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

Malaysian Banks; Positive on CIMB, RHB and PB Bank, Negative on Maybank

RHB Bank - Preserving growth momentum (RHBBANK MK, CP MYR8.53, BUY, TP MYR9.40, Banks)

CIMB Group Holdings - FY25 results within expectations (CIMB MK, CP MYR8.04, D/G HOLD, TP MYR8.60, Banks)

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 stick with RHB Bank only as our buy in Malaysian banks, for its fundamental value credentials</li>
<li>We downgrade two banks to neutral from buy ratings; we believe that there is limited share re-rating potential at CIMB and PB Bank going forward</li>
<li>We upgrade Maybank to a neutral from a sell rating, largely based on valuation; the extent of its de-rating can be seen in this report’s PBV and PE charts</li>
</ul>


We stick with RHB Bank only as our buy in Malaysian banks, for its fundamental value credentials
We downgrade two banks to neutral from buy ratings; we believe that there is limited share re-rating potential at CIMB and PB Bank going forward
We upgrade Maybank to a neutral from a sell rating, largely based on valuation; the extent of its de-rating can be seen in this report’s PBV and PE charts


Malaysian Banks; Narrowing Down Our Buy to Only RHB Bank, Lifting Sell on Maybank

RHB Bank Bhd

Malaysian Banks; Narrowing Down Our Buy to Only RHB Bank, Lifting Sell on Maybank