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 Small Cap Banks – Hyakugo Bank (TSE:8368) And Awa Bank (TSE:8388) Stand Out

Japanese Mid-Cap Banks – Taking Profits on Iyogin and Nishi-Nippon; Hachijuni Is Our Buy

Japanese Banks – 2026 High Conviction Ideas

Japanese Midcap Banks – Introducing the Scorecard and Quarterly Return Trends

Japanese Mid-Cap Banks – Multiple Tailwinds

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

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>Japanese Mid-cap Banks – Iyogin (TSE:5830) remains our top pick, we drop Hokuhoku from the buy list</li>
<li>Iyogin and Nishi-Nippon rank first and second in our scorecard; Iyogin is a virtual “all-rounder” in terms of attributes whilst Nishi-Nippon scores highly on interest rate gearing and valuation</li>
<li>Hachijuni remains a buy, as it leads on equity shareholdings to market capitalisation and its interest rate gearing is improving; we take profits on Hokuhoku, downgrading it to a neutral</li>
</ul>


Japanese Mid-cap Banks – Iyogin (TSE:5830) remains our top pick, we drop Hokuhoku from the buy list
Iyogin and Nishi-Nippon rank first and second in our scorecard; Iyogin is a virtual “all-rounder” in terms of attributes whilst Nishi-Nippon scores highly on interest rate gearing and valuation
Hachijuni remains a buy, as it leads on equity shareholdings to market capitalisation and its interest rate gearing is improving; we take profits on Hokuhoku, downgrading it to a neutral


Japanese Mid-Cap Banks – Iyogin (TSE:5830) Remains Our Top Pick, We Drop Hokuhoku from the Buy List

Iyogin Holdings

Japanese Mid-Cap Banks – Iyogin (TSE:5830) Remains Our Top Pick, We Drop Hokuhoku from the Buy List