Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

Many companies that had previously been big investors in Chinese manufacturing plants are now considering their options. An increasing number argue that the ASEAN countries have a lot to offer, particularly with the removal of tariff barriers.

Many companies that had previously been big investors in Chinese manufacturing plants are now considering their options. An increasing number argue that the ASEAN countries have a lot to offer, particularly with the removal of tariff barriers.

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.

We all intuitively understand the concept of economic growth and keeping current with debt. But where so many commentators continue to proclaim China’s growth as being relatively strong, we feel compelled to disagree. It is not relatively strong compared with debt. The mirror image of the boon in credit for banks in China over the past several years is a high level of liabilities at the corporate level. If these same companies are not seeing higher growth, there is no way to keep pace with…

We all intuitively understand the concept of economic growth and keeping current with debt. But where so many commentators continue to proclaim China’s growth as being relatively strong, we feel compelled to disagree. It is not relatively strong compared with debt. The mirror image of the boon in credit for banks in China over the past several years is a high level of liabilities at the corporate level. If these same companies are not seeing higher growth, there is no way to keep pace with…

China - Growth Must Be Fantastic to Support Loan Payments

In order to advance, Chinese industry needs to become innovative. The track record to date is poor, with few examples of genuine innovation and rather too many instances of attempts to deceive and straightforward fraud.

In order to advance, Chinese industry needs to become innovative. The track record to date is poor, with few examples of genuine innovation and rather too many instances of attempts to deceive and straightforward fraud. 

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

With what we see as the stabilization of the Chinese real economy, though credit driven as noted, and growth in steel production among other products, it is naturally anticipated that the inventory level may have increased. This would be due to a lack of real demand absorbing the additional production.Nearly all important metal ore inventories have declined. A look at the important metal ore inventories like nickel, chromium and manganese have experienced a steady decline since December 2015…

 With what we see as the stabilization of the Chinese real economy, though credit driven as noted, and growth in steel production among other products, it is naturally anticipated that the inventory level may have increased. This would be due to a lack of real demand absorbing the additional production.Nearly all important metal ore inventories have declined. A look at the important metal ore inventories like nickel, chromium and manganese have experienced a steady decline since December 2015…

Is Increased Chinese Output Leading to Higher Inventories?

We had predicted that official China PMI would increase and were forecasting 50.5.  We were not even close as PMI remain unchanged at 50.1 for May. Though the Chinese economy is built upon leverage, it seems clear that the real economy in China is stabilizing even if credit driven. What is interesting about our forecast is that even though official PMI remained unchanged, virtually all sectors reporting data throughout the month showed further increase in output from April. We are retooling our…

We had predicted that official China PMI would increase and were forecasting 50.5.  We were not even close as PMI remain unchanged at 50.1 for May. Though the Chinese economy is built upon leverage, it seems clear that the real economy in China is stabilizing even if credit driven. What is interesting about our forecast is that even though official PMI remained unchanged, virtually all sectors reporting data throughout the month showed further increase in output from April. We are retooling our…

China

China Southern Airlines Company Limited provides commercial airline services throughout China, Southeast Asia and other parts of the world.  The Company also provides other airline related services including aircraft maintenance and air catering.

China Eastern Airlines Corporation Limited, together with its subsidiaries, operates in the civil aviation industry. It offers passenger, cargo, mail delivery, ground, cargo handling, and other extended transportation services.

Air China Limited provides passenger, cargo, and airline-related services in China.  The Company is primarily based in Beijing and a major hub for domestic and international air transportation.  Air China's airline-related services include aircraft maintenance, repair, overhaul service, ground services, and in-flight catering services.

Hainan Airlines Co., Ltd. provides passenger and freight air transportation. The Company also provides charter flight services. 

Spring Airlines Co., Ltd. offers air transportation services. The Company provides domestic air transportation, international air transportation, cargo transportation, and other services. Spring Airlines also offers ticket home delivery, insurance transaction, and other services.

Juneyao Airlines Co. Ltd. supplies air transportation services. The Company provides domestic and international routes for passengers and cargoes. Juneyao Airlines also offers ticket home delivery and electronic ticketing services.

China Express Airlines Co., Ltd. provides air transportation services. The Company offers passenger and freight air transportation, aviation equipment maintenance and aircraft leasing, ticket and hotel booking, consulting, and other services. China Express Airlines serves customers worldwide.

China Express Airlines Co Ltd (002928 CH)

COSCO SHIPPING Holdings Co., Ltd offers marine freight transportation services.  The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally.  COSCO SHIPPING Holdings Co., Ltd operates container ships and terminals, and manufactures shipping containers.

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

Daqin Railway Co., Ltd. mainly provides coal transportation service in Northern China. It also operates passenger transportation business.

Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. The Company's airline operation covers Asia, Europe, the Americas, South West Pacific, and Africa.

ANA Holdings Inc provides a variety of air transportation-related services. The Company offers scheduled & unscheduled air passenger services and air courier services. ANA sells aircraft parts and provides travel arrangement & reservation services as well.

United Airlines Holdings Inc is an airline holding company.  The Company owns and operates airlines that transports persons, property and mail throughout the United States and abroad.

Southwest Airlines Co. is a domestic airline that provides primarily short-haul, high-frequency, point-to-point service.  The Company offers flights throughout the United States.

International Consolidated Airlines Group S.A. provides transportation services. The Company offers international and domestic air passenger and cargo transportation services. International Consolidated Airlines Group serves customers worldwide.

International Consolidated Airlines Group (IAG LN)

International Consolidated Airlines Group

LATAM Airlines Group S.A. is an airline that provides both domestic and international flight services.  The Company provides passenger and cargo services to destinations in Chile, South America, the Caribbean, Europe, North America, and the Pacific.  LATAM Airlines operates passenger aircraft and cargo freighters.

InterGlobe Aviation Limited provides passenger airlines services. The Company offers ground management, air transportation, terminal maintenance, and other services. InterGlobe Aviation conducts its business globally.

Turk Hava Yollari Anonim Ortakligi (THY), also known as Turkish Airlines, provides passenger and cargo air transportation services. The Company serves all domestic destinations as well as the Middle East, North America, Europe, Asia, North Africa and South Africa.

Cathay Pacific Airways Limited operates scheduled airline services. The Company also provides related services, including airline catering, aircraft handling, and engineering.

Qantas Airways Limited provides transportation of passengers through two airlines including Qantas (full service carrier) and Jetstar (low cost carrier), operating international, domestic and regional services. The Company also includes Qantas Frequent Flyer and Qantas Freight which generates diverse revenue streams and adds value for customers and investors.

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Air China Ltd (A) (601111 CH)

China or ASEAN? - You Choose

Many companies that had previously been big investors in Chinese manufacturing plants are now considering their options. An increasing number argue...

Bixmoor

China - Growth Must Be Fantastic to Support Loan Payments

We all intuitively understand the concept of economic growth and keeping current with debt. But where so many commentators continue to proclaim...

Daniel Tabbush

Innovation - A Sorry Tale in China

In order to advance, Chinese industry needs to become innovative. The track record to date is poor, with few examples of genuine innovation and...

Bixmoor

Is Increased Chinese Output Leading to Higher Inventories?

With what we see as the stabilization of the Chinese real economy, though credit driven as noted, and growth in steel production among other...

Christopher Balding

Post-PMI Data Release Analysis

We had predicted that official China PMI would increase and were forecasting 50.5. We were not even close as PMI remain unchanged at 50.1 for May....

Christopher Balding

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