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.

Thematic (Sector/Industry)

A series of setbacks to China's stock markets has dented confidence and discouraged investors in the first half of 2016. These include the delay in the Shenzen-HK Stock Connect program, delays in market reforms and the MSCI decision, for the third year in a row, not to include China A shares in its global indices.

A series of setbacks to China's stock markets has dented confidence and discouraged investors in the first half of 2016. These include the delay in the Shenzen-HK Stock Connect program, delays in market reforms and the MSCI decision, for the third year in a row, not to include China A shares in its global indices.

Poor First Half for China's Stock Markets

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.

It is hard to envisage how the two opposing data sets can co-exist without something worrisome happening behind the scenes. Here we look at annual growth of loan interest income for China’s banks, and the story is bizarre, to say the least. <div class="content-highlight">
Growth in China banks’ loan interest income on a quarterly basis is now negative at 1Q16.
This is totally new.
</div>It is also at complete odds with rampant loan growth. We must remind that this interest income is for loans only, it is not for wealth management…

It is hard to envisage how the two opposing data sets can co-exist without something worrisome happening behind the scenes. Here we look at annual growth of loan interest income for China’s banks, and the story is bizarre, to say the least. 
Growth in China banks’ loan interest income on a quarterly basis is now negative at 1Q16.
This is totally new.
It is also at complete odds with rampant loan growth. We must remind that this interest income is for loans only, it is not for wealth management…

China - Something Happening Here, Exactly What Isn't Clear

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

For all the concern focused on the Chinese economy, financial markets, and credit, the RMB dominates them all.  If a hard landing or crisis like scenario were to take place, it would undoubtedly involve significant devaluation.Aware of this dynamic the PBOC has been working to control both the price and the flow of the CNY, CNH, and the accompanying assorted derivatives resulting in clear market distortions, some of which we have covered here.  The impact of official intervention, though we…

For all the concern focused on the Chinese economy, financial markets, and credit, the RMB dominates them all.  If a hard landing or crisis like scenario were to take place, it would undoubtedly involve significant devaluation.Aware of this dynamic the PBOC has been working to control both the price and the flow of the CNY, CNH, and the accompanying assorted derivatives resulting in clear market distortions, some of which we have covered here.  The impact of official intervention, though we…

RMB Report: Near Term Stability, Long Term Depreciation

International bank transaction data was released on the 20th and we believe this provides a better gauge of currency flows than more widely reported data.  There are large acknowledged discrepancies between Customs report import, export, and surplus numbers and the bank reported data due to fraudulent payment or invoicing issues.  This then permeates the calculations on balance of payment and other flow issues that provide serious distortions on currency flows.Current account based upon…

International bank transaction data was released on the 20th and we believe this provides a better gauge of currency flows than more widely reported data.  There are large acknowledged discrepancies between Customs report import, export, and surplus numbers and the bank reported data due to fraudulent payment or invoicing issues.  This then permeates the calculations on balance of payment and other flow issues that provide serious distortions on currency flows.Current account based upon…

RMB Outflows Continue As Inflows Collapsing

China's leadership is aware of the weaknesses in its armed forces, who have been found to be physically unfit, untested, unmotivated  and corrupt. Two recent examples show just how weak the armed forces are at dealing with natural disasters, let alone a situation where national security was at stake.

China's leadership is aware of the weaknesses in its armed forces, who have been found to be physically unfit, untested, unmotivated  and corrupt. Two recent examples show just how weak the armed forces are at dealing with natural disasters, let alone a situation where national security was at stake.

China

China Cinda Asset Management Company Ltd. provides asset management services. The Company invests, disposes, and manages non-performing assets and equity. China Cinda Asset Management also provides consulting, investment, financial, and risk management services to individuals and businesses.

Pacific Securities Co., Ltd. provides securities brokerage, custodian, underwriting, trading and investment consulting services.

AnXin Trust Co., Ltd-A is a non-banking financial firm.  The Company's businesses include trust deposit, trust loan, securities trading, financing lease, securities underwriting, and other financial services. Through its subsidiaries, the Company also invests in real estate development.

Sealand Securities Co., Ltd. operates as a securities brokerage company. The Company offers securities brokerage, securities investment consulting, securities trading, securities underwriting and sponsorship, securities asset management, and other services. Sealand Securities provides services in China.


Everbright Securities Co., Ltd. provides securities brokerage, trading, custody, underwriting, asset management, and investment consulting services.

First Capital Securities Co., Ltd. provides financial services. The Company offers securities brokerage, securities underwriting, risk management, securities investment, and other services. First Capital Securities provides its services throughout China.

Huaan Securities Co., Ltd. operates securities institutional brokerage businesses. The Company provides securities brokerage, investment consulting, asset management, margin trading, and other securities services. Huaan Securities also offers investment and financing solution services.

Sinolink Securities Co., Ltd. brokers securities trading, trades securities, underwrites securities, provides securities custody services and financial advising services.

Central China Securities Co., Ltd. is a securities company engaged in the brokerage, investment banking, investment management, and trading businesses primarily in China. The Company trades in stocks, funds, bonds, and commodity and financial futures on behalf of its clients; and provides margin financing, securities lending, and wealth management services.

Shanxi Securities Company Limited provides securities brokerage, securities investment consulting, securities proprietary trading, securities and asset management, and intermediary services for futures trading companies. The Company, through its subsidiaries, also provides stock and bond underwriting and sponsorship, commodities and financial futures brokerage services.

Samsung Securities Co.,Ltd. provides personalized asset management services. The Company provides brokerage, investment trust, underwriting services, and other services. Samsung Securities also provides cyber trading, mutual funds, asset backed securities issuing, municipal bonds trading services.

Virtu Financial, Inc. is a technology-enabled market maker and liquidity provider to the global financial markets. The Company posts two-sided quotes in equities, ETFs, commodities, currencies, options, futures, fixed income, and other securities on various exchanges, markets, and liquidity pools around the world.

Guoco Group Limited, through its subsidiaries, develops, invests in, and manages properties as well as provides stock, commodity and bullion broking, insurance, and fund management services.

Artisan Partners Asset Management Inc. provides investment management services. The Company offers investment strategies spanning various market capitalization segments, region, and investing styles. Artisan Partners Asset Management serves customers worldwide.

Artisan Partners Asset Management (APAM US)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

HUB24 Limited is a financial services company.  The Company focuses on the delivery of a platform which supports investors.  The platform is a next-generation service with state-of-the-art portfolio management, transaction, and reporting solutions for licensees, financial advisers, accountants, stockbrokers, and institutions.

Korea Investment Holdings Co., Ltd. is a financial holding company. The Company operates and controls its financial subsidiaries such as Korea Investment & Securities, Korea Investment Partners, and Korea Investment Mutual Savings Bank.

Korea Investment Holdings Co, Ltd. (071050 KS)

Lazard Ltd provides asset management and financial advisory services. The Company offers advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. Lazard serves customers internationally.

NH Investment & Securities Co Ltd provides brokerage, underwriting, and securities dealing services.  The Company's offerings include financial advisory service, online trading, corporate financing, research, foreign exchange service, beneficiary certificates, investment consulting, financial derivatives, bonds, and mutual funds.

Brederode SA is an investment company which actively manages a portfolio of listed and private equity investments.  The Company seeks to provide dividend income, and appreciation on the disposal of investments.  Brederode invests in listed companies it judges to be undervalued.  The Company's private equity investments are fixed-term partnerships in companies in Europe and the US.

Southwest Securities Co., Ltd. operates in the brokerage, investment banking, asset management and the consulting services business.

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Southwest Securities (600369 CH)

Poor First Half for China's Stock Markets

A series of setbacks to China's stock markets has dented confidence and discouraged investors in the first half of 2016. These include the delay in...

Bixmoor

China - Something Happening Here, Exactly What Isn't Clear

It is hard to envisage how the two opposing data sets can co-exist without something worrisome happening behind the scenes. Here we look at annual...

Daniel Tabbush

RMB Report: Near Term Stability, Long Term Depreciation

For all the concern focused on the Chinese economy, financial markets, and credit, the RMB dominates them all. If a hard landing or crisis like...

Christopher Balding

RMB Outflows Continue As Inflows Collapsing

International bank transaction data was released on the 20th and we believe this provides a better gauge of currency flows than more widely...

Christopher Balding

The Chinese Military: Fit for Purpose?

China's leadership is aware of the weaknesses in its armed forces, who have been found to be physically unfit, untested, unmotivated and corrupt....

Bixmoor

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