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)

Half of Singapore’s industrial, materials and energy companies in our S&amp;P CIQ sample set with over US$100 million in debt, have seen a worsening of interest cover in the most recent quarter. We believe this is at odds with market perception and is considered inconsistent with rising oil prices. It is though the reality. This has important implications for Singapore’s banks, <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22:1">DBS Group Holdings (DBS SP)</a>,<a href="https://www.smartkarma.com/entities/114" target="_blank" data-smartkarma-citation="entities:114:1">Oversea Chinese Banking Corp. (OCBC SP)</a> and <a href="https://www.smartkarma.com/entities/113" target="_blank" data-smartkarma-citation="entities:113:1">United Overseas Bank (UOB SP)</a>. Where many may…

Half of Singapore’s industrial, materials and energy companies in our S&amp;P CIQ sample set with over US$100 million in debt, have seen a worsening of interest cover in the most recent quarter. We believe this is at odds with market perception and is considered inconsistent with rising oil prices. It is though the reality. This has important implications for Singapore’s banks, DBS Group Holdings (DBS SP),Oversea Chinese Banking Corp. (OCBC SP) and United Overseas Bank (UOB SP). Where many may…

Singapore Banks – Corporate Financial Metrics Point to Ongoing Credit Risk

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

On Tuesday morning in the US, <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a> announced it would work with its 51%-owned logistics subsidiary CaiNiao Network to take a 10% stake in express delivery specialist <a href="https://www.smartkarma.com/entities/23628" target="_blank" data-smartkarma-citation="entities:23628:1">ZTO Express (ZTO US)</a> for US$1.38 bn. Shares of ZTO jumped by as much as 15% ahead of the New York open.We will write more on this transaction and its significance as more details become available, but for now we believe investors should bear in mind two key points:1. Investment from BABA Has Not Helped…

On Tuesday morning in the US, Alibaba Group Holding Ltd (BABA US) announced it would work with its 51%-owned logistics subsidiary CaiNiao Network to take a 10% stake in express delivery specialist ZTO Express (ZTO US) for US$1.38 bn. Shares of ZTO jumped by as much as 15% ahead of the New York open.We will write more on this transaction and its significance as more details become available, but for now we believe investors should bear in mind two key points:1. Investment from BABA Has Not Helped…

Alibaba+CaiNiao to Take 10% Stake in ZTO Express

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

<ul class=""><li>SingPost's revenue segments continued to see revenue growth, but the issue still lies with profits.</li></ul><div class="content-caption">SingPost's 4Q revenue by key segments:</div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/052/004/original/SingPost%204Q%20revenues.png?1526026988" class="editor-image img-responsive" data-smartkarma-image-id="52004"></figure><ul class="">
<li>This is despite narrower losses at its eCommerce division for the full year (FY17/18 EBIT  of -SGD 16.7m Vs FY16/17 EBIT of SGD -33.8m), and better revenues from its Postal segment.</li>
<li>The main drag came from its logistics segment (where operating profits halved) and thinner profits at its Postal segment (because international cross-border deliveries yields…</li>
</ul>

SingPost's revenue segments continued to see revenue growth, but the issue still lies with profits.SingPost's 4Q revenue by key segments:
This is despite narrower losses at its eCommerce division for the full year (FY17/18 EBIT  of -SGD 16.7m Vs FY16/17 EBIT of SGD -33.8m), and better revenues from its Postal segment.
The main drag came from its logistics segment (where operating profits halved) and thinner profits at its Postal segment (because international cross-border deliveries yields…


Negatives Mostly Factored In, but SingPost Hasn't Delivered Much (Part 2)

Despite its recent wobbles, shares of <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a> posted impressive performance over the last year, rising by 80% since February 21 2017. But for investors attempting to gain exposure to the BABA juggernaut, buying shares of smaller BABA investee companies (and other companies that tout close relationships with BABA) generally hasn't worked over the last year.The chart below shows BABA's performance over the last year versus a selection of seven "Alibaba-adjacent"…

Despite its recent wobbles, shares of Alibaba Group Holding Ltd (BABA US) posted impressive performance over the last year, rising by 80% since February 21 2017. But for investors attempting to gain exposure to the BABA juggernaut, buying shares of smaller BABA investee companies (and other companies that tout close relationships with BABA) generally hasn't worked over the last year.The chart below shows BABA's performance over the last year versus a selection of seven "Alibaba-adjacent"…

'Alibaba-Adjacent' Investing Really Didn't Work Over the Last Year

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">

The Home Grown Leaders of Singapore’s Industrials Sector

Singapore

GKE Corp. Ltd. operates as an integrated logistics solutions provider. The Company offers one-stop, door-to-door multi-modal solutions for supply chain management.

Vibrant Group Limited operates a logistics, real estate and financial services group. The Company provides international freight forwarding, chemical storage, warehousing and distribution, and record management.  Vibrant Group also engages in real estate development and management as well as provides fund management, financial leasing services, and asset and trust management.

A-Sonic Aerospace Limited provides retrofit solutions, particularly in electronic systems.  The Company also supplies aircraft systems and aerospace components.

SBS Transit Limited provides public bus services, advertisement on its bus fleet, and bus chartering.

Eneco Energy Limited is an oil and gas exploration and production company in Indonesia. The Company also provides supply chain services including inbound and outbound transportation activities, distribution management, seaport and airport cargo handling services, and chemical logistics distribution throughout the region.

Samudera Shipping Line Limited owns and operates ocean-going ships and provides containerized feeder shipping services. Through its subsidiaries, the Company also owns and charters vessels, provides sea and air freight forwarding, and operates shipping agency and container freight station services.

Hutchison Port Holdings Trust is a port investor, developer and operator. The Company is also involved in transportation related services and logistics operations, including container storage and repair, container tracking, general and bulk cargo tranfer, warehousing, marine shuttle services and other related services.

Marco Polo Marine Limited is an integrated shipping company. The Company provides services that include ship chartering, ship building and repair, and brokering services.

Penguin International Limited operates as an integrated marine and offshore services company. The Company specializes in design, construction, and operation of high-speed aluminum ships. Penguin International owns and operates a fleet of vessels as well as aluminum shipbuilding yards. Penguin International serves customers worldwide.

Metis Energy Limited provides marine services, land reclamation, charter of vessels, and dredging services.  The Company also trades sea-sand, provides logistics, production, and other support services to the coal mining, oil, and gas industries.

Orient International Enterprise Ltd. provides import and export services and agency service for a variety of apparel manufacturers, including London Fog, Rifle, Calvin Klein, and Polo labels. The Company also invests in the biochemical business.

Orient International Enterprise, Ltd (600278 CH)

Allcargo Logistics Limited is a full service logistics company. The Company offers specialized logistics services across multimodal transport operations, container freight station operations and project and engineering solutions.

Farglory F T Z Investment Holding Co.,Ltd. provides land, sea, and air transportation services, as well as operates air cargo terminal, forwarders building, value-added park, international logistics center, and enterprise business center.

Konoike Transport Co Ltd operates production and distribution processes and plant equipment installation service at clients' work cites. Clients range from the basic materials industry to consumer staples, airline and medical industries. The company also operates logistics business domestically and intern ationally.

MITSUI-SOKO Holdings Co., Ltd. provides warehousing and marine, land, and air freight transportation services.  The Company also operates a real estate business of leasing its own land and buildings.

SBS Holdings, Inc. provides integrated logistic services. The Company's services include one-stop marketing such as logistic consulting, logistic management and logistic development, special transportation, and low-temperature logistic. SBS Holdings also offers human resources and information technologies services.

Forward Air Corporation provides transportation services to air freight forwarders, air cargo carriers, and domestic and international airlines.  The Company also operates a truckload business that is an irregular route, high service-level carrier that transports a wide range of commodities in both interstate and intrastate commerce.

PostNL NV collects, transports, stores, sorts, and distributes letters, printed matter, parcels, documents, and freight items.  The Company provides mail and logistics services domestically and internationally.

CTT-Correios de Portugal SA provides commercial services. The Company offers multi-services platform including efficient postal delivery services, and financial services. CTT-Correios delivers letters and packages worldwide.

Transport Corporation of India Limited provides integrated cargo transportation and logistics services. The Company provides handling of heavy-duty cargo through surface movement, door-to-door distribution for time committed cargo, and coastal shipping. The Company moves a variety of products, including raw materials, industrial products, pharmaceuticals, and agricultural products.

Singapore Post Limited is the national postal service provider in Singapore. The Company provides domestic and international postal and courier services including end-to-end integrated mail solutions covering data printing, letter-shopping, delivery and mailroom management, and others. Singapore Post also offers end-to-end e-commerce logistics solutions.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Singapore Post (SPOST SP)

Singapore Banks – Corporate Financial Metrics Point to Ongoing Credit Risk

Half of Singapore’s industrial, materials and energy companies in our S&P CIQ sample set with over US$100 million in debt, have seen a...

Daniel Tabbush

Alibaba+CaiNiao to Take 10% Stake in ZTO Express

On Tuesday morning in the US, Alibaba Group Holding Ltd (BABA US) announced it would work with its 51%-owned logistics subsidiary CaiNiao Network...

Daniel Hellberg

Negatives Mostly Factored In, but SingPost Hasn't Delivered Much (Part 2)

SingPost's revenue segments continued to see revenue growth, but the issue still lies with profits. This is despite narrower losses at its...

Valerie Law, CFA

'Alibaba-Adjacent' Investing Really Didn't Work Over the Last Year

Despite its recent wobbles, shares of Alibaba Group Holding Ltd (BABA US) posted impressive performance over the last year, rising by 80% since...

Daniel Hellberg

The Home Grown Leaders of Singapore’s Industrials Sector

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)