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>Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations</li>
<li>Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution</li>
<li>We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk</li>
</ul>


Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations
Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution
We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk


EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>This insight is a book review of 주주 권리가 없는 나라 (A Country Without Shareholder Rights), which is one of the best books on the corporate governance in Korea.</li>
<li>There are so much wisdom that are included in this book. The author really goes into details about numerous corporate governance problems in Korea and ways to fix them.</li>
<li>This book was published in January 2024 and it was written by a famous Korean retail investor called Park Young-Ok.</li>
</ul>


This insight is a book review of 주주 권리가 없는 나라 (A Country Without Shareholder Rights), which is one of the best books on the corporate governance in Korea.
There are so much wisdom that are included in this book. The author really goes into details about numerous corporate governance problems in Korea and ways to fix them.
This book was published in January 2024 and it was written by a famous Korean retail investor called Park Young-Ok.


A Country Without Shareholder Rights (주주 권리가 없는 나라) - A Book Review

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> raised around US$340m in its South Korean IPO in March 2026. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



K Bank (279570 KS) raised around US$340m in its South Korean IPO in March 2026. The lockup on its pre-IPO investors is set to expire soon.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas Kbank Lockup Expiry - Most Investors Will Be Out of Lockup, as 23% of Stock Is Released

<ul>
<li>On 21 August, Kakao Corp announced that its BOD approved an equity spin off involving "Kakao AI" and "Kakao X." </li>
<li>Going through the details regarding this plan, I believe this is NOT what the shareholders want. I am Negative on this equity spin-off plan</li>
<li>I am mainly Negative on this spin-off since I do not have enough confidence of Kakao AI newco's ability to significantly increase its sales and profits expected by the company. </li>
</ul>


On 21 August, Kakao Corp announced that its BOD approved an equity spin off involving "Kakao AI" and "Kakao X." 
Going through the details regarding this plan, I believe this is NOT what the shareholders want. I am Negative on this equity spin-off plan
I am mainly Negative on this spin-off since I do not have enough confidence of Kakao AI newco's ability to significantly increase its sales and profits expected by the company. 


Kakao Corp: Equity Spin-Off Plan [This Is Not What The Shareholders Want]

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.

Thematic (Sector/Industry)

<ul>
<li>The KOSPI Index has done well in recent weeks, months, but financials are hardly participating</li>
<li>There are vast differences amongst the financial in Korea, not only large Chaebol-like banks</li>
<li>Kakaobank, one of few listed internet banks in the world, is unique with ROA expansion</li>
</ul>


The KOSPI Index has done well in recent weeks, months, but financials are hardly participating
There are vast differences amongst the financial in Korea, not only large Chaebol-like banks
Kakaobank, one of few listed internet banks in the world, is unique with ROA expansion


South Korea

KakaoBank Corp. operates bank businesses. The Company provides deposit money, withdraw money, credit cards, stock accounts, linked loans, and other services. KakaoBank conducts businesses in South Korea.

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

KakaoBank (323410 KS)

EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

Inter is our buy in EM neobank, offering a balanced business model, with improving execution, controlled NPLs and attractive valuations; Nubank is...

Victor Galliano

A Country Without Shareholder Rights (주주 권리가 없는 나라) - A Book Review

This insight is a book review of 주주 권리가 없는 나라 (A Country Without Shareholder Rights), which is one of the best books on the corporate governance in...

Douglas Kim

Aequitas Kbank Lockup Expiry - Most Investors Will Be Out of Lockup, as 23% of Stock Is Released

K Bank (279570 KS) raised around US$340m in its South Korean IPO in March 2026. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Kakao Corp: Equity Spin-Off Plan [This Is Not What The Shareholders Want]

Kakao Corp;s BOD approved an equity spin off involving "Kakao AI" (a new entity focused on KakaoTalk and AI) and "Kakao X" (the surviving entity...

Douglas Kim

KOSPI Index - Banks Hardly Participating

KOSPI index has done well, but banks are hardly participating. Kakaobank may be most interesting given its ROA expansion and size, while Woori may...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)