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)

<ul><li>Philippine banks are now taking over others in SE Asia in terms of credit growth&nbsp;as they become more comfortable with their own financials and the overall economy.</li><li>Indonesian Bank loan growth has stepped down dramatically over the past few years. This reflects cyclically less corporate demand combined with increased caution from the banks</li><li>Thai Banks now report the lowest growth. With GDP growing at 0.5% this is reflective of demand.</li></ul>

Philippine banks are now taking over others in SE Asia in terms of credit growth&nbsp;as they become more comfortable with their own financials and the overall economy.Indonesian Bank loan growth has stepped down dramatically over the past few years. This reflects cyclically less corporate demand combined with increased caution from the banksThai Banks now report the lowest growth. With GDP growing at 0.5% this is reflective of demand.

South East Asian Loan Growth  - Phillippine, Thai and Indonesian Banks Compared.

<p>Poor loan processing caused high NPLs, and this is now changing. &nbsp;As NPLs move from 4.5% of loans toward 3.0%, investors will be rewarded. At 1.2x PB, BJBR is cheap vs peers, and with a high 10% dividend yield.</p>

Poor loan processing caused high NPLs, and this is now changing. &nbsp;As NPLs move from 4.5% of loans toward 3.0%, investors will be rewarded. At 1.2x PB, BJBR is cheap vs peers, and with a high 10% dividend yield.

A cheap Indonesian bank, with a 10% yield, where NPLs will decline fast. 

Indonesia

PT BFI Finance Indonesia Tbk provides financial services such as leasing, consumer financing, and factoring.

PT Mandala Multifinance Tbk provides consumer finance services.  The Company leases motorcycles.

PT Clipan Finance Indonesia Tbk provides leasing and consumer financing services.

PT Wahana Ottomitra Multiartha Tbk provides consumer financing services.

PT Indomobil Multi Jasa, Tbk. operates as a holding company. The Company through its subsidiaries, provides motor vehicle and heavy equipment financing, transportation, and car rental services. Indomobil Multi Jasa serves clients in Indonesia.

PT Danasupra Erapacific Tbk provides financial services such as consumer financing, leasing, and factoring.

PT Buana Finance Tbk provides financial services such as leasing, factoring, and consumer financing.

PT Tifa Finance Tbk offers financial services.  The Company offers lease financing, consumer loans, and factoring services.

PT Batavia Prosperindo Finance Tbk offers vehicle purchase financing services.

PT Radana Bhaskara Finance Tbk provides financing for motorcycles and cars. The Company has been operating since 2005 and is based in Java and Sumatra, Indonesia.

Hong Leong Finance Limited provides depository and financing services to its clients.  The Company's services include hire purchase, leasing, factoring, mortgages, and other secured loans in the commercial, industrial, and consumer sectors.

Allied Group Limited provides investment, finance and corporate management, and consultancy services.  The Company also trades securities, invests in and develops real estate properties and provides building management and maintenance services.

Aeon Credit Service M Bhd provides consumer financing products.  The Company offers products such as easy payment, personal financing, and credit cards.

AEON Thana Sinsap (Thailand) Public Company Limited provides consumer financial services.  The Company offers hire purchase loans for household products such as appliances, electronic equipment, and furniture, as well as other unsecured personal loans for general purposes.  It also issues locally accepted AEON credit cards, and internationally accepted Mastercards and JCB credit cards.

World Acceptance Corporation operates a small-loan consumer finance business. The Company offers short-term loans, related credit insurance, and ancillary products and services to individuals.  World Acceptance generally serves individuals with limited access to other sources of consumer credit from banks, savings and loans, other consumer finance businesses, and credit cards.

Xi'An Hongsheng Technology Co ltd distributes, designs and develops memory, home entertainment and personal computer products. The Company's products include RAM (Random Access Memory) products, DVD (Digital Versatile Disc) players, televisions, as well as personal computers and peripheral products.

Credit Corp Group Limited provides collection and credit management services in Australia.  The Company purchases charged-off and delinquent debts and also provides document serving and field call services, debtor location services and legal services.

FinVolution Group develops online consumer finance platform. The Company offers credit risk assessment, fraud detection, big data, automated loan transaction, and artificial intelligence solutions. FinVolution Group serves clients in China.

FleetPartners Group Limited provides vehicle fleet leasing, fleet management, and diversified financial services. The Company offers consumers and businesses access to funding solutions including fleet leasing, vehicle sales, commercial equipment finance, and consumer motor vehicle finance. FleetPartners Group serves customers in Australia and New Zealand.

Sun Hung Kai & Company Limited is an investment holding company. The Company, through its subsidiaries, focuses on providing tailor-made financing solutions to corporations, small businesses, and individuals.

PT Adira Dinamika Multi Finance Tbk provides consumer financing services.

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Adira Dinamika Multi Finance (ADMF IJ)

South East Asian Loan Growth - Phillippine, Thai and Indonesian Banks Compared.

Philippine banks are now taking over others in SE Asia in terms of credit growth as they become more comfortable with their own financials and the...

Daniel Tabbush

A cheap Indonesian bank, with a 10% yield, where NPLs will decline fast.

Poor loan processing caused high NPLs, and this is now changing. As NPLs move from 4.5% of loans toward 3.0%, investors will be rewarded. At 1.2x...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)