Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

On Friday, UK's Standard Chartered Bank revealed that it would sell its entire retail banking portfolio to TISCO, a much smaller local bank. This follows on the heel of earlier sales of wealth management practices across five countries of ANZ. Bascially, we think StanChart just doesn't wanna deal with all the hassle. There's bound to be a lot of human resource issues, and they'd much rather focus on less labor-intensive stuff like wholesale banking yo.StanChart's retail banking portfolio is…

On Friday, UK's Standard Chartered Bank revealed that it would sell its entire retail banking portfolio to TISCO, a much smaller local bank. This follows on the heel of earlier sales of wealth management practices across five countries of ANZ. Bascially, we think StanChart just doesn't wanna deal with all the hassle. There's bound to be a lot of human resource issues, and they'd much rather focus on less labor-intensive stuff like wholesale banking yo.StanChart's retail banking portfolio is…

Sathorn Series 8: Bailing Out on the Lil'l Guys

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)

Where so many of us are focused on the impact of China slowdown on its banks, it is worth highlighting the risks to Hong Kong’s banks. But what we are focused on here is their domestic lending, not the stuff booked locally but for use in China. For most, the perception is that Hong Kong banks have little risk due to a strong emphasis on mortgage lending, but we are not convinced this is holding up, and we believe it will worsen.  Of course, the new marginally higher interest costs in Hong Kong…

Where so many of us are focused on the impact of China slowdown on its banks, it is worth highlighting the risks to Hong Kong’s banks. But what we are focused on here is their domestic lending, not the stuff booked locally but for use in China. For most, the perception is that Hong Kong banks have little risk due to a strong emphasis on mortgage lending, but we are not convinced this is holding up, and we believe it will worsen.  Of course, the new marginally higher interest costs in Hong Kong…

Domestic NPLs in Hong Kong Can Surprise – Not Just Those in Neighboring China

Independent Insight Provider

Stewart Paterson

Taurus Advisors LLP

Macroeconomics

At the time of writing the US Dollar is flirting with several support/resistance levels on charts. The Euro is oscillating around 1.05 to the dollar and has the potential to break its 2 year consolidation and move towards parity very fast. In March 2015 it traded at 1.0460 and a break of that level might send the dollar flying higher. My sense though is that the next big move up in the dollar will have more to do with bad news elsewhere, than positive news on the US. Having said that today we…

At the time of writing the US Dollar is flirting with several support/resistance levels on charts. The Euro is oscillating around 1.05 to the dollar and has the potential to break its 2 year consolidation and move towards parity very fast. In March 2015 it traded at 1.0460 and a break of that level might send the dollar flying higher. My sense though is that the next big move up in the dollar will have more to do with bad news elsewhere, than positive news on the US. Having said that today we…

Money Matters: Is the RMB About to Shoot?

We are numb to the concept of there being just three major banks in Singapore. And while this may to true, there are in fact at least 48 banks with some financial statement data available. A look here, at the uncovered, unknown, hidden banks, may offer insights as to how high NPLs can go. It puts a whole new perspective on the 1-2% figures we see for mainstream banks.DNB Asia tops the charts in Developed Asia for the highest NPL ratio of any bank. For its most recent data at 2015, its NPL ratio…

We are numb to the concept of there being just three major banks in Singapore. And while this may to true, there are in fact at least 48 banks with some financial statement data available. A look here, at the uncovered, unknown, hidden banks, may offer insights as to how high NPLs can go. It puts a whole new perspective on the 1-2% figures we see for mainstream banks.DNB Asia tops the charts in Developed Asia for the highest NPL ratio of any bank. For its most recent data at 2015, its NPL ratio…

The Turkish Lira has plummeted 14.5% against the dollar and 11% against the Euro since the start of October. While the Lira has never been a great store of value, even by its own standards this fall is alarming in its speed.  Turkey has USD420bn of external debt of which about USD100bn is short term (2015 Nominal GDP was UD718bn). The country continues to run a a current account deficit despite politically unacceptably low growth and a low oil price (it is an oil importer). Unemployment has been…

The Turkish Lira has plummeted 14.5% against the dollar and 11% against the Euro since the start of October. While the Lira has never been a great store of value, even by its own standards this fall is alarming in its speed.  Turkey has USD420bn of external debt of which about USD100bn is short term (2015 Nominal GDP was UD718bn). The country continues to run a a current account deficit despite politically unacceptably low growth and a low oil price (it is an oil importer). Unemployment has been…

Money Matters: Is the Lira Signalling Default Is on the Way?

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)

Sathorn Series 8: Bailing Out on the Lil'l Guys

On Friday, UK's Standard Chartered Bank revealed that it would sell its entire retail banking portfolio to TISCO, a much smaller local bank. This...

Athaporn Arayasantiparb, CFA

Domestic NPLs in Hong Kong Can Surprise – Not Just Those in Neighboring China

Where so many of us are focused on the impact of China slowdown on its banks, it is worth highlighting the risks to Hong Kong’s banks. But what we...

Daniel Tabbush

Money Matters: Is the RMB About to Shoot?

At the time of writing the US Dollar is flirting with several support/resistance levels on charts. The Euro is oscillating around 1.05 to the...

Stewart Paterson

A Bank with 22% NPLs in Singapore?

We are numb to the concept of there being just three major banks in Singapore. And while this may to true, there are in fact at least 48 banks with...

Daniel Tabbush

Money Matters: Is the Lira Signalling Default Is on the Way?

The Turkish Lira has plummeted 14.5% against the dollar and 11% against the Euro since the start of October. While the Lira has never been a great...

Stewart Paterson

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