EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Credicorp (BAP US) US

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