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>Our GEM bank top picks for 1H 2026 are Banrisul, Bradesco and Ping An Bank for very attractive fundamental valuations with healthy dividends and earnings growth potential</li>
<li>We also have buy recommendations on China Construction Bank (CCB) and Hana Financial, both of which are deep value plays relative to their returns, combined with sound balance sheets</li>
<li>Kotak Mahindra bank is our only sell recommendation for its premium valuation, even among Indian banks, relative to its underwhelming ROE prospects</li>
</ul>


Our GEM bank top picks for 1H 2026 are Banrisul, Bradesco and Ping An Bank for very attractive fundamental valuations with healthy dividends and earnings growth potential
We also have buy recommendations on China Construction Bank (CCB) and Hana Financial, both of which are deep value plays relative to their returns, combined with sound balance sheets
Kotak Mahindra bank is our only sell recommendation for its premium valuation, even among Indian banks, relative to its underwhelming ROE prospects


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 21st. The aggregated holding was USD776.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,001mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, KB Financial, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 21st. The aggregated holding was USD776.5bn.
We estimate that foreign flows to be outflows of USD3,001mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, KB Financial, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Nov 21st): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 14th. The aggregated holding was USD813.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,793mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Celltrion, Alteogen, Samsung Electronics, KB Financial.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 14th. The aggregated holding was USD813.3bn.
We estimate that foreign flows to be inflows of USD1,793mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Celltrion, Alteogen, Samsung Electronics, KB Financial.


KRX Foreign Holding Weekly (Nov 14th): SK Hynix, Celltrion, Alteogen, Samsung Electronics

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.</li>
<li>Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.</li>
<li>Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.</li>
</ul>


Midway through the 3Q25 result season, eighteen Asian market-sectors have reported consensus EPS estimate upgrades over past one, three and six months. A quarter ago, we identified 11 such sectors.
Eleven of these sectors are from HK/China, Korea and Taiwan. Seven are from ASEAN markets, dominated by Thailand. India and Singapore are conspicuous by their absence.
Among the notable sectors with EPS upgrades, Chinese base metals, HK/Chinese and Korean financials, Chinese pharmaceuticals, Korean and Taiwanese technology, Thai utilities and communication and Philippines transportation stand out.


Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 7th. The aggregated holding was USD818.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,227mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 7th. The aggregated holding was USD818.4bn.
We estimate that foreign flows to be outflows of USD3,227mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE.


KRX Foreign Holding Weekly (Nov 7th): SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE

South Korea

Hana Financial Group Inc., in accordance with Financial Holding Companies Act, was established on December 1, 2005, through stock transfer with the former shareholders of its subsidiaries in order to provide management services and financing to associated companies.

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Hana Financial (086790 KS)

GEM Banks - 2026 High Conviction Ideas

Top bank picks for 1H 2026 are Banrisul, Bradesco, and Ping An Bank, also highlighting buys on CCB and Hana Financial for deep value. Sell on...

Victor Galliano

KRX Foreign Holding Weekly (Nov 21st): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Nov 14th): SK Hynix, Celltrion, Alteogen, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Celltrion, Alteogen, Samsung...

Ke Yan, CFA, FRM

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Nov 7th): SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GEM Banks - 2026 High Conviction Ideas

​Top bank picks for 1H 2026 are Banrisul, Bradesco, and Ping An Bank, also highlighting buys on CCB and Hana Financial for deep value. Sell on...

Victor Galliano

KRX Foreign Holding Weekly (Nov 21st): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Nov 14th): SK Hynix, Celltrion, Alteogen, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Celltrion, Alteogen, Samsung...

Ke Yan, CFA, FRM

Asian Equities: Earnings Estimate Upgrades Climbing, but Slowly and Selectively

​18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Nov 7th): SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean,...

Ke Yan, CFA, FRM

Top bank picks for 1H 2026 are Banrisul, Bradesco, and Ping An Bank, also highlighting buys on CCB and Hana Financial for deep value. Sell on...

18 Asian market-sectors now show steady EPS est upgrades. A quarter ago we spotted 11. CN, KR & TW lead the pack. Notable sectors are base metals,...