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 Regional Banks – Adding a Smaller Cap to Our Key Positive Picks

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

Japanese Mid-Cap Banks – Multiple Tailwinds

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 focus on key factors for these small cap banks such as equity shareholdings relative to market value, gearing to higher interest rates, and their exposure to bond holdings</li>
<li>We recommend buy ratings on Hyakugo and Awa two of the top three banks in our proprietary scorecard, primarily for their high level of equity shareholdings relative to market capitalization</li>
<li>Hyakugo is highly geared to higher rates and has low unrealized losses on bond positions, with Awa topping equity holdings to market value; Juroku, Aichi and Shiga are on watch</li>
</ul>


We focus on key factors for these small cap banks such as equity shareholdings relative to market value, gearing to higher interest rates, and their exposure to bond holdings
We recommend buy ratings on Hyakugo and Awa two of the top three banks in our proprietary scorecard, primarily for their high level of equity shareholdings relative to market capitalization
Hyakugo is highly geared to higher rates and has low unrealized losses on bond positions, with Awa topping equity holdings to market value; Juroku, Aichi and Shiga are on watch


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