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

South Korean Banks Screener; Hana Financial in the Positive Spotlight

EM and DM Neobanks in 2023; Selective Opportunity Driven by Bottom-Up Execution

Brazil Fintech: New Cap on Card Interchange Fees, Nubank and Inter Look Most Exposed

EM Digital Banks Overview - Brazil, South Korea and Indonesia

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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.

Thematic (Sector/Industry)

South korea Banks / Thematic (Sector/Industry)

<ul>
<li>Among the EM digital banks covered, we remain negative on Inter and continue to see Bank Jago as an over-valued growth play; we are neutral on Nubank and Kakaobank</li>
<li>Client penetration is improving, yet digital banks, with the exception of Nubank, need to achieve better product penetration to enhance digital efficiency and better leverage off their lower cost bases</li>
<li>Neobanks’ other key hurdles to enhanced profitability are delinquency and cost of risk charges along with increased regulatory risk; high capital absorption from fast loan growth is another investor concern</li>
</ul>


Among the EM digital banks covered, we remain negative on Inter and continue to see Bank Jago as an over-valued growth play; we are neutral on Nubank and Kakaobank
Client penetration is improving, yet digital banks, with the exception of Nubank, need to achieve better product penetration to enhance digital efficiency and better leverage off their lower cost bases
Neobanks’ other key hurdles to enhanced profitability are delinquency and cost of risk charges along with increased regulatory risk; high capital absorption from fast loan growth is another investor concern


EM Digital Banks Review – Inter and Bank Jago in the Negative Spotlight