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

Korean Banks; Keep Buy on Hana (086790 KS), Take Profits on Woori (316140 KS)

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

Korean Banks; Stick with Hana (086790 KS) And Woori (316140 KS)

MSCI ACWI (ACWI-US) Testing All-Time Highs; Buy Pullbacks to $120-$121 or $115 Supports. Many Buys

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>Hana Financial remains our buy pick among Korean banks; it is close to the top our scorecard, it remains attractively valued and its returns are improving</li>
<li>Hana is trading at a large PBV discount to KB Financial; this currently stands at a 30%+ discount which is over one standard deviation from the historical PBV discount mean</li>
<li>Furthermore, we see that this relatively dovish phase of monetary policy, Hana appears to have more limited downside risk than its peers in terms of further interest spread erosion</li>
</ul>


Hana Financial remains our buy pick among Korean banks; it is close to the top our scorecard, it remains attractively valued and its returns are improving
Hana is trading at a large PBV discount to KB Financial; this currently stands at a 30%+ discount which is over one standard deviation from the historical PBV discount mean
Furthermore, we see that this relatively dovish phase of monetary policy, Hana appears to have more limited downside risk than its peers in terms of further interest spread erosion


Korean Banks; Stick with Hana (086790 KS) On the Buy List