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

The Shanghai Commerical & Sa / Equity Bottom-Up

<ul>
<li>Wildly improving credit metrics, with NPL coverage now at 1,144% in 1Q23</li>
<li>Core net interest income is strong for past 3 quarters, now at +31% YoY</li>
<li>Key line item deltas can continue, suggesting ROA to surpass 1.0% soon</li>
</ul>


Wildly improving credit metrics, with NPL coverage now at 1,144% in 1Q23
Core net interest income is strong for past 3 quarters, now at +31% YoY
Key line item deltas can continue, suggesting ROA to surpass 1.0% soon


The Shanghai Commercial & Savings Bank - Far Stronger Credit Metrics, 31% Net Interest Income Growth

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Tung Ho Steel Enterprise / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the March 2025 index rebal event.</li>
<li>Currently, we see one change for T50 and one change for T100 but there are two more months to the base date and our expectations may change before then.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the March 2025 index rebal event.
Currently, we see one change for T50 and one change for T100 but there are two more months to the base date and our expectations may change before then.


Quiddity Leaderboard T50/​​​100 Mar 25: Tung Ho Steel TDIV Deletion Very Close

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 27th which has an aggregated holding worth USD1,030.0bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,768mln. 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 changes of foreign holdings in TSMC, Far Eastern New Century, Mediatek, Elite Material, Alchip Technologies, Yang Ming Marine, Evergreen Marine, Eva Airways, Hua Nan Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 27th which has an aggregated holding worth USD1,030.0bn.
We estimate that foreign flows to be inflows of USD1,768mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Far Eastern New Century, Mediatek, Elite Material, Alchip Technologies, Yang Ming Marine, Evergreen Marine, Eva Airways, Hua Nan Financial.


TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 27th which has an aggregated short interest worth USD21.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Evergreen Marine, Yang Ming Marine, Shanghai Commercial &amp; Savings Bank, Asia Vital Components, Alchip Technologies, Far Eastern New Century, Wiwynn, Walsin Lihwa.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 27th which has an aggregated short interest worth USD21.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Evergreen Marine, Yang Ming Marine, Shanghai Commercial &amp; Savings Bank, Asia Vital Components, Alchip Technologies, Far Eastern New Century, Wiwynn, Walsin Lihwa.


TWSE Short Interest Weekly (Dec 27th): Evergreen Marine, Yang Ming Marine, SCSB, Asia Vital

Hua Nan Financial Holdings Co Ltd. / Index Rebalance

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th December 2024.</li>
<li>There will be one ADD/DEL for T50, five ADDs/DELs for T100, and 8 ADDs/7 DELs for TDIV. All of these are perfectly in line with our final expectations. </li>
<li>In this insight, we take a look at Quiddity's final flow expectations for the December 2024 index rebal event and potential trade ideas based on the flow dynamics.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 6th December 2024.
There will be one ADD/DEL for T50, five ADDs/DELs for T100, and 8 ADDs/7 DELs for TDIV. All of these are perfectly in line with our final expectations. 
In this insight, we take a look at Quiddity's final flow expectations for the December 2024 index rebal event and potential trade ideas based on the flow dynamics.


Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

Taiwan

The Shanghai Commercial & Savings Bank, Ltd. provides commercial banking services with a global presence. The Bank attracts deposits from the general public and uses those funds to originate a variety of loans. SCSB supports businesses by providing trade financing and foreign exchange services.

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The Shanghai Commerical & Sa (5876 TT)

The Shanghai Commercial & Savings Bank - Far Stronger Credit Metrics, 31% Net Interest Income Growth

Shanghai Commercial & Savings Bank shows 31% net interest income growth YoY in 1Q23 and dramatically lower credit costs. It is likely to see ROA...

Daniel Tabbush

Quiddity Leaderboard T50/100 Mar 25: Tung Ho Steel TDIV Deletion Very Close

Tung Ho Steel (2006 TT) could get deleted from T100 if the stock underperforms the market in the run up to the base date. This would result in TDIV...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Far Eastern New Century, Mediatek, Elite...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 27th): Evergreen Marine, Yang Ming Marine, SCSB, Asia Vital

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Yang Ming Marine, SCSB, Asia...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

The TDIV Inclusions/Exclusions will be equally-distributed over five trading days from 20th December 2024 to 26th December 2024. It is a good time...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Shanghai Commercial & Savings Bank - Far Stronger Credit Metrics, 31% Net Interest Income Growth

Shanghai Commercial & Savings Bank shows 31% net interest income growth YoY in 1Q23 and dramatically lower credit costs. It is likely to see ROA...

Daniel Tabbush

Quiddity Leaderboard T50/​​​100 Mar 25: Tung Ho Steel TDIV Deletion Very Close

Tung Ho Steel (2006 TT) could get deleted from T100 if the stock underperforms the market in the run up to the base date. This would result in TDIV...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Far Eastern New Century, Mediatek, Elite...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 27th): Evergreen Marine, Yang Ming Marine, SCSB, Asia Vital

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Evergreen Marine, Yang Ming Marine, SCSB, Asia...

Ke Yan, CFA, FRM

Quiddity TDIV/50/100 Dec 24 Results: 100% Hit Rate; 20x+ ADV for Many Names; US$2.3bn One-Way

The TDIV Inclusions/Exclusions will be equally-distributed over five trading days from 20th December 2024 to 26th December 2024. It is a good time...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Mar 25: Tung Ho Steel TDIV Deletion Very Close