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)

We examine interest coverage in the corporate sector for several countries in Asia; given the broad range of interest coverage across Asia by country and by sector, simple averages are hugely misleading.What matters from the perspective of a bank analysis, is how prominently debt-laden companies feature with low levels of interest cover. This is where the analysis can be helpful in considering the outlook for NPL formation and credit costs.<div class="content-highlight"> India stands out in absolute terms, but also in the…</div>

We examine interest coverage in the corporate sector for several countries in Asia; given the broad range of interest coverage across Asia by country and by sector, simple averages are hugely misleading.What matters from the perspective of a bank analysis, is how prominently debt-laden companies feature with low levels of interest cover. This is where the analysis can be helpful in considering the outlook for NPL formation and credit costs. India stands out in absolute terms, but also in the…

Asia - Interest Coverage Data Is Dire for India, and China

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.

Sentosa Cove is a private, exclusive enclave in Singapore, meant for the wealthiest of the wealthy. Cooling measures, however, have hit it hard, and transaction prices have fallen drastically. We give you the Guru View:<ul><li>While  the common perception is that Sentosa Cove is mostly for foreigners, a large number of buyers are still Singaporeans</li><li>Transaction volumes have fallen at Sentosa Cove, and prices have fallen to a median per sq ft price of S$1,400 as of Q1 2016</li><li>Developers have taken to monetizing unsold units by renting them out or other means, and are biding their time for the market to improve before selling their remnant units</li><li>For those with the means to enter Sentosa Cove's market, this is a good time, with prices at a relatively low level</li></ul>

Sentosa Cove is a private, exclusive enclave in Singapore, meant for the wealthiest of the wealthy. Cooling measures, however, have hit it hard, and transaction prices have fallen drastically. We give you the Guru View:While  the common perception is that Sentosa Cove is mostly for foreigners, a large number of buyers are still SingaporeansTransaction volumes have fallen at Sentosa Cove, and prices have fallen to a median per sq ft price of S$1,400 as of Q1 2016Developers have taken to monetizing unsold units by renting them out or other means, and are biding their time for the market to improve before selling their remnant unitsFor those with the means to enter Sentosa Cove's market, this is a good time, with prices at a relatively low level

The Life of the Leisure Class: Looking at Sentosa Cove

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Purchasers have soaked up well-positioned projectsSingapore's private residential property market has shown signs of life recently with both developers and end-purchasers being particularly active. In March 2016, Sim Lian Holdings surprised the market with good sales of Wandervale, moving almost 300 units (total 534 units) within the first month of launch. Based on feedback from the ground, Sim Lian Group is again poised to defy market expectations with a better than expected response to the…

Purchasers have soaked up well-positioned projectsSingapore's private residential property market has shown signs of life recently with both developers and end-purchasers being particularly active. In March 2016, Sim Lian Holdings surprised the market with good sales of Wandervale, moving almost 300 units (total 534 units) within the first month of launch. Based on feedback from the ground, Sim Lian Group is again poised to defy market expectations with a better than expected response to the…

Are We Wrong About Singapore's Private Residential Property Market?

The accommodation needs of both business and leisure travellers have changed significantly over the years and have created new opportunities for hospitality players in Singapore.With the growing number of business travellers, the need for accommodation that helps guests balance work and leisure has become more pronounced in recent years, contributing to the rise of serviced apartments. In this issue, we look at the accommodation business, which caters to extended-stay guests who require more than…

The accommodation needs of both business and leisure travellers have changed significantly over the years and have created new opportunities for hospitality players in Singapore.With the growing number of business travellers, the need for accommodation that helps guests balance work and leisure has become more pronounced in recent years, contributing to the rise of serviced apartments. In this issue, we look at the accommodation business, which caters to extended-stay guests who require more than…

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/008/831/original/KaChingLogo.png?1464896523" class="editor-image img-responsive" data-smartkarma-image-id="8831"></figure>In January, <a href="https://www.smartkarma.com/entities/589" target="_blank" data-smartkarma-citation="entities:589">Dah Sing Financial Holdings</a> (DSFH, 440 HK) announced it was entertaining offers for its insurance unit after an article suggested as much, including that the pricetag could be as high as US$1bn. Since then, there have been a variety of articles keeping us up to date on the possibilities, Dah Sing Financial is up 32%, the model delta-neutral long/short portfolio constructed in the Insights at right are up 36-38% since the end of January 13 (the day after the original news), and now we…

In January, Dah Sing Financial Holdings (DSFH, 440 HK) announced it was entertaining offers for its insurance unit after an article suggested as much, including that the pricetag could be as high as US$1bn. Since then, there have been a variety of articles keeping us up to date on the possibilities, Dah Sing Financial is up 32%, the model delta-neutral long/short portfolio constructed in the Insights at right are up 36-38% since the end of January 13 (the day after the original news), and now we…

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.

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DBS (DBS SP)

Asia - Interest Coverage Data Is Dire for India, and China

We examine interest coverage in the corporate sector for several countries in Asia; given the broad range of interest coverage across Asia by...

Daniel Tabbush

The Life of the Leisure Class: Looking at Sentosa Cove

Sentosa Cove is a private, exclusive enclave in Singapore, meant for the wealthiest of the wealthy. Cooling measures, however, have hit it hard,...

PropertyGuru

Are We Wrong About Singapore's Private Residential Property Market?

Purchasers have soaked up well-positioned projectsSingapore's private residential property market has shown signs of life recently with both...

TAN Kok Keong

Serviced Apartments: Home Away from Home

The accommodation needs of both business and leisure travellers have changed significantly over the years and have created new opportunities for...

PropertyGuru

Dah Sing - Ring-A-Ling-Ka-Ching

In January, Dah Sing Financial Holdings (DSFH, 440 HK) announced it was entertaining offers for its insurance unit after an article suggested as...

Travis Lundy

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