저자: TheJohnJohnstonLounge진행자JohnJohnston · 외국인
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슈퍼투자자 Li Lu(Himalaya Capital)가 2023년 Q1~Q2 지역은행 위기 시기에 East West Bancorp(EWBC)를 매수했다고 설명. 주가는 당시 40~50달러대였고 현재 약 72달러로 상승. 내부자(CEO·CFO·이사)도 같은 시기 매수. 은행의 ROA·ROE·순마진 등 수익성 지표가 양호하며 PE 약 8.85배, 가치 평가상 저평가 가능성을 언급. 다만 투자 판단은 본인이 해야 한다는 단서 제시.
다듬은 글
this is Insider buys and sells for that stock for that company and we can see here the CEO CFO and directors we're buying during that time I'm going to look at Super investor Lee Lou's current portfolio he doesn't have a lot of stocks but we're going to get into it and especially one stock that he's bought reasonably recently going to look more in depth at that company that stock so let's get into it now this is lelo's current portfolio Himalaya Capital Management he runs that and you can see there that there's less than 10 stocks in there which is quite normal for Value investors he is a value investor and we can see here in this past quarter there's really no movement but we can have a look at the portfolio we can see there that 27.7 6% is the biggest holding which is a huge percentage postal Savings Bank of China and we're going to have a look through these and I'm going to focus on East West Bankok today we're going to look into that stock he has had movement in that in previous quarters recently so we'll have a look at what that is why he might have bought it today but going through the others Bank of America is 2.36% of the portfolio again big alphabet but the two classes of alphabet stock Gogle there 15% and 12% so that's a big chunk of the portfolio too birkshire heway is 11.23 and there we have East West Bank C at 7% of the portfolio so we're going to have a look at that one today and Apple rounds it out at 5.13% now if we have a look at data Roma here we can see the activity for leel loose portfolio with the US Stocks anyway over the past few quarters and we can see the last movement was actually Q2 2023 and East West bankor he added 20.9% and q1 2023 was the bulk of that he bought East West Bank Corp and he bought some of Bank of America as well he added to that but East West Bank Corp is this Regional Bank that he added to is it a good company and why did he buy it let's get into that and here we can see on ticket terminal that is East West Bank Corp stock so we can see over the past 10 years it's had a 92.7% rise and that's a 6.8% k go over that time so not so impressive would have to think that lelu here is looking at buying at the right time not timing the market but just buying when the stock he thinks it's undervalued and of course you know in the past year or so we've had some downturn in Regional Bank stocks let's go back 5 years it's 38.3% over 5 years 6.8% KGO again over the last 3 years it's actually lost at 3% down over 1 year 5% down and over year to date it hasn't done so well and so the lowest point in the last 3 years was in early May 2023 let's remind ourselves here here that q1 and Q2 2023 this was doing during q1 2023 we can see that big drop off there and it wouldn't surprise me if he this is when he got interested and started buying here and then in Q2 of course that we're going into Q2 so these prices were down into the 40s and 50s here so we'd have to assume that he was buying because he's an experienced investor an expert investor that he took his opportunity there as a value investor to buy down in those depths at that time and he really hasn't touched it since then so he thought obviously that was a good price we can assume this is Insider buys and sells for that stock for that company and we can see here look at these buys we can see that the Insiders insiders were buying and we if we look take particular interest in this these prices here it was actually in the40s that highest one $49.50 and then right down and so insiders that they were management we can see the CEO CFO and directors were buying during that time and lelu buying during that time as well so a lot of insiders and expert investors buying at that time and it sort of stopped there but basically in the' 40s they were buying in the' 40s and as I record this the stock is in the low 7s today 72 so it's had a rise since then investors insiders taking the opportunity to buy when it dropped low in that Regional banking mini crisis when some banks did go under Silicon Valley bank and you think that I'm earning it please thanks okay so let's get into what this bank is what it does we can see about the company here East West Bank operates the bank holding company for East West Bank that provides a range of personal and Commercial banking services to businesses and individuals in the United States and greater China so that's an important Point United States and China which isn't the case with a lot of banks it operates through three segments consumer and business banking Commercial Banking and other and we can see here that it has 120 locations in the United States and greater China full service branches in Hong Kong Shanghai a number of cities there in China headquartered in Pasadena California so that's Los Angeles headquartered in Los Angeles operations in China and the US and Leu knows both of those countries really well he grew up in China famously was a refugee into the United States went to Colombia business school did extremely well at Columbia business school went to see a Warren Buffett lecture while he was there and was immediately taken with that and studied Warren Buffett and he got to know Charlie manga later on and ended up investing for Charlie manga Charlie manga has said great things about leelu how he was the only investor that he would trust his money with and he did and so this is what leelu is doing he knows China he knows the US and he's invested in this bank that has its foot in both countries and both economies and now this is more about the bank this is from one of their own presentations on the investor section of their website East West at a glance we can see that it's about a 10 billion market cap or thereabouts $70 billion in assets 56 billion deposits And1 19.4% rce which is return on tangent common Equity we'll have a look at that later but that's a good number it's 19.4 it has been higher than that it's bit averages over 20 but we'll have a look at that that's pretty good for a bank and headquartered in Pasadena California we can see the branches here four branches in Asia to support crossb trade as we can see importantly operates both in the US and China founded in 1973 so it's over 50 years in operation so it's not a new bank 25 years on the NASDAQ St roots in the US Asian-American immigrant Community that's important there expanded to connect businesses between the US and Asia and of course leelu is in that Community wouldn't surprise me if he uses this bank as part of research and awardwinning Company it's won awards for you know top performing bank and so forth quite a few branches in the US not a huge Bank though but still as far as Regional Banks go we've had this Regional banking crisis you know again this year in 2024 we've had sort of inkings of of trouble but about a year ago we had this mini crisis with regional Banks people got very worried and so the price of banking stock went way down but this is quite a solid Bank as we'll see from the numbers so lelu taking his opportunity there to buy at that time this is from a previous presentation last year we can see here highlights to the second quarter 2023 so that was like deep in this crisis so they put out their numbers here put out these graphs to show that they were solid we can see return on average assets there you know was 1.66 in in Q2 2022 q1 2023 it was 2 and 1.85 if you don't know about analyzing Banks let me tell you that these are pretty good numbers return on average assets if you looked at other banks in the United States or anywhere these compare very well and we also have return on average tangible common Equity as we saw before from that presentation it was in the 19 but we have here 19.9 20 2.9 21 this is also very good so averaged out they're doing very well in return on average common Equity these are also good numbers so now we turn to Guru Focus to look at some of these metrics for the bank there we can see that the market cap is around that 10.1 billion at the moment Enterprise value of 10.2 and if we look at the metrics that leelu might have been interested in for this bank if you've been following me lately you'll be seeing other companies that I've looked at from through Guru Focus here and green is good green is good and we can see net margin here 45 FCF margin 51 R return on Equity they nearly 18 Roa as we saw 1.72 which consistently they've been getting so these are very good numbers so years of profitability it's performed well over 10 years PE ratio currently 8.85 which isn't hugely high and Guru Focus here says that it's got a value of 96 .7 and of course that price is 72 at the moment when Lee bought it it was probably down in the low 50s if not lower than that and of course he took advantage and we saw those insiders buying in the 40s so leelu's already done pretty well out of this and we can see that it's giving it a five star ranking in terms of the quality the value of it creeping up there compared to how it was G Focus here is it's saying that it's undervalued which you take that with a grain of salt you've got to do your own work on it if we go deeper into the financials here we can see that the revenue growth rate 10e Revenue growth rate is 9.7 5e it's 9.8 you can see the history of some of those metrics there if we look at the Roa return on assets we can see that it's going been going up consistently high for a bank but going up so recently on 2022 1.8 1.5 and 1.74 for the December 2023 return on tangible Equity there we can see 19926 17 12 15 so it's been consistently pretty good there too over the long term and net margin we can see 45 consistently good going back in fact getting better over the years and getting better recently so an improving performance you can see all of these numbers here are pretty impressive for a bank so I can see why that Lee might have been interested in this bank now very recently on the out of value patreon I've posted my current stock portfolio and recent changes and some commentary on the portfolio over there I also post exclusive content content that I don't post anywhere else but there so again I'll put the okay this segment is just for patreon and as you know as I put my stock portfolio positions on just recently you know that now this is the Sixth and a recent series of super investor portfolio videos that I've made I'm going to put a link here if you're on YouTube to that playlist and in the description for those watching or listening elsewhere so check some of those out if you haven't already to this one and I'll see you in the next one
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