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>MUFG has assets of USD2,909,711m compared with USD471m at Mandala Multifinance</li>
<li>MUFG's profit is USD8,880m compared with USD44m at Mandala Multifinance</li>
<li>There is nothing wrong with expansion outside Japan, but perspective is key</li>
</ul>


MUFG has assets of USD2,909,711m compared with USD471m at Mandala Multifinance
MUFG's profit is USD8,880m compared with USD44m at Mandala Multifinance
There is nothing wrong with expansion outside Japan, but perspective is key


MUFG & PT Mandala Multifinance - Too Small To Matter, LT Perspective ROA Is Key

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Pertamina Hulu Energi / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-hulu-energi-pt" target="_blank" data-smartkarma-citation="entities:39781:1" rel="noopener">Pertamina Hulu Energi</a>  is looking to raise around US$1bn in its upcoming Indonesia IPO.</li>
<li>PHE is a subsidiary of  Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Pertamina Hulu Energi  is looking to raise around US$1bn in its upcoming Indonesia IPO.
PHE is a subsidiary of  Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
In this note, we will talk about the not-so-positive aspects of the deal.


Pertamina Hulu Energi Early Look - The Negatives - Past Growth Record Seems Lackluster

PT Pertamina (Persero) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-hulu-energi-pt" target="_blank" data-smartkarma-citation="entities:39781:1" rel="noopener">Pertamina Hulu Energi</a>  is looking to raise around US$1bn in its upcoming Indonesia IPO.</li>
<li>PHE is a subsidiary of  <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener">Pertamina (Persero)</a>, which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Pertamina Hulu Energi  is looking to raise around US$1bn in its upcoming Indonesia IPO.
PHE is a subsidiary of  Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
In this note, we will talk about the positive aspects of the deal.


Pertamina Hulu Energi Early Look - The Positives - High Domestic Market Share

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Trimegah Bangun Persada Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> raised around US$660m in its Indonesian IPO.</li>
<li>PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.</li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) raised around US$660m in its Indonesian IPO.
PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.
In this note, we will talk about the trading dynamics and valuation.


Harita Nickel IPO Trading - Quality Names in the Bookbuild Should Aid Sentiment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> is looking to raise about US$650m in its Indonesian IPO.</li>
<li>PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.</li>
<li>In this note, we will look at our earnings assumptions, and share our thoughts on valuation.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO.
PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.
In this note, we will look at our earnings assumptions, and share our thoughts on valuation.


Harita Nickel IPO Valuation - Capacity Ramp Ups Will Pay Dividends in the Long Run

Indonesia

Bank Danamon Indonesia Tbk PT provides general banking services. The Bank's head office is located in Jakarta with branch offices throughout Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bank Danamon Indonesia (BDMN IJ)

MUFG & PT Mandala Multifinance - Too Small To Matter, LT Perspective ROA Is Key

MUFG's purchase of Mandala in Indonesia may sound enticing, but the reality is that this is too small to matter, while perspective shows no major...

Daniel Tabbush

Pertamina Hulu Energi Early Look - The Negatives - Past Growth Record Seems Lackluster

Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO. In this note we talk about the not so positive aspects of...

Sumeet Singh

Harita Nickel IPO Trading - Quality Names in the Bookbuild Should Aid Sentiment

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) raised around US$660m in its Indonesian IPO. In this note, we will talk about the...

Clarence Chu

Harita Nickel IPO Valuation - Capacity Ramp Ups Will Pay Dividends in the Long Run

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO. In this note, we look at...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MUFG & PT Mandala Multifinance - Too Small To Matter, LT Perspective ROA Is Key

MUFG's purchase of Mandala in Indonesia may sound enticing, but the reality is that this is too small to matter, while perspective shows no major...

Daniel Tabbush

Pertamina Hulu Energi Early Look - The Negatives - Past Growth Record Seems Lackluster

Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO. In this note we talk about the not so positive aspects of...

Sumeet Singh

Pertamina Hulu Energi Early Look - The Positives - High Domestic Market Share

Pertamina Hulu Energi (PHE) is looking to raise around US$1bn in its upcoming Indonesia IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Harita Nickel IPO Trading - Quality Names in the Bookbuild Should Aid Sentiment

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) raised around US$660m in its Indonesian IPO. In this note, we will talk about the...

Clarence Chu

Harita Nickel IPO Valuation - Capacity Ramp Ups Will Pay Dividends in the Long Run

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO. In this note, we look at...

Clarence Chu