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

Woori Financial Group  / Equity Bottom-Up

<ul>
<li>In our latest South Korean banks screener; we add Woori Financial to existing buy KB Financial as our preferred Korean banks picks</li>
<li>Delinquency ratios continued to worsen QoQ, with only Woori bucking the 4Q23 NPL trend; Woori has lagged in terms of returns, but we expect CoR control to support 2024 returns</li>
<li>KB has a low PBV ratio relative to its ROE, it delivers rising post-provision returns,  it has a high CET1 ratio and it maintains a healthy LDR</li>
</ul>


In our latest South Korean banks screener; we add Woori Financial to existing buy KB Financial as our preferred Korean banks picks
Delinquency ratios continued to worsen QoQ, with only Woori bucking the 4Q23 NPL trend; Woori has lagged in terms of returns, but we expect CoR control to support 2024 returns
KB has a low PBV ratio relative to its ROE, it delivers rising post-provision returns,  it has a high CET1 ratio and it maintains a healthy LDR


South Korean Banks; Woori Financial (316140 KS) Added to Buy List, Joining KB Financial (105560 KS)

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


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 Dec 12th. The aggregated holding was USD848.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,741mln. 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, ECOPRO, Samsung Electronics, Hyundai Motor, Alteogen.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Dec 12th. The aggregated holding was USD848.5bn.
We estimate that foreign flows to be inflows of USD1,741mln. 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, ECOPRO, Samsung Electronics, Hyundai Motor, Alteogen.


KRX Foreign Holding Weekly (Dec 12th): SK Hynix, ECOPRO, Samsung Electronics, Hyundai Motor

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Dec 5th. The aggregated holding was USD835.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD623mln. 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, Samsung Electronics, Hyundai Motor, NAVER, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Dec 5th. The aggregated holding was USD835.4bn.
We estimate that foreign flows to be outflows of USD623mln. 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, Samsung Electronics, Hyundai Motor, NAVER, Doosan Enerbility.


KRX Foreign Holding Weekly (Dec 5th): SK Hynix, Samsung Electronics, Hyundai Motor, NAVER

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 28th. The aggregated holding was USD803.0bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,160mln. 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 SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD HYUNDAI HEAVY INDUSTRIES, KEPCO.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 28th. The aggregated holding was USD803.0bn.
We estimate that foreign flows to be outflows of USD5,160mln. 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 SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD HYUNDAI HEAVY INDUSTRIES, KEPCO.


KRX Foreign Holding Weekly (Nov 28th): SAMSUNG BIOLOGICS, Samsung Electronics, NAVER

South Korea

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
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KB Financial (105560 KS)

South Korean Banks; Woori Financial (316140 KS) Added to Buy List, Joining KB Financial (105560 KS)

Adding Woori as a buy alongside KB; Woori shows undemanding multiples, a promising NPL trend and potential for improved 2024 returns. KB has a low...

Victor Galliano

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

KRX Foreign Holding Weekly (Dec 12th): SK Hynix, ECOPRO, Samsung Electronics, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, ECOPRO, Samsung Electronics, Hyundai...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Dec 5th): SK Hynix, Samsung Electronics, Hyundai Motor, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hyundai Motor,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Nov 28th): SAMSUNG BIOLOGICS, Samsung Electronics, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

South Korean Banks; Woori Financial (316140 KS) Added to Buy List, Joining KB Financial (105560 KS)

​Adding Woori as a buy alongside KB; Woori shows undemanding multiples, a promising NPL trend and potential for improved 2024 returns. KB has a low...

Victor Galliano

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

KRX Foreign Holding Weekly (Dec 12th): SK Hynix, ECOPRO, Samsung Electronics, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, ECOPRO, Samsung Electronics, Hyundai...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Dec 5th): SK Hynix, Samsung Electronics, Hyundai Motor, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hyundai Motor,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Nov 28th): SAMSUNG BIOLOGICS, Samsung Electronics, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SAMSUNG BIOLOGICS, Samsung Electronics, NAVER, HD...

Ke Yan, CFA, FRM

Adding Woori as a buy alongside KB; Woori shows undemanding multiples, a promising NPL trend and potential for improved 2024 returns. KB has a low...