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

<ul>
<li>Steady and strong profit is the key features of Power Finance and this is improving during FY24.</li>
<li>ROA expansion can continue to reach and possibly surpass the peaks of FY15 and FY16 with loan volume, contained costs, better credit metrics.</li>
<li>Recent quarterly data shows better loan volume and financial assets expanding more than financial liabilities, with credit costs in reverse.</li>
</ul>


Steady and strong profit is the key features of Power Finance and this is improving during FY24.
ROA expansion can continue to reach and possibly surpass the peaks of FY15 and FY16 with loan volume, contained costs, better credit metrics.
Recent quarterly data shows better loan volume and financial assets expanding more than financial liabilities, with credit costs in reverse.


Power Finance - Largest NBFC in India, Direct Focus on Power Infrastructure, Steady, Strong Returns

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

India Shelter Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> raised around US$144m from its India IPO.</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



India Shelter Finance (0570670D IN) raised around US$144m from its India IPO.
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> is looking to raise US$144m from its India IPO.</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>In this note, we will look at past performance, and share our thoughts on valuation.</li>
</ul>



India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO.
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
In this note, we will look at past performance, and share our thoughts on valuation.


India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.</li>
</ul>


A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.


Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doms-industries" target="_blank" data-smartkarma-citation="entities:40059:1" rel="noopener">Doms (DOMS IN)</a> is looking to raise around US$140m in its India IPO.</li>
<li>DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.</li>
<li>We have looked at the company's past performance in our earlier note. In this note, we talk about valuations.</li>
</ul>



Doms (DOMS IN) is looking to raise around US$140m in its India IPO.
DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.
We have looked at the company's past performance in our earlier note. In this note, we talk about valuations.


DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

Power Finance - Largest NBFC in India, Direct Focus on Power Infrastructure, Steady, Strong Returns

Power Finance is India's largest non-banking finance company, the only direct play on power infrastructure, including renewable energy, with good...

Daniel Tabbush

India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

India Shelter Finance (0570670D IN) raised around US$144m from its India IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO. In this note, we will look at past performance, and share our...

Clarence Chu

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

Doms (DOMS IN) is looking to raise around US$140m in its India IPO. We have looked at the past performance in our earlier notes, in this note we...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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