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>There is no denying the slowing GDP growth in Indonesia.</li><li>The currency has become more acutely weak.</li><li>Bad loans are rising for all the major banks in 1Q15.</li><li>Without being flippant about the immediate risk to earnings from credit quality and the cycle, we believe that some perspective is worthwhile.</li></ul>

There is no denying the slowing GDP growth in Indonesia.The currency has become more acutely weak.Bad loans are rising for all the major banks in 1Q15.Without being flippant about the immediate risk to earnings from credit quality and the cycle, we believe that some perspective is worthwhile.

<p>Poor loan processing caused high NPLs, and this is now changing. &nbsp;As NPLs move from 4.5% of loans toward 3.0%, investors will be rewarded. At 1.2x PB, BJBR is cheap vs peers, and with a high 10% dividend yield.</p>

Poor loan processing caused high NPLs, and this is now changing. &nbsp;As NPLs move from 4.5% of loans toward 3.0%, investors will be rewarded. At 1.2x PB, BJBR is cheap vs peers, and with a high 10% dividend yield.

A cheap Indonesian bank, with a 10% yield, where NPLs will decline fast. 

Indonesia

PT Wahana Ottomitra Multiartha Tbk provides consumer financing services.

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Wahana Ottomitra Multiartha (WOMF IJ)

Indonesia Concerns in Focus

There is no denying the slowing GDP growth in Indonesia. The currency has become more acutely weak. Bad loans are rising for all the major banks...

Daniel Tabbush

A cheap Indonesian bank, with a 10% yield, where NPLs will decline fast.

Poor loan processing caused high NPLs, and this is now changing. As NPLs move from 4.5% of loans toward 3.0%, investors will be rewarded. At 1.2x...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)