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.

Equity Bottom-Up

Following the bankruptcy of Swiber, DBS made a statement regarding its exposure, which we reproduce below. We are reminded of the risks, even to those banks traditionally thought of as conservative and sleepy. Unfortunately for DBS, the risks does not stop here.<div class="content-highlight">
DBS announcement on Swiber:
DBS has a total exposure of about SGD 700 million to the Swiber group of companies, comprising loans, bonds and off-balance sheet items. As the exposure is partially secured, DBS expects to recover half of it…
</div>

Following the bankruptcy of Swiber, DBS made a statement regarding its exposure, which we reproduce below. We are reminded of the risks, even to those banks traditionally thought of as conservative and sleepy. Unfortunately for DBS, the risks does not stop here.
DBS announcement on Swiber:
DBS has a total exposure of about SGD 700 million to the Swiber group of companies, comprising loans, bonds and off-balance sheet items. As the exposure is partially secured, DBS expects to recover half of it…


We all know of the worsening economic growth in China and the higher bad loans for China’s banks. This is also affecting Singapore banks, not only those in Hong Kong. We catch a glimpse of this first with OCBC’s newly released data. Our belief remains that the conservative, near-zero risk profile of Singapore banks, is not valid. At the same time, that China’s banks will face major profit contraction, some with losses, and capital will be at risk. This is only beginning, with no major China bank…

We all know of the worsening economic growth in China and the higher bad loans for China’s banks. This is also affecting Singapore banks, not only those in Hong Kong. We catch a glimpse of this first with OCBC’s newly released data. Our belief remains that the conservative, near-zero risk profile of Singapore banks, is not valid. At the same time, that China’s banks will face major profit contraction, some with losses, and capital will be at risk. This is only beginning, with no major China bank…

China Disappointment Is Significant at OCBC

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

Thematic (Sector/Industry)

Once just a tourist destination for the area’s history and culture, Kampong Glam has become one of Singapore’s hippest enclaves. Part of the state’s plans for the Ophir-Rochor Corridor, the potential in this often overlooked region is great. Here’s our Guru View:<ul><li>Kampong Glam is part of the rejuvenation taking place in the Ophir-Rochor corridor, and stands to benefit from a number of developments in the area</li><li>A number of projects in the Beach Raod area have en bloc potential, and investors should consider carefully</li><li>It is likely that developers are keeping an eye on the reception for DUO and South Beach before committing to more projects in the area</li><li>Volumes and transaction prices for Q2 2016 to date have reached one of its lowest points in the past 18 quarters</li></ul>

Once just a tourist destination for the area’s history and culture, Kampong Glam has become one of Singapore’s hippest enclaves. Part of the state’s plans for the Ophir-Rochor Corridor, the potential in this often overlooked region is great. Here’s our Guru View:Kampong Glam is part of the rejuvenation taking place in the Ophir-Rochor corridor, and stands to benefit from a number of developments in the areaA number of projects in the Beach Raod area have en bloc potential, and investors should consider carefullyIt is likely that developers are keeping an eye on the reception for DUO and South Beach before committing to more projects in the areaVolumes and transaction prices for Q2 2016 to date have reached one of its lowest points in the past 18 quarters

Singapore Property: The Rejuvenation of Beach Road

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.

Fullerton India Credit Company Ltd, a locally registered Non-Banking Finance Company (NBFC) owned by Temasek via Fullerton Singapore, plans to issue masala bonds to international investors in order to diversify its funding sources. Masala bonds are rupee denominated offshore bonds quite similar to dim sum bonds issued by Chinese companies. After HDFC, the largest mortgage lender in India, became the first company last week to successfully place a Masala Bond issue more companies are eyeing this…

Fullerton India Credit Company Ltd, a locally registered Non-Banking Finance Company (NBFC) owned by Temasek via Fullerton Singapore, plans to issue masala bonds to international investors in order to diversify its funding sources. Masala bonds are rupee denominated offshore bonds quite similar to dim sum bonds issued by Chinese companies. After HDFC, the largest mortgage lender in India, became the first company last week to successfully place a Masala Bond issue more companies are eyeing this…

Fullerton India to Issue Masala Bonds for Local Ops; Investors in Yield Hunt Chase Cos for Issuance

Risks in China are not limited to Hong Kong’s banks, and the Singapore banks are the next obvious candidates. Where China figures are opaque within Singapore banks’ group first quarter results, we should see more clarity when interim results are released. DBS Bank China has seen its returns down to incredibly low levels, with ROA at 12bps last year. Impairment costs are one contributing factor, but also core income, where margins are now down to 1.64%. At the same time, its costs in China are…

Risks in China are not limited to Hong Kong’s banks, and the Singapore banks are the next obvious candidates. Where China figures are opaque within Singapore banks’ group first quarter results, we should see more clarity when interim results are released. DBS Bank China has seen its returns down to incredibly low levels, with ROA at 12bps last year. Impairment costs are one contributing factor, but also core income, where margins are now down to 1.64%. At the same time, its costs in China are…

Singapore China Bank Experience Worst at DBS?

Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services.  The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage .  DBS Group also acts as the primary dealer in Singapore government securities.

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

DBS (DBS SP)

DBS Unraveling?

Following the bankruptcy of Swiber, DBS made a statement regarding its exposure, which we reproduce below. We are reminded of the risks, even to...

Daniel Tabbush

China Disappointment Is Significant at OCBC

We all know of the worsening economic growth in China and the higher bad loans for China’s banks. This is also affecting Singapore banks, not only...

Daniel Tabbush

Singapore Property: The Rejuvenation of Beach Road

Once just a tourist destination for the area’s history and culture, Kampong Glam has become one of Singapore’s hippest enclaves. Part of the...

PropertyGuru

Fullerton India to Issue Masala Bonds for Local Ops; Investors in Yield Hunt Chase Cos for Issuance

Fullerton India Credit Company Ltd, a locally registered Non-Banking Finance Company (NBFC) owned by Temasek via Fullerton Singapore, plans to...

Asia Advisors

Singapore China Bank Experience Worst at DBS?

Risks in China are not limited to Hong Kong’s banks, and the Singapore banks are the next obvious candidates. Where China figures are opaque within...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)