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

Indian Banks; Further Question Marks on Credit Quality

Axis Bank-Citi India M&A; The Devil Is in the Client Retention and Integration Detail

Indian Banks; Screening for Investment Ideas, Despite the Credit Quality Hurdles

Indian Banks- Downward Bias on Credit Costs, as Uncertainties Recede

Indian Banks: How Well-Placed Are Indian Banks to Ride the Current Stress Cycle?

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)

<ul>
<li>Our core profitability and credit quality screens send out mixed signals; generally, credit quality metrics to end-September 2021 were constructive, in our view, whilst core profitability signals were underwhelming </li>
<li>We expect credit quality to worsen in the coming quarters, leading to higher credit costs going forward and, combined with core profitability softness, an erosion of returns</li>
<li>We like HDFC Bank, turn cautious on State Bank of India &amp; Axis Bank and are negative on Canara Bank &amp; Bandhan Bank; neutral on Kotak Mahindra &amp; ICICI Bank</li>
</ul>


Our core profitability and credit quality screens send out mixed signals; generally, credit quality metrics to end-September 2021 were constructive, in our view, whilst core profitability signals were underwhelming 
We expect credit quality to worsen in the coming quarters, leading to higher credit costs going forward and, combined with core profitability softness, an erosion of returns
We like HDFC Bank, turn cautious on State Bank of India &amp; Axis Bank and are negative on Canara Bank &amp; Bandhan Bank; neutral on Kotak Mahindra &amp; ICICI Bank


Indian Banks; A Time for Increased Caution