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

Woori Financial Group (316140 KS/Buy)CET1 Ratio Rises Sharply on Asset Revaluation

Korean Banks; Woori (316140 KS) Is the Deep Value Pick, Keeping Hana (086790 KS) On the Buy List

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

Woori Financial Group  / Equity Bottom-Up

<ul>
<li>Woori Financial remains our value pick with its low PEG ratio and high dividend yield; we believe it is the most asset sensitive bank of the peer group</li>
<li>Woori is trading at a 36% PBV discount to peer KB Financial which is well below the three year mean a close to one standard deviation from the mean</li>
<li>We downgrade Hana Financial to a neutral despite attractive valuations due to its relatively more challenged credit quality which could drive a higher cost of risk going forward</li>
</ul>


Woori Financial remains our value pick with its low PEG ratio and high dividend yield; we believe it is the most asset sensitive bank of the peer group
Woori is trading at a 36% PBV discount to peer KB Financial which is well below the three year mean a close to one standard deviation from the mean
We downgrade Hana Financial to a neutral despite attractive valuations due to its relatively more challenged credit quality which could drive a higher cost of risk going forward


Korean Banks; Woori (316140 KS) Is Our Sole Buy, Hana (086790 KS) Downgraded to a Neutral