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 review the mid-cap banks’ equity shareholdings at year-end March 2026 in greater detail, focusing on how realizable these equity holdings may be; we compare these holdings to market capitalization</li>
<li>We find that Iyogin has a meaningful share of its total equity shareholdings in hard-to-realize holdings; we downgrade Iyogin, along with Nishi-Nippon, from buy to neutral</li>
<li>Hachijuni, our sole buy, leads on easy-to-realize shareholdings to market capitalisation and will enhance its interest rate gearing given the high level of fixed rate credit maturing by March-end 2027</li>
</ul>


We review the mid-cap banks’ equity shareholdings at year-end March 2026 in greater detail, focusing on how realizable these equity holdings may be; we compare these holdings to market capitalization
We find that Iyogin has a meaningful share of its total equity shareholdings in hard-to-realize holdings; we downgrade Iyogin, along with Nishi-Nippon, from buy to neutral
Hachijuni, our sole buy, leads on easy-to-realize shareholdings to market capitalisation and will enhance its interest rate gearing given the high level of fixed rate credit maturing by March-end 2027


Japanese Mid-Cap Banks – Taking Profits on Iyogin and Nishi-Nippon; Hachijuni Is Our Buy

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hokkoku Financial Holdings / Event-Driven

<ul>
<li>Japanese banks have been in a relative sweetspot for a couple of years. Higher rates, higher inflation, more FX volatility, better earnings, stronger buybacks. Cross-holding sales up but not spectacular.</li>
<li>The BOJ may raise rates but Trump Tariff retaliation/mitigation is a question. Elections the next two weeks and earnings the 2-3 weeks after that may keep things a question. </li>
<li>But buybacks should pick up. Lots announced in spring end at or before Q1 earnings. And I expect substantial new buybacks to be announced throughout the from Q1 results on.</li>
</ul>


Japanese banks have been in a relative sweetspot for a couple of years. Higher rates, higher inflation, more FX volatility, better earnings, stronger buybacks. Cross-holding sales up but not spectacular.
The BOJ may raise rates but Trump Tariff retaliation/mitigation is a question. Elections the next two weeks and earnings the 2-3 weeks after that may keep things a question. 
But buybacks should pick up. Lots announced in spring end at or before Q1 earnings. And I expect substantial new buybacks to be announced throughout the from Q1 results on.


[Japan Buybacks] - Japan Bank Metrics, Cross-Holdings and Banks Part 1

<ul>
<li>Regional bank consolidation is on the menu in Japan. Expect more of it.</li>
<li>Intra-Prefecture is the obvious case. In rural prefectures, JA and the Post Bank are credible deposit-taker competition. SME lending is less obvious, though cross-border (neighbouring prefecture) combinations could arise.</li>
<li>A new transaction suggests another combination is on its way. I'd buy.</li>
</ul>


Regional bank consolidation is on the menu in Japan. Expect more of it.
Intra-Prefecture is the obvious case. In rural prefectures, JA and the Post Bank are credible deposit-taker competition. SME lending is less obvious, though cross-border (neighbouring prefecture) combinations could arise.
A new transaction suggests another combination is on its way. I'd buy.


[Japan M&A] Regional Bank Consolidation Efforts May Pick Up

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/hachijuni-bank-ltd">Hachijuni Bank</a> is a dominant regional bank in Japan's Nagano Prefecture, demonstrating robust growth in revenue, net income, and dividends, positioning it well for a rising interest rate environment.</li>
  <li>The bank's strategy is focused on leveraging its strong local market share, expanding fee-based income through wealth management and advisory services, and enhancing digital capabilities to improve efficiency and customer experience.</li>
  <li>Key risks include dependence on the regional economy of Nagano, long-term demographic decline, and increasing competition from national megabanks and digital-first financial technology companies.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Hachijuni Bank is a dominant regional bank in Japan's Nagano Prefecture, demonstrating robust growth in revenue, net income, and dividends, positioning it well for a rising interest rate environment.
  The bank's strategy is focused on leveraging its strong local market share, expanding fee-based income through wealth management and advisory services, and enhancing digital capabilities to improve efficiency and customer experience.
  Key risks include dependence on the regional economy of Nagano, long-term demographic decline, and increasing competition from national megabanks and digital-first financial technology companies.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hachijuni Bank (8359 JP) - Apr 2026

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

S&P BSE SENSEX Index / Technical Analysis

S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

<ul>
<li>Many major indexes are still testing (and holding above) critical supports. This includes MSCI ACWI (ACWI-US), TOPIX/TOPIX Small/Nikkei 225, EURO STOXX 50, STOXX Europe 600, and the DAX</li>
<li>Our overall outlook remains neutral, and we continue to see many attractive buying opportunities, especially out of Japan, India, and a new one -- Brazil.</li>
<li>Buy ideas focus on the Consumer Discretionary and Financials Sectors, with the vast majority of stock recommendations from Japan, India, and Brazil</li>
</ul>


Many major indexes are still testing (and holding above) critical supports. This includes MSCI ACWI (ACWI-US), TOPIX/TOPIX Small/Nikkei 225, EURO STOXX 50, STOXX Europe 600, and the DAX
Our overall outlook remains neutral, and we continue to see many attractive buying opportunities, especially out of Japan, India, and a new one -- Brazil.
Buy ideas focus on the Consumer Discretionary and Financials Sectors, with the vast majority of stock recommendations from Japan, India, and Brazil


Europe, Japan, $ACWI Testing Critical Supports; Rising DXY, Global Sovereign Yields a Major Headwind

Japan

The Hachijuni Bank, Ltd. is a regional bank based in Nagano Prefecture. The Bank provides banking services such as deposits, loans, foreign exchange transactions, and trust accounts. The Bank also provides financial services such as leasing, credit cards, credit guarantee, debt recovery, trading, and venture capital and operates branches overseas.

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Hachijuni Bank (8359 JP)

Japanese Mid-Cap Banks – Taking Profits on Iyogin and Nishi-Nippon; Hachijuni Is Our Buy

Tightening the mid-cap banks' equity holdings perimeter and a tactical shift to take profits, leads us to downgrade Iyogin and Nishi-Nippon; our...

Victor Galliano

[Japan Buybacks] - Japan Bank Metrics, Cross-Holdings and Banks Part 1

This is the first of several episodes regarding Japanese Banks. I want to make the size palatable and offer base data and framework with which to...

Travis Lundy

[Japan M&A] Regional Bank Consolidation Efforts May Pick Up

Japan regional bank consolidation will continue. We may have a new candidate. I'd be long the small target in this case, assuming that value will out.

Travis Lundy

Primer: Hachijuni Bank (8359 JP) - Apr 2026

Hachijuni Bank is a dominant regional bank in Japan's Nagano Prefecture, demonstrating robust growth in revenue, net income, and dividends,...

αSK Primers

Europe, Japan, $ACWI Testing Critical Supports; Rising DXY, Global Sovereign Yields a Major Headwind

Europe $STOXX 50, Japan $TOPIX $Nikkei 225, $ACWI Testing Critical Supports; Rising $DXY, Global Sovereign Yields Remain Major Headwinds for global...

Vermilion Research

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