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>With many real estate developers in China reporting losses, and with greater clarity of their woes, there should be flow through to banks. </li>
<li>Generally, at the top line and in head line bad loans, this is simply not visible, so that one must look to notes to financial statements, other granular data.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-communications-co-h" target="_blank" data-smartkarma-citation="entities:659:1" rel="noopener">Bank Of Communications Co H (3328 HK)</a> shows restructured loans up from RMB41bn to RMB61bn in just six months, with many China banks showing far higher loss loans</li>
</ul>


With many real estate developers in China reporting losses, and with greater clarity of their woes, there should be flow through to banks. 
Generally, at the top line and in head line bad loans, this is simply not visible, so that one must look to notes to financial statements, other granular data.

Bank Of Communications Co H (3328 HK) shows restructured loans up from RMB41bn to RMB61bn in just six months, with many China banks showing far higher loss loans


China Banks - Losses at Developers, Notes to Financials at Some Banks, More Clear than Headlines

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.
We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.


A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight HK Connect flows for China Mobile, and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight HK Connect flows for China Mobile, and CNOOC.


Hong Kong Connect Flows (Jan 5th): China Mobile, CNOOC

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.4% as of Sep 29th.</li>
<li>The average A-H premium changed by 1.5ppt week on week, led by health care, industrials, consumer discretionary and offset by consumer staples, utilities, real estate.</li>
<li>We highlight weekly changes in A-H premium for Beigene, China Vanke, Guangzhou Automobile Group, Wuapptec Co Ltd.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.4% as of Sep 29th.
The average A-H premium changed by 1.5ppt week on week, led by health care, industrials, consumer discretionary and offset by consumer staples, utilities, real estate.
We highlight weekly changes in A-H premium for Beigene, China Vanke, Guangzhou Automobile Group, Wuapptec Co Ltd.


A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 29th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We have highlighted flows for Meituan, Tencent, ICBC and Xpeng.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 29th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We have highlighted flows for Meituan, Tencent, ICBC and Xpeng.


Hong Kong Connect Flows (Sep 29th): Meituan, Tencent, ICBC, Xpeng

China

Bank of Qingdao Co., Limited operates as a commercial bank. The Company provides public deposits, loans, domestic settlements, foreign exchanges, discounting bills, financial bonds, government bonds, and other products.

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

Bank of Qingdao (3866 HK)

China Banks - Losses at Developers, Notes to Financials at Some Banks, More Clear than Headlines

There are losses at China developers and some of this is new or losses are much higher. This is not fully reflected in headline figures at China...

Daniel Tabbush

A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jan 5th): China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight Hong Kong connect flows for China Mobile, CNOOC.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Sep 29th): Meituan, Tencent, ICBC, Xpeng

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, Tencent, ICBC and Xpeng.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)