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

Equity Bottom-Up

* Unchallenged 1Q18 Result: The Group posted a weak 1Q18 result, to which no analysts really challenged.* No Subsidiary Discussion Was Had: HSBC NA still remains a massive earnings drag to overall Group profitability - chronically being unable to break-even on an operating basis.* Time to Dispose of This Mess: HSBC NA franchise remains plagued by the legacy Household International (acquired 2003) fiasco. After disposing of its higher yielding assets, HSBC NA cannot earn money at this subsidiary…

* Unchallenged 1Q18 Result: The Group posted a weak 1Q18 result, to which no analysts really challenged.* No Subsidiary Discussion Was Had: HSBC NA still remains a massive earnings drag to overall Group profitability - chronically being unable to break-even on an operating basis.* Time to Dispose of This Mess: HSBC NA franchise remains plagued by the legacy Household International (acquired 2003) fiasco. After disposing of its higher yielding assets, HSBC NA cannot earn money at this subsidiary…

HSBC Holdings Plc – Full of Buffalo-Ney

* Weak Result: Standard Chartered plc (2888.HK/STAN.LN) reported weak underlying results despite unreasonably lowering loan loss provisions – as underlying revenues came up short.* Under-Provided For: With reserves at 57% of problem loans, Standard Chartered has among the lowest coverage of the major Asian banks – and the USD 4 bn reserve shortfall (nearly a year’s worth of bottom-line).* Regulatory Charges:  We believe that Standard Chartered’s regulatory investigation could lead to a material…

* Weak Result: Standard Chartered plc (2888.HK/STAN.LN) reported weak underlying results despite unreasonably lowering loan loss provisions – as underlying revenues came up short.* Under-Provided For: With reserves at 57% of problem loans, Standard Chartered has among the lowest coverage of the major Asian banks – and the USD 4 bn reserve shortfall (nearly a year’s worth of bottom-line).* Regulatory Charges:  We believe that Standard Chartered’s regulatory investigation could lead to a material…

Standard Chartered Plc – Turnaround Looks to Be Longer Than Expected

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Controversy and misadventures dog Axis Bank. On the eve of 2018, the capital market regulator ordered the bank to conduct an enquiry into the leak of its results prior to the public announcement. In February the bank acknowledged that its chief information officer, a court favourite, was made to resign in murky circumstances which the bank has not yet fully explained. Come early March, the banking regulator fined the bank for publishing fraudulent accounts. And now comes news of the possible exit of the heir apparent, throwing open the succession issue. To date the board of Axis Bank has displayed a high tolerance for incompetence, and has indeed consistently rewarded such performance, even re-appointing the CEO for another term. It remains to be seen whether the newly anointed heir has similar virtues. As long as Shikha Sharma and her team, responsible for the corporate credit fiasco, poor operational risk management and the fraudulent accounts, continue to occupy their posts, all changes will be merely cosmetic.

Controversy and misadventures dog Axis Bank. On the eve of 2018, the capital market regulator ordered the bank to conduct an enquiry into the leak of its results prior to the public announcement. In February the bank acknowledged that its chief information officer, a court favourite, was made to resign in murky circumstances which the bank has not yet fully explained. Come early March, the banking regulator fined the bank for publishing fraudulent accounts. And now comes news of the possible exit of the heir apparent, throwing open the succession issue. To date the board of Axis Bank has displayed a high tolerance for incompetence, and has indeed consistently rewarded such performance, even re-appointing the CEO for another term. It remains to be seen whether the newly anointed heir has similar virtues. As long as Shikha Sharma and her team, responsible for the corporate credit fiasco, poor operational risk management and the fraudulent accounts, continue to occupy their posts, all changes will be merely cosmetic.

Cosmetic Changes Won’t Set Right the Mess at Axis Bank

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 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

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)

HSBC Holdings Plc – Full of Buffalo-Ney

* Unchallenged 1Q18 Result: The Group posted a weak 1Q18 result, to which no analysts really challenged.* No Subsidiary Discussion Was Had: HSBC NA...

Thomas J. Monaco

Standard Chartered Plc – Turnaround Looks to Be Longer Than Expected

* Weak Result: Standard Chartered plc (2888.HK/STAN.LN) reported weak underlying results despite unreasonably lowering loan loss provisions – as...

Thomas J. Monaco

Cosmetic Changes Won’t Set Right the Mess at Axis Bank

Controversy and misadventures dog Axis Bank. On the eve of 2018, the capital market regulator ordered the bank to conduct an enquiry into the leak...

Hemindra Hazari

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

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