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

De-risking, low interest rates and lesser loan demand is taking its toll on HSBC. It is at the core of banking: net interest income. HSBC is now reporting annualized net interest income of US$31.4 billion down dramatically and consistently, from its recent peak of US$40.7bn in year 2011. While there is plenty to be concerned about with HSBC’s failed recovery plan, its loan emphasis in UK and US, and a pivot into China at precisely the wrong time, the fact is that at its core, it is not healthy.…

De-risking, low interest rates and lesser loan demand is taking its toll on HSBC. It is at the core of banking: net interest income. HSBC is now reporting annualized net interest income of US$31.4 billion down dramatically and consistently, from its recent peak of US$40.7bn in year 2011. While there is plenty to be concerned about with HSBC’s failed recovery plan, its loan emphasis in UK and US, and a pivot into China at precisely the wrong time, the fact is that at its core, it is not healthy.…

HSBC's Core Income Worsens, as Provisions Turn Upward

Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul><li>At a time of growing unease about political and economic risks in major economies, and continued uncertainty over the strength of the US recovery and its implications for the Federal Reserve’s monetary policy, investors have flocked into assets in Asian EMs.</li><li>The question is whether this perception of the relative safety of Asian emerging markets will remain now that valuations in Asian markets have expanded so much. We think a moderation of such capital inflows is forthcoming.</li></ul>

At a time of growing unease about political and economic risks in major economies, and continued uncertainty over the strength of the US recovery and its implications for the Federal Reserve’s monetary policy, investors have flocked into assets in Asian EMs.The question is whether this perception of the relative safety of Asian emerging markets will remain now that valuations in Asian markets have expanded so much. We think a moderation of such capital inflows is forthcoming.

Information Technology Consultant

Ishita Jain

Thematic (Sector/Industry)

A few weeks ago, I wrote a piece titled Blockchain in the Financial Services Industry with the aim of shedding some light on this new and upcoming technology. The discussions ensued seeking clarity on the concept of blockchain and how it can actually be applied to financial services. It seems that while there is ample documentation available, much of it is indecipherable to those new to this concept. Consequently, this piece is meant to demystify the blockchain concept which should help the readers understand potential applications and comprehend insights written by my peers.

A few weeks ago, I wrote a piece titled Blockchain in the Financial Services Industry with the aim of shedding some light on this new and upcoming technology. The discussions ensued seeking clarity on the concept of blockchain and how it can actually be applied to financial services. It seems that while there is ample documentation available, much of it is indecipherable to those new to this concept. Consequently, this piece is meant to demystify the blockchain concept which should help the readers understand potential applications and comprehend insights written by my peers.

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/306/original/Market-VIX-and-macroeconomic-volatility-GDPVol-CPIVol-VIX_chartbuilder.png?1468568433" class="editor-image img-responsive" data-smartkarma-image-id="10306"><figcaption class="figcaption">The Market and Macro Volatility (Source: FRED)</figcaption></figure> There are good surprises, and then there are the other kind, and the market of late has delivered quite a few of the latter. Fortunately, as we pointed out in our <a href="https://www.smartkarma.com/insights/macro-chart-focus-brexit-and-the-yen" target="_blank">post-Brexit review</a>  the “chaos premium” was quick to subside as markets realized that an exit from Europe is not so rapidly orchestrated.  We also pointed out however that the circumstances underlying the event may be one contributor to a longer-term market risk premium to be imposed upon…

 The Market and Macro Volatility (Source: FRED) There are good surprises, and then there are the other kind, and the market of late has delivered quite a few of the latter.   Fortunately, as we pointed out in our post-Brexit review  the “chaos premium” was quick to subside as markets realized that an exit from Europe is not so rapidly orchestrated.  We also pointed out however that the circumstances underlying the event may be one contributor to a longer-term market risk premium to be imposed upon…

Macro Chart Focus: Surprises and Uncertainty Premia

Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

In this brief piece we take a considered stance on the likelihood of Brexit actually proceeding in the wake of June’s referendum and examine some of the strategic implications for equity investors in terms of the potential shifts in sovereign and corporate governance.

In this brief piece we take a considered stance on the likelihood of Brexit actually proceeding in the wake of June’s referendum and examine some of the strategic implications for equity investors in terms of the potential shifts in sovereign and corporate governance.

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.  The Group operates worldwide.

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

HSBC Holdings (HSBA LN)

HSBC's Core Income Worsens, as Provisions Turn Upward

De-risking, low interest rates and lesser loan demand is taking its toll on HSBC. It is at the core of banking: net interest income. HSBC is now...

Daniel Tabbush

Will Capital Still Flow into Asian EMs?

At a time of growing unease about political and economic risks in major economies, and continued uncertainty over the strength of the US recovery...

Manu Bhaskaran

Blockchain & Bitcoin 101

A few weeks ago, I wrote a piece titled Blockchain in the Financial Services Industry with the aim of shedding some light on this new and upcoming...

Ishita Jain

Macro Chart Focus: Surprises and Uncertainty Premia

There are good surprises, and then there are the other kind, and the market of late has delivered quite a few of the latter. Fortunately, as we...

Naomi Fink

Brexit; Unintended Consequences

In this brief piece we take a considered stance on the likelihood of Brexit actually proceeding in the wake of June’s referendum and examine some...

John-Paul Smith

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)