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 Big Cap Banks – Taking Profits on Shizuoka

Japanese Big Cap Banks – Still Overall Bullish, but Taking Profits on Yokohama Financial

Kyoto Financial Group (5844 JP): Disposals Plan for Equity Holdings Warrants More Ambitious Target

Kyoto Financial Group (TSE:5844) – Positive Shift in C-Suite Outlook

Japanese Big Cap Banks – Stick with Our Key Positive Picks

Japanese Midcap Banks – Iyogin Holdings (5830 JP) Is Our Top Pick

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.

Event-Driven

<ul>
<li>Post the Nintendo partial disposal, Kyoto Financial equity holdings were close to 93% of market cap, still well above those of its larger cap Japanese peer banks</li>
<li>Post the Nintendo deal, Kyoto has the securities gain buffer on equities to crystallise losses in its JGB portfolio, reduced its unrealized losses on JGBs significantly</li>
<li>We believe that this stake disposal is not a one-off, and that it improves the outlook for further equity holdings disposals which is Kyoto’s main source of shareholder value creation</li>
</ul>


Post the Nintendo partial disposal, Kyoto Financial equity holdings were close to 93% of market cap, still well above those of its larger cap Japanese peer banks
Post the Nintendo deal, Kyoto has the securities gain buffer on equities to crystallise losses in its JGB portfolio, reduced its unrealized losses on JGBs significantly
We believe that this stake disposal is not a one-off, and that it improves the outlook for further equity holdings disposals which is Kyoto’s main source of shareholder value creation


Kyoto Financial Group (5844 JP): Nintendo Deal Is a Catalyst for Future Disposals