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

Equity Bottom-Up

* 2Q18 Results Even lower than pre-release; * Overall results appear to have been managed; and *Large capital raise likely on the near-term horizon. <h2>Investment Summary</h2>Deutsche Bank (DBK.GY/DB.US) reported underlying profit before tax of EUR 667 mn (against a pre-release of EUR 696 mn).  Although weaker than initially anticipated, this result appears to have been driven by higher than expected: compensation (staff retention), loan workout gains, lower management fees, a decrease in loan loss…

* 2Q18 Results Even lower than pre-release; * Overall results appear to have been managed; and *Large capital raise likely on the near-term horizon. Investment SummaryDeutsche Bank (DBK.GY/DB.US) reported underlying profit before tax of EUR 667 mn (against a pre-release of EUR 696 mn).  Although weaker than initially anticipated, this result appears to have been driven by higher than expected: compensation (staff retention), loan workout gains, lower management fees, a decrease in loan loss…

* Deutsche Bank (DBK.GY/DB.US) [Deutsche] provided a preliminary update with improved capital metrics versus expectations;  * Deutsche still continues to be a multi-year restructuring which is wholly dependent upon the business cycle; and * Despite all the hoopla with these results, Deutsche still has an enormous headache on its hands.  <h2>Investment Summary</h2>Deutsche Bank (DBK.GY/DB.US) [Deutsche] provided a preliminary update with improved capital metrics versus expectations. We remain concerned…

* Deutsche Bank (DBK.GY/DB.US) [Deutsche] provided a preliminary update with improved capital metrics versus expectations;  * Deutsche still continues to be a multi-year restructuring which is wholly dependent upon the business cycle; and * Despite all the hoopla with these results, Deutsche still has an enormous headache on its hands.  Investment SummaryDeutsche Bank (DBK.GY/DB.US) [Deutsche] provided a preliminary update with improved capital metrics versus expectations. We remain concerned…

* Deutsche Bank USA Fails CCAR and Capital Infusion Likely Necessary;* Several Other Banks Passed Conditionally; and *  Deutsche’s  CDS spreads are significantly wider; the belated S&amp;P downgrade continues to suggest that Deutsche is far from being out of the woods;  and  the HNA Group and Qatari Share Dumps To Continue. <h2>Investment Summary</h2>All but one of the 35 commercial banks have passed the Federal Reserve Board's Comprehensive Capital Analysis and Review (CCAR) stress test inclusive of…

* Deutsche Bank USA Fails CCAR and Capital Infusion Likely Necessary;* Several Other Banks Passed Conditionally; and *  Deutsche’s  CDS spreads are significantly wider; the belated S&amp;P downgrade continues to suggest that Deutsche is far from being out of the woods;  and  the HNA Group and Qatari Share Dumps To Continue. Investment SummaryAll but one of the 35 commercial banks have passed the Federal Reserve Board's Comprehensive Capital Analysis and Review (CCAR) stress test inclusive of…

Thematic (Sector/Industry)

* President Erdogan is Likely to Win, and Capital Controls Likely Will Follow;  and * All Signs Point to TRL Weakness on Par With Argentina.  <h2>Investment Summary</h2>Ahead of this weekend’s elections (June 24th) in Turkey, President Erdogan rescinded his recent narrative that the Central Bank of Turkey will regain independence. Instead, he indicated that “You will see how we deal with interest rates and other things once you give me the authority".  President Erdogan has removed any doubt that  this…

* President Erdogan is Likely to Win, and Capital Controls Likely Will Follow;  and * All Signs Point to TRL Weakness on Par With Argentina.  Investment SummaryAhead of this weekend’s elections (June 24th) in Turkey, President Erdogan rescinded his recent narrative that the Central Bank of Turkey will regain independence. Instead, he indicated that “You will see how we deal with interest rates and other things once you give me the authority".  President Erdogan has removed any doubt that  this…

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

We attended a series of lectures by an SCB executive Danai Aroonkittichai recently, and while we're not bond gurus ourselves, it's interesting to share some of his thoughts. We're not gonna bore you to death with all plain/technical stuff like plain-vanilla bonds, conventions, duration, and convexity. Instead, let's talk about the five new kinds of bonds. Some of their Thai examples were even highlighted. We think they have a role in better capital allocation and may help increase the value of…

We attended a series of lectures by an SCB executive Danai Aroonkittichai recently, and while we're not bond gurus ourselves, it's interesting to share some of his thoughts. We're not gonna bore you to death with all plain/technical stuff like plain-vanilla bonds, conventions, duration, and convexity. Instead, let's talk about the five new kinds of bonds. Some of their Thai examples were even highlighted. We think they have a role in better capital allocation and may help increase the value of…

United Kingdom

Deutsche Bank AG is a global financial service provider delivering commercial, investment, private, and retail banking. The Bank offers debt, foreign exchange, derivatives, commodities, money markets, repo and securitization, cash equities, research, equity prime services, loans, convertibles, advice on M&A and IPO's, trade finance, retail banking, asset management, and corporate investments.

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

Deutsche Bank AG (DBK1 LI)

Deutsche Bank – Dumpster Fire Rages On

* 2Q18 Results Even lower than pre-release; * Overall results appear to have been managed; and *Large capital raise likely on the near-term...

Thomas J. Monaco

Deutsche Bank - Still A Dumpster Fire

* Deutsche Bank (DBK.GY/DB.US) [Deutsche] provided a preliminary update with improved capital metrics versus expectations; * Deutsche still...

Thomas J. Monaco

Deutsche Bank - Failed CCAR

* Deutsche Bank USA Fails CCAR and Capital Infusion Likely Necessary;* Several Other Banks Passed Conditionally; and * Deutsche’s CDS spreads are...

Thomas J. Monaco

Cold Turkey

* President Erdogan is Likely to Win, and Capital Controls Likely Will Follow; and * All Signs Point to TRL Weakness on Par With...

Thomas J. Monaco

Sathorn Series G: SCB on Bonds

We attended a series of lectures by an SCB executive Danai Aroonkittichai recently, and while we're not bond gurus ourselves, it's interesting to...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)