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

KRUNGTHAI CARD Plc. (KTC): In-Line Earnings; Low Loan Growth, Quality Focus

Krungthai Card (SET:KTC) – Value and Growth Potential in Thai Financials

Krungthai Card Plc. (KTC): 4Q25 Earnings Beat Forecasts; Solid Asset Quality

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 see an additional tailwind for KTC, in the form of reduced funding costs on the back of the Bank of Thailand lowering its policy rate to 1% in 1Q26</li>
<li>KTC registered a new high in post-provision returns over the last seven years lowering its cost of risk sharply; it has a low NPL ratio, with very healthy NPL coverage</li>
<li>KTC remains our sole buy in Thai financials; we like its potential for premium EPS CAGR versus its peers and improved returns, its sound credit quality and healthy NPL coverage</li>
</ul>


We see an additional tailwind for KTC, in the form of reduced funding costs on the back of the Bank of Thailand lowering its policy rate to 1% in 1Q26
KTC registered a new high in post-provision returns over the last seven years lowering its cost of risk sharply; it has a low NPL ratio, with very healthy NPL coverage
KTC remains our sole buy in Thai financials; we like its potential for premium EPS CAGR versus its peers and improved returns, its sound credit quality and healthy NPL coverage


Krungthai Card (SET:KTC) And Thai Banks – KTC Benefits from Low Funding Cost