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

The Week That Was in ASEAN@Smartkarma - GoTo & TikTok, BliBli's Omnichannel, and Malaysian Banks

Malaysian Banks Screener; Value Pick CIMB Has Momentum, Maybank Is the Quality Pick

The Week That Was in ASEAN@Smartkarma - Sea Ltd's Scale, Cimory's Dairy Recovery, and AMMB Placement

RHB Bank - 3Q23 results above our expectations

Malaysian Banks Data to June 2023 Screener; Stick with RHB Bank and CIMB

Malaysian Banks March 2023 Results Screener; Maintaining RHB Bank and CIMB on Our 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

<ul>
<li>Of the six Malaysian banks screened, we keep value play RHB Bank on the buy list and switch our prior CIMB for Maybank</li>
<li>RHB Bank is our top pick for its undemanding PE and PBV whilst being second from top in post-provision profitability; its high CET1 ratio has not held back its ROE</li>
<li>We drop CIMB from the buy list for its weaker credit quality and low NPL coverage; we upgrade quality pick Maybank to buy for its attractive valuations</li>
</ul>


Of the six Malaysian banks screened, we keep value play RHB Bank on the buy list and switch our prior CIMB for Maybank
RHB Bank is our top pick for its undemanding PE and PBV whilst being second from top in post-provision profitability; its high CET1 ratio has not held back its ROE
We drop CIMB from the buy list for its weaker credit quality and low NPL coverage; we upgrade quality pick Maybank to buy for its attractive valuations


Malaysian Banks Screener; RHB Bank and Maybank Are Buys

RHB Bank Bhd

Malaysian Banks Screener; RHB Bank and Maybank Are Buys