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

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

Japanese Midcap Banks – Introducing the Scorecard and Quarterly Return Trends

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>We enhance and update our scorecard in this report on ten Japanese mid-cap banks focusing on key factors such as gearing to higher interest rates and the banks’ equity shareholdings</li>
<li>Iyogin Holdings remains our top pick, for its pre-provision returns and equity shareholdings; Hokuhoku Financial is top three in the scorecard and Hachijuni tops the equity shareholdings to market cap</li>
<li>We add new coverage Nishi-Nippon Financial to the buy list; it ranks second in the scorecard with its high gearing to rising interest rates and its very attractive PEG ratio</li>
</ul>


We enhance and update our scorecard in this report on ten Japanese mid-cap banks focusing on key factors such as gearing to higher interest rates and the banks’ equity shareholdings
Iyogin Holdings remains our top pick, for its pre-provision returns and equity shareholdings; Hokuhoku Financial is top three in the scorecard and Hachijuni tops the equity shareholdings to market cap
We add new coverage Nishi-Nippon Financial to the buy list; it ranks second in the scorecard with its high gearing to rising interest rates and its very attractive PEG ratio


Japanese Mid-Cap Banks – Multiple Tailwinds