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

The Week That Was in ASEAN@Smartkarma - Bank Central Asia, Grab Holdings, and Thai Banks

2025 High Conviction - BMRI Strong Loan Growth at 2x Industry, Better Fees and Lower Costs/Assets

Krung Thai Bank - A safe haven at deep bargain

Thai Banks 1Q24 Screener; We Stick with Krung Thai for Best Value, Kasikorn for Positive Catalysts

Thai Banks 2Q24 Screener; We Stick with Krung Thai for Best Value, We Downgrade Kasikorn to Neutral

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>Krung Thai remains our sole best value pick among the Thai banks, having solid post-provision profitability, delivering double digit ROE, a sound balance sheet and attractive PBV and PE ratios</li>
<li>Krung Thai has the highest core capital ratios as well as delivering the best returns of the peer group, with reassuring metrics in terms of credit quality</li>
<li>Its share price is the best performer year-to-date, but we still see it to be attractively valued and the recent correction is a buying opportunity</li>
</ul>


Krung Thai remains our sole best value pick among the Thai banks, having solid post-provision profitability, delivering double digit ROE, a sound balance sheet and attractive PBV and PE ratios
Krung Thai has the highest core capital ratios as well as delivering the best returns of the peer group, with reassuring metrics in terms of credit quality
Its share price is the best performer year-to-date, but we still see it to be attractively valued and the recent correction is a buying opportunity


Thai Banks 3Q24 Screener; Krung Thai Offers the Best Value Relative to the Returns Outlook

Krung Thai Bank Pub

Thai Banks 3Q24 Screener; Krung Thai Offers the Best Value Relative to the Returns Outlook