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

Malaysian Banks Data to June 2023 Screener; Stick with RHB Bank and CIMB

Malaysian Banks Screener; RHB Bank and Maybank Are Buys

The Week That Was in ASEAN@Smartkarma - GoTo & TikTok, BliBli's Omnichannel, and Malaysian Banks

CIMB Group Holdings - 1Q23 results within expectations

RHB Bank - Attractive valuations and yields (RHBBANK MK, CP MYR5.50, BUY, TP MYR7.10, Banks)

Malaysian Banks December 2022 Results Screener; Sticking with Buys on CIMB and RHB

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>Of the six Malaysian banks screened, we maintain RHB Bank and CIMB on the buy list; we add funding and liquidity metrics to our screens</li>
<li>RHB Bank is our top pick for its strong post-provision profitability, its high CET1 ratio understating its ROE, and it is attractive valuations on PE multiples and PBV ratios</li>
<li>CIMB remains our deep value pick as we believe it has potential to improve post-provision returns; the constructive return outlook combines positively with CIMB’s modest valuations, including its PEG ratio</li>
</ul>


Of the six Malaysian banks screened, we maintain RHB Bank and CIMB on the buy list; we add funding and liquidity metrics to our screens
RHB Bank is our top pick for its strong post-provision profitability, its high CET1 ratio understating its ROE, and it is attractive valuations on PE multiples and PBV ratios
CIMB remains our deep value pick as we believe it has potential to improve post-provision returns; the constructive return outlook combines positively with CIMB’s modest valuations, including its PEG ratio


Malaysian Banks March 2023 Results Screener; Maintaining RHB Bank and CIMB on Our Buy List

RHB Capital Bhd

Malaysian Banks March 2023 Results Screener; Maintaining RHB Bank and CIMB on Our Buy List