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.

Equity Bottom-Up

It is anything, but strong. It is miserable, really. <a href="https://www.smartkarma.com/entities/193" target="_blank" data-smartkarma-citation="entities:193:1">Standard Chartered Plc (STAN LN)</a> reported a loss in 4Q17, although the data is not easy to find given the more prevalent interim and full year reporting. The 3Q17 pre-tax profit was infinitely higher, so that even the paltry 0.02% ROA for 2H17 bellies the sequentially worse figures. But still, there can hardly be a rallying cry behind such dismal figures.Behind the bravado of the bank’s improved profit and a return to paying a dividend…

It is anything, but strong. It is miserable, really. Standard Chartered Plc (STAN LN) reported a loss in 4Q17, although the data is not easy to find given the more prevalent interim and full year reporting. The 3Q17 pre-tax profit was infinitely higher, so that even the paltry 0.02% ROA for 2H17 bellies the sequentially worse figures. But still, there can hardly be a rallying cry behind such dismal figures.Behind the bravado of the bank’s improved profit and a return to paying a dividend…

Standard Chartered Bank  - A Solid 0.02% ROA in 2H17

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

China Construction Bank H / Equity Bottom-Up

This interview covers the outlook for Standard Chartered Bank <a href="https://www.smartkarma.com/entities/193" target="_blank" data-smartkarma-citation="entities:193:1">Standard Chartered Plc (STAN LN)</a> and the overall banking sector.Recent comments from the IMF and others point to a broad-based, global trend of economic growth.  This is a positive environment for bank earnings.Many of the major banks globally have restored dividends and stock buybacks their capital base has strengthened.  Our Top Pick in EM banks is <a href="https://www.smartkarma.com/entities/45" target="_blank" data-smartkarma-citation="entities:45:1">China Construction Bank H (939 HK)</a> We believe that CCB is positioned to benefit from…

This interview covers the outlook for Standard Chartered Bank Standard Chartered Plc (STAN LN) and the overall banking sector.Recent comments from the IMF and others point to a broad-based, global trend of economic growth.  This is a positive environment for bank earnings.Many of the major banks globally have restored dividends and stock buybacks their capital base has strengthened.  Our Top Pick in EM banks is China Construction Bank H (939 HK) We believe that CCB is positioned to benefit from…

Review of Global Environment for Bank Stocks - Top Pick in Asia - Riedel CNBC Interview

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

* Weak 4Q17 Results Guidance: 4Q17 pre-tax results missed Street forecasts by 8%. Revenues were 1% light of consensus while costs were 3% higher. Moving capital targets, weaker UK credit, a poorly structured US business,  and higher operational costs from Brexit give us cause for pause as well.* Is a US Deal Imminent Now?: HSBC’s US business operating profit metrics may actually be the absolute worst of any American bank. If nothing is materially done with the US operation in the immediate term…

* Weak 4Q17 Results Guidance: 4Q17 pre-tax results missed Street forecasts by 8%. Revenues were 1% light of consensus while costs were 3% higher. Moving capital targets, weaker UK credit, a poorly structured US business,  and higher operational costs from Brexit give us cause for pause as well.* Is a US Deal Imminent Now?: HSBC’s US business operating profit metrics may actually be the absolute worst of any American bank. If nothing is materially done with the US operation in the immediate term…

Thematic (Sector/Industry)

* Regulator spread letter and LDR changes could prompt aggressive NIM/spread compression at the Bangladeshi banks.  * Higher capital requirements and USD 7.7 bn of NPLs could prompt further EPS reductions and capital raises. <h2>Summary </h2>Bangladesh Bank (the central bank) chronically tries to encourage its commercial banks to narrow their net lending spreads below 5.0%. 2018 is no different. Bangladesh Bank has instructed eight private banks to reduce their interest rate spread to less than 5.0%…

* Regulator spread letter and LDR changes could prompt aggressive NIM/spread compression at the Bangladeshi banks.  * Higher capital requirements and USD 7.7 bn of NPLs could prompt further EPS reductions and capital raises. Summary Bangladesh Bank (the central bank) chronically tries to encourage its commercial banks to narrow their net lending spreads below 5.0%. 2018 is no different. Bangladesh Bank has instructed eight private banks to reduce their interest rate spread to less than 5.0%…

Bangladesh Banks – Harder Line Being Taken

Asia Commercial Bank/Vietnam / Equity Bottom-Up

* Fully-loaded problem loan figures are a major concern, as is the size of  Level 3 asset and net open short F/X position. Loan loss reserves need a significant shoring up, and there is no doubt, in our view, that some form of major re-capitalization/balance sheet restructure at Asia Commercial Bank (ACB.VN) is on its way.* Not only does Standard Chartered plc (2888.HK/STAN.LN) push the aggressive accounting envelope with its consolidated subsidiaries, but it does so with minority- owned…

* Fully-loaded problem loan figures are a major concern, as is the size of  Level 3 asset and net open short F/X position. Loan loss reserves need a significant shoring up, and there is no doubt, in our view, that some form of major re-capitalization/balance sheet restructure at Asia Commercial Bank (ACB.VN) is on its way.* Not only does Standard Chartered plc (2888.HK/STAN.LN) push the aggressive accounting envelope with its consolidated subsidiaries, but it does so with minority- owned…

Hong Kong

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.

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Standard Chartered (2888 HK)

Standard Chartered Bank - A Solid 0.02% ROA in 2H17

It is anything, but strong. It is miserable, really. Standard Chartered Plc (STAN LN) reported a loss in 4Q17, although the data is not easy to...

Daniel Tabbush

Review of Global Environment for Bank Stocks - Top Pick in Asia - Riedel CNBC Interview

This interview covers the outlook for Standard Chartered Bank Standard Chartered Plc (STAN LN) and the overall banking sector.Recent comments from...

David Riedel

HSBC Holdings Plc – Swing & A Miss

* Weak 4Q17 Results Guidance: 4Q17 pre-tax results missed Street forecasts by 8%. Revenues were 1% light of consensus while costs were 3% higher....

Thomas J. Monaco

Bangladesh Banks – Harder Line Being Taken

* Regulator spread letter and LDR changes could prompt aggressive NIM/spread compression at the Bangladeshi banks. * Higher capital requirements...

Thomas J. Monaco

Asia Commercial Bank – Too Much Credit

* Fully-loaded problem loan figures are a major concern, as is the size of Level 3 asset and net open short F/X position. Loan loss reserves need...

Thomas J. Monaco

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