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 incorporate our scorecard into this report covering ten Japanese midcap banks and we also introduce trailing twelve month return trends for the midcaps</li>
<li>Iyogin Holdings remains a buy, which tops pre-provision returns and has large strategic cross-holdings; Hokuhoku Financial and Hachijuni Bank are also buys with these occupying the top three scorecard rankings</li>
<li>We add Hirogin Holdings to the buy list; it is deep value among the peer group, with its premium earnings and dividend yield and its attractive ROE to PBV ratio</li>
</ul>


We incorporate our scorecard into this report covering ten Japanese midcap banks and we also introduce trailing twelve month return trends for the midcaps
Iyogin Holdings remains a buy, which tops pre-provision returns and has large strategic cross-holdings; Hokuhoku Financial and Hachijuni Bank are also buys with these occupying the top three scorecard rankings
We add Hirogin Holdings to the buy list; it is deep value among the peer group, with its premium earnings and dividend yield and its attractive ROE to PBV ratio


Japanese Midcap Banks – Introducing the Scorecard and Quarterly Return Trends

<ul>
<li>We update our views on ten Japanese midcap banks focusing on those with large strategic shareholdings relative to market value, as well as beneficiaries of the improving interest rate outlook</li>
<li>Our top-rated pick is <a href="https://www.smartkarma.com/entities/iyogin-holdings-inc" target="_blank" data-smartkarma-citation="entities:40839:1" rel="noopener">Iyogin Holdings (5830 JP)</a>, with its constructive mix of large strategic holdings, attractive valuations including PTBV ratio and healthy gearing to higher interest rates</li>
<li>We also retain Hokuhoku Financial and Hachijuni Bank as buys; Hokuhoku has yet to realize its large strategic holdings whilst Hachijuni has reached its target level for cross-holdings reduction</li>
</ul>


We update our views on ten Japanese midcap banks focusing on those with large strategic shareholdings relative to market value, as well as beneficiaries of the improving interest rate outlook
Our top-rated pick is Iyogin Holdings (5830 JP), with its constructive mix of large strategic holdings, attractive valuations including PTBV ratio and healthy gearing to higher interest rates
We also retain Hokuhoku Financial and Hachijuni Bank as buys; Hokuhoku has yet to realize its large strategic holdings whilst Hachijuni has reached its target level for cross-holdings reduction


Japanese Midcap Banks – Iyogin Holdings (5830 JP) Is Our Top Pick

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

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

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma</li>
<li>In this cut, we compare Japanese insurers versus banks, look at the Chinese EV sector and explore how tariff hikes benefit Asian port operators</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
In this cut, we compare Japanese insurers versus banks, look at the Chinese EV sector and explore how tariff hikes benefit Asian port operators
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector & Asian Ports in Focus

<ul>
<li>We update our views on ten Japanese midcap banks targeting attractively valued beneficiaries of the realization of big strategic shareholdings, as well as beneficiaries of the improving interest rate outlook</li>
<li>We re-iterate our buys on Hachijuni Bank and Hokuhoku Financial; there is potential to realize their large strategic holdings relative to their market capitalizations combined with their attractive PTBV ratios</li>
<li>We take Gunma Bank off the buy list, replacing it with Iyogin; Iyogin has a constructive mix of large strategic holdings, attractive valuations and healthy gearing to higher interest rates</li>
</ul>


We update our views on ten Japanese midcap banks targeting attractively valued beneficiaries of the realization of big strategic shareholdings, as well as beneficiaries of the improving interest rate outlook
We re-iterate our buys on Hachijuni Bank and Hokuhoku Financial; there is potential to realize their large strategic holdings relative to their market capitalizations combined with their attractive PTBV ratios
We take Gunma Bank off the buy list, replacing it with Iyogin; Iyogin has a constructive mix of large strategic holdings, attractive valuations and healthy gearing to higher interest rates


Japanese Midcap Banks – Hachijuni (8359 JP) Is Our Top Pick

Hokuhoku Financial Group / Equity Bottom-Up

<ul>
<li>We analyse ten Japanese midcap banks to target beneficiaries of the realization of strategic shareholdings, as well as beneficiaries of the improving interest rate outlook</li>
<li>We add Hachijuni Bank and Hokuhoku Financial to the buy list, based on the potential for realization of strategic holdings; these share-holdings are large relative to their respective market capitalizations</li>
<li>We maintain Gunma Bank on the buy list, primarily for its very strong gearing into the rising interest cycle and its attractive PE multiples</li>
</ul>


We analyse ten Japanese midcap banks to target beneficiaries of the realization of strategic shareholdings, as well as beneficiaries of the improving interest rate outlook
We add Hachijuni Bank and Hokuhoku Financial to the buy list, based on the potential for realization of strategic holdings; these share-holdings are large relative to their respective market capitalizations
We maintain Gunma Bank on the buy list, primarily for its very strong gearing into the rising interest cycle and its attractive PE multiples


Japanese Midcap Banks – Three Key Picks

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hachijuni Bank (8359 JP)

Japanese Midcap Banks – Introducing the Scorecard and Quarterly Return Trends

In this Japanese midcap banks report, we maintain Iyogin Holdings, Hokuhoku Financial, and Hachijuni Bank as top buys, adding Hirogin Holdings to...

Victor Galliano

Japanese Midcap Banks – Iyogin Holdings (5830 JP) Is Our Top Pick

We focus on large cross-holdings and positive interest rate gearing in this report on Japanese midcap banks; Iyogin Holdings is our top pick,...

Victor Galliano

Curator's Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector & Asian Ports in Focus

This Curator's Cut issue compares Japanese insurers vs banks amidst rising yields, the state of the Chinese EV sector and how Asian port operators...

Pranav Rao

Japanese Midcap Banks – Hachijuni (8359 JP) Is Our Top Pick

Japanese midcap banks: stick with buys on Hachijuni Bank and Hokuhoku Financial, replacing Gunma Bank with Iyogin for potential gains from equity...

Victor Galliano

Japanese Midcap Banks – Three Key Picks

We focus on Japanese midcap banks' key shareholder attributes; Hachijuni and Hokuhoku added to buys for their large strategic holdings, while Gunma...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japanese Midcap Banks – Introducing the Scorecard and Quarterly Return Trends

​In this Japanese midcap banks report, we maintain Iyogin Holdings, Hokuhoku Financial, and Hachijuni Bank as top buys, adding Hirogin Holdings to...

Victor Galliano

Japanese Midcap Banks – Iyogin Holdings (5830 JP) Is Our Top Pick

We focus on large cross-holdings and positive interest rate gearing in this report on Japanese midcap banks; Iyogin Holdings is our top pick,...

Victor Galliano

Curator's Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector & Asian Ports in Focus

​This Curator's Cut issue compares Japanese insurers vs banks amidst rising yields, the state of the Chinese EV sector and how Asian port operators...

Pranav Rao

Japanese Midcap Banks – Hachijuni (8359 JP) Is Our Top Pick

​Japanese midcap banks: stick with buys on Hachijuni Bank and Hokuhoku Financial, replacing Gunma Bank with Iyogin for potential gains from equity...

Victor Galliano

Japanese Midcap Banks – Three Key Picks

We focus on Japanese midcap banks' key shareholder attributes; Hachijuni and Hokuhoku added to buys for their large strategic holdings, while Gunma...

Victor Galliano

In this Japanese midcap banks report, we maintain Iyogin Holdings, Hokuhoku Financial, and Hachijuni Bank as top buys, adding Hirogin Holdings to...

This Curator's Cut issue compares Japanese insurers vs banks amidst rising yields, the state of the Chinese EV sector and how Asian port operators...

Japanese midcap banks: stick with buys on Hachijuni Bank and Hokuhoku Financial, replacing Gunma Bank with Iyogin for potential gains from equity...