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>Third Plenum / Cover Story: China charts course for future growth with major reforms at key meeting</li><li>Investors /: China tweaks regulations to ease the way for qualified foreign investors</li><li>HSBC /: Former Credit Suisse exec appointed HSBC China’s head of global banking, document shows</li></ul>

Third Plenum / Cover Story: China charts course for future growth with major reforms at key meetingInvestors /: China tweaks regulations to ease the way for qualified foreign investorsHSBC /: Former Credit Suisse exec appointed HSBC China’s head of global banking, document shows

CX Daily:  China Charts Course for Future Growth with Major Reforms at Key Meeting 

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>Credit costs, net charge-offs, are rising rapidly for US credit card companies and also for many banks</li>
<li>The 'buy now, pay later' industry is fairly new, Apple's new announcement to exit this business suddenly, may be testimony to stresses</li>
<li>The proportion of US credit card delinquencies/total US delinquencies is now higher than past credit cycles </li>
</ul>


Credit costs, net charge-offs, are rising rapidly for US credit card companies and also for many banks
The 'buy now, pay later' industry is fairly new, Apple's new announcement to exit this business suddenly, may be testimony to stresses
The proportion of US credit card delinquencies/total US delinquencies is now higher than past credit cycles 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Go Digit General Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance</a> raised around US$315m in its India IPO.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Go Digit General Insurance raised around US$315m in its India IPO.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
We have looked at the company’s performance in our past note. In this note, we talk about the trading dynamics.


Go Digit IPO Trading - Low Subscription Rate, Not All Shares Are Locked Up

<ul>
<li>Wells Fargo has seen its net interest income growth move to -8.3% YoY in 1Q24 from +8.3% YoY in 1Q23</li>
<li>The rate of net interest income growth at JPMorgan has nearly halved in the most recent quarter, to +11.4% YoY</li>
<li>Banks' high-frequency data on balance sheets suggest that there will remain worsening growth rates of net interest income for US banks</li>
</ul>


Wells Fargo has seen its net interest income growth move to -8.3% YoY in 1Q24 from +8.3% YoY in 1Q23
The rate of net interest income growth at JPMorgan has nearly halved in the most recent quarter, to +11.4% YoY
Banks' high-frequency data on balance sheets suggest that there will remain worsening growth rates of net interest income for US banks


US Banks - Faltering Net Interest Income Growth Is Well in Place, But This Should Worsen

<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

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)

CX Daily: China Charts Course for Future Growth with Major Reforms at Key Meeting

Third Plenum / Cover Story: China charts course for future growth with major reforms at key meeting At a key meeting held only twice a decade and...

Caixin Global

US Banks - Buy Now, Default Later?

Credit card defaults can be major risk for US card companies and banks. Credit cards and net charge-offs are surging. Macro data on credit card...

Daniel Tabbush

Go Digit IPO Trading - Low Subscription Rate, Not All Shares Are Locked Up

Go Digit General Insurance raised around US$315m in its India IPO. In this note, we talk about the subscription rate and other trading dynamics.

Sumeet Singh

US Banks - Faltering Net Interest Income Growth Is Well in Place, But This Should Worsen

US bank's are now reporting 1Q24 data with far worse net interest income growth, which should not surprise our readers, and this should only...

Daniel Tabbush

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

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