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

Banorte & Mexican Banks – Peaking Returns Due to Credit Spread Erosion and Worsening Credit Risk

Banorte (GFNORTEO MM) – Triple Jeopardy in Play for 2024?

China Banks Screen; Focus on the Credit Quality Risks

Indian Banks Screener: Adding Value Pick Bank of Baroda, Stick with HDFC Bank for Quality

South Korea Banks Screen; Focus on Hana Financial (086790 KS) & Industrial Bank of Korea (024110 KS)

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)

Malaysia Banks / Thematic (Sector/Industry)

<ul>
<li>Among the large-cap EM Asia banks, we recommend CCB in China, HDFC Bank in India, Bank Mandiri in Indonesia and Hana Financial in South Korea</li>
<li>In LatAm, we turn positive on Banco do Brasil, for its big value attributes and lesser political risk; we turn cautious on Bradesco and stay cautious on Banorte in Mexico</li>
<li>Two large-cap names to watch are Credicorp in Peru and Standard Bank of South Africa; both have challenging macro-economic backdrops but sound “bottom up” credentials</li>
</ul>


Among the large-cap EM Asia banks, we recommend CCB in China, HDFC Bank in India, Bank Mandiri in Indonesia and Hana Financial in South Korea
In LatAm, we turn positive on Banco do Brasil, for its big value attributes and lesser political risk; we turn cautious on Bradesco and stay cautious on Banorte in Mexico
Two large-cap names to watch are Credicorp in Peru and Standard Bank of South Africa; both have challenging macro-economic backdrops but sound “bottom up” credentials


Large Cap GEM Bank Screener - Our Top Picks