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)

It is often fringe financial institutions that first show distress, not the core large banks.We see with <a href="https://www.smartkarma.com/entities/10100" target="_blank" data-smartkarma-citation="entities:10100:1">Goldfields Money Ltd (GMY AU)</a> total impairment costs in 2H17 (ending June 2017) have surged, yet again. They rose 58% HoH which continues the steep increase since 1H17. GMY primarily offers residential mortgage loans in Western Australia. <a href="https://www.smartkarma.com/entities/18747" target="_blank" data-smartkarma-citation="entities:18747:1">Auswide Bank Ltd (ABA AU)</a> too shows far higher impairment costs in 2H17, nearly doubling in 2H17 from 1H17. ABA is concentrated in Queensland, and only does…

It is often fringe financial institutions that first show distress, not the core large banks.We see with Goldfields Money Ltd (GMY AU) total impairment costs in 2H17 (ending June 2017) have surged, yet again. They rose 58% HoH which continues the steep increase since 1H17. GMY primarily offers residential mortgage loans in Western Australia. Auswide Bank Ltd (ABA AU) too shows far higher impairment costs in 2H17, nearly doubling in 2H17 from 1H17. ABA is concentrated in Queensland, and only does…

Fringe Australia Financials Reveal Worsening Credit Quality

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

<ul><li>The key company announcement during the week in Australia came from Woodside Petroleum, that it had provided Oil Search a confidential, all scrip, non-binding proposal to merge.&nbsp;</li><li>I recommend that investors avoid Woodside for four reasons: Mergers &amp; Acquisitions 101 says that acquirers that make all scrip bids typically perform poorly, it is not clear that Woodside can extract synergies from managing Oil Search's assets, integration of the target's assets will further lift Woodside's complexity and agency costs, and analysts continue to downgrade the stock's future growth prospects.</li><li>The sharp drop in consumer sentiment highlights that the elevated level of financial market volatility in recent months has adversely affected the psychology of the household sector.&nbsp; Nonetheless, a number of macro tailwinds are expected to support the outlook for discretionary retail spending.</li></ul>

The key company announcement during the week in Australia came from Woodside Petroleum, that it had provided Oil Search a confidential, all scrip, non-binding proposal to merge.&nbsp;I recommend that investors avoid Woodside for four reasons: Mergers &amp; Acquisitions 101 says that acquirers that make all scrip bids typically perform poorly, it is not clear that Woodside can extract synergies from managing Oil Search's assets, integration of the target's assets will further lift Woodside's complexity and agency costs, and analysts continue to downgrade the stock's future growth prospects.The sharp drop in consumer sentiment highlights that the elevated level of financial market volatility in recent months has adversely affected the psychology of the household sector.&nbsp; Nonetheless, a number of macro tailwinds are expected to support the outlook for discretionary retail spending.

Australia

BNK Banking Corporation Limited provides banking services. The Bank offers saving accounts, account checking, consumer and business loans, credit and debit cards, online and mobile banking, bill payment, and other financial services. BNK Banking serves customers in Australia.

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BNK Banking (BBC AU)

Fringe Australia Financials Reveal Worsening Credit Quality

It is often fringe financial institutions that first show distress, not the core large banks.We see with Goldfields Money Ltd (GMY AU) total...

Daniel Tabbush

Weekly Impressions

The key company announcement during the week in Australia came from Woodside Petroleum, that it had provided Oil Search a confidential, all scrip,...

Sam Ferraro

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