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: Bank Mandiri Persero (BMRI IJ) - Jul 2026

Indonesian Banks – Keep Buy on Bank Mandiri (BMRI IJ), Downgrading Bank Negara (BBNI IJ) To Neutral

Bank Mandiri - 1Q26 remains healthy after deconsolidation (BMRI IJ, CP IDR4,750, BUY, TP IDR5,700, Banks)

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 believe that, despite the macro-economic challenges of Indonesia, investor sentiment is no longer worsening and may even be improving as reflected in the banks’ PBV ratio trends</li>
<li>We re-iterate our buy rating on Bank Mandiri for its improving return trends, solid credit quality, attractive valuations and its asset-sensitivity at a time of higher benchmark rates</li>
<li>Mandiri also has relatively limited exposure to domestic government bonds, which should limit any hit to core capital at this time of high bond yields</li>
</ul>


We believe that, despite the macro-economic challenges of Indonesia, investor sentiment is no longer worsening and may even be improving as reflected in the banks’ PBV ratio trends
We re-iterate our buy rating on Bank Mandiri for its improving return trends, solid credit quality, attractive valuations and its asset-sensitivity at a time of higher benchmark rates
Mandiri also has relatively limited exposure to domestic government bonds, which should limit any hit to core capital at this time of high bond yields


Indonesian Banks – Re-Iterate Buy on Value and Growth-Potential Bank Mandiri (BMRI IJ)