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

South Korean Banks Screen; Stick with Hana Financial (086790 KS)

Big Cap China Banks – Two Positive Picks

Brazil Banks – Stick with Bradesco, Adding Small-Cap Banrisul to the Buy List

Muthoot Finance – Top ROA Lender, with 116 Tons of Gold!

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 GEM bank top picks for 1H 2026 are Banrisul, Bradesco and Ping An Bank for very attractive fundamental valuations with healthy dividends and earnings growth potential</li>
<li>We also have buy recommendations on China Construction Bank (CCB) and Hana Financial, both of which are deep value plays relative to their returns, combined with sound balance sheets</li>
<li>Kotak Mahindra bank is our only sell recommendation for its premium valuation, even among Indian banks, relative to its underwhelming ROE prospects</li>
</ul>


Our GEM bank top picks for 1H 2026 are Banrisul, Bradesco and Ping An Bank for very attractive fundamental valuations with healthy dividends and earnings growth potential
We also have buy recommendations on China Construction Bank (CCB) and Hana Financial, both of which are deep value plays relative to their returns, combined with sound balance sheets
Kotak Mahindra bank is our only sell recommendation for its premium valuation, even among Indian banks, relative to its underwhelming ROE prospects


Ping An Bank Co Ltd A

GEM Banks - 2026 High Conviction Ideas