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 positive focus remains on smaller cap Indian banks, with buys on value plays Bandhan, Baroda and UBI; we are negative on richly valued ICICI Bank and Kotak Mahindra</li>
<li>UBI shares have been poor performers, but its returns to 1QFYE25 have improved and it is a value stand-out; Baroda remains a favourite and Bandhan has delivered better profitability </li>
<li>Kotak Mahindra is the peer group’s highest return bank post credit costs, but returns are declining; ICICI also has attractive returns but we believe its credit costs are unsustainably low</li>
</ul>


Our positive focus remains on smaller cap Indian banks, with buys on value plays Bandhan, Baroda and UBI; we are negative on richly valued ICICI Bank and Kotak Mahindra
UBI shares have been poor performers, but its returns to 1QFYE25 have improved and it is a value stand-out; Baroda remains a favourite and Bandhan has delivered better profitability 
Kotak Mahindra is the peer group’s highest return bank post credit costs, but returns are declining; ICICI also has attractive returns but we believe its credit costs are unsustainably low


Indian Banks Screener 1QFYE25: Positive Focus on Value Based Smaller Caps

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

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">BrainBees Solutions (FirstCry)</a> raised around US$500m in its 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 our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



BrainBees Solutions (FirstCry) raised around US$500m in its 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 our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Brainbees (FirstCry) IPO Trading - Decent Subscription and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> is looking to raise up to US$500m 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 our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.</li>
</ul>



BrainBees Solutions is looking to raise up to US$500m 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 our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.


Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

Head of Trading/ Partner, AceGama Advisors

Sankalp Singh

Head of Trading/ Partner

Proprietary Trading Desk

AceGama Advisors

Trading desk specializing in the Listed & OTC options strategies for risk management & investment purposes.

Equity Derivatives

<ul>
<li>Implied Volatilities (IVs) sold off dramatically post Budget Event - in spite of weaker underlying indices. Larger break of trading ranges likely needed to stall the slide in IVs.</li>
<li>Wait-And-See approach to tactical decisions justified. Vol-Regime avoids a switch from “High &amp; Down” state. Protracted grind lower in IVs projected.</li>
<li>Vol Surface Smile has compressed alongside lower IVs. Skew remains unaffected by change in IV levels. Vol Term-structure has flattened.</li>
</ul>


Implied Volatilities (IVs) sold off dramatically post Budget Event - in spite of weaker underlying indices. Larger break of trading ranges likely needed to stall the slide in IVs.
Wait-And-See approach to tactical decisions justified. Vol-Regime avoids a switch from “High &amp; Down” state. Protracted grind lower in IVs projected.
Vol Surface Smile has compressed alongside lower IVs. Skew remains unaffected by change in IV levels. Vol Term-structure has flattened.


EQD / NSE Vol Update / Vols Focus on India-Specific News & Ignore Upcoming Global Macro Events

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> is looking to raise up to US$500m 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>We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.</li>
</ul>



BrainBees Solutions is looking to raise up to US$500m 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.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.


Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

India

ICICI Bank Limited operates a network of banks located throughout India. The Group specializes in retail and corporate banking, in addition to Forex and treasury operations. ICICI Bank also provides a wide variety of investment banking, insurance and financial services to its clients.

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Icici Bank Ltd Spon Adr (IBN US)

Indian Banks Screener 1QFYE25: Positive Focus on Value Based Smaller Caps

Positive focus on smaller cap, value based Indian banks Bandhan, Baroda, and UBI; negative on richly valued ICICI Bank and Kotak Mahindra due to...

Victor Galliano

Brainbees (FirstCry) IPO Trading - Decent Subscription and Valuation

BrainBees Solutions (FirstCry) raised around US$500m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

EQD / NSE Vol Update / Vols Focus on India-Specific News & Ignore Upcoming Global Macro Events

Post FOMC Event update. Indian Markets have continued their trend of higher Equity Indices as the Nifty50 has cleared the 25000 resistance. Short...

AceGama Advisors

Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indian Banks Screener 1QFYE25: Positive Focus on Value Based Smaller Caps

​Positive focus on smaller cap, value based Indian banks Bandhan, Baroda, and UBI; negative on richly valued ICICI Bank and Kotak Mahindra due to...

Victor Galliano

Brainbees (FirstCry) IPO Trading - Decent Subscription and Valuation

BrainBees Solutions (FirstCry) raised around US$500m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

EQD / NSE Vol Update / Vols Focus on India-Specific News & Ignore Upcoming Global Macro Events

Post FOMC Event update. Indian Markets have continued their trend of higher Equity Indices as the Nifty50 has cleared the 25000 resistance. Short...

AceGama Advisors

Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Positive focus on smaller cap, value based Indian banks Bandhan, Baroda, and UBI; negative on richly valued ICICI Bank and Kotak Mahindra due to...