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

China Construction Bank - Its Time Has Passed - Inteqres Practical Initiation

China Construction Bank (939 HK):  Ownership Levels Bottoming Out.

China Construction Banks Bull Channel Needs Time with Tactical Trade Set Up

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

China Construction Bank H / Equity Bottom-Up

<ul>
<li>We compare the Brazil big-cap banks with <a href="https://www.smartkarma.com/entities/china-construction-bank-h" target="_blank" data-smartkarma-citation="entities:45:1" rel="noopener">China Construction Bank H (939 HK)</a>, the largest big-cap Chinese banks, in this report</li>
<li>CCB compares favourably to the Brazil banks with regard to capital adequacy, credit quality and cost efficiency</li>
<li>CCB is comparable to the Brazilians on NPL coverage, but CCB's ROE and ROA forecasts fall short of its Brazilians comparables</li>
<li>CCB is an attractive value play, at a time of Chinese economic recovery</li>
<li>Risks to our view on CCB include a harder landing for the Chinese economy hurting credit growth and quality, especially in mortgage credit which is over a third of CCB's loan portfolio, and faster than expected opex growth to counter increased fintech competition</li>
</ul>


We compare the Brazil big-cap banks with China Construction Bank H (939 HK), the largest big-cap Chinese banks, in this report
CCB compares favourably to the Brazil banks with regard to capital adequacy, credit quality and cost efficiency
CCB is comparable to the Brazilians on NPL coverage, but CCB's ROE and ROA forecasts fall short of its Brazilians comparables
CCB is an attractive value play, at a time of Chinese economic recovery
Risks to our view on CCB include a harder landing for the Chinese economy hurting credit growth and quality, especially in mortgage credit which is over a third of CCB's loan portfolio, and faster than expected opex growth to counter increased fintech competition


China Construction Bank (SEHK 939): Key Metrics and Valuation Comparisons with Brazil Big-Cap Banks