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>Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some</li>
<li>This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries</li>
<li>Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world</li>
</ul>


Monthly high frequency data from Taiwan's banks shows strong profit acceleration through May YTD, which will include insurance investment gains for some
This can be driven by accelerating loan growth to technology companies, to related companies, indirectly and may explain in part, Taiwan's leading loan growth rate vs other countries
Credit metrics and net profit growth can be supported for Taiwan's banks by a sector focus that differs from many others in the region and the world


Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>A group of shareholders aims to raise up to US$3.2bn via selling around 5% of <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> .</li>
<li>The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP) .
The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Honda Motor Placement - Large in Size, Relatively Small in Other Terms

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 28th which has an aggregated holding worth USD4,832.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD11,267mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC, Novatek, Mediatek, Chailease, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 28th which has an aggregated holding worth USD4,832.6bn.
We estimate that foreign flows to be outflows of USD11,267mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC, Novatek, Mediatek, Chailease, Umc.


TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC: +16.7% Premium, Has Remained Rangebound; Watching for Over 20% or Under 15%</li>
<li>UMC: +2% Premium, Upper End of Trading Range, Can Consider Shorting</li>
<li>ASE: +9.9% Premium; Spread Could Have Further Room to Bounce Higher</li>
</ul>


TSMC: +16.7% Premium, Has Remained Rangebound; Watching for Over 20% or Under 15%
UMC: +2% Premium, Upper End of Trading Range, Can Consider Shorting
ASE: +9.9% Premium; Spread Could Have Further Room to Bounce Higher


Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range

<ul>
<li>We hosted a conference call with Global Unichip (GUC); GUC is 34.8% held by TSMC and a key provider of semiconductor design services to companies aiming to manufacture with TSMC.</li>
<li>GUC's Revenue Prospects are Linked to TSMC's Growth, However the Success of Its Customers' Chips Also a Factor -- Lagged Strong Revenue Growth Likely</li>
<li>Conclusion: GUC a Second-Derivative Play on TSMC's Structural Drivers with Potential to Surprise the Market and Catch Up to TSMC's Share Performance</li>
</ul>


We hosted a conference call with Global Unichip (GUC); GUC is 34.8% held by TSMC and a key provider of semiconductor design services to companies aiming to manufacture with TSMC.
GUC's Revenue Prospects are Linked to TSMC's Growth, However the Success of Its Customers' Chips Also a Factor -- Lagged Strong Revenue Growth Likely
Conclusion: GUC a Second-Derivative Play on TSMC's Structural Drivers with Potential to Surprise the Market and Catch Up to TSMC's Share Performance


TechChain Insights: Call with TSMC Partner Global Unichip; Potential to Outpace TSMC Revenue Growth?

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Taiwan's banks may be unique with reasonable tech exposure, a possible driver for some of the best loan volume anywhere, with strong credit...

Daniel Tabbush

Honda Motor Placement - Large in Size, Relatively Small in Other Terms

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the deal dynamics...

Sumeet Singh

TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Highwealth, Acer, King Yuan Elec, Bora Pharma,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range

ASE and ChipMOS premiums have bounced from the lower end of their trading ranges and could have further room to go higher. TSMC has remained...

Vincent Fernando, CFA

TechChain Insights: Call with TSMC Partner Global Unichip; Potential to Outpace TSMC Revenue Growth?

GUC, a key provider of semiconductor design services, is a second-derivative play on TSMC's growth with potential to surprise the market and catch...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Banks - HFD Profit Figures Good, Tech Exposure Can Support Credit Metrics, Loan Growth

Taiwan's banks may be unique with reasonable tech exposure, a possible driver for some of the best loan volume anywhere, with strong credit...

Daniel Tabbush

Honda Motor Placement - Large in Size, Relatively Small in Other Terms

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the deal dynamics...

Sumeet Singh

TWSE Foreign Holding Weekly (Jun 28th): Highwealth, Acer, King Yuan Elec, Bora Pharma, Auo, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Highwealth, Acer, King Yuan Elec, Bora Pharma,...

Ke Yan, CFA, FRM

Taiwan Dual-Listings Monitor: TSMC Premium Rangebound; UMC Hits Upper End of Range

ASE and ChipMOS premiums have bounced from the lower end of their trading ranges and could have further room to go higher. TSMC has remained...

Vincent Fernando, CFA

TechChain Insights: Call with TSMC Partner Global Unichip; Potential to Outpace TSMC Revenue Growth?

​GUC, a key provider of semiconductor design services, is a second-derivative play on TSMC's growth with potential to surprise the market and catch...

Vincent Fernando, CFA

GUC, a key provider of semiconductor design services, is a second-derivative play on TSMC's growth with potential to surprise the market and catch...