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

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

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

TMBThanachart Bank - Solid asset quality but limited upside

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 upgrade deep value Bangkok Bank to buy from neutral; it trades on a 40%+ PBV discount to SCBx and its return trends improved further alongside solid balance sheet credentials</li>
<li>TMB Thanachart’s share price has corrected versus the peer group, so its PBV valuation no longer looks so stretched especially versus SCBx; we upgrade TMB Thanachart to neutral from sell</li>
<li>Krung Thai remains a neutral, even though it is delivering on improved returns, as it is not compelling value and has been narrowing the discount with SCBx</li>
</ul>


We upgrade deep value Bangkok Bank to buy from neutral; it trades on a 40%+ PBV discount to SCBx and its return trends improved further alongside solid balance sheet credentials
TMB Thanachart’s share price has corrected versus the peer group, so its PBV valuation no longer looks so stretched especially versus SCBx; we upgrade TMB Thanachart to neutral from sell
Krung Thai remains a neutral, even though it is delivering on improved returns, as it is not compelling value and has been narrowing the discount with SCBx


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

Bangkok Bank Public

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