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 top picks in LatAm financials are <a href="https://www.smartkarma.com/entities/banco-do-brasil-sa" target="_blank" data-smartkarma-citation="entities:24564:1" rel="noopener">Banco Do Brasil Sa (BBAS3 BZ)</a> , <a href="https://www.smartkarma.com/entities/cielo-sa" target="_blank" data-smartkarma-citation="entities:24750:1" rel="noopener">Cielo SA (CIEL3 BZ)</a> in Brazil and <a href="https://www.smartkarma.com/entities/gentera-sab-de-cv" target="_blank" data-smartkarma-citation="entities:27889:1" rel="noopener">Gentera SAB De CV (GENTERA* MM EQUITY)</a> in Mexico</li>
<li>We also believe that the mid-cap Mexican financials <a href="https://www.smartkarma.com/entities/banco-del-bajio-sa" target="_blank" data-smartkarma-citation="entities:28382:1" rel="noopener">Banco del Bajio SA (BBAJIOO MM)</a> and <a href="https://www.smartkarma.com/entities/credito-real-s-a-b-de-c-v" target="_blank" data-smartkarma-citation="entities:28383:1" rel="noopener">Credito Real, S.A.B. De C.V. (CREAL* MM EQUITY)</a> are attractive</li>
<li>Our top picks are based on a six month plus investment horizon and are largely value driven, focusing on PBV ratio versus ROE forecasts in the banks</li>
<li>
<a href="https://www.smartkarma.com/entities/banco-inter-sa" target="_blank" data-smartkarma-citation="entities:28162:1" rel="noopener">Banco Inter SA (BIDI4 BZ)</a> falls outside the value category as a premium valued digital bank, but we believe that it continues to have scarcity value in Brazil and that management continue to execute well</li>
<li>Risks to our view include political and economic headwinds in Mexico and Brazil, greater than expected competitive pressures in LatAm banking and payments putting upward pressure on costs and thereby eroding returns</li>
</ul>


Our top picks in LatAm financials are Banco Do Brasil Sa (BBAS3 BZ) , Cielo SA (CIEL3 BZ) in Brazil and Gentera SAB De CV (GENTERA* MM EQUITY) in Mexico
We also believe that the mid-cap Mexican financials Banco del Bajio SA (BBAJIOO MM) and Credito Real, S.A.B. De C.V. (CREAL* MM EQUITY) are attractive
Our top picks are based on a six month plus investment horizon and are largely value driven, focusing on PBV ratio versus ROE forecasts in the banks

Banco Inter SA (BIDI4 BZ) falls outside the value category as a premium valued digital bank, but we believe that it continues to have scarcity value in Brazil and that management continue to execute well
Risks to our view include political and economic headwinds in Mexico and Brazil, greater than expected competitive pressures in LatAm banking and payments putting upward pressure on costs and thereby eroding returns


Mexico

Regional SAB de CV provides banking services. The Bank offers deposits, personal loans, e-banking, mortgage lending, auto finance, and other banking services. Regional serves customers in Mexico.

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Regional SAB de CV (RA MM)

LatAm Financials: Top Picks Summary

Our top picks in LatAm financials are Banco Do Brasil Sa (BBAS3 BZ) , Cielo SA (CIEL3 BZ) in Brazil and Gentera SAB De CV (GENTERA* MM EQUITY) in...

Victor Galliano

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