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

Japanese Big Cap Banks – Shizuoka (5831 JP) Upgraded to Buy, Chiba (8331 JP) To Neutral from Buy

Japanese Bigger Cap Banks – BoJ’s Pause Does Not De-Rail Our Expectations for Higher Interest Rates

Kyoto Financial Group (5844 JP) – Limited Shareholdings Unwind, for Now

Japanese Big Five Banks – Opportunity in the Face of Market Turmoil; Focus on Resona and Mizuho

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

<ul>
<li>We agree with market expectations that the BoJ’s monetary policy meeting will keep benchmark interest rates unchanged, and the market has barely suffered from post-election political turmoil</li>
<li>Despite the BoJ pausing on rate rises, the latest BoJ data indicates that market interest rates are, for the most part, rising, supported by a modest JGB yield curve steepening</li>
<li>We recommend Resona and Mizuho for their leverage to higher interest rates, their low LDRs and, among the big five, their high share of strategic holdings relative to market capitalisation</li>
</ul>


We agree with market expectations that the BoJ’s monetary policy meeting will keep benchmark interest rates unchanged, and the market has barely suffered from post-election political turmoil
Despite the BoJ pausing on rate rises, the latest BoJ data indicates that market interest rates are, for the most part, rising, supported by a modest JGB yield curve steepening
We recommend Resona and Mizuho for their leverage to higher interest rates, their low LDRs and, among the big five, their high share of strategic holdings relative to market capitalisation


Japanese Big Cap Banks – Stay Positive Ahead of BoJ’s Outlook Report and 2Q Fiscal Year Results

Resona Holdings

Japanese Big Cap Banks – Stay Positive Ahead of BoJ’s Outlook Report and 2Q Fiscal Year Results