Masters, there are truly great opportunities to invest, learn and derive enjoyment from the activity and art of investing.Jerry Seinfeld made headlines with his Porsche collection this week, though showing you can also lose on car investing…Cuban cigars, most especially special humidor editions, have proved good investments at times… when not all smoked. The holy grail here perhaps has been “Cuban Davidoffs” and Cohibas from the early 90s.   We can’t all be so lucky as to play with expensive cars or chase expensive wines. But there are a few things we can and should do.  Gold should be at the top of the list for so many reasons.  Not as a fad, but as a generational practice. There is a way to focus on long term premiums in gold.

Collectibles and the Many Ways to Buy Gold: Focus on Premium Generation Strategy

CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

Macroeconomics

Strategic Portfolio returns available from strategic currency allocations. We review ClearMacro's expected returns methodology and the opportunities currently available from strategic currency allocations.

Strategic Portfolio returns available from strategic currency allocations. We review ClearMacro's expected returns methodology and the opportunities currently available from strategic currency allocations.  

Portfolio Return Opportunity from Strategic Currency Allocations?

China

China Minsheng Banking Corp., Ltd. operates in commercial banking businesses. The Bank provides deposit, loan, settlement, discount, financial bond issuance, government bond underwriting and trading, letter of credit, bank guarantee, and other related financial services.

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China Minsheng Banking A (600016 CH)

China Is Frantic About NPLs

There is talk that the regulator in China will allow banks to swap NPLs for equity stakes in the debtor companies. This is also talk that the...

Daniel Tabbush

Global Macro Take: WK 11 - ECB Digestion, Fed Wednesday & Potentially Risk-On Reversal

Fed Wednesday, where market will be surprised by a more hawkish than expected statement. Risk is to the upside for greater US dollar strength Euro...

Kay Van-Petersen

Video: How Much Will a Bursting of the China Bubble Hurt Singapore Banks?

Now that Singapore's banks have published their results, veteran market watchers Song Seng Wun and Kevin Scully take an in-depth look at China's...

Mark Laudi • Investor Central

Collectibles and the Many Ways to Buy Gold: Focus on Premium Generation Strategy

In addition to Whiskey investing, or buying paintings of Great Masters, there are truly great opportunities to invest, learn and derive enjoyment...

Charles De Trenck

Portfolio Return Opportunity from Strategic Currency Allocations?

Strategic Portfolio returns available from strategic currency allocations. We review ClearMacro's expected returns methodology and the...

ClearMacro

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)