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>Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.</li>
<li>Japan may be the most surprising with relatively high growth and relative to last year. </li>
<li>Indonesia moves from strength to strength, where India loan growth is high, but less so.</li>
</ul>


Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.
Japan may be the most surprising with relatively high growth and relative to last year. 
Indonesia moves from strength to strength, where India loan growth is high, but less so.


Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

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.

Cross Asset Strategy

<ul><li>KTX expects the MPC to maintain the policy interest rate at 2.50% throughout the rest of this year based on the latest resolution of the MPC, with support increasing from 5 to 6 votes to maintain the current rate.</li><li>This interest rate level aligns with the overall economic conditions.</li><li>The Thai economy has shown signs of improvement, particularly in terms of state investment and private consumption.</li></ul>

KTX expects the MPC to maintain the policy interest rate at 2.50% throughout the rest of this year based on the latest resolution of the MPC, with support increasing from 5 to 6 votes to maintain the current rate.This interest rate level aligns with the overall economic conditions.The Thai economy has shown signs of improvement, particularly in terms of state investment and private consumption.

Economic Update: MPC Voted 6:1 to Maintain Rates at 2.50%

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Thai Credit Bank PCL / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL (3674238Z TB)</a> raised around US$281m in its Thailand IPO.</li>
<li>TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.</li>
<li>We had looked at the firm’s past performance and shared our thoughts on TCB’s valuation in earlier notes. In this note, we will look at the trading dynamics.</li>
</ul>



Thai Credit Bank PCL (3674238Z TB) raised around US$281m in its Thailand IPO.
TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
We had looked at the firm’s past performance and shared our thoughts on TCB’s valuation in earlier notes. In this note, we will look at the trading dynamics.


Thai Credit Bank IPO Trading - Half the Deal Already Spoken For, the Other Half Should Be Liquid

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL (3674238Z TB)</a> is looking to raise up to US$281m in its Thailand IPO.</li>
<li>TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.</li>
<li>In this note, we will look at the updates since, undertake a quick peer comparison, and share our thoughts on valuation.</li>
</ul>



Thai Credit Bank PCL (3674238Z TB) is looking to raise up to US$281m in its Thailand IPO.
TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
In this note, we will look at the updates since, undertake a quick peer comparison, and share our thoughts on valuation.


Thai Credit Bank IPO - Sentiment Isn’t the Best, but Valuations Aren't Demanding

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL (3674238Z TB)</a> is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in its Thailand IPO.</li>
<li>TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers. </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in its Thailand IPO.
TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers. 
In this note, we will talk about the not so positive aspects of the deal.


Thai Credit Bank Pre-IPO - The Negatives - Although NPLs Are Rising, and Market Seems Fragmented

Thailand

Tisco Financial Group Pcl is a bank holding company.  The Company's banking subsidiary offers working capital, project, term, automobile and home loans; custodian services; securities brokerage; mutual funds; and private banking; and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tisco Financial Group (TISCO TB)

Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

Global credit growth data on a monthly basis, shows a vast range of cycles, with Thailand, Macau and HK the worse off. Japan, Taiwan, Indonesia...

Daniel Tabbush

Economic Update: MPC Voted 6:1 to Maintain Rates at 2.50%

This interest rate level aligns with the overall economic conditions. The Thai economy has shown signs of improvement, particularly in terms of...

Krungthai XSpring

Thai Credit Bank IPO Trading - Half the Deal Already Spoken For, the Other Half Should Be Liquid

Thai Credit Bank PCL (3674238Z TB) raised around US$281m in its Thailand IPO. In this note, we will look at the trading dynamics.

Clarence Chu

Thai Credit Bank IPO - Sentiment Isn’t the Best, but Valuations Aren't Demanding

Thai Credit Bank PCL (3674238Z TB) is looking to raise up to US$281m in its Thailand IPO. In this note, we will look at the updates since, and...

Clarence Chu

Thai Credit Bank Pre-IPO - The Negatives - Although NPLs Are Rising, and Market Seems Fragmented

Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)