China Macroeconomics & Academia

Christopher Balding

Thematic (Sector/Industry)

Heavy capital investment in previous years and government support helped the Chinese economy in previous years to grow, while this year seems to be difficult for the economy in general. Listed companies however, seemingly in line with other underlying trends, demonstrated moderate growth but with significant divergence across industries.Cumulative operating income of major industrial sectors inched up but with wide industrial variation. Heavy industry is experiencing generally flat to…

Heavy capital investment in previous years and government support helped the Chinese economy in previous years to grow, while this year seems to be difficult for the economy in general. Listed companies however, seemingly in line with other underlying trends, demonstrated moderate growth but with significant divergence across industries.Cumulative operating income of major industrial sectors inched up but with wide industrial variation. Heavy industry is experiencing generally flat to…

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

There is a problem with official statistics in China. Put simply, they cannot be relied upon. From coal consumption, steel or iron ore production, the quality of groundwater, or even the figures for GDP, the official statistics rarely tell the full story. Officials have been found faking the figures and often selling inside information to the highest bidder. Although general trends can sometimes be right, good policies depend on accurate information.

There is a problem with official statistics in China. Put simply, they cannot be relied upon. From coal consumption, steel or iron ore production, the quality of groundwater, or even the figures for GDP, the official statistics rarely tell the full story. Officials have been found faking the figures and often selling inside information to the highest bidder. Although general trends can sometimes be right, good policies depend on accurate information.

Two interesting developments have affected China’s international financial standing in recent months. The first is that the yuan – China’s currency – has over the last year become <a href="http://www.bloomberg.com/news/articles/2016-06-01/yuan-s-shrinking-share-erodes-pboc-s-efforts-to-push-global-use" target="_blank">far less used in international payments</a>. A few years ago it represented about 0.5% of all settlements. By last year this had risen to 2.79%, which made it the fourth most active currency in global payments.This coincided with moves to make it a component of the SDR currency basket, and by implication a potential…

Two interesting developments have affected China’s international financial standing in recent months. The first is that the yuan – China’s currency – has over the last year become far less used in international payments. A few years ago it represented about 0.5% of all settlements. By last year this had risen to 2.79%, which made it the fourth most active currency in global payments.This coincided with moves to make it a component of the SDR currency basket, and by implication a potential…

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.

We examine interest coverage in the corporate sector for several countries in Asia; given the broad range of interest coverage across Asia by country and by sector, simple averages are hugely misleading.What matters from the perspective of a bank analysis, is how prominently debt-laden companies feature with low levels of interest cover. This is where the analysis can be helpful in considering the outlook for NPL formation and credit costs.<div class="content-highlight"> India stands out in absolute terms, but also in the…</div>

We examine interest coverage in the corporate sector for several countries in Asia; given the broad range of interest coverage across Asia by country and by sector, simple averages are hugely misleading.What matters from the perspective of a bank analysis, is how prominently debt-laden companies feature with low levels of interest cover. This is where the analysis can be helpful in considering the outlook for NPL formation and credit costs. India stands out in absolute terms, but also in the…

Asia - Interest Coverage Data Is Dire for India, and China

Macroeconomics

A strange thing has happened to the value of CNY/CNH options and NDF pricing.  Despite the increased concern over the RMB, the spread between the spot price and 3M and 1YR options prices have narrowed significantly over the past year.  This implies, if taken at face value, that traders are narrowing their volatility expectations for the RMB.As a simple point of comparison, on June 8, 2015, the market had an implied 3MO and 1 year forward rate of 6.23 and 6.34 based on a spot rate of 6.2056 RMB…

A strange thing has happened to the value of CNY/CNH options and NDF pricing.  Despite the increased concern over the RMB, the spread between the spot price and 3M and 1YR options prices have narrowed significantly over the past year.  This implies, if taken at face value, that traders are narrowing their volatility expectations for the RMB.As a simple point of comparison, on June 8, 2015, the market had an implied 3MO and 1 year forward rate of 6.23 and 6.34 based on a spot rate of 6.2056 RMB…

A Strange Thing Happened on the Way to the CNY/CNH Option

China

Ping An Bank Co Ltd provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

China Everbright Bank Company Limited provides banking services. The Company offers deposits, loans, domestic settlement, currency trading, and other services. China Everbright Bank provides its services to individuals, enterprises, and other clients.

China Minsheng Banking Corp., Ltd. operates in commercial banking businesses. The Bank provides deposit, loan, settlement, discount, financial bond issuance, government bond underwriting and trading, letter of credit, bank guarantee, and other related financial services.

Industrial Bank Co.,Ltd. provides banking services. The Company offers deposits, loans, fund management, foreign currency management, and other services. Industrial Bank provides its services to individuals, enterprises, and other clients.

China CITIC Bank Corporation Limited provides banking services. The Company offers deposits, loans, domestic settlement,  currency trading, bank guarantee, and other services. China CITIC Bank provides its services to individuals, enterprises, and other clients.

Bank of Nanjing Co., Ltd. operates commercial banking businesses. The Company offers deposits, loans, settlement, discounting, financial bond issuance, government bond underwriting, bank guarantee, and other related financial services. Bank of Nanjing provides services for enterprises and individuals.

Bank of Beijing Company Ltd. attracts deposits and offers commercial banking services.  The Bank offers short-, medium- and long-term loans, insurance, foreign exchange, international settlement, government bonds, and other products and services.

Bank of Ningbo Company Ltd is a full service commercial bank. The Bank provides personal and small business loans, trade financing, and retail banking services as well as personal savings and checking accounts. Bank of Ningbo is located in China.

Huaxia Bank Co. Ltd. operates banking businesses. The Company offers deposits, loans, settlement, bill discounting, currency trading, bank guarantee, wealth management, and other banking services. Huaxia Bank provides services for enterprises and individuals.

Postal Savings Bank of China Co., Ltd. provides banking services. The Company offers deposits, loans, fund settlement, and other services. Postal Savings Bank of China provides its services to individuals, enterprises, and other clients.

Hang Seng Bank Limited and its subsidiaries provide banking and related financial services.

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

Fifth Third Bancorp is a diversified financial services company that operates banking centers in the Midwestern and Southeastern regions of the United States. The Company's principal businesses include retail banking, commercial banking, investment advisory, and data processing.

Standard Chartered PLC is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

BOC Hong Kong (Holdings) Limited provides a comprehensive range of financial products and services to retail and corporate customers.  Its products include retail banking, corporate banking, and treasury services.  The Company operates its branches in Hong Kong and China.

CTBC Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides a variety of banking and financial services, including deposit, loan, guarantee, international banking, trust banking, credit card, investment banking, safety deposit box, and Internet banking services.

PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank operates in the commercial banking services.

PT Bank Rakyat Indonesia (Persero) Tbk provides commercial banking activities and its related services. The Bank also provides banking activities based on shariah principles.

Malayan Banking Berhad operates as a bank. The Company provides financial services such as insurance, asset management, stock broking, nominee services, venture capital, leasing, and Internet banking. Malayan Banking Berhad serves customers in South East Asia.

Shanghai Pudong Development Bank Co., Ltd. provides banking services. The Company provides loans, deposits, accounts settlement, foreign exchange, and other services. Shanghai Pudong Development Bank provides its services to individuals, companies, and other groups.

Shanghai Pudong Development Bank Co. (600000 CH)

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Shanghai Pudong Development Bank Co. (600000 CH)

China Listed Firms Q1 Summary

Heavy capital investment in previous years and government support helped the Chinese economy in previous years to grow, while this year seems to be...

Christopher Balding

Getting the Detail Right in China

There is a problem with official statistics in China. Put simply, they cannot be relied upon. From coal consumption, steel or iron ore production,...

Bixmoor

China's International Financial Position

Two interesting developments have affected China’s international financial standing in recent months. The first is that the yuan – China’s currency...

Bixmoor

Asia - Interest Coverage Data Is Dire for India, and China

We examine interest coverage in the corporate sector for several countries in Asia; given the broad range of interest coverage across Asia by...

Daniel Tabbush

A Strange Thing Happened on the Way to the CNY/CNH Option

A strange thing has happened to the value of CNY/CNH options and NDF pricing. Despite the increased concern over the RMB, the spread between the...

Christopher Balding

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)