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>US large banks weekly data shows loan growth now turning to negative, not a positive outlook for bank earnings or core income</li>
<li>C&amp;I loan growth is more negative than other major segments, suggesting limited demand, but also risk-aversion by banks</li>
<li>Even where Jumbo Time Deposits growth is now only 59% YoY there is still likely to be major pressure on banks' funding costs</li>
</ul>


US large banks weekly data shows loan growth now turning to negative, not a positive outlook for bank earnings or core income
C&amp;I loan growth is more negative than other major segments, suggesting limited demand, but also risk-aversion by banks
Even where Jumbo Time Deposits growth is now only 59% YoY there is still likely to be major pressure on banks' funding costs


US Banks - HFD Shows Loan Growth Turning Negative Just Now, with C&I Worsening the Most

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>PE /In Depth: Caught between Beijing and Washington, PE majors split China-U.S. teams</li><li>China-India /: China, India militaries to ‘turn the page’ on border issues</li><li>HSBC /: HSBC takes $3 billion charge on BoCom holdings</li></ul>

PE /In Depth: Caught between Beijing and Washington, PE majors split China-U.S. teamsChina-India /: China, India militaries to ‘turn the page’ on border issuesHSBC /: HSBC takes $3 billion charge on BoCom holdings

CX Daily: Caught Between Beijing and Washington, PE Majors Split China-U.S. Teams 

Equity Bottom-Up

China Merchants Bank A / Equity Bottom-Up

<ul>
<li>New results detail from CMB shows divergence with credit quality and actual credit costs</li>
<li>The bank saw its credit costs decline 25% YoY despite higher Loss and Doubtful Loans YoY</li>
<li>Property development NPLs surged from 4.1% to 5.5% at 1H23 HoH, to RMB19.6bn in total</li>
</ul>


New results detail from CMB shows divergence with credit quality and actual credit costs
The bank saw its credit costs decline 25% YoY despite higher Loss and Doubtful Loans YoY
Property development NPLs surged from 4.1% to 5.5% at 1H23 HoH, to RMB19.6bn in total


China Merchants Bank - New Results: Property Dev. NPLs at 5.5% from 4.1%...  25% Lower Credit Costs

<ul>
<li>News out this morning that HDFC Bank and HDFC merger became effective 1 July </li>
<li>This occurred after the Boards approved the merger scheme on 30 June</li>
<li>Funding cost benefits, operating cost synergies, product cross-sale: major benefits</li>
</ul>


News out this morning that HDFC Bank and HDFC merger became effective 1 July 
This occurred after the Boards approved the merger scheme on 30 June
Funding cost benefits, operating cost synergies, product cross-sale: major benefits


HDFC - Amalgamated, We List Its Own Key Synergies, Which Appear Tremendous

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

<ul>
<li>HSBC Holdings plc agrees to acquire SVB Financial Group's UK-based business for merely £1.</li>
<li>HSBC stock's current risks pertain to a newly evolved countercyclical environment and mainstream's "flight to safety" instead of potential structural breaks within the firm.</li>
<li>In a drastic turn of events, HSBC Holdings plc (OTCPK:HBCYF) has snapped up SVB Financial Group's (NASDAQ:SIVB) UK lending division.</li>
</ul>


HSBC Holdings plc agrees to acquire SVB Financial Group's UK-based business for merely £1.
HSBC stock's current risks pertain to a newly evolved countercyclical environment and mainstream's "flight to safety" instead of potential structural breaks within the firm.
In a drastic turn of events, HSBC Holdings plc (OTCPK:HBCYF) has snapped up SVB Financial Group's (NASDAQ:SIVB) UK lending division.


What HSBC's SVB U.K. Deal Could Mean For Investors

United Kingdom

HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance. HSBC Holdings operates worldwide.

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HSBC Holdings (HSBC US)

US Banks - HFD Shows Loan Growth Turning Negative Just Now, with C&I Worsening the Most

Looking at HFD of US large banks we see loan growth suddenly turning negative, with C&I growth the most negative. Large time deposit growth 59% YoY...

Daniel Tabbush

CX Daily: Caught Between Beijing and Washington, PE Majors Split China-U.S. Teams

PE / In Depth: Caught between Beijing and Washington, PE majors split China-U. S. teams China’s private equity market has faced heightened...

Caixin Global

China Merchants Bank - New Results: Property Dev. NPLs at 5.5% from 4.1%... 25% Lower Credit Costs

CMB shows surging property development NPLs, and overdue loans by 1-3 years, which is completely at odds with its 25% lower provision expenses in...

Daniel Tabbush

HDFC - Amalgamated, We List Its Own Key Synergies, Which Appear Tremendous

We provide a simple list here of the merger benefits as laid out by HDFC, now that merger is done, today. The initial Insight I want to Boomerang...

Daniel Tabbush

What HSBC's SVB U.K. Deal Could Mean For Investors

HSBC stock's current risks pertain to a newly evolved countercyclical environment and mainstream's "flight to safety" instead of potential...

Pearl Gray Equity and Research

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