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)

The government’s capital injection for India’s state banks is miniscule compared with what they may need. The data is not hidden, so it is unclear to us, how the government can miscalculate by such a magnitude. For four state banks, the proposed capital injection is only 0.3% of assets! Our analysis below focuses on the four state banks where we have complete details, while the overall government capital injection package is for INR229 billion for 13 PSU banks.New proposed government capital as…

The government’s capital injection for India’s state banks is miniscule compared with what they may need. The data is not hidden, so it is unclear to us, how the government can miscalculate by such a magnitude. For four state banks, the proposed capital injection is only 0.3% of assets! Our analysis below focuses on the four state banks where we have complete details, while the overall government capital injection package is for INR229 billion for 13 PSU banks.New proposed government capital as…

New Capital for India's Banks: Microscopic

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

HDFC has become the first Indian issuer to a masala bond after it raised Rs30bn (US$450m) by selling a 3-year one-month maturity rupee denominated offshore bond (Rupee denominated bonds issued offshore are popularly called masala bonds, just as offshore Yuan denominated bonds are referred to as dim sum bonds; the word masala in Hindi language means spice). HDFC issued the paper at a semi-annual coupon of 7.875% for a tenure of 37 months. Prior to this only IFC had issued Rs110bn worth of…

HDFC has become the first Indian issuer to a masala bond after it raised Rs30bn (US$450m) by selling a 3-year one-month maturity rupee denominated offshore bond (Rupee denominated bonds issued offshore are popularly called masala bonds, just as offshore Yuan denominated bonds are referred to as dim sum bonds; the word masala in Hindi language means spice). HDFC issued the paper at a semi-annual coupon of 7.875% for a tenure of 37 months. Prior to this only IFC had issued Rs110bn worth of…

Masala Bond Market: HDFC Makes a Start; Ride Unlikely to Be Smooth; INR Outlook to Guide This Market

<ul><li>The commercial office property market in India is showing good signs of revival since last year</li><li>Demand indicators as seen through the leasing activity, rental movement and the fall in vacancy rates points to positive trends for the sector that has lagged its residential counterpart since 2012</li><li>The offers promising yields of 9-10% across the top cities along with chances of capital appreciation</li><li>High Yield has attracted many global PE &amp; pension funds and Blackstone today has emerged as the largest owner of grade-A office space in India with a portfolio of over 30msf (million square feet)</li><li>Impending creation and listing of REITs in India will be another positive trigger for the sector as developers and asset owners unlock capital from tenanted properties  </li></ul>

The commercial office property market in India is showing good signs of revival since last yearDemand indicators as seen through the leasing activity, rental movement and the fall in vacancy rates points to positive trends for the sector that has lagged its residential counterpart since 2012The offers promising yields of 9-10% across the top cities along with chances of capital appreciationHigh Yield has attracted many global PE &amp; pension funds and Blackstone today has emerged as the largest owner of grade-A office space in India with a portfolio of over 30msf (million square feet)Impending creation and listing of REITs in India will be another positive trigger for the sector as developers and asset owners unlock capital from tenanted properties  

Looking for Yield? India Office Property Offers 10%; Sector on an Uptick; REIT Listings Next Trigger

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Consumer Price Index (CPI) inflation came in at 5.8% in June 2016, similar to the rise recorded in May 2016 – the highest rate since August 2014. Inflation continued to be driven mainly by a significant rise in food prices, especially vegetables.Food prices increased 7.8% y-o-y in June 2016 compared to a 7.5% y-o-y rise in May 2016. The percentage point contribution of food &amp; beverages inflation to overall inflation increased from 3.4% in May 2016 to 3.5% in June 2016. This was largely due to a…

Consumer Price Index (CPI) inflation came in at 5.8% in June 2016, similar to the rise recorded in May 2016 – the highest rate since August 2014. Inflation continued to be driven mainly by a significant rise in food prices, especially vegetables.Food prices increased 7.8% y-o-y in June 2016 compared to a 7.5% y-o-y rise in May 2016. The percentage point contribution of food &amp; beverages inflation to overall inflation increased from 3.4% in May 2016 to 3.5% in June 2016. This was largely due to a…

INDIA: CPI Inflation at 22 Month High – Rate Cut Unlikely

As the global financial markets grapple with the decision taken by the UK to exit the EU, it is clear that the question of future referendums in other member countries and potential exits will likely dominate the headlines in the coming months. The Indian economy has seen its total exports decline for 18 straight months, hurt by an overvalued exchange rate as well as a weak global economy. The uncertainty that will likely unfold in the major EU countries and especially the Eurozone (EZ) will add…

As the global financial markets grapple with the decision taken by the UK to exit the EU, it is clear that the question of future referendums in other member countries and potential exits will likely dominate the headlines in the coming months. The Indian economy has seen its total exports decline for 18 straight months, hurt by an overvalued exchange rate as well as a weak global economy. The uncertainty that will likely unfold in the major EU countries and especially the Eurozone (EZ) will add…

Headwinds for India – Brexit and Its Impact Via Other Countries

India

Central Bank Of India is a full service commercial bank. The Bank's services include taking deposits, lending services, and investing. Central bank operates branches throughout India.

Federal Bank Limited operates branches and regional offices throughout India. The Bank offers a wide range of financial services, including merchant banking, international banking and foreign exchange, leasing facilities, money markets and agricultural advances. The Bank also provides lending for hi-tech agricultural and government sponsored schemes.

Bank of Maharashtra Ltd. provides a full range of banking services throughout India. The Group's activities include retail banking, commercial and personal banking, investment management, treasury & NRI services, cash management and assorted ATM facilities. Bank of Maharashtra also sponsors regional rural banks jointly with the Central Government and State Government.

AU Small Finance Bank Limited operates as a commercial bank. The Bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending. AU Small Finance Bank serves customers in India.

AU Small Finance Bank Limited (AUBANK IN)

IDFC First Bank Limited provides a full range of commercial banking services for retail and institutional customers. The Bank offers fixed deposits, debit cards, savings account, cash management, and other services. IDFC Bank serves its customers in India.

Punjab & Sind Bank is a commercial bank. The Bank offers its customers a wide range of banking products and services.

UCO Bank provides a full range of banking services throughout India. UCO Bank operates over 1,700 banking branches in India, as well as four branches in overseas locations.

YES BANK Limited provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, corporate, and business banking services. YES BANK serves the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology, and infrastructure development industries in India.

Indian Bank is a full service bank owned by the Government of India. The Bank offers a wide range of services including a foreign currency banking unit at Colombo and specialized overseas branches at Chennai, Bangalore, and Mumbai exclusively for handling foreign exchange  transactions arising out of export, import, remittances and non resident Indian business.

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

Pinnacle Financial Partners, Inc. is a holding company for Pinnacle National Bank. The Bank operates as a community bank emphasizing personal banking relationships with individuals and businesses located in its primary service area, which is comprised of the metropolitan Nashville, Tennessee area and surrounding counties.

Krung Thai Bank Public Company Limited is a state-owned commercial bank offering various banking and financial services including commercial, consumer, credit card, and mortgage loans, as well as provident fund management, foreign exchange, and international trade financing services.  The Bank is majority owned by the Financial Institutions Development Fund.

Wintrust Financial Corporation is a multi-bank holding company providing community-based banking services in various suburbs of Chicago, Illinois.  The Banks provide a variety of commercial and personal financial services to individuals, businesses, local governmental units, and institutions.  Wintrust also has a financing services subsidiary and a trust subsidiary.

Metropolitan Bank & Trust Company offers commercial and investment banking services. The Bank's business activities include borrowing and lending, trade finance, remittances, treasury, investment banking and savings.

Vietnam Joint Stock Commercial Bank For Industry and Trade accepts deposits and offers commercial banking services.  The bank offers corporate and consumer loans; insurance; securities and derivatives brokerage; lease financing; money transfer; credit cards; and other services

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

Vietnam Joint Stock Commercial Bank For Industry and Trade

Chongqing Rural Commercial Bank Co.,Ltd. provides various types of personal and corporate banking and financial services.  The Company's services including deposits, loans and bonds, domestic clearing, bank card, bill discounting, agent distribution, cashing and underwriting government bonds, guarantees, and payments and insurance agency .

Chongqing Rural Commercial Bank (3618 HK)

Taishin Financial Holding Co., Ltd. is a holding company. Through its subsidiaries, the Company conducts commercial banking business, such as deposits, loans, discount bills, guarantees, remittances, and foreign exchange transactions.

The Chiba Bank, Ltd. is a regional bank based in Chiba Prefecture. The Bank offers general banking services including deposits, loans, and foreign exchange transactions. The Chiba Bank also develops software and provides financial services such as leasing, securities brokerage, letter of credit, and credit cards.

Prosperity Bancshares, Inc. is the holding company for Prosperity Bank. The Bank attracts deposits from the general public and uses those funds to originate a variety of commercial and consumer loans. Prosperity Bank operates in the greater Houston metropolitan area and neighboring counties in Texas.

Bank of India, through its subsidiaries, provides corporate, commercial, personal banking, retail, rural, and development banking.  The Group specializes its services towards corporate and medium businesses, in addition to upmarket retail customers.

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Bank Of India (BOI IN)

New Capital for India's Banks: Microscopic

The government’s capital injection for India’s state banks is miniscule compared with what they may need. The data is not hidden, so it is unclear...

Daniel Tabbush

Masala Bond Market: HDFC Makes a Start; Ride Unlikely to Be Smooth; INR Outlook to Guide This Market

HDFC has become the first Indian issuer to a masala bond after it raised Rs30bn (US$450m) by selling a 3-year one-month maturity rupee denominated...

Asia Advisors

Looking for Yield? India Office Property Offers 10%; Sector on an Uptick; REIT Listings Next Trigger

The commercial office property market in India is showing good signs of revival since last year Demand indicators as seen through the leasing...

Asia Advisors

INDIA: CPI Inflation at 22 Month High – Rate Cut Unlikely

Consumer Price Index (CPI) inflation came in at 5.8% in June 2016, similar to the rise recorded in May 2016 – the highest rate since August 2014....

Rajan Govil

Headwinds for India – Brexit and Its Impact Via Other Countries

As the global financial markets grapple with the decision taken by the UK to exit the EU, it is clear that the question of future referendums in...

Rajan Govil

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