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>Weekly balance sheets to 20 September show worsening general trends for large US banks, that can point to risk aversion, and worse net interest income and profit delta. </li>
<li>Loan growth ratcheted well lower from 2.04% YoY three weeks ago, to 1.89% two weeks ago and now to 1.54% in most recent week's data. CRE loans see worsening contraction. </li>
<li>Large US banks continue to accelerating growth in Jumbo Time Deposits, now at 89.0% YoY vs 85.8% in preceding week. These are now 6.8% of deposits, 2.1% higher WoW. </li>
</ul>


Weekly balance sheets to 20 September show worsening general trends for large US banks, that can point to risk aversion, and worse net interest income and profit delta. 
Loan growth ratcheted well lower from 2.04% YoY three weeks ago, to 1.89% two weeks ago and now to 1.54% in most recent week's data. CRE loans see worsening contraction. 
Large US banks continue to accelerating growth in Jumbo Time Deposits, now at 89.0% YoY vs 85.8% in preceding week. These are now 6.8% of deposits, 2.1% higher WoW. 


US Big Banks - Wkly B/S 20 Sep, Slower Loans +1.5%, CRE -0.5%, Big Term-Deposits Up to 6.8% of Total

Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

<ul><li>The US banking sector has encountered a multitude of challenges and transformations in recent months, triggered by the collapse of several regional banks and the Federal Reserve's implementation of interest rate hikes.</li><li>In March, Silvergate Capital, Silicon Valley Bank, and Signature Bank of New York faced financial dis- tress, followed by First Republic Bank on May 1st.</li><li>Silvergate and Signature grappled with their ties to a volatile cryptocurrency market that experienced significant fluctuations.</li></ul>

The US banking sector has encountered a multitude of challenges and transformations in recent months, triggered by the collapse of several regional banks and the Federal Reserve's implementation of interest rate hikes.In March, Silvergate Capital, Silicon Valley Bank, and Signature Bank of New York faced financial dis- tress, followed by First Republic Bank on May 1st.Silvergate and Signature grappled with their ties to a volatile cryptocurrency market that experienced significant fluctuations.

Regulatory Overhaul on US Banking Sector Brings New Challenges

<ul>
<li>Weekly balance sheet data for US large banks shows another USD3bn decline in total loans</li>
<li>Large time deposits rose USD16bn in the week, YoY growth is accelerating, now 77.2% YoY</li>
<li>Risk aversion clearest with CRE loans, where growth is 0.41% YoY in most recent week</li>
</ul>


Weekly balance sheet data for US large banks shows another USD3bn decline in total loans
Large time deposits rose USD16bn in the week, YoY growth is accelerating, now 77.2% YoY
Risk aversion clearest with CRE loans, where growth is 0.41% YoY in most recent week


US Large Banks - Weekly B/S Update: $3bn Less Loans, $16bn More Jumbo Deposits, CRE Loans Nearly -Ve

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

PNC Financial Services Group / Equity Bottom-Up

<ul><li>This is our first report on PNC Financial Services Group, a major bank and financial service company.</li><li>Despite a rise in the accumulated other comprehensive loss by $400 million during Q2, the tangible book value rose to $77.80.</li><li>We initiate coverage on the stock of PNC Financial Services Group with a 'Hold' rating.</li></ul>

This is our first report on PNC Financial Services Group, a major bank and financial service company.Despite a rise in the accumulated other comprehensive loss by $400 million during Q2, the tangible book value rose to $77.80.We initiate coverage on the stock of PNC Financial Services Group with a 'Hold' rating.

PNC Financial Services Group: Initiation of Coverage – Impact Of Banking Crisis & Other Developments

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Interest rate risk in the system increased with the Fed’s steep interest rate hikes and due to the opt-out for many US banks on the AFS securities market-to-market capital hit</li>
<li>Uninsured and concentrated deposits, at the first hint of bank trouble, can take flight very quickly especially in the case of concentrated, key elements of the Silicon Vally Bank collapse</li>
<li>We believe that it is premature to look for buy opportunities in US banks, although we believe that the largest US banks are sound in terms of their balance sheets</li>
</ul>


Interest rate risk in the system increased with the Fed’s steep interest rate hikes and due to the opt-out for many US banks on the AFS securities market-to-market capital hit
Uninsured and concentrated deposits, at the first hint of bank trouble, can take flight very quickly especially in the case of concentrated, key elements of the Silicon Vally Bank collapse
We believe that it is premature to look for buy opportunities in US banks, although we believe that the largest US banks are sound in terms of their balance sheets


US Bank Sector Stress – Old Fashioned Risks and a Regulatory Loophole Meet the Digital Age

United States

PNC Financial Services Group, Inc. is a diversified financial services organization.  The Company provides regional banking, wholesale banking, and asset management services nationally and in the Company's primary regional markets.

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PNC Financial Services Group (PNC US)

US Big Banks - Wkly B/S 20 Sep, Slower Loans +1.5%, CRE -0.5%, Big Term-Deposits Up to 6.8% of Total

New balance sheet data US big banks: weaker loan growth, more negative for CRE, higher big term deposits. Loan loss reserves continue to rise fast....

Daniel Tabbush

Regulatory Overhaul on US Banking Sector Brings New Challenges

The US banking sector has encountered a multitude of challenges and transformations in recent months, triggered by the collapse of several...

Criat

US Large Banks - Weekly B/S Update: $3bn Less Loans, $16bn More Jumbo Deposits, CRE Loans Nearly -Ve

US large banks' new weekly balance sheet data shows USD3bn less loans, USD16bn more large time deposits, with CRE loan growth nearing negative...

Daniel Tabbush

PNC Financial Services Group: Initiation of Coverage – Impact Of Banking Crisis & Other Developments

This is our first report on PNC Financial Services Group, a major bank and financial service company. Despite a rise in the accumulated other...

Baptista Research

US Bank Sector Stress – Old Fashioned Risks and a Regulatory Loophole Meet the Digital Age

US bank system strains reflects heightened interest rate risk, exacerbated by uninsured and concentrated deposits at a time of sharply rising...

Victor Galliano

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