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)

<ul><li>In China bad loan coverage ratios are falling fast, and there is talk that regulators will even lower minimum requirements. No good can come of this.</li><li>OCBC’s recent disclosure is interesting in two respects, where we believe there has been little focus.</li><li>While headline profit growth at HDFC Bank may be wonderful, we are doubtful that the market is aware underlying bad loan growth.</li></ul>

In China bad loan coverage ratios are falling fast, and there is talk that regulators will even lower minimum requirements. No good can come of this.OCBC’s recent disclosure is interesting in two respects, where we believe there has been little focus.While headline profit growth at HDFC Bank may be wonderful, we are doubtful that the market is aware underlying bad loan growth. 

Freelance Research Analyst

Tay Hock Meng

With a global economic slowdown, businesses in Singapore are cutting costs and rationalising their office space requirements and this was felt most in 1Q2016 when prices and rentals fell by 0.3% and 2.1% respectively on a quarterly basis, while pipeline office space supply grew slightly by 1.6% to 1.009 million square metres (sqm) in gross floor average (GFA) during the same time period.

With a global economic slowdown, businesses in Singapore are cutting costs and rationalising their office space requirements and this was felt most in 1Q2016 when prices and rentals fell by 0.3% and 2.1% respectively on a quarterly basis, while pipeline office space supply grew slightly by 1.6% to 1.009 million square metres (sqm) in gross floor average (GFA) during the same time period.

Slow Return to Normalcy in Prices and Supply of Office Space in Singapore

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.

Property investors have much to be excited about with recently announced plans to develop Jurong. We take a look at the upcoming Jurong Innovation District, as well as Woodlands Regional Centre, and give you the Guru View:<ul><li>Jurong West and Woodlands are two key growth areas that investors should be looking at</li><li>Prices in both areas are relatively low at the moment, with few upcoming launches in the pipeline</li><li>Investors will need to take a long-term view, with a 10 to 15-year window, before plans for the area see fruition</li></ul>

Property investors have much to be excited about with recently announced plans to develop Jurong. We take a look at the upcoming Jurong Innovation District, as well as Woodlands Regional Centre, and give you the Guru View:Jurong West and Woodlands are two key growth areas that investors should be looking atPrices in both areas are relatively low at the moment, with few upcoming launches in the pipelineInvestors will need to take a long-term view, with a 10 to 15-year window, before plans for the area see fruition

The latest developers’ new home sales data from Urban Redevelopment Authority (URA) showed a whopping 178.2% monthly increase in March 2016 to 843 new units sold (excluding executive condominiums) from 303 new units sold in the previous month. On a yearly comparison, the percentage change is around 37.5% increase from 613 new home sales sold in March 2015. Is this a sign of a real turnaround in new home sales, or will it revert back to the same old bad news we have seen regularly in the local news headlines?

The latest developers’ new home sales data from Urban Redevelopment Authority (URA) showed a whopping 178.2% monthly increase in March 2016 to 843 new units sold (excluding executive condominiums) from 303 new units sold in the previous month. On a yearly comparison, the percentage change is around 37.5% increase from 613 new home sales sold in March 2015. Is this a sign of a real turnaround in new home sales, or will it revert back to the same old bad news we have seen regularly in the local news headlines?

Green Shoots Forming for New Home Sales in March 2016

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

This is a follow up from my previous note <a href="https://www.smartkarma.com/insights/m-a-season-for-sreits" target="_blank" data-smartkarma-citation="insights:3200">M&amp;A Season for SREITs ?</a> In this note, we examine the debt repayment schedules, cost of debt, rent reversion and other metrics specific to SREITs.From these metrics, we are able to identify which of the Industrial REIT are most likely to be targets of a merger or acquisition.

This is a follow up from my previous note M&amp;A Season for SREITs ? In this note, we examine the debt repayment schedules, cost of debt, rent reversion and other metrics specific to SREITs.From these metrics, we are able to identify which of the Industrial REIT are most likely to be targets of a merger or acquisition.

Most Likely Acquisition Targets Among Singapore Reits. Bottom-Up, Actionable Analysis

Singapore

Great Eastern Holdings Limited operates in the life insurance business. The Company provides fund management services including retirement plans and endowments as well as life and health insurance, personal accident insurance, and general insurance

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Great Eastern Holdings (GE SP)

Asian Banks – Ruminations

In China bad loan coverage ratios are falling fast, and there is talk that regulators will even lower minimum requirements. No good can come of...

Daniel Tabbush

Slow Return to Normalcy in Prices and Supply of Office Space in Singapore

With a global economic slowdown, businesses in Singapore are cutting costs and rationalising their office space requirements and this was felt most...

Tay Hock Meng

Rise of Singapore's West and North

Property investors have much to be excited about with recently announced plans to develop Jurong. We take a look at the upcoming Jurong Innovation...

PropertyGuru

Green Shoots Forming for New Home Sales in March 2016

The latest developers’ new home sales data from Urban Redevelopment Authority (URA) showed a whopping 178.2% monthly increase in March 2016 to 843...

Tay Hock Meng

Most Likely Acquisition Targets Among Singapore Reits. Bottom-Up, Actionable Analysis

This is a follow up from my previous note M&A Season for SREITs ? In this note, we examine the debt repayment schedules, cost of debt, rent...

Crispin Francis

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