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 Banks – Update on Bigger Cap and Digital Banks

Japanese Big Cap Banks – Taking Profits on Shizuoka

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

Japanese Big Cap Banks – Stick with Our Key Positive Picks

Japanese Banks – 2026 High Conviction Ideas

Japanese Banks – We Clip Our Key Positive Picks in the Big-Caps and Mid-Caps

Kyoto Financial Group (5844 JP): Disposals Plan for Equity Holdings Warrants More Ambitious Target

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 December BoJ rate hike, the sector interest rate spreads continuing to widen and the JGB yield curve steepening further are positive for Japanese banks’ return prospects</li>
<li>We focus on three core factors; the banks’ gearing to higher domestic interest rates, the value of banks’ cross-holdings to market capitalization and each bank’s valuations relative to returns</li>
<li>We believe that a key driver is Japan’s interest rate normalisation; we keep our top pick Resona Holdings on the buy list, whilst also adding Shizuoka and Yokohama Financial</li>
</ul>


The December BoJ rate hike, the sector interest rate spreads continuing to widen and the JGB yield curve steepening further are positive for Japanese banks’ return prospects
We focus on three core factors; the banks’ gearing to higher domestic interest rates, the value of banks’ cross-holdings to market capitalization and each bank’s valuations relative to returns
We believe that a key driver is Japan’s interest rate normalisation; we keep our top pick Resona Holdings on the buy list, whilst also adding Shizuoka and Yokohama Financial


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