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>This smaller Thai bank can more easily grow due to relatively small loan base</li>
<li>Strong core fundamentals of rising interest income and falling funding costs</li>
<li>Credit costs remain inflated, falling figures can support strong ROA growth</li>
</ul>


This smaller Thai bank can more easily grow due to relatively small loan base
Strong core fundamentals of rising interest income and falling funding costs
Credit costs remain inflated, falling figures can support strong ROA growth


Thematic (Sector/Industry)

Thai banks are leveraged to re-opening the country to tourism. They are also leveraged to a newly proposed NPL warehouse scheme.  Where re-opening and NPL warehouse move in tandem, Thai banks can be golden.

Thai banks are leveraged to re-opening the country to tourism. They are also leveraged to a newly proposed NPL warehouse scheme.  Where re-opening and NPL warehouse move in tandem, Thai banks can be golden.

There are four or five mainstream, listed banks in Thailand. When including small banks, government specialized banks and foreign banks with reasonably populated financial data, there are 25 banks. We examine credit quality metrics ahead of upcoming results on 21 October, taking into account all Thai banks. Specifically, we look at some meaningful divergence in trends of bad loan growth, as well as bad loan ratios. The Islamic Bank of Thailand (IBT) stands out with the highest non-performing…

There are four or five mainstream, listed banks in Thailand. When including small banks, government specialized banks and foreign banks with reasonably populated financial data, there are 25 banks. We examine credit quality metrics ahead of upcoming results on 21 October, taking into account all Thai banks. Specifically, we look at some meaningful divergence in trends of bad loan growth, as well as bad loan ratios. The Islamic Bank of Thailand (IBT) stands out with the highest non-performing…

A Broader View of Thai Bank Credit Quality

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Nostalgia. If this had been written in 2016, the grand prize would definitely gone to the insider trading case at CP All that involved the CEO Korsak ( <a href="https://www.smartkarma.com/insights/cp-all-a-walk-down-the-memory-lane" target="_blank" data-smartkarma-citation="insights:4572">CP All: A Walk Down the Memory Lane</a>). Korsak shrugged off the case as though nothing happened. He didn't apologize or quit, though they did pay the fines. Life goes on. If history is any guide, no one cares. CP All went on to trade above what we thought was their fair value (Bt60/sh), and now some brokers are saying it's worth more than Bt70/sh…

Nostalgia. If this had been written in 2016, the grand prize would definitely gone to the insider trading case at CP All that involved the CEO Korsak ( CP All: A Walk Down the Memory Lane). Korsak shrugged off the case as though nothing happened. He didn't apologize or quit, though they did pay the fines. Life goes on. If history is any guide, no one cares. CP All went on to trade above what we thought was their fair value (Bt60/sh), and now some brokers are saying it's worth more than Bt70/sh…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Thailand

LH Financial Group Pcl, through a subsidiary, offers banking services.  The bank offers retail banking services through its branch network.

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Lh Financial Group (LHFG TB)

KKP - Small Enough To Grow

KKP remains well smaller than all the largest Thai banks, so can more easily grow. This is coming through in far better loan growth figures, even...

Daniel Tabbush

Thai Banks – Golden

Thai banks are leveraged to a re-opening of the country to tourism and can benefit at the same time from a newly proposed NPL warehouse scheme.

Daniel Tabbush

A Broader View of Thai Bank Credit Quality

There are four or five mainstream, listed banks in Thailand. When including small banks, government specialized banks and foreign banks with...

Daniel Tabbush

Top Three Scandals/Myths of 2017

Nostalgia. If this had been written in 2016, the grand prize would definitely gone to the insider trading case at CP All that involved the CEO...

Athaporn Arayasantiparb, CFA

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

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