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

Thai Banks 2Q25; TMB Thanachart (SET:TTB) Re-Rating at Risk, Krung Thai (SET:KTB) Is Now a Hold

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

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

Thai Banks 3Q24 Screener; Krung Thai Offers the Best Value Relative to the Returns Outlook

Krung Thai Bank - Low-risk loan portfolio

Thai Banks 4Q24 Screener; Krung Thai (KTB TB) Is in the Early Re-Rating Stages

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>Krung Thai ranks top of the Thai bank peer group on our weighted scorecard methodology, based on multiple valuation parameters, as well as balance sheet and return metrics</li>
<li>Krung Thai is driving its solid post-provision profitability higher, delivering close to double-digit ROE with a premium capital ratio for a PBV ratio of under 0.7x</li>
<li>The recent Trump tariff induced correction in the Krung Thai share price is a buying opportunity; it has scope to narrow the valuation gap with SCBx</li>
</ul>


Krung Thai ranks top of the Thai bank peer group on our weighted scorecard methodology, based on multiple valuation parameters, as well as balance sheet and return metrics
Krung Thai is driving its solid post-provision profitability higher, delivering close to double-digit ROE with a premium capital ratio for a PBV ratio of under 0.7x
The recent Trump tariff induced correction in the Krung Thai share price is a buying opportunity; it has scope to narrow the valuation gap with SCBx


Thai Banks 1Q25 Screener; Krung Thai (KTB TB), the Scorecard Stand-Out

Krung Thai Bank Pub

Thai Banks 1Q25 Screener; Krung Thai (KTB TB), the Scorecard Stand-Out