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

Indonesian Banks Screener; Stick with Negara as Our Preferred Pick

Bank Negara Indonesia (BBNI IJ) - Increasingly Quality Focused Through a Digital Lens

The Week That Was in ASEAN@Smartkarma - Bank Negara Indonesia, XL Axiata Leading Data, and VNG.

Bank Negara Indonesia (BBNI IJ) - Quality Focus by Digital Means

Indonesian Banks Screener; Mandiri Is Our Top Pick

Bank Mandiri (BMRI IJ) – Growth Potential Backed by a Sound Balance Sheet at Attractive Valuations

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.

Equity Bottom-Up

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul>
<li>We rate Bank Negara as our top pick for its deep value attributes of low PE multiples and PEG ratio relative to sound returns and strong liquidity metrics</li>
<li>We also recommend Bank Mandiri, for its premium returns and modest PE multiples; Bank Central Asia, albeit fully valued, has impressive liquidity and return metrics</li>
<li>Bank Rakyat registered worsening returns in 1Q23, with pre-provision returns declining again QoQ and cost of risk rising; its loan mix implies a high structural cost of risk going forward</li>
</ul>


We rate Bank Negara as our top pick for its deep value attributes of low PE multiples and PEG ratio relative to sound returns and strong liquidity metrics
We also recommend Bank Mandiri, for its premium returns and modest PE multiples; Bank Central Asia, albeit fully valued, has impressive liquidity and return metrics
Bank Rakyat registered worsening returns in 1Q23, with pre-provision returns declining again QoQ and cost of risk rising; its loan mix implies a high structural cost of risk going forward


Indonesian Banks Screener; Negara Is Our Preferred Pick