Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Victor Galliano is an experienced equity banks analyst, having covered Latin America banks and non-bank financials for over 12 years, as well as more recently covering the Italian banks. He has worked in sell side equity research for 30 years in a career spanning Barclays, HSBC, BBVA LatInvest, Barings and NatWest.
Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.
The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Financials & FinTech research

Ant Group (6688 HK): IPO Pricing Warrants a Re-Rating

Ant Group: IPO Suspension and the Big Data Angle

Lufax Holdings – Good Number Right Out Of The Gate

Ant Group: SOTP Scenarios on Potential IPO Valuation

Ant Group: SOTP Valuation Scenarios Revisited

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Capital Markets

<ul>
<li>The latest Ant Group prospectus provides limited company data for 3Q20</li>
<li>Alipay MAUs are up 2.8% in the quarter, and 10.9% in the nine months</li>
<li>Ant Group revenue and gross profit figures, margins and trends are all positive</li>
<li>Regarding CreditTech, the latest delinquency figures to September 2020 reflect an improving trend for both consumer and SMB credits originated</li>
<li>The limited but positive trends in the data support our 2020 forecasts for Ant Group, in our view</li>
<li>The start-up of Ant Bank (Hong Kong) Ltd has a competitive advantage with its AlipayHK partnership</li>
<li>Risks include increased geopolitical tensions between the USA and China, potentially affecting IPO demand from US institutions, as well as the adverse impact on Ant Group’s international expansion plans for the Alipay app in particular</li>
</ul>


The latest Ant Group prospectus provides limited company data for 3Q20
Alipay MAUs are up 2.8% in the quarter, and 10.9% in the nine months
Ant Group revenue and gross profit figures, margins and trends are all positive
Regarding CreditTech, the latest delinquency figures to September 2020 reflect an improving trend for both consumer and SMB credits originated
The limited but positive trends in the data support our 2020 forecasts for Ant Group, in our view
The start-up of Ant Bank (Hong Kong) Ltd has a competitive advantage with its AlipayHK partnership
Risks include increased geopolitical tensions between the USA and China, potentially affecting IPO demand from US institutions, as well as the adverse impact on Ant Group’s international expansion plans for the Alipay app in particular


Ant Group: Limited but Positive 3Q20 Data Disclosed