Galliano's Financials Research (a trading name of Galliano's Latin Notes Ltd)

Japanese big cap banks – Stay positive ahead of BoJ’s Outlook Report and 2Q fiscal year results (Published 30 October) BoJ is to hold rates, yet data shows rising market rates and the JGB yield curve is steepening; we rate Resona and Mizuho for their higher rate gearing, high share of equity holdings to market cap. Capital at risk | For professional clients only

Thai Banks - Krung Thai has further re-rating potential (Published 25 October) Krung Thai continues to stand out as our top pick among Thai banks, with its sound profitability, high ROE, solid balance sheet and attractive valuations; its shares have room to re-rate further. Capital at risk | For professional clients only

EM Exchanges - Brazil's B3 stands out (Published 23 October) B3’s share of post-trade revenue is understated, it is a well-diversified exchange in terms of the product offering; HKEx has a high share of post-trade revenues, both trade on attractive valuations. Capital at risk | For professional clients only

Japanese midcap banks - Three key picks (Published 11 October) We focus on Japanese midcap banks' key shareholder attributes; Hachijuni and Hokuhoku added to buys for their large strategic holdings, while Gunma remains a buy for its strong interest rate gearing. Capital at risk | For professional clients only

SoftBank (9984 JP) - Despite the high NAV discount, we see greater headwinds; downgrading to neutral (Published 30 September) Risk of a stronger JPY and Arm Holdings’ super premium valuation versus its peers are potential headwinds for SoftBank group shares and NAV, combined with the high correlation between Arm Holdings and SoftBank group shares. Capital at risk | For professional clients only

Hana Financial (086790 KS); Error of Omission from the Value-up Index? (Published 27 September) Despite being excluded from the Value-up Index, Hana remains our core South Korean bank pick for its attractive valuations, low PEG, solid core capital ratio and strong credit quality credentials. Capital at risk | For professional clients only

Japanese bigger cap banks - BoJ's pause is a buying opportunity (Published 26 September) We see a constructive outlook with recovering domestic loan growth, available funding as well as sector evidence of higher lending rates; also, largely well controlled unrealized losses on bond portfolios; we keep Resona and Mizuho as our top picks. Capital at risk | For professional clients only

China Banks - opportunities among the credit quality challenges (Published 14 September) CCB is a core GEM bank buy for its deeply discounted valuations and strong balance sheet; Ping An Bank is the deep value contrarian pick; Minsheng is our fundamental sell. Capital at risk | For professional clients only

Malaysian Banks - CIMB is our pick (Published 10 September) We reiterate our buy on CIMB; management continues to drive credit quality with cost of risk improvements, and we see potential for operating efficiency gains, combined with its attractive valuations Capital at risk | For professional clients only

Indonesian Banks - Negara's positive returns are gathering momentum (Published 6 September) Negara is our top pick, Mandiri remains a buy; both banks have big valuation differentials with quality play BCA and they have lower structural cost of risk relative to heavily MSME-exposed Rakyat. Capital at risk | For professional clients only