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searching4value's avatar

Bancolombia looks interesting, still want to look at it, on X U should find content from marxen and some others.

No EM bank, but NM (niche market), close to your .8x, should pay nice divis, maybe even reduce its high capital ratios, currently very strong ROEs due to higher rates ==> BNORDIK.

Even a German one: PBB is absolute shit and Trading as such (.3x), activist gave up, new ceo will come from db (bad sign?), and ROEs most likely stay low but at least with rather high payout ratio, hopefully. But if ROEs would ever increase ...

EMs you might want to look at: ProCredit, one bank in Slovenia

Interesting sector!

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Roiss' Conclusions's avatar

I looked at ProCredit and while it is interesting - I would rather have one with a much bigger market

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abv95178's avatar

Rioss, thank you for the article! what look do you use to that automatically summarises earnings calls?

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Roiss' Conclusions's avatar

Kagi Universal Summarizer API

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Roiss' Conclusions's avatar

To add: If you have any companies that often have great economic forecasts in leading industries let me know!

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abv95178's avatar

Sounds like a wide category, I am no expert on cyclical industries. I am sure macro funds have something to say about it? There were a few that did well this year.

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Anssi Alkio's avatar

I have somewhat hard time investing in EM banks when there are huge EU and NA banks trading at significant book discounts like Deutsche and Citi.

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Roiss' Conclusions's avatar

The problem is with those is that in most cases (with a few exceptions like Lloyd), they are not good banks.

Several of the emerging market banks have a huge market share in their market and are cheap.

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Anssi Alkio's avatar

Well, good is subjective. I haven't really paid attention to Citi, but DB seems to be well on track on its roadmap to become "better".

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searching4value's avatar

Becoming better from a very very low level, maybe?

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Anssi Alkio's avatar

One of the best kind of investments can be found exactly from times like this when hated/historically hated asset normalizes. Of course, same generally applies to EM banks too.

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Roiss' Conclusions's avatar

Agree, but at that time it is crazy difficult to buy

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Roiss' Conclusions's avatar

That as well.

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Roiss' Conclusions's avatar

Agree, but given DB's history I'd rather take my chances elsewhere.

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searching4value's avatar

me2, recent example fx hedges (with far too high nominals) sold to small bsuinesses in Spain (or Protgual was it?)

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