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>We identify deep value at Bank of Baroda, and attractive value at UBI, versus the public sector bank peer group; Baroda trades at near 50% discount to SBI’s PBV ratio</li>
<li>Fears of a potential new round of public sector bank consolidation have abated recently, and both Baroda and UBI rank highly in terms of our scorecard</li>
<li>Both these banks are prominent buy candidates having solid credit quality, with resilient interest margins and strong post-provision returns, supported by their attractive valuations</li>
</ul>


We identify deep value at Bank of Baroda, and attractive value at UBI, versus the public sector bank peer group; Baroda trades at near 50% discount to SBI’s PBV ratio
Fears of a potential new round of public sector bank consolidation have abated recently, and both Baroda and UBI rank highly in terms of our scorecard
Both these banks are prominent buy candidates having solid credit quality, with resilient interest margins and strong post-provision returns, supported by their attractive valuations


Indian Public Sector Banks: Bank of Baroda (BOB IN) And UBI (UNIONBANK IN) Are Our Positive Picks

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>The final phase of the Bank Nifty’s structural makeover wraps up on March 30, 2026, capping a four-month transition to a more diversified 14-stock index.</li>
<li>Heavyweights HDFC Bank and ICICI Bank are seeing a combined outflow of ~$670Mn (approx. INR 5,600 crore), while mid-tier and PSU banks are getting a seat at the big table.</li>
<li>Expect a less "top-heavy" index where a bad day for one mega-bank no longer tanks the entire sector, offering a more balanced reflection of India’s banking health.</li>
</ul>


The final phase of the Bank Nifty’s structural makeover wraps up on March 30, 2026, capping a four-month transition to a more diversified 14-stock index.
Heavyweights HDFC Bank and ICICI Bank are seeing a combined outflow of ~$670Mn (approx. INR 5,600 crore), while mid-tier and PSU banks are getting a seat at the big table.
Expect a less "top-heavy" index where a bad day for one mega-bank no longer tanks the entire sector, offering a more balanced reflection of India’s banking health.


The Bank Nifty Overhaul:  How SEBI Is Trimming The "Big Two"?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 6 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a>, 16 changes for the NIFTY Midcap 150 Index, and 33 changes for the NIFTY Smallcap 250 Index.</li>
<li>The largest passive flows are in the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> changes but there are a lot of active assets tracking the NIFTY Midcap 150 Index.</li>
<li>The outright adds to the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> and the Nifty Midcap 150 Index have outperformed the outright deletes over the last few months.</li>
</ul>


There are 6 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX), 16 changes for the NIFTY Midcap 150 Index, and 33 changes for the NIFTY Smallcap 250 Index.
The largest passive flows are in the NSE Nifty Next 50 Index changes but there are a lot of active assets tracking the NIFTY Midcap 150 Index.
The outright adds to the NSE Nifty Next 50 Index and the Nifty Midcap 150 Index have outperformed the outright deletes over the last few months.


NIFTY Family Index Rebalance: Over US$1.7bn to Trade Across Indices

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>Here we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.</li>
<li>We see no changes for NIFTY 50 and five changes for NIFTY 100 (and NIFTY Next 50).</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
Here we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.
We see no changes for NIFTY 50 and five changes for NIFTY 100 (and NIFTY Next 50).


Quiddity Leaderboard NIFTY Mar26: Five Changes and US$367mn One-Way Flow NIFTY Next 50

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eleven pair trade opportunities persist across four markets and five sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eleven pair trade opportunities persist across four markets and five sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (19 Jan 2026)

India

Union Bank of India Limited provides a full range of banking services throughout India. The Company's activities include retail banking, commercial and personal banking, investment management, treasury and NRI services, cash management and assorted ATM facilities. Union Bank has an online tele-banking facility for all its core banking customers.

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

Union Bank Of India (UNBK IN)

Indian Public Sector Banks: Bank of Baroda (BOB IN) And UBI (UNIONBANK IN) Are Our Positive Picks

Bank of Baroda offers deep value with a 50% PBV discount to SBI, while UBI presents attractive value; both are solid buy candidates with solid...

Victor Galliano

The Bank Nifty Overhaul: How SEBI Is Trimming The "Big Two"?

Bank Nifty undergoes structural makeover, becoming more diversified with mid-tier and PSU banks gaining prominence, reducing reliance on...

Nimish Maheshwari

NIFTY Family Index Rebalance: Over US$1.7bn to Trade Across Indices

There are plenty of changes to the NIFTY family of indices in March. The net round-trip trade across all indices is estimated at INR 157.7bn...

Brian Freitas

Quiddity Leaderboard NIFTY Mar26: Five Changes and US$367mn One-Way Flow NIFTY Next 50

These are our final expectations for ADDs/DELs for the NIFTY March 2026 index review. The reference period ended on 31st January 2026. We expect...

Janaghan Jeyakumar, CFA

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (19 Jan 2026)

Statistical methodology identifies eleven pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indian Public Sector Banks: Bank of Baroda (BOB IN) And UBI (UNIONBANK IN) Are Our Positive Picks

​Bank of Baroda offers deep value with a 50% PBV discount to SBI, while UBI presents attractive value; both are solid buy candidates with solid...

Victor Galliano

The Bank Nifty Overhaul: How SEBI Is Trimming The "Big Two"?

​Bank Nifty undergoes structural makeover, becoming more diversified with mid-tier and PSU banks gaining prominence, reducing reliance on...

Nimish Maheshwari

NIFTY Family Index Rebalance: Over US$1.7bn to Trade Across Indices

There are plenty of changes to the NIFTY family of indices in March. The net round-trip trade across all indices is estimated at INR 157.7bn...

Brian Freitas

Quiddity Leaderboard NIFTY Mar26: Five Changes and US$367mn One-Way Flow NIFTY Next 50

These are our final expectations for ADDs/DELs for the NIFTY March 2026 index review. The reference period ended on 31st January 2026. We expect...

Janaghan Jeyakumar, CFA

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (19 Jan 2026)

​Statistical methodology identifies eleven pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Bank of Baroda offers deep value with a 50% PBV discount to SBI, while UBI presents attractive value; both are solid buy candidates with solid...

Bank Nifty undergoes structural makeover, becoming more diversified with mid-tier and PSU banks gaining prominence, reducing reliance on...

Statistical methodology identifies eleven pair trade opportunities across four markets and five sectors, offering unique insights into relative...