Research and consultancy, Tabbush Report

Daniel Tabbush

The Tabbush Report: Asian bank research and consultancy, without the noise.

Daniel Tabbush has ~30 years experience analyzing Asia-Pacific banks, including HSBC, Standard Chartered, Japanese and Australian banks. His research and consulting focuses on global banking issues, including with banks in the US. He was the Head of Asian Bank research at the number one Asian brokerage CLSA for most of his career, overseeing coverage of 80 banks and 10 analysts in Asia-Pacific.

He has been highly ranked by Asiamoney, The Asset and Bloomberg, as well as by institutional investors focused on Asia. He continues to appear in press interviews with TVB in Hong Kong, and has appeared on CNBC in the past. He maintains an information-sharing agreement with Dr. Jim Walker of Asianomics, the foremost economist in Asia-Pacific, and Tabbush was an invited speaker on Asian banks at the Independent Research Summit in Hong Kong, during years 2013 and 2014.

Daniel started his own independent bank research and consultancy in 2012, under the banner name Tabbush Report. Since 2014, he has been a member of University of California San Diego Economics Leadership Council (ELC), supporting Economic students at the University through this alumni association, and providing guidance on Economics program develoment. Daniel grew up in Los Angeles, graduated from UCSD in Economics, cum laude and with Phi Beta Kappa honors. He lives with his family in Bangkok, and enjoys cooking, running and chess.

He is known for extolling the unusual positives of Japan’s mega banks in 2005, and the risks likely to hit HSBC from its U.S. subprime loan operations, in 2006.  More recently, when most were concerned with nearly all Western banks in late 2008, Tabbush highlighted the positive outlook for Standard Chartered Bank at that time. 

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, S&P Global Market Intelligence. S&P Capital IQ augments our database, with corporate data and CEIC, with economics.

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)

<p>Maybe markets have been overly optimistic on corporate tax rate cuts in India. Maybe this is especially the case for banks. The reason we say this is due to the incredibly small impact the lowered tax rate really has on company financials. We look to nearly 2,250 companies in India and find that the tax relief is almost inconsequential to total revenue. To put the numbers in perspective, our sample of India non-financial companies had revenue of US$1,045bn last year, EBIT of US$121bn and tax expenses of US$34bn. Our analysis below is based on averages, but even here on aggregates, it should be clear that around US$9bn in tax savings is little in terms of revenue.  See <a href="https://www.smartkarma.com/profiles/hemindra-hazari" target="_blank" data-smartkarma-citation="accounts:941" rel="noopener">Hemindra Hazari</a>'s <a href="https://www.smartkarma.com/insights/corporate-tax-sops-not-much-bang-for-the-buck" target="_blank" rel="noopener">recent note</a> on the one-off nature of India's tax cut, for another less than positive view of the recent measure. </p>

Maybe markets have been overly optimistic on corporate tax rate cuts in India. Maybe this is especially the case for banks. The reason we say this is due to the incredibly small impact the lowered tax rate really has on company financials. We look to nearly 2,250 companies in India and find that the tax relief is almost inconsequential to total revenue. To put the numbers in perspective, our sample of India non-financial companies had revenue of US$1,045bn last year, EBIT of US$121bn and tax expenses of US$34bn. Our analysis below is based on averages, but even here on aggregates, it should be clear that around US$9bn in tax savings is little in terms of revenue.  See Hemindra Hazari's recent note on the one-off nature of India's tax cut, for another less than positive view of the recent measure. 

India – Tax Gains in Perspective