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

Vietnam Joint Stock Commercial Bank For Industry and Trade / Equity Bottom-Up

Vietnam Joint Stock Commercial Bank For Industry and Trade

There are few places where economic growth is high and rising. Of course this is the case for the OECD, but even in Asia-Pacific, this is rare.The implications for banks, whose operations are typically aligned to their home country GDP growth profile, or/and level, are obvious.While not a household name in South East Asian banking, like Thailand or Indonesia, Vietnam is showing gainsThe Economist Intelligence Unit (EIU) puts Vietnam&rsquo;s GDP growth at a reasonable 5.98% this year, and rising to 6.20% next year and 6.40% the year after.It is not a coincidence that banks in that country are becoming some of the most coveted in the region, even if they are small in relative terms.In this report we examine Vietnam's banking sector and focus on the three largest listed banks, CTG, BID and STB.More below the fold...

There are few places where economic growth is high and rising. Of course this is the case for the OECD, but even in Asia-Pacific, this is rare.The implications for banks, whose operations are typically aligned to their home country GDP growth profile, or/and level, are obvious.While not a household name in South East Asian banking, like Thailand or Indonesia, Vietnam is showing gainsThe Economist Intelligence Unit (EIU) puts Vietnam&rsquo;s GDP growth at a reasonable 5.98% this year, and rising to 6.20% next year and 6.40% the year after.It is not a coincidence that banks in that country are becoming some of the most coveted in the region, even if they are small in relative terms.In this report we examine Vietnam's banking sector and focus on the three largest listed banks, CTG, BID and STB.More below the fold...

Thematic (Sector/Industry)

<ul><li>A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; </li><li>Banks pull credit lines from weaker banks (and weaker companies).&nbsp; </li><li>If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; </li></ul>

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ &nbsp;combine to create a world of worry in markets and bank stocks in particular. The way this usually plays out is first with liquidity.&nbsp; Banks pull credit lines from weaker banks (and weaker companies).&nbsp; If a bank has a loan to deposit ratio (LDR) above 100%, it is often difficult to repay the redeemed credit line, as it means disposing of an asset, a loan – immediately. &nbsp; 

Vietnam

Vietnam Joint Stock Commercial Bank For Industry and Trade accepts deposits and offers commercial banking services.  The bank offers corporate and consumer loans; insurance; securities and derivatives brokerage; lease financing; money transfer; credit cards; and other services

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

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

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

Vietnam's Banks Are Intriguing

There are few places where economic growth is high and rising. Of course this is the case for the OECD, but even in Asia-Pacific, this is rare.The...

Daniel Tabbush

Be Wary of High LDR Banks at Present

A likely Russian credit and currency crisis, the weakening Euro and ineptitude of BoJ combine to create a world of worry in markets and bank...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)