Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

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 retain Bank of Baroda as the value Indian bank, despite its strong share performance, for its modest valuations, healthy ROE and further improvements in delinquency metrics</li>
<li>HDFC Bank remains out of favour with the market but we retain it as a buy, with its potential for medium term gains post-merger and its strong balance sheet</li>
<li>Axis bank remains on our watchlist; we remain negative on State Bank of India for its delinquency risks, low core capital ratio and limited progress on returns</li>
</ul>


We retain Bank of Baroda as the value Indian bank, despite its strong share performance, for its modest valuations, healthy ROE and further improvements in delinquency metrics
HDFC Bank remains out of favour with the market but we retain it as a buy, with its potential for medium term gains post-merger and its strong balance sheet
Axis bank remains on our watchlist; we remain negative on State Bank of India for its delinquency risks, low core capital ratio and limited progress on returns


Indian Banks Screener: Bank of Baroda Remains the Value Pick, HDFC Bank Is the Quality Name

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Agilus Diagnostics Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/agilus-diagnostics-limited" target="_blank" data-smartkarma-citation="entities:40210:1" rel="noopener">Agilus Diagnostics Limited (SRLL IN)</a> is looking to raise around US$200m in its upcoming India IPO.</li>
<li>Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO.
Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.
In this note, we look at the company’s past performance.


Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry</a> is looking to raise up to US$700m in its upcoming India IPO.</li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



FirstCry is looking to raise up to US$700m in its upcoming India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In this note, we talk about the not-so-positive aspects of the deal.


Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry</a> is looking to raise up to US$700m in its upcoming India IPO. </li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



FirstCry is looking to raise up to US$700m in its upcoming India IPO. 
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In this note, we talk about the positive aspects of the deal.


Brainbees Solutions (FirstCry) Pre-IPO - The Positives - Carving Its Niche

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>Axis Capital is a 100% subsidiary of <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> and one of its businesses is structured finance</li>
<li>The Sojo Infotel is a high-risk transaction undertaken by Axis Capital which was underwritten by the company with the implicit support of the bank as per the credit rating agency</li>
<li>When the transaction was done it was 50% of Axis Capital's equity and default risk is high as the redemption date is on March 25, 2024</li>
</ul>


Axis Capital is a 100% subsidiary of Axis Bank Ltd (AXSB IN) and one of its businesses is structured finance
The Sojo Infotel is a high-risk transaction undertaken by Axis Capital which was underwritten by the company with the implicit support of the bank as per the credit rating agency
When the transaction was done it was 50% of Axis Capital's equity and default risk is high as the redemption date is on March 25, 2024


Is Axis Capital an Investment Bank or a Hedge Fund?

India

Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

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Axis Bank Ltd (AXSB IN)

Indian Banks Screener: Bank of Baroda Remains the Value Pick, HDFC Bank Is the Quality Name

Bank of Baroda is our top pick with modest valuations, healthy ROE, improving returns; HDFC Bank is a buy too having potential for medium term...

Victor Galliano

Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO. In this note, we talk about the company's past...

Sumeet Singh

Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

FirstCry is looking to raise up to US$700m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Brainbees Solutions (FirstCry) Pre-IPO - The Positives - Carving Its Niche

FirstCry is looking to raise up to US$700m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Is Axis Capital an Investment Bank or a Hedge Fund?

A single high-risk transaction was done at 50% of Axis Capital’s net worth, and yet was not considered a major risk, this is an issue which...

Hemindra Hazari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indian Banks Screener: Bank of Baroda Remains the Value Pick, HDFC Bank Is the Quality Name

​Bank of Baroda is our top pick with modest valuations, healthy ROE, improving returns; HDFC Bank is a buy too having potential for medium term...

Victor Galliano

Agilus Diagnostics Limited Pre-IPO - Still Recovering from COVID

Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO. In this note, we talk about the company's past...

Sumeet Singh

Brainbees Solutions (FirstCry) Pre-IPO - The Negatives - Not All of It Fits Together

FirstCry is looking to raise up to US$700m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Brainbees Solutions (FirstCry) Pre-IPO - The Positives - Carving Its Niche

FirstCry is looking to raise up to US$700m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Is Axis Capital an Investment Bank or a Hedge Fund?

A single high-risk transaction was done at 50% of Axis Capital’s net worth, and yet was not considered a major risk, this is an issue which...

Hemindra Hazari

Bank of Baroda is our top pick with modest valuations, healthy ROE, improving returns; HDFC Bank is a buy too having potential for medium term...