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>Along with political turbulence, expectations of a near term BoJ rate hike may be diminishing; nonetheless, we believe that these rate hikes will, at worst, be delayed and not derailed</li>
<li>We take profits on Mizuho in big caps and on Hirogin Holdings in mid-caps, downgrading these names from buy to neutral whilst generally retaining banks with higher levels of cross-holdings</li>
<li>We maintain the following Japanese banks on buy ratings; in the big-caps, we keep Resona and Shizuoka and in the mid-caps we stick with Iyogin Holdings, Hokuhoku and Hachijuni</li>
</ul>


Along with political turbulence, expectations of a near term BoJ rate hike may be diminishing; nonetheless, we believe that these rate hikes will, at worst, be delayed and not derailed
We take profits on Mizuho in big caps and on Hirogin Holdings in mid-caps, downgrading these names from buy to neutral whilst generally retaining banks with higher levels of cross-holdings
We maintain the following Japanese banks on buy ratings; in the big-caps, we keep Resona and Shizuoka and in the mid-caps we stick with Iyogin Holdings, Hokuhoku and Hachijuni


Japanese Banks – We Clip Our Key Positive Picks in the Big-Caps and Mid-Caps

<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

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Chiba Bank shows good gains in net interest income through 1H25 YoY </li>
<li>There should be more of this with rising BOJ rates during 2H25.</li>
<li>Flow through to net profit can be strong, given credit metrics.</li>
</ul>


Chiba Bank shows good gains in net interest income through 1H25 YoY 
There should be more of this with rising BOJ rates during 2H25.
Flow through to net profit can be strong, given credit metrics.


Chiba Bank - Net Interest Income Up, Expect More with BOJ Hike, Credit Metrics Allow Flow Through

Japan

Iyogin Holdings, Inc. operates as a holding company. The Company provides operation and management of bank related subsidiary companies. Iyogin Holdings provides its services throughout Japan.

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Iyogin Holdings (5830 JP)

Japanese Banks – We Clip Our Key Positive Picks in the Big-Caps and Mid-Caps

With easier-for-longer monetary policy in Japan being a growing risk, we keep buys on select big and mid-cap banks with big equity cross-holdings,...

Victor Galliano

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

Chiba Bank - Net Interest Income Up, Expect More with BOJ Hike, Credit Metrics Allow Flow Through

Chiba Bank already showing good net interest income gains, and more is likely with rate hike from BOJ, credit metrics appear strong, so better core...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japanese Banks – We Clip Our Key Positive Picks in the Big-Caps and Mid-Caps

​With easier-for-longer monetary policy in Japan being a growing risk, we keep buys on select big and mid-cap banks with big equity cross-holdings,...

Victor Galliano

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

Chiba Bank - Net Interest Income Up, Expect More with BOJ Hike, Credit Metrics Allow Flow Through

Chiba Bank already showing good net interest income gains, and more is likely with rate hike from BOJ, credit metrics appear strong, so better core...

Daniel Tabbush

With easier-for-longer monetary policy in Japan being a growing risk, we keep buys on select big and mid-cap banks with big equity cross-holdings,...

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...