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

There are bound to be banks caught out on derivative exposures related to oil. The sharp and sudden move downward in oil prices from peaks of US$50 per barrel in recent months to around US$38 currently will surely catch some off guard.Should the figures remain low, we must expect lower growth in those countries most dependent on it, eg. Organization of Petroleum Exporting Countries (OPEC). The two banks that come to mind with exposure here are HSBC and Standard Chartered. But the scale is vastly…

There are bound to be banks caught out on derivative exposures related to oil. The sharp and sudden move downward in oil prices from peaks of US$50 per barrel in recent months to around US$38 currently will surely catch some off guard.Should the figures remain low, we must expect lower growth in those countries most dependent on it, eg. Organization of Petroleum Exporting Countries (OPEC). The two banks that come to mind with exposure here are HSBC and Standard Chartered. But the scale is vastly…

STAN's OPEC Exposure Is 2/3 of Capital but Lower at HSBC

Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

A record year for new Housing and Development Board (HDB) flat launches with 19,184 units in FY2014/2015, along with 12,411 units launched in November 2015 is quite impressive given Singapore government&rsquo;s commitment to make every public flat affordable. The pace of incoming supply in 2016 with 20,000 more new HDB flats launched is also starting to cause some HDB home buyers feeling concerned about their chances of getting a flat, and questions about competition and disappointments could arise given such a pace of supply growth.

A record year for new Housing and Development Board (HDB) flat launches with 19,184 units in FY2014/2015, along with 12,411 units launched in November 2015 is quite impressive given Singapore government&rsquo;s commitment to make every public flat affordable. The pace of incoming supply in 2016 with 20,000 more new HDB flats launched is also starting to cause some HDB home buyers feeling concerned about their chances of getting a flat, and questions about competition and disappointments could arise given such a pace of supply growth.

Bumper Year for HDB Flat Launches in FY2014/2015

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.

This city-fringe district, too often associated with vice, is on the path to change. Is it time to enter the market? We give you the Guru View:<ul><li>The government has re-zoned parts of Geylang from residential to commercial usage, increasing the enbloc potential for certain projects</li><li>While transaction volumes have fallen dramatically, prices have actually risen, but are currently sliding down</li><li>If values in Geylang go up as vice is pushed out, another area may see an influx of such activities and run the risk of lowered values</li></ul>

This city-fringe district, too often associated with vice, is on the path to change. Is it time to enter the market? We give you the Guru View:The government has re-zoned parts of Geylang from residential to commercial usage, increasing the enbloc potential for certain projectsWhile transaction volumes have fallen dramatically, prices have actually risen, but are currently sliding downIf values in Geylang go up as vice is pushed out, another area may see an influx of such activities and run the risk of lowered values

Information Technology Consultant

Ishita Jain

Lending Club, the leading loan marketplace that has epitomized the rise of the fintechs and its growth from startup to corporate status, went public in December 2014 raising $900 million.&nbsp;It is&nbsp;the flag bearer for all fintechs that has successfully&nbsp;navigated the tricky years from inception and&nbsp;private funding to the public market. Since its&nbsp;IPO at&nbsp;$15 per share, the company has seen lots of volatility in its share price, which at the time of writing this, sat below its pre-IPO price at $12.47 with an all time high of&nbsp;$29.29.&nbsp;Many have concluded that its share price trajectory&nbsp;is representative of the waning confidence in the broader fintech industry. Is there truth in this belief or is there more than what meets the eye about the darling of the fintech world? Let's take a look.

Lending Club, the leading loan marketplace that has epitomized the rise of the fintechs and its growth from startup to corporate status, went public in December 2014 raising $900 million.&nbsp;It is&nbsp;the flag bearer for all fintechs that has successfully&nbsp;navigated the tricky years from inception and&nbsp;private funding to the public market. Since its&nbsp;IPO at&nbsp;$15 per share, the company has seen lots of volatility in its share price, which at the time of writing this, sat below its pre-IPO price at $12.47 with an all time high of&nbsp;$29.29.&nbsp;Many have concluded that its share price trajectory&nbsp;is representative of the waning confidence in the broader fintech industry. Is there truth in this belief or is there more than what meets the eye about the darling of the fintech world? Let's take a look.

Urban Redevelopment Authority (URA) has launched the latest residential site launch in the East along Siglap Road, close to East Coast Park, the upcoming Thomson-East Coast Line (TEL), good schools, various dining and entertainment areas District 15 is known for. &nbsp;These good amenities follows a slew of other residential site launches with good amenities nearby including the Lorong Lew Lian site which was snapped up by City Developments Limited for $321 million, and the Alexandra View site won by Tang Skyline Pte Ltd for $376.88 million. How prominent and what good features the Siglap holds? We&rsquo;ll examine the site and thoughts from some analysts.

Urban Redevelopment Authority (URA) has launched the latest residential site launch in the East along Siglap Road, close to East Coast Park, the upcoming Thomson-East Coast Line (TEL), good schools, various dining and entertainment areas District 15 is known for. &nbsp;These good amenities follows a slew of other residential site launches with good amenities nearby including the Lorong Lew Lian site which was snapped up by City Developments Limited for $321 million, and the Alexandra View site won by Tang Skyline Pte Ltd for $376.88 million. How prominent and what good features the Siglap holds? We&rsquo;ll examine the site and thoughts from some analysts.

Another Prominent Residential Site Launch in the East

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)

STAN's OPEC Exposure Is 2/3 of Capital but Lower at HSBC

There are bound to be banks caught out on derivative exposures related to oil. The sharp and sudden move downward in oil prices from peaks of US$50...

Daniel Tabbush

Bumper Year for HDB Flat Launches in FY2014/2015

A record year for new Housing and Development Board (HDB) flat launches with 19,184 units in FY2014/2015, along with 12,411 units launched in...

Tay Hock Meng

Gentrifying Geylang

This city-fringe district, too often associated with vice, is on the path to change. Is it time to enter the market? We give you the Guru View: The...

PropertyGuru

An Analysis on Lending Club

Lending Club, the leading loan marketplace that has epitomized the rise of the fintechs and its growth from startup to corporate status, went...

Ishita Jain

Another Prominent Residential Site Launch in the East

Urban Redevelopment Authority (URA) has launched the latest residential site launch in the East along Siglap Road, close to East Coast Park, the...

Tay Hock Meng

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