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

Bank Negara (BBNI IJ) – Downgrading to Neutral Due to Worsening Bad Loan and Interest Margin Outlook

Indonesian Banks Screener; Bank Negara (BBNI IJ) Stands Out

Bank Negara Indonesia - Modest 1Q25 performance (BBNI IJ, CP IDR4,190, BUY, TP IDR6,100, 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

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul>
<li>Negara is our top pick in the Indonesian banks, based on our proprietary scorecard; it scores well based on attractive valuations, sound credit quality metrics and potential for improved returns</li>
<li>The PB value in Negara is especially apparent relative to Permata; Negara trades at a 50%+ PBV ratio discount to Permata, which we believe is not warranted by the fundamentals</li>
<li>We downgrade Mandiri from a buy to a neutral rating; it is no longer, in our view, compelling based on PBV ratio and now looks expensive in PEG ratio terms</li>
</ul>


Negara is our top pick in the Indonesian banks, based on our proprietary scorecard; it scores well based on attractive valuations, sound credit quality metrics and potential for improved returns
The PB value in Negara is especially apparent relative to Permata; Negara trades at a 50%+ PBV ratio discount to Permata, which we believe is not warranted by the fundamentals
We downgrade Mandiri from a buy to a neutral rating; it is no longer, in our view, compelling based on PBV ratio and now looks expensive in PEG ratio terms


Indonesian Banks; We Stick with Our Key Pick Bank Negara (BBNI IJ)