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

Japanese Big Cap Banks – Still Overall Bullish, but Taking Profits on Yokohama Financial

Japanese Banks – Update on Bigger Cap and Digital Banks

Japanese Bigger Cap Banks – Interest Rate Normalisation Drives the Bull Case

Kyoto Financial Group (5844 JP): Nintendo Deal Is a Catalyst for Future Disposals

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 expectations for the mid-June BoJ monetary policy meeting are for a 25bps rate hike to 1.00%, given sustained wage growth and generally increasing inflation risks</li>
<li>Valuations are recovering from the Iran war lows, and bank returns are improving but we expect market turbulence going forward and we lock in some gains</li>
<li>We remove Shizuoka from the buy list, among our bigger caps universe, keeping Resona Holdings on the buy list along with Yokohama Financial and Kyoto Financial</li>
</ul>


The expectations for the mid-June BoJ monetary policy meeting are for a 25bps rate hike to 1.00%, given sustained wage growth and generally increasing inflation risks
Valuations are recovering from the Iran war lows, and bank returns are improving but we expect market turbulence going forward and we lock in some gains
We remove Shizuoka from the buy list, among our bigger caps universe, keeping Resona Holdings on the buy list along with Yokohama Financial and Kyoto Financial


Japanese Big Cap Banks – Taking Profits on Shizuoka