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 – Three Scorecard Stand-Outs, and One Wildcard

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

Japanese Big Cap Banks – Revisiting Interest Rate Sensitivities

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

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>Resona’s 3QFY24 results confirm that it is well geared to higher interest rates in Japan, with its high floating rate loan exposure, low LDR and high BoJ cash balance</li>
<li>In addition, management is executing effectively to deliver revenue growth well ahead of opex growth, and NPL trends continue to improve, resulting in sharply lower cost of risk</li>
<li>Resona’s equity holdings value to market cap ratio is 36%, the highest of the six biggest Japanese banks by market cap; management is actively divesting holdings to free up capital</li>
</ul>


Resona’s 3QFY24 results confirm that it is well geared to higher interest rates in Japan, with its high floating rate loan exposure, low LDR and high BoJ cash balance
In addition, management is executing effectively to deliver revenue growth well ahead of opex growth, and NPL trends continue to improve, resulting in sharply lower cost of risk
Resona’s equity holdings value to market cap ratio is 36%, the highest of the six biggest Japanese banks by market cap; management is actively divesting holdings to free up capital


Resona Holdings (8308 JP) – Positive 3QFY24 Results