Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

Thematic (Sector/Industry)

In this Issue:A lifetime supply of liquor, Proptech, the future of startups lies with big business, Turkey's very own auto brand, Codelco copper bull, seabed mining, Videsh risk, UAE email leak details financial war with Qatar, will big tech be more compliant with security services to head off regulatory threats, ECB articles on China. Unfortunately, the liquor is not on us!!<div class="content-highlight">1.  <a href="https://www.smartkarma.com/entities/16029" target="_blank" data-smartkarma-citation="entities:16029:1">Naver Corp (035420 KS)</a> is playing politics by issuing negative statements about Google in Korea.  After appearing…</div>

In this Issue:A lifetime supply of liquor, Proptech, the future of startups lies with big business, Turkey's very own auto brand, Codelco copper bull, seabed mining, Videsh risk, UAE email leak details financial war with Qatar, will big tech be more compliant with security services to head off regulatory threats, ECB articles on China. Unfortunately, the liquor is not on us!!1.  Naver Corp (035420 KS) is playing politics by issuing negative statements about Google in Korea.  After appearing…

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.

The rise of impairment costs at <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22:1">DBS Group Holdings Ltd (DBS SP)</a> was necessary and belated. But compared with banks across the region, the amount of provisions taken during 3Q17 is not particularly high. And yet, Singapore banks are arguably the most susceptible to the stresses in oil and gas than other Asian banks. Also, DBS and peer Singapore banks have lower non-performing loan (NPL) coverage than most peers, so that it can not be the case of being extra conservative that drives lower relative…

The rise of impairment costs at DBS Group Holdings Ltd (DBS SP) was necessary and belated. But compared with banks across the region, the amount of provisions taken during 3Q17 is not particularly high. And yet, Singapore banks are arguably the most susceptible to the stresses in oil and gas than other Asian banks. Also, DBS and peer Singapore banks have lower non-performing loan (NPL) coverage than most peers, so that it can not be the case of being extra conservative that drives lower relative…

Latest Surge in Provisions at DBS in Asian Context: They Are Not High

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22:1">DBS Group Holdings Ltd (DBS SP)</a> reveals some of its worst non-performing asset (NPA) formation in years, during the latest quarter. And yet this was a period of rising oil prices. The point remains that NPA formation can lag oil prices and also that oil prices are still far too low compared with several years ago. The economics of the business for oil and gas service sector companies still doesn’t work on a few dollars higher oil.  The bank’s -23% profit growth for the latest quarter should be a…

DBS Group Holdings Ltd (DBS SP) reveals some of its worst non-performing asset (NPA) formation in years, during the latest quarter. And yet this was a period of rising oil prices. The point remains that NPA formation can lag oil prices and also that oil prices are still far too low compared with several years ago. The economics of the business for oil and gas service sector companies still doesn’t work on a few dollars higher oil.  The bank’s -23% profit growth for the latest quarter should be a…

<div class="content-highlight">1.  US Tax reform plans propose taxing corporate cash held overseas at 12% and assets purchased from overseas retained earnings at 5%.  Just a House proposal but applies even if the cash is not repatriated.  It would rapidly solve the issue on overseas earnings, but still, leaves longer-term issues.  These tax proposals have a long way to go before becoming law.</div><div class="content-highlight">2.  <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a> saw revenues grow 61% in the second quarter to end September.  AliCloud saw an almost doubling…</div>

1.  US Tax reform plans propose taxing corporate cash held overseas at 12% and assets purchased from overseas retained earnings at 5%.  Just a House proposal but applies even if the cash is not repatriated.  It would rapidly solve the issue on overseas earnings, but still, leaves longer-term issues.  These tax proposals have a long way to go before becoming law.2.  Alibaba Group Holding Ltd (BABA US) saw revenues grow 61% in the second quarter to end September.  AliCloud saw an almost doubling…

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

* TMB Bank’s (TMB.TB) run of improving fundamentals have come to an end; * The core niche SME loan segment hasn’t grown for several quarters, and TMB is now reliant on lower yielding      mortgage lending for growth; * The only offset to credit weakness and lower NIMs is TMB’s latest bancassurance deal; and* Readacross to other Thai commercial banks remains negative.  INVESTMENT SUMMARYAfter being the last bank to struggle with legacy Asian Financial Crisis problem assets, seven years of bank…

* TMB Bank’s (TMB.TB) run of improving fundamentals have come to an end; * The core niche SME loan segment hasn’t grown for several quarters, and TMB is now reliant on lower yielding      mortgage lending for growth; * The only offset to credit weakness and lower NIMs is TMB’s latest bancassurance deal; and* Readacross to other Thai commercial banks remains negative.  INVESTMENT SUMMARYAfter being the last bank to struggle with legacy Asian Financial Crisis problem assets, seven years of bank…

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)

21 Things Worth Knowing (#12)

In this Issue:A lifetime supply of liquor, Proptech, the future of startups lies with big business, Turkey's very own auto brand, Codelco copper...

Mark Artherton

Latest Surge in Provisions at DBS in Asian Context: They Are Not High

The rise of impairment costs at DBS Group Holdings Ltd (DBS SP) was necessary and belated. But compared with banks across the region, the amount of...

Daniel Tabbush

DBS Reveals Far Worse Bad Loans

DBS Group Holdings Ltd (DBS SP) reveals some of its worst non-performing asset (NPA) formation in years, during the latest quarter. And yet this...

Daniel Tabbush

21 Things Worth Knowing (#7)

1. US Tax reform plans propose taxing corporate cash held overseas at 12% and assets purchased from overseas retained earnings at 5%. Just a...

Mark Artherton

TMB Bank - Going Nowhere…Fast

* TMB Bank’s (TMB.TB) run of improving fundamentals have come to an end; * The core niche SME loan segment hasn’t grown for several quarters, and...

Thomas J. Monaco

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