Financials
Galliano's Financials Research
An end to Castillo’s chaotic, market-unfriendly administration with its high turnover in ministerial posts should be a catalyst for improving investor sentiment, as well as encouraging increased foreign investment. As the largest financial group in Peru, Victor Galliano expects Credicorp to be a key beneficiary of the more positive domestic political and economic backdrop, especially given its attractive valuation vs. its own history and LatAm peers. Shares to rerate higher in the coming months.
Edition: 150
- 09 December, 2022
LatAm Financials: Focus on the value opportunities
Financials
Galliano's Financials Research
Victor Galliano identifies the most attractive stocks based on value and GARP metrics. In Brazil, he highlights Banco do Brasil and Bradesco, but has recently turned cautious on Banco Inter. He continues to see further upside in Banorte (Mexico). Credicorp (Peru) is one to watch closely - most attractive PEG ratio among LatAm banks; plus investors have begun to cover short positions. Amongst the payment companies, Victor sees strong growth potential at PagSeguro. Within the wealth management sector he remains cautious re. XP's prospects due to eroding take rate and rising IFA costs.
Edition: 110
- 14 May, 2021