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>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Health Care Select Sector SPDR / Technical Analysis

<ul>
<li>As the saying goes, "sector rotation is the lifeblood of a bull market." That appears to be exactly what is going on as we kick off 2024.</li>
<li>Leadership areas that have significantly outperformed since the October 2023 lows are starting to pull back rather hard -- and on above average volume (XLK, SMH, IGV, ARKK, IPO, BITQ)</li>
<li>Other Sectors are picking up the slack, namely Health Care (XLV), Staples (XLP), Utilities (XLU), Energy (XLE), Financials (XLF), and Real Estate (XLRE). Shift exposure toward value and defensives</li>
</ul>


As the saying goes, "sector rotation is the lifeblood of a bull market." That appears to be exactly what is going on as we kick off 2024.
Leadership areas that have significantly outperformed since the October 2023 lows are starting to pull back rather hard -- and on above average volume (XLK, SMH, IGV, ARKK, IPO, BITQ)
Other Sectors are picking up the slack, namely Health Care (XLV), Staples (XLP), Utilities (XLU), Energy (XLE), Financials (XLF), and Real Estate (XLRE). Shift exposure toward value and defensives


Upgrading Staples and Health Care to Market Weight; Shift to Value; Failed Breakouts for ARKK, IPO

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The Kraft Heinz Company delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed earnings beat.</li><li>Kraft Heinz's latest earnings call reveals a company strategically navigating through a dynamic market environment with a focus on sustainable, profitable growth.</li><li>Financially, Kraft Heinz's approach to capital allocation remains conservative, prioritizing dividend, maintaining investment grade, and focusing on organic growth.</li></ul>

The Kraft Heinz Company delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed earnings beat.Kraft Heinz's latest earnings call reveals a company strategically navigating through a dynamic market environment with a focus on sustainable, profitable growth.Financially, Kraft Heinz's approach to capital allocation remains conservative, prioritizing dividend, maintaining investment grade, and focusing on organic growth.

The Kraft Heinz Company: Innovating in a Challenging Market - Their Strategies Unveiled! - Major Drivers

<ul><li>The Kraft Heinz Company delivered a mixed result in the recent quarter, with revenues below market expectations but managed to surpass the analyst consensus regarding earnings.</li><li>Although price gaps remained wider than what the Kraft Heinz management would have liked throughout the quarter, the company still managed to deliver mid-single-digit top-line growth that was within the team's expectations.</li><li>Their strategies started to work, producing better outcomes throughout the quarter, creating momentum for the second half of the year.</li></ul>

The Kraft Heinz Company delivered a mixed result in the recent quarter, with revenues below market expectations but managed to surpass the analyst consensus regarding earnings.Although price gaps remained wider than what the Kraft Heinz management would have liked throughout the quarter, the company still managed to deliver mid-single-digit top-line growth that was within the team's expectations.Their strategies started to work, producing better outcomes throughout the quarter, creating momentum for the second half of the year.

The Kraft Heinz Company: Mid-Single Digit Growth Strategy Revealed! - Major Drivers

<ul><li>Kraft Heinz delivered a positive result and managed an all-around beat in the last quarter.</li><li>In the quarter, the company introduced It Has to be HEINZ, a new worldwide campaign that represents the brand's first unification under a single creative approach.</li><li>We give The Kraft Heinz Company a 'Hold' rating with a revised target price.</li></ul>

Kraft Heinz delivered a positive result and managed an all-around beat in the last quarter.In the quarter, the company introduced It Has to be HEINZ, a new worldwide campaign that represents the brand's first unification under a single creative approach.We give The Kraft Heinz Company a 'Hold' rating with a revised target price.

The Kraft Heinz Company: Winning the Market with Their Easy Meals and Taste Elevation! – Key Drivers

United States

The Kraft Heinz Company provides food services. The Company offers foods including ketchup, sauces, meals, snacks, and other food products.

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Kraft Heinz Co (KHC US)

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Now USD17.9tr in deposits, up from our recent note. (This is latest HFD data for all US banks). This is relevant to market concerns with possibly...

Daniel Tabbush

Upgrading Staples and Health Care to Market Weight; Shift to Value; Failed Breakouts for ARKK, IPO

Shifting exposure toward value and defensives. Upgrading Consumer Staples $XLP and Health Care $XLV to market weight. $ARKK and $IPO with bearish...

Vermilion Research

The Kraft Heinz Company: Innovating in a Challenging Market - Their Strategies Unveiled! - Major Drivers

The Kraft Heinz Company delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed...

Baptista Research

The Kraft Heinz Company: Mid-Single Digit Growth Strategy Revealed! - Major Drivers

The Kraft Heinz Company delivered a mixed result in the recent quarter, with revenues below market expectations but managed to surpass the analyst...

Baptista Research

The Kraft Heinz Company: Winning the Market with Their Easy Meals and Taste Elevation! – Key Drivers

Kraft Heinz delivered a positive result and managed an all-around beat in the last quarter. In the quarter, the company introduced It Has to be...

Baptista Research

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