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>Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some</li>
<li>This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries</li>
<li>Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world</li>
</ul>


Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some
This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries
Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world


Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 29th which has an aggregated short interest worth USD14.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Acer, China Airlines, Chung-Hsin, Quanta Computer, Yang Ming Marine, Wiwynn, Realtek Semi, Umc.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 29th which has an aggregated short interest worth USD14.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Acer, China Airlines, Chung-Hsin, Quanta Computer, Yang Ming Marine, Wiwynn, Realtek Semi, Umc.


TWSE Short Interest Weekly (Dec 29th): Short Covering Towards Year End

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 22nd which has an aggregated short interest worth USD14.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron, Quanta Computer, Wiwynn, Acer, TSMC.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 22nd which has an aggregated short interest worth USD14.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron, Quanta Computer, Wiwynn, Acer, TSMC.


TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 15th which has an aggregated short interest worth USD15.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Gigabyte Tech, Novatek, Faraday Tech, Quanta Computer, Giant Manufactur, Nanya Tech.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 15th which has an aggregated short interest worth USD15.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Gigabyte Tech, Novatek, Faraday Tech, Quanta Computer, Giant Manufactur, Nanya Tech.


TWSE Short Interest Weekly (Dec 15th): Gigabyte Tech, Novatek, Faraday Tech, Quanta Computer

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

Oil & Natural Gas Corp / Technical Analysis

<ul>
<li>MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. </li>
<li>Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).</li>
<li>Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials</li>
</ul>


MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. 
Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).
Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials


MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

Taiwan

Shin Kong Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company provides traditional life, health, group and accident insurance products and services, as well as acts as a broker, dealer and underwriter for financial securities.

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Shin Kong Financial Holding (2888 TT)

Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Taiwan's banks may be unique with reasonable tech exposure, a possible driver for some of the best loan volume anywhere, with strong credit...

Daniel Tabbush

TWSE Short Interest Weekly (Dec 29th): Short Covering Towards Year End

We analyzed TWSE short interest report for the past week and highlight short interest changes in Acer, China Airlines, Chung-Hsin, Quanta Computer,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

We analyzed TWSE short interest report for the past week and highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai,...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 15th): Gigabyte Tech, Novatek, Faraday Tech, Quanta Computer

We analyzed TWSE short interest report for the past week and highlight short interest changes in Gigabyte Tech, Novatek, Faraday Tech, Quanta...

Ke Yan, CFA, FRM

MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

MSCI EM Index $EEM Testing 1+ Year Resistance; Favor EM over EAFE $EFA. Top EM Country Overweights: Taiwan, India, Greece; Attractive EM Sectors:...

Vermilion Research

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