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.

Thematic (Sector/Industry)

<ul>
<li>Among bigger cap GEM banks, we pick four longs and one short as our conviction calls for 2024</li>
<li>Our core buys are Bank Mandiri from Indonesia, KB Financial from South Korea, China Merchants Bank and Banco do Brasil</li>
<li>Our key sell is Kotak Mahindra Bank from India which is richly valued, exposed to low prospective earnings growth and has low credit quality coverage</li>
</ul>


Among bigger cap GEM banks, we pick four longs and one short as our conviction calls for 2024
Our core buys are Bank Mandiri from Indonesia, KB Financial from South Korea, China Merchants Bank and Banco do Brasil
Our key sell is Kotak Mahindra Bank from India which is richly valued, exposed to low prospective earnings growth and has low credit quality coverage


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

India Shelter Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> raised around US$144m from its India IPO.</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



India Shelter Finance (0570670D IN) raised around US$144m from its India IPO.
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

Equity Bottom-Up

IDFC First Bank Limited / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/idfc-first-bank-limited" target="_blank" data-smartkarma-citation="entities:26934:1" rel="noopener">IDFC First Bank Limited (IDFCBK IN)</a>  has built a banking franchise that holds the best promise among the mid-sized banks in India for long-run outperformance.</li>
<li>A high-yielding and retail-oriented loan book, track record of pristine asset quality, superior funding profile boosting best-in-class retail deposit base, and incrementally improving unit economics.</li>
<li>We value the stock as a long-term Buy, with 35% upside in near-term, as the bank continues to realize the benefits of its increasing scale on its earnings profile.</li>
</ul>



IDFC First Bank Limited (IDFCBK IN)  has built a banking franchise that holds the best promise among the mid-sized banks in India for long-run outperformance.
A high-yielding and retail-oriented loan book, track record of pristine asset quality, superior funding profile boosting best-in-class retail deposit base, and incrementally improving unit economics.
We value the stock as a long-term Buy, with 35% upside in near-term, as the bank continues to realize the benefits of its increasing scale on its earnings profile.


2024 High Conviction Idea: IDFCBK IN: Best-In-Class Midsize Bank in India; Long-Term Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> is looking to raise US$144m from its India IPO.</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>In this note, we will look at past performance, and share our thoughts on valuation.</li>
</ul>



India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO.
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
In this note, we will look at past performance, and share our thoughts on valuation.


India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.</li>
</ul>


A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.


Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

India

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

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Kotak Mahindra Bank (KMB IN)

GEM Banks; 2024 Conviction Calls

2024 GEM Bank picks: Longs in improving return Bank Mandiri, and value plays KB Financial, China Merchants Bank, and Banco do Brasil, with a short...

Victor Galliano

India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

India Shelter Finance (0570670D IN) raised around US$144m from its India IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

2024 High Conviction Idea: IDFCBK IN: Best-In-Class Midsize Bank in India; Long-Term Performance

Outlook on IDFC First Bank's profitability and market valuation is moving towards the top quadrant consisting of the best banking peers in India,...

Raj S, CA, CFA

India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO. In this note, we will look at past performance, and share our...

Clarence Chu

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GEM Banks; 2024 Conviction Calls

2024 ​GEM Bank picks: Longs in improving return Bank Mandiri, and value plays KB Financial, China Merchants Bank, and Banco do Brasil, with a short...

Victor Galliano

India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

India Shelter Finance (0570670D IN) raised around US$144m from its India IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

2024 High Conviction Idea: IDFCBK IN: Best-In-Class Midsize Bank in India; Long-Term Performance

Outlook on IDFC First Bank's profitability and market valuation is moving towards the top quadrant consisting of the best banking peers in India,...

Raj S, CA, CFA

India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO. In this note, we will look at past performance, and share our...

Clarence Chu

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

2024 GEM Bank picks: Longs in improving return Bank Mandiri, and value plays KB Financial, China Merchants Bank, and Banco do Brasil, with a short...