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

Bangkok Bank (SET:BBL) Downgraded on Thailand-Cambodia Suspension of Peace Accord

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

Thai Banks; Bangkok Bank (SET:BBL) Is Our Deep Value Pick, TMB Thanachart (SET:TTB) Is Now a Neutral

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>Consumer finance company Krungthai Card (KTC) has been subject to a sharp de-rating over the last twelve months, due to share overhang, index removal and credit quality concerns</li>
<li>Despite slower growth, KTC is experiencing a recovery in returns and it has controlled its credit quality well, also delivering improved opex control in recent quarters</li>
<li>KTC becomes our sole Thai financials buy; we like its potential for further improved returns, its sound credit quality and coverage and we believe the stock overhang risk is limited</li>
</ul>


Consumer finance company Krungthai Card (KTC) has been subject to a sharp de-rating over the last twelve months, due to share overhang, index removal and credit quality concerns
Despite slower growth, KTC is experiencing a recovery in returns and it has controlled its credit quality well, also delivering improved opex control in recent quarters
KTC becomes our sole Thai financials buy; we like its potential for further improved returns, its sound credit quality and coverage and we believe the stock overhang risk is limited


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