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

SoftBank (9984 JP) Is Flying High, But It May Be Time to Take Some Off the Table

Softbank (9984) Is Trading Cheap, And That Could Be An Opportunity

JPX Margin Trading Weekly (Jun 20th): Advantest, Disco, Mitsubishi Heavy Industries, Lasertec

JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

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>SoftBank group (SBG) relies increasingly on Arm’s premium valuation for NAV growth, with SBG shares having benefited from their high correlation to those of Arm Holdings</li>
<li>JPY-USD FX strengthened recently, with the potential for BoJ monetary tightening and Fed easing set to accentuate this trend; SBG is USD asset heavy, and JPY heavy in its liabilities</li>
<li>The Vision Funds are slowly seeing IPO exits for private companies; in essence, we see that SBG shares are challenged by (geo)political, concentration, currency and market risks</li>
</ul>


SoftBank group (SBG) relies increasingly on Arm’s premium valuation for NAV growth, with SBG shares having benefited from their high correlation to those of Arm Holdings
JPY-USD FX strengthened recently, with the potential for BoJ monetary tightening and Fed easing set to accentuate this trend; SBG is USD asset heavy, and JPY heavy in its liabilities
The Vision Funds are slowly seeing IPO exits for private companies; in essence, we see that SBG shares are challenged by (geo)political, concentration, currency and market risks


SoftBank (9984 JP): Challenged by Portfolio Concentration and JPY Strength

Softbank Group

SoftBank (9984 JP): Challenged by Portfolio Concentration and JPY Strength