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

At a time when UK credit metrics are worsening, the Bank of England’s latest banking regulation is a net negative for <a href="https://www.smartkarma.com/entities/21976" target="_blank" data-smartkarma-citation="entities:21976:1">HSBC Holdings Plc (HSBA LN)</a> and an indication of perceived greater risk in the UK market.HSBC has risk-weighted assets (RWA) of US$298 billion in its Europe region, as at year-end 2016 (compared with US$857 billion in total, globally). Its UK loans account for 78% of total loans in its Europe region. Therefore, HSBC will have an estimated US$232 billion worth of RWA in the UK…

At a time when UK credit metrics are worsening, the Bank of England’s latest banking regulation is a net negative for HSBC Holdings Plc (HSBA LN) and an indication of perceived greater risk in the UK market.HSBC has risk-weighted assets (RWA) of US$298 billion in its Europe region, as at year-end 2016 (compared with US$857 billion in total, globally). Its UK loans account for 78% of total loans in its Europe region. Therefore, HSBC will have an estimated US$232 billion worth of RWA in the UK…

<a href="https://www.smartkarma.com/entities/21976" target="_blank" data-smartkarma-citation="entities:21976:1">HSBC Holdings Plc (HSBA LN)</a> will build a new head office building for its bank in Malaysia. The cost for this new building is US$250 million, and seems to be fair amount for simply HSBC Bank Malaysia. Recall that when HSBC bought back its Canary Wharf head office in 2008 it paid GBP838 million, and where the original construction cost was GBP500 million. But HSBC Bank Malaysia accounts for only 1.3% of group loans. On the surface, the Malaysian head office numbers seem a bit out of touch…

HSBC Holdings Plc (HSBA LN) will build a new head office building for its bank in Malaysia. The cost for this new building is US$250 million, and seems to be fair amount for simply HSBC Bank Malaysia. Recall that when HSBC bought back its Canary Wharf head office in 2008 it paid GBP838 million, and where the original construction cost was GBP500 million. But HSBC Bank Malaysia accounts for only 1.3% of group loans. On the surface, the Malaysian head office numbers seem a bit out of touch…

Thematic (Sector/Industry)

It is not clear to us how a EUR7 billion capital raising will allow Banco Santander (SAN) to clean up Banco Popular (POP), which it has just announced to buy.  This is because POP had EUR19 billion of impaired loans as at 1Q17 compared with equity of EUR11 billion. In any case what is especially of interest to us, are statements from SAN on improving non-performing loan cover to 69% from a low 45%. While there are no listed banks in Asia-Pacific that have the same magnitude of impaired loans as…

It is not clear to us how a EUR7 billion capital raising will allow Banco Santander (SAN) to clean up Banco Popular (POP), which it has just announced to buy.  This is because POP had EUR19 billion of impaired loans as at 1Q17 compared with equity of EUR11 billion. In any case what is especially of interest to us, are statements from SAN on improving non-performing loan cover to 69% from a low 45%. While there are no listed banks in Asia-Pacific that have the same magnitude of impaired loans as…

With SAN Purchase of POP, We Look at Impaired Loans and Deposit Contraction Globally

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/026/608/original/BBSP%20HSBC%205HK%2024%2005%202017%20.JPG?1495590750" class="editor-image img-responsive" data-smartkarma-image-id="26608"></figure><h2>WEEKLY KEY ELEMENTS</h2>As long as 61.00 holds, indicators (34 week MA and 34Week RSI) favor a breakout of the long-term range through 71.00 towards 88.00 (Fibonacci projection target).<div class="content-remarks">Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole orin part, is strictly prohibited.This document is provided solely for information purposes. Under no…</div>

WEEKLY KEY ELEMENTSAs long as 61.00 holds, indicators (34 week MA and 34Week RSI) favor a breakout of the long-term range through 71.00 towards 88.00 (Fibonacci projection target).Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorised use, dissemination, distribution or copying of this document, in whole orin part, is strictly prohibited.This document is provided solely for information purposes. Under no…

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

The UK investment management industry is, from a variety of perspectives, an important industry. With the Brexit clock now ticking, is there huge uncertainty ahead or is the industry largely secure? Can investment managers get on with their business or should they put their plans on hold for the next 23 months until the future becomes clearer?There are “experts” pointing in both directions. This article examines sources of income for UK investment managers to establish the extent of any risk and will also consider the position of investment managers in the U.S.

The UK investment management industry is, from a variety of perspectives, an important industry. With the Brexit clock now ticking, is there huge uncertainty ahead or is the industry largely secure? Can investment managers get on with their business or should they put their plans on hold for the next 23 months until the future becomes clearer?There are “experts” pointing in both directions. This article examines sources of income for UK investment managers to establish the extent of any risk and will also consider the position of investment managers in the U.S.

UK Investment Managers: Any Reason to Be Frightened by Brexit? A Legal Update from Dechert

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.

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HSBC Holdings (5 HK)

Higher Capital Buffer for UK Banks

At a time when UK credit metrics are worsening, the Bank of England’s latest banking regulation is a net negative for HSBC Holdings Plc (HSBA...

Daniel Tabbush

HSBC's New $250m Malaysia Bank Building

HSBC Holdings Plc (HSBA LN) will build a new head office building for its bank in Malaysia. The cost for this new building is US$250 million, and...

Daniel Tabbush

With SAN Purchase of POP, We Look at Impaired Loans and Deposit Contraction Globally

It is not clear to us how a EUR7 billion capital raising will allow Banco Santander (SAN) to clean up Banco Popular (POP), which it has just...

Daniel Tabbush

5 HK HSBC Long Term View

WEEKLY KEY ELEMENTSAs long as 61.00 holds, indicators (34 week MA and 34Week RSI) favor a breakout of the long-term range through 71.00 towards...

BBSP Asia

UK Investment Managers: Any Reason to Be Frightened by Brexit? A Legal Update from Dechert

The UK investment management industry is, from a variety of perspectives, an important industry. With the Brexit clock now ticking, is there huge...

Dechert LLP

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