First Abu Dhabi Bank (FAB UH) United Arab Emirates

Financials

AlphaMena

The bank is improving in all of its core businesses - NII (+7% Y/Y in Q1), Islamic financing (+49%) and investment income more than doubled. FAB’s capital ratios are also in a good position with a Tier 1 ratio and ROTE of 15.40% and 17.40%, respectively. In addition, it is benefiting from a healthy asset quality given its cautious loans’ granting policy despite high exposure to the corporate / private sector. The share price has fallen YTD on geopolitical concerns, but AlphaMena believes the stock deserves more attention given its sound fundamentals and its intent to implement a value-added expansion into one of the largest economies like India (FAB is interested in buying SBI’s 25% stake in Yes Bank).

- 17 May, 2024

CSD’s Top 10 Asia Stocks have outperformed MSCI Emerging Asia by an astonishing +55% over the past 2 years

Crystal Shore Alpha

The flagship strategy combines 1) CSD’s weekly ranking of 900 Asian stocks and 2) CSD’s country risk scores covering China, India, Taiwan, South Korea, Indonesia, Thailand, Malaysia, Philippines and Pakistan. Top 10 Asia stocks is delivered to subscribers every weekend before the Monday morning market open in Asia. The top 3 performing positions are Hindustan Petroleum (+74.2% since BUY on 15th May 2023); Tata Consumer Products (+31.6% since 2nd Oct 2023 BUY); and Yes Bank (+30.6% since 4th Dec 2023 BUY).

- 26 January, 2024

Yes Bank (YES IN) India

Financials

Hemindra Hazari

While the market and the media’s attention are focused on the purging of toxic assets, a very different and critical asset continues to silently exit via the back door - Hemindra Hazari reveals that since April last year, 21 senior executives have quit Yes Bank (18 in FY22 and 3 so far in FY23) and this follows 19 departures in FY21. The high attrition would have been acceptable in FY21 (the first year of the reconstruction) the fact that it continues is indicative of major inter-personnel issues involving executives in the highest echelons. A lack of transparency to stakeholders re. these managerial exits is also a concern.

- 24 June, 2022

Yes Bank (YES IN) India

Financials

Hemindra Hazari

Yes Men at Yes Bank, and Elsewhere - not just government banks indulging in ‘phone banking’ (being instructed by ruling party politicians and civil bureaucrats to lend to specific unworthy companies) - the Enforcement Directorate’s affidavit in the Delhi Court reveals how senior executives from the private sector Yes Bank were no different from their government counterparts. Hemindra Hazari believes the situation may be systemic as regulatory agencies are also investigating transactions at several other banks. As the unscrupulous behaviour of these executives continues to be well rewarded, investors should reassess whether this reality is reflected in stock valuations.

- 29 October, 2021