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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

In our Discover SZ/SH Connect series, we aim to help our investors understand the flow of northbound trades via the Shanghai Connect and Shenzhen Connect, as analyzed by our proprietary data engine. We will discuss the stocks that experienced the most inflow and outflow by offshore investors in the past seven days.We split the stocks eligible for the northbound trade into three groups: those with a market capitalization of above USD 5 billion, and those with a market capitalization between USD 1 billion and USD 5 billion.We note that offshore investors were buying all GICS sectors, and had a strong preference for Industrials, Consumer Staples, Consumer Discretionary, and Financials names. We estimate that total inflow into the A-share market via northbound trade amounted to USD 8.4 bn in February.

In our Discover SZ/SH Connect series, we aim to help our investors understand the flow of northbound trades via the Shanghai Connect and Shenzhen Connect, as analyzed by our proprietary data engine. We will discuss the stocks that experienced the most inflow and outflow by offshore investors in the past seven days.We split the stocks eligible for the northbound trade into three groups: those with a market capitalization of above USD 5 billion, and those with a market capitalization between USD 1 billion and USD 5 billion.We note that offshore investors were buying all GICS sectors, and had a strong preference for Industrials, Consumer Staples, Consumer Discretionary, and Financials names. We estimate that total inflow into the A-share market via northbound trade amounted to USD 8.4 bn in February.

Shanghai/Shenzhen Connect - $8.4 Bn Inflows in February (Kweichow Moutai, Aier Eye, Luxshare)

China

Guangdong HuaSheng Electrical Appliances Company Limited develops, produces and sells wiring components for household appliances. The Company's main products include air-conditioning components and power input components for household appliances.

Guangdong Huasheng Elctrcl Aplncs (002670 CH)

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Guangdong Huasheng Elctrcl Aplncs (002670 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

Shanghai/Shenzhen Connect - $8.4 Bn Inflows in February (Kweichow Moutai, Aier Eye, Luxshare)

In our Discover SZ/SH Connect series, we aim to help our investors understand the flow of northbound trades via the Shanghai Connect and Shenzhen...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)