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

<ul>
<li>There will be interest now more than before in <a href="https://www.smartkarma.com/entities/capital-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:40953:1" rel="noopener">Capital Securities (601136 CH)</a> due to its recently announced inclusion in the FTSE All World Index</li>
<li>Fundamentally, there are some major concerns, even where AUM is up 1.5x over the past three years, returns are cratering, with ROA moving from 2.45% to 1.35%</li>
<li>With significant new shares outstanding and single digit ROE now, its book value per share has moved from RMB7.25 to RMB4.36, from recent peak to most recent interim</li>
</ul>


There will be interest now more than before in Capital Securities (601136 CH) due to its recently announced inclusion in the FTSE All World Index
Fundamentally, there are some major concerns, even where AUM is up 1.5x over the past three years, returns are cratering, with ROA moving from 2.45% to 1.35%
With significant new shares outstanding and single digit ROE now, its book value per share has moved from RMB7.25 to RMB4.36, from recent peak to most recent interim


Capital Securities - Just Added to FTSE All Word Index, but Fundamentals of Concern

China

First Capital Securities Co., Ltd. provides financial services. The Company offers securities brokerage, securities underwriting, risk management, securities investment, and other services. First Capital Securities provides its services throughout China.

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First Capital Securities Lt (002797 CH)

Capital Securities - Just Added to FTSE All Word Index, but Fundamentals of Concern

Capital Securities Corp will now be included in the FTSE All World Index which can drive interest, but fundamentals remain a concern, with high...

Daniel Tabbush

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