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)

Second-guessing the true rate of GDP growth in China has become a sort of art for many commentators.  For a long time, there have been questions about the stated GDP growth figures, which appear too robust, considering the rise in bad loans and many other metrics. The figures in Hong Kong may prove a good barometer of the magnitude of change and the distress within China GDP growth.Hong Kong reported 3.2% real GDP growth in June 2015, dropping steadily through December 2015, but now it is down…

Second-guessing the true rate of GDP growth in China has become a sort of art for many commentators.  For a long time, there have been questions about the stated GDP growth figures, which appear too robust, considering the rise in bad loans and many other metrics. The figures in Hong Kong may prove a good barometer of the magnitude of change and the distress within China GDP growth.Hong Kong reported 3.2% real GDP growth in June 2015, dropping steadily through December 2015, but now it is down…

Hong Kong's Growth Suggests More Weakness in China

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

<h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2>After a sterling month in May, primary home sales in June saw a sharp fall as developers hold off launching new projects in view of the school holidays. For the month of June, a total of 536 units of new homes (ex-ECs) were sold by developers, 49% below the number in May but still 43% above the same period a year ago (see Figure 1). Figure 1: June 2016 Primary Sales (Excluding Executive Condominium)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/314/original/Jun%202016%20Primary%20Sales%20%28ex-Ecs%29.png?1468574105" class="editor-image img-responsive" data-smartkarma-image-id="10314"></figure> Source: URA, REMS…

Private Residential Primary Sales Status (Excluding Executive Condominiums)After a sterling month in May, primary home sales in June saw a sharp fall as developers hold off launching new projects in view of the school holidays. For the month of June, a total of 536 units of new homes (ex-ECs) were sold by developers, 49% below the number in May but still 43% above the same period a year ago (see Figure 1). Figure 1: June 2016 Primary Sales (Excluding Executive Condominium) Source: URA, REMS…

Singapore Property Snapshot: Primary Home Sales Declined in June

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

Sentiment in the strata commercial property sales market is expected to remain tepid this year. Already, strata retail property transactions in the past two quarters have been subdued compared to those recorded last year. Citing various existing challenges and headwinds, a further decline in transactions are expected for the rest of the year.However, despite current market conditions, the strata retail scene still presents opportunities to buyers on the lookout, especially with a few strata retail units entering the market in the past six months.In this insight, we look at the strata retail market and see what headwinds it currently faces, and what lies ahead in a seemingly pitfall-plagued market segment.

Sentiment in the strata commercial property sales market is expected to remain tepid this year. Already, strata retail property transactions in the past two quarters have been subdued compared to those recorded last year. Citing various existing challenges and headwinds, a further decline in transactions are expected for the rest of the year.However, despite current market conditions, the strata retail scene still presents opportunities to buyers on the lookout, especially with a few strata retail units entering the market in the past six months.In this insight, we look at the strata retail market and see what headwinds it currently faces, and what lies ahead in a seemingly pitfall-plagued market segment.

Corporate Credit Analyst

Alan Greene

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the same time, on 30 June, the Korea Times carried a headline “Bedroom shock: Korea's sexless rate ranked world's second”. The sovereign rating of its neighbour Japan has seen steady pressure for the last five years driven in part by its demographic profile. Korea's demographic profile is likely to deteriorate more rapidly than Japan's and we should therefore expect a similar debt induced stall in growth. The banking system is under pressure and this could soon translate into pressure on Korea's credit ratings.

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the same time, on 30 June, the Korea Times carried a headline “Bedroom shock: Korea's sexless rate ranked world's second”. The sovereign rating of its neighbour Japan has seen steady pressure for the last five years driven in part by its demographic profile. Korea's demographic profile is likely to deteriorate more rapidly than Japan's and we should therefore expect a similar debt induced stall in growth. The banking system is under pressure and this could soon translate into pressure on Korea's credit ratings.

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Transport Sector, China and Asia-focused Research

Charles De Trenck

I recently sat down for a catch up with a finance friend running a CFO type role in a major company. Some points he noted on banks led to what I see as continued coming compliance feeding frenzy, and which may lead to another major hurdle/headache for investors/bank account holders and global banks (not all bad, but confusing and execution issues). As a result of my initial discussion, I followed up with other bank and company managers as well as a private bank executive representing overseas…

I recently sat down for a catch up with a finance friend running a CFO type role in a major company. Some points he noted on banks led to what I see as continued coming compliance feeding frenzy, and which may lead to another major hurdle/headache for investors/bank account holders and global banks (not all bad, but confusing and execution issues). As a result of my initial discussion, I followed up with other bank and company managers as well as a private bank executive representing overseas…

CRS/AEOI: The Next FATCA …And Which May Affect Even More Asia Accounts

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)

Hong Kong's Growth Suggests More Weakness in China

Second-guessing the true rate of GDP growth in China has become a sort of art for many commentators. For a long time, there have been questions...

Daniel Tabbush

Singapore Property Snapshot: Primary Home Sales Declined in June

Private Residential Primary Sales Status (Excluding Executive Condominiums)After a sterling month in May, primary home sales in June saw a sharp...

TAN Kok Keong

Strata Retail Woes

Sentiment in the strata commercial property sales market is expected to remain tepid this year. Already, strata retail property transactions in the...

PropertyGuru

Can "sexless" Korea Beat the Demographic Cliff and Maintain Its Credit Rating?

Recently announced industrial output figures for June suggest that Korea may be able to trade its way towards higher growth rates. However, at the...

Alan Greene

CRS/AEOI: The Next FATCA …And Which May Affect Even More Asia Accounts

I recently sat down for a catch up with a finance friend running a CFO type role in a major company. Some points he noted on banks led to what I...

Charles De Trenck

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