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

Heartland Group Holdings / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/11693" target="_blank" data-smartkarma-citation="entities:11693:1">Heartland Bank Ltd (HBL NZ)</a> continues to impress, as it approaches the US$1 billion market capitalization level.  Still there are just three analysts covering the only listed bank in New Zealand, and one which happens to be one of the most profitable banks in Asia-Pacific. With the bank raising capital for growth – not to fill a hole – and at a premium to net worth, the outlook improves further. Still with some of the best margins in Asia and a transformational improvement in credit quality, it…

Heartland Bank Ltd (HBL NZ) continues to impress, as it approaches the US$1 billion market capitalization level.  Still there are just three analysts covering the only listed bank in New Zealand, and one which happens to be one of the most profitable banks in Asia-Pacific. With the bank raising capital for growth – not to fill a hole – and at a premium to net worth, the outlook improves further. Still with some of the best margins in Asia and a transformational improvement in credit quality, it…

With dairy prices up nearly 60% over the past year, there will be more interest in New Zealand’s only listed bank, <a href="https://www.smartkarma.com/entities/11693" target="_blank" data-smartkarma-citation="entities:11693:1">Heartland Bank Ltd (HBL NZ)</a>. For sure this tiny, hidden bank is becoming better known with its market capitalization fast approaching NZD1 billion. We believe there will be many more institutions that begin to follow HBL once it surpasses this critical level. Where HBL’s value has risen over time compared with earnings and net worth, as more international and global institutions…

With dairy prices up nearly 60% over the past year, there will be more interest in New Zealand’s only listed bank, Heartland Bank Ltd (HBL NZ). For sure this tiny, hidden bank is becoming better known with its market capitalization fast approaching NZD1 billion. We believe there will be many more institutions that begin to follow HBL once it surpasses this critical level. Where HBL’s value has risen over time compared with earnings and net worth, as more international and global institutions…

Heartland Bank Is Still Tiny, Hidden, but Not for Long

We have a soft spot in our heart for Heartland Bank (HBL), no pun intended. It is the first bank stock that we actively covered and wrote positively about, since we left stock-broking and started our own Asian bank research firm, in year 2013. At that time, we were sure that no Asian stock brokers were writing about the only listed bank in New Zealand. With rising milk prices, and improving fundamentals at HBL, perhaps it will soon become mainstream?We tend to focus a lot on the delta in bank…

We have a soft spot in our heart for Heartland Bank (HBL), no pun intended. It is the first bank stock that we actively covered and wrote positively about, since we left stock-broking and started our own Asian bank research firm, in year 2013. At that time, we were sure that no Asian stock brokers were writing about the only listed bank in New Zealand. With rising milk prices, and improving fundamentals at HBL, perhaps it will soon become mainstream?We tend to focus a lot on the delta in bank…

<ul><li>The only listed bank in New Zealand is Heartland Bank (HBL).</li><li>And it’s not something to shy away from, simply because it’s completely off the beaten track.</li><li>In fact, that is one reason it can be more interesting than the well-worn names. </li></ul>

The only listed bank in New Zealand is Heartland Bank (HBL).And it’s not something to shy away from, simply because it’s completely off the beaten track.In fact, that is one reason it can be more interesting than the well-worn names. 

A Unique, Unknown Bank in Asia-Pacific with Accelerating Returns

New Zealand

Heartland Group Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides banking services which includes savings and deposits, mortgage, business loans, consumer financing, and Internet banking services. Heartland Group Holdings serves clients in New Zealand.

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

Heartland Group Holdings (HGH NZ)

We Doubt This Gem Will Remain Unnoticed

Heartland Bank Ltd (HBL NZ) continues to impress, as it approaches the US$1 billion market capitalization level. Still there are just three...

Daniel Tabbush

Heartland Bank Is Still Tiny, Hidden, but Not for Long

With dairy prices up nearly 60% over the past year, there will be more interest in New Zealand’s only listed bank, Heartland Bank Ltd (HBL NZ). For...

Daniel Tabbush

Market Recognizing Heartland Bank (HBL)

We have a soft spot in our heart for Heartland Bank (HBL), no pun intended. It is the first bank stock that we actively covered and wrote...

Daniel Tabbush

A Unique, Unknown Bank in Asia-Pacific with Accelerating Returns

The only listed bank in New Zealand is Heartland Bank (HBL). And it’s not something to shy away from, simply because it’s completely off the...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)