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)

There are four or five mainstream, listed banks in Thailand. When including small banks, government specialized banks and foreign banks with reasonably populated financial data, there are 25 banks. We examine credit quality metrics ahead of upcoming results on 21 October, taking into account all Thai banks. Specifically, we look at some meaningful divergence in trends of bad loan growth, as well as bad loan ratios. The Islamic Bank of Thailand (IBT) stands out with the highest non-performing…

There are four or five mainstream, listed banks in Thailand. When including small banks, government specialized banks and foreign banks with reasonably populated financial data, there are 25 banks. We examine credit quality metrics ahead of upcoming results on 21 October, taking into account all Thai banks. Specifically, we look at some meaningful divergence in trends of bad loan growth, as well as bad loan ratios. The Islamic Bank of Thailand (IBT) stands out with the highest non-performing…

A Broader View of Thai Bank Credit Quality

Equity Bottom-Up

There is little in Asian banking that compares with Thailand’s <a href="https://www.smartkarma.com/entities/20097" target="_blank" data-smartkarma-citation="entities:20097:1">Krungthai Card Pcl (KTC TB)</a>. It is the ultimate play on consumer lending, which is all it does, unlike even the most consumer-oriented bank. In a world where corporate loan risk is of far greater concern than consumer loan risk, a pure consumer lender is intriguing. At the same time, its return on assets (ROA) is higher than most all banks, including highly profitable Indonesian banks, and nearly five times the Asian average. At less…

There is little in Asian banking that compares with Thailand’s Krungthai Card Pcl (KTC TB). It is the ultimate play on consumer lending, which is all it does, unlike even the most consumer-oriented bank. In a world where corporate loan risk is of far greater concern than consumer loan risk, a pure consumer lender is intriguing. At the same time, its return on assets (ROA) is higher than most all banks, including highly profitable Indonesian banks, and nearly five times the Asian average. At less…

Thailand Has Asia's Most Profitable Lender: KTC

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Five Biggest Lessons from Thai Financial Crisis

BAY, New King of Plastic. According to a new Poll by my engineering school alma mater Assumption University (2nd biggest campus pollster in Thailand after Dusit), <a href="https://www.smartkarma.com/entities/136" target="_blank" data-smartkarma-citation="entities:136:1">Bank Of Ayudhya Pcl (BAY TB)</a> has beaten KBANK for boasting rights of being Thailand's biggest credit card issuer. Note that the numbers will add up to more than 100%, since almost 70% of respondents have more than one credit card. Anyway, this is pretty surprising result, since KBANK creamed both previous market leaders, Citi and KTC…

BAY, New King of Plastic. According to a new Poll by my engineering school alma mater Assumption University (2nd biggest campus pollster in Thailand after Dusit), Bank Of Ayudhya Pcl (BAY TB) has beaten KBANK for boasting rights of being Thailand's biggest credit card issuer. Note that the numbers will add up to more than 100%, since almost 70% of respondents have more than one credit card. Anyway, this is pretty surprising result, since KBANK creamed both previous market leaders, Citi and KTC…

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.

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Tisco Financial Group (TISCO TB)

A Broader View of Thai Bank Credit Quality

There are four or five mainstream, listed banks in Thailand. When including small banks, government specialized banks and foreign banks with...

Daniel Tabbush

Thailand Has Asia's Most Profitable Lender: KTC

There is little in Asian banking that compares with Thailand’s Krungthai Card Pcl (KTC TB). It is the ultimate play on consumer lending, which is...

Daniel Tabbush

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

Thailand's New Credit Card Honcho

BAY, New King of Plastic. According to a new Poll by my engineering school alma mater Assumption University (2nd biggest campus pollster in...

Athaporn Arayasantiparb, CFA

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