Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Victor Galliano is an experienced equity banks analyst, having covered Latin America banks and non-bank financials for over 12 years, as well as more recently covering the Italian banks. He has worked in sell side equity research for 30 years in a career spanning Barclays, HSBC, BBVA LatInvest, Barings and NatWest.
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.

Financials & FinTech research

Primer: Ping An Bank Co Ltd A (000001 CH) - Sep 2025

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 macro-economic backdrop in China is challenging for banks, with soft economic growth driving worsening credit quality and dovish monetary policy pushing interest margins lower</li>
<li>Nonetheless, China banks balance sheets appear to be relatively robust, and we screen ten large cap banks for contrarian buy opportunities</li>
<li>We focus on two banks; Ping An Bank and CCB are our buy recommendations for their relatively strong returns and sound credit quality metrics</li>
</ul>


The macro-economic backdrop in China is challenging for banks, with soft economic growth driving worsening credit quality and dovish monetary policy pushing interest margins lower
Nonetheless, China banks balance sheets appear to be relatively robust, and we screen ten large cap banks for contrarian buy opportunities
We focus on two banks; Ping An Bank and CCB are our buy recommendations for their relatively strong returns and sound credit quality metrics


Big Cap China Banks – Two Positive Picks