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 risk now for US banks is sharply lower net interest income growth, some turning negative</li>
<li>Ally Financial, First Republic, and Pacwest are the only 3 majors that show this in 1Q23</li>
<li>Weekly balance sheet data paints a subdued outlook, especially for small US banks</li>
</ul>


The risk now for US banks is sharply lower net interest income growth, some turning negative
Ally Financial, First Republic, and Pacwest are the only 3 majors that show this in 1Q23
Weekly balance sheet data paints a subdued outlook, especially for small US banks


Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

Republic First Bancorp / Technical Analysis

<ul><li>The troubles of Silicon Valley Bank, Silvergate Capital, Credit Suisse, an ongoing lack of confidence in European banks, and First Republic Bank have resulted in extreme volatility in Short dated Interest rates, Banks, and Financials.</li><li>The sharp rise in fixed-income volatility has not happened to FX, Commodity, and Equity volatility.</li><li>We saw record one-day moves in 3-month SOFR futures, and 2-Year Treasury yields dropped the most since 2008.</li></ul>

The troubles of Silicon Valley Bank, Silvergate Capital, Credit Suisse, an ongoing lack of confidence in European banks, and First Republic Bank have resulted in extreme volatility in Short dated Interest rates, Banks, and Financials.The sharp rise in fixed-income volatility has not happened to FX, Commodity, and Equity volatility.We saw record one-day moves in 3-month SOFR futures, and 2-Year Treasury yields dropped the most since 2008.

United States

Republic First Bancorp, Inc. is the holding company for Republic Bank which offers a variety of credit and depository services to individuals and businesses through full-service offices located in Greater Philadelphia and Southern New Jersey.

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Republic First Bancorp (FRBK US)

US Banks - Road Forward

The road forward for US banks is likely far lower net interest income growth, with some turning negative, alongside rising credit costs and a...

Daniel Tabbush

Credit Becoming Due

The troubles of Silicon Valley Bank, Silvergate Capital, Credit Suisse, an ongoing lack of confidence in European banks...

Untying The Gordian Knot

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52-week Range

Market Cap (USDm)

P/E

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