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>Mandiri delivered solid 1Q23 results, underscoring its attractive valuations with single digit prospective PE multiples and premium growth potential all backed by a strong balance sheet</li>
<li>Mandiri improved 1Q23 pre-provision operating profit and net profit YoY; Mandiri’s credit quality metrics were sound in 1Q23, with strong liquidity and funding ratios</li>
<li>Mandiri has an attractive PEG ratio and delivers 20%+ ROE on a strong capital base for its PBV ratio comparing well against Indonesian and big cap EM bank peers</li>
</ul>


Mandiri delivered solid 1Q23 results, underscoring its attractive valuations with single digit prospective PE multiples and premium growth potential all backed by a strong balance sheet
Mandiri improved 1Q23 pre-provision operating profit and net profit YoY; Mandiri’s credit quality metrics were sound in 1Q23, with strong liquidity and funding ratios
Mandiri has an attractive PEG ratio and delivers 20%+ ROE on a strong capital base for its PBV ratio comparing well against Indonesian and big cap EM bank peers


Bank Mandiri (BMRI IJ) – Growth Potential Backed by a Sound Balance Sheet at Attractive Valuations

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Trimegah Bangun Persada Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> raised around US$660m in its Indonesian IPO.</li>
<li>PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.</li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) raised around US$660m in its Indonesian IPO.
PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.
In this note, we will talk about the trading dynamics and valuation.


Harita Nickel IPO Trading - Quality Names in the Bookbuild Should Aid Sentiment

<ul>
<li>We rate Bank Mandiri as our top pick with its attractive valuations including PEG ratio relative to solid returns and strong balance sheet – including liquidity -  metrics</li>
<li>We also continue to favour Bank Negara, but it is our secondary value pick to Mandiri; Bank Central Asia, albeit fully valued, has impressive liquidity and return metrics</li>
<li>Bank Rakyat had mixed returns in 4Q22, with pre-provision returns declining sharply QoQ although cost of risk continued to improve, due to better credit quality, thereby supporting post-provision profits</li>
</ul>


We rate Bank Mandiri as our top pick with its attractive valuations including PEG ratio relative to solid returns and strong balance sheet – including liquidity -  metrics
We also continue to favour Bank Negara, but it is our secondary value pick to Mandiri; Bank Central Asia, albeit fully valued, has impressive liquidity and return metrics
Bank Rakyat had mixed returns in 4Q22, with pre-provision returns declining sharply QoQ although cost of risk continued to improve, due to better credit quality, thereby supporting post-provision profits


Indonesian Banks Screener; Mandiri Is Our Top Pick

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> is looking to raise about US$650m in its Indonesian IPO.</li>
<li>PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.</li>
<li>In this note, we will look at our earnings assumptions, and share our thoughts on valuation.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO.
PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.
In this note, we will look at our earnings assumptions, and share our thoughts on valuation.


Harita Nickel IPO Valuation - Capacity Ramp Ups Will Pay Dividends in the Long Run

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> is looking to raise about US$650m in its Indonesian IPO.</li>
<li>Harita Nickel is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.</li>
<li>For our peer comparison exercise, we looked at international nickel mining companies and also included downstream players in the nickel value chain such as Huayou Cobalt and Lygend Group.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO.
Harita Nickel is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.
For our peer comparison exercise, we looked at international nickel mining companies and also included downstream players in the nickel value chain such as Huayou Cobalt and Lygend Group.


Harita Nickel IPO Peer Comparison - Seems to Be More Reliant on Lygend, than Vice Versa

Indonesia

PT Bank Negara Indonesia (Persero) Tbk is a state-owned bank that conducts commercial and consumer banking services.

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Bank Negara Indonesia Persero (BBNI IJ)

Bank Mandiri (BMRI IJ) – Growth Potential Backed by a Sound Balance Sheet at Attractive Valuations

Mandiri remains our top pick in Indonesian banks, also screening well with EM peers; it trades on low prospective PE multiples, has high growth...

Victor Galliano

Harita Nickel IPO Trading - Quality Names in the Bookbuild Should Aid Sentiment

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) raised around US$660m in its Indonesian IPO. In this note, we will talk about the...

Clarence Chu

Indonesian Banks Screener; Mandiri Is Our Top Pick

Our top pick is Bank Mandiri, and we also like Bank Negara; Bank Central Asia is the quality play but it seems fully valued, Bank Rakyat improved...

Victor Galliano

Harita Nickel IPO Valuation - Capacity Ramp Ups Will Pay Dividends in the Long Run

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO. In this note, we look at...

Clarence Chu

Harita Nickel IPO Peer Comparison - Seems to Be More Reliant on Lygend, than Vice Versa

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO. HN is a vertically integrated...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

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