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>The PBV and PE valuations for TMB Thanachart, which are close to those of SCBx, seem stretched; TMB Thanachart’s return trends are well below those of SCBx</li>
<li>On the weighted metrics applied to our proprietary scorecard, TMB Thanachart is the new bottom marker in the scorecard among its Thai bank peers</li>
<li>Krung Thai was our core buy-rated Thai bank; we downgrade it to a hold, as its valuation discounts to its own history and its peer SCBx are no longer compelling</li>
</ul>


The PBV and PE valuations for TMB Thanachart, which are close to those of SCBx, seem stretched; TMB Thanachart’s return trends are well below those of SCBx
On the weighted metrics applied to our proprietary scorecard, TMB Thanachart is the new bottom marker in the scorecard among its Thai bank peers
Krung Thai was our core buy-rated Thai bank; we downgrade it to a hold, as its valuation discounts to its own history and its peer SCBx are no longer compelling


Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

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.

Equity Capital Markets

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>The spike in energy and fertilizer prices is igniting concerns about durably higher inflation expectations among policymakers. The inflation surges in India, Philippines, Thailand and Korea are particularly noticeable.</li>
<li>Real policy rates are negative in Korea, Taiwan, Thailand and Philippines. India could be headed there if inflation rises further. Korea, Indonesia and Philippines are already on a tightening path.</li>
<li>Indian real rates are positive for now, but a deficient monsoon-induced food inflation spike could drive rate hikes later this year. So could Malaysia and Thailand in late 2026.</li>
</ul>


The spike in energy and fertilizer prices is igniting concerns about durably higher inflation expectations among policymakers. The inflation surges in India, Philippines, Thailand and Korea are particularly noticeable.
Real policy rates are negative in Korea, Taiwan, Thailand and Philippines. India could be headed there if inflation rises further. Korea, Indonesia and Philippines are already on a tightening path.
Indian real rates are positive for now, but a deficient monsoon-induced food inflation spike could drive rate hikes later this year. So could Malaysia and Thailand in late 2026.


Asia: Which Economies Are Most Likely to Tighten Monetary Policy?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 2nd. We estimate that they had an aggregated short interest worth USD3.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Bumrungrad Hospital, Delta Electronics, TISCO Financial, Krungthai Card, CP ALL, Delta Electronics, CP ALL, Bumrungrad Hospital, Tisco Financial.


Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

<ul>
<li>In January FIIs sold US$3.5 bn Asia-6 equities and till 10th February they have sold US$5.7bn. February marks the fourth month in succession that the FIIs are selling Asia.</li>
<li>In February MTD, FIIs have sold US$6.5bn Korean equities and US$888m Taiwanese. They bought US$1.7bn India and US$23m Philippines. Thailand was also bought (US$139m in January), Indonesia sold heavily (US$588m).</li>
<li>FII buying should restart in Korea, Taiwan soon. Flows into India have bounced back but it's too early to predict a sustainable reversal. Philippines, Thailand should continue to see inflows.</li>
</ul>


In January FIIs sold US$3.5 bn Asia-6 equities and till 10th February they have sold US$5.7bn. February marks the fourth month in succession that the FIIs are selling Asia.
In February MTD, FIIs have sold US$6.5bn Korean equities and US$888m Taiwanese. They bought US$1.7bn India and US$23m Philippines. Thailand was also bought (US$139m in January), Indonesia sold heavily (US$588m).
FII buying should restart in Korea, Taiwan soon. Flows into India have bounced back but it's too early to predict a sustainable reversal. Philippines, Thailand should continue to see inflows.


Asian Equities: Foreigners Continue to Sell Asia but Market Rotation Setting In

Thailand

SCB X is a Thailand-based financial technology holding company and the parent of Siam Commercial Bank (SCB), one of Thailand's largest commercial banks. It operates across three core business pillars: Banking Services, Consumer and Digital Financial Services, and Platform and Technology. The company was officially established on September 15, 2021, and is headquartered in Bangkok, Thailand.

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SCB X (SCB TB)

Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

Valuation concerns arise for TMB Thanachart, bottom rated in our Thai banks scorecard, as its returns lag behind those of SCBx; Krung Thai...

Victor Galliano

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Asia: Which Economies Are Most Likely to Tighten Monetary Policy?

Rising energy & fertilizer prices fuel inflation worries, with sharp surges in India, PH, TH & KR. After KR, PH & ID, India could hike rates if...

Manishi Raychaudhuri

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital (BH TB), Delta Electronics...

Ke Yan, CFA, FRM

Asian Equities: Foreigners Continue to Sell Asia but Market Rotation Setting In

As we approach the end of Feb, Taiwan has turned around. From selling in the first couple of weeks, FIIs have now bought $4.3bn Taiwan equities....

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

​Valuation concerns arise for TMB Thanachart, bottom rated in our Thai banks scorecard, as its returns lag behind those of SCBx; Krung Thai...

Victor Galliano

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Asia: Which Economies Are Most Likely to Tighten Monetary Policy?

​Rising energy & fertilizer prices fuel inflation worries, with sharp surges in India, PH, TH & KR. After KR, PH & ID, India could hike rates if...

Manishi Raychaudhuri

Thailand Short Interest Weekly (Oct 2nd): Bumrungrad Hospital, Delta Electronics, TISCO Financial

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital (BH TB), Delta Electronics...

Ke Yan, CFA, FRM

Asian Equities: Foreigners Continue to Sell Asia but Market Rotation Setting In

As we approach the end of Feb, Taiwan has turned around. From selling in the first couple of weeks, FIIs have now bought $4.3bn Taiwan equities....

Manishi Raychaudhuri

Valuation concerns arise for TMB Thanachart, bottom rated in our Thai banks scorecard, as its returns lag behind those of SCBx; Krung Thai...

Rising energy & fertilizer prices fuel inflation worries, with sharp surges in India, PH, TH & KR. After KR, PH & ID, India could hike rates if...