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)

<ul>
<li>MUFG has assets of USD2,909,711m compared with USD471m at Mandala Multifinance</li>
<li>MUFG's profit is USD8,880m compared with USD44m at Mandala Multifinance</li>
<li>There is nothing wrong with expansion outside Japan, but perspective is key</li>
</ul>


MUFG has assets of USD2,909,711m compared with USD471m at Mandala Multifinance
MUFG's profit is USD8,880m compared with USD44m at Mandala Multifinance
There is nothing wrong with expansion outside Japan, but perspective is key


MUFG & PT Mandala Multifinance - Too Small To Matter, LT Perspective ROA Is Key

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Trust /: Five things to know about Chinese trust firms’ scramble to offload risky assets</li><li>Personnel /: China appoints vice foreign minister as ambassador to U.S.</li><li>Corruption /: Jilin Province Trust’s former chairman sentenced to 14 years in prison</li></ul>

Trust /: Five things to know about Chinese trust firms’ scramble to offload risky assetsPersonnel /: China appoints vice foreign minister as ambassador to U.S.Corruption /: Jilin Province Trust’s former chairman sentenced to 14 years in prison

CX Daily: Five Things to Know About Chinese Trust Firms’ Scramble to Offload Risky Assets

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In Q1 2023, 86 different Hong Kong-listed companies bought back shares either locally or on foreign exchanges. Total buybacks were HK$22.856bn.</li>
<li>8 Companies made up 90% of the total. On average, they bought back shares 4 days out of every 10 within the quarter. </li>
<li>A lot of the smaller companies doing buybacks were significant portions of their volume.</li>
</ul>


In Q1 2023, 86 different Hong Kong-listed companies bought back shares either locally or on foreign exchanges. Total buybacks were HK$22.856bn.
8 Companies made up 90% of the total. On average, they bought back shares 4 days out of every 10 within the quarter. 
A lot of the smaller companies doing buybacks were significant portions of their volume.


HK Buybacks Q1 2023: 8 Names Are 90% of the Total - AIA, Tencent, StanChart, Greatwall the Big 4

David Blennerhassett

<ul>
<li>There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deal was discussed on Smartkarma this past week: <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle (ALB US)</a>'s <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> tilt; Malteries Soufflet's <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt (UMG AU)</a> Offer; Bain Capital's <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia (EHE AU)</a> Offer. </li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, and<a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>.</li>
</ul>


There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deal was discussed on Smartkarma this past week: Albemarle (ALB US)'s Liontown Resources (LTR AU) tilt; Malteries Soufflet's United Malt (UMG AU) Offer; Bain Capital's Estia (EHE AU) Offer. 
Key updates took place for Aag Energy Holdings (2686 HK), Toyo Construction (1890 JP), Toshiba Corp (6502 JP), andGolden Energy &amp; Resources (GER SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.</li><li>A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.</li><li>The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.</li></ul>

The bank runs in the global banking system will continue to pose downside risk to global banking stocks, including Thai banks, until the Fed and the ECB can come up with systematic solutions, and a worsening of the situation would lead to huge unrealized losses from investment in government bonds.A temporary full-deposit guarantee is another potential way to address the banking crisis; note that the US guarantees around USD10trn out of total deposits of USD18trn, and the FDIC incurs costs of just USD100bn.The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

United Kingdom

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 (STAN LN)

MUFG & PT Mandala Multifinance - Too Small To Matter, LT Perspective ROA Is Key

MUFG's purchase of Mandala in Indonesia may sound enticing, but the reality is that this is too small to matter, while perspective shows no major...

Daniel Tabbush

CX Daily: Five Things to Know About Chinese Trust Firms’ Scramble to Offload Risky Assets

Trust /: Five things to know about Chinese trust firms’ scramble to offload risky assets Personnel /: China appoints vice foreign minister as...

Caixin Global

HK Buybacks Q1 2023: 8 Names Are 90% of the Total - AIA, Tencent, StanChart, Greatwall the Big 4

86 names listed in HK bought back shares in Q1. 90% of total buybacks were done by 8 names. half the names bought back less than US$1mm. AIA,...

Travis Lundy

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Special Report: Bank Runs

The longer the banking crisis is drawn-out, the greater the risks related to a credit crunch and the higher the chance of a global economic recession.

Krungthai XSpring

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