저자: Joseph · 한국인
요약 보기
브로드컴(AVGO)은 네트워크 연결 반도체·소프트웨어 강자로 배당성장 측면에서 매력적이라고 평가. 최근 AI 붐으로 주가가 1년간 111% 급등해 배당수익률이 1.56%로 낮아졌고, 밸류에이션도 과거 평균과 업종 평균을 웃돈다. 현재 7% 비중을 보유 중이며 추가 매수는 보류하고 조정 시 매수 계획. 애플·엔비디아 경쟁 리스크는 장기적으로 크지 않다고 봄. 투자 권유 아님을 명시.
다듬은 글
Hello, this is Joseph, researching and investing in US stocks for a happy life after retirement. In this video, I would like to introduce a stock that is a bit different from what I have covered on this channel so far. It is a stock I actually discussed on my blog a few months ago, but I plan to present it by combining the information from that time with subsequent updates.
Although the dividend yield has dropped due to the stock price rising significantly amidst the recent AI boom, it is a popular stock among dividend investors because it has consistently raised its dividends—relatively high compared to other tech stocks—in the past. It is a representative dividend growth stock that has raised its dividends by an average of 19% over the past five years.
It also holds the number one position in the SCHD, a representative dividend growth ETF. With this description, those of you familiar with US stocks have likely already guessed. As many of you may have expected, it is Broadcom. In this video, I intend to introduce Broadcom and discuss its investment appeal and risk points at this current juncture.
I hold it with a 7% weighting in my portfolio; actually, I bought it from a dividend growth perspective and intended to continue buying steadily. However, the stock price has risen so quickly due to the recent AI boom that I am currently hesitating to buy more and am contemplating my options. I would like to share my concerns as well.
Hani, please watch the video until the end. First, since you might be unfamiliar with what kind of company Broadcom is, let me explain. To define Broadcom's business in one word, it is " connecting." It is an absolute powerhouse in the semiconductor and software fields related to connecting, such as network equipment, data centers, and network terminals.
Network-related semiconductor sales account for 60% of total revenue, while network-related software accounts for 40% and 10%. This data comes from company presentation materials and is a table showing where Broadcom's solutions are used in each part of the network. Quoting Broadcom, they state that 999.9% of global network traffic uses at least one Broadcom chip.
This demonstrates just how significant Broadcom's market dominance is across the entire network. This is the reason why the company is receiving attention in the AI era. Data centers are where the most investment is made in the AI era. While NVIDIA GPUs are used in those data centers, Broadcom chips are also essential.
Broadcom's chips and software are used across the entire network layer through various diverse lineups. Compared to NVIDIA, you could say NVIDIA has a superstar hero who knows how to use CPUs, whereas you could say Broadcom has excellent soldiers who fight well laid out like six guns. Broadcom has consistently increased its profits and dividends within this stable business structure.
It has raised dividends for 13 years, and the average dividend growth rate over the past five years is 19.2%. For reference, the five-year average EPS growth rate is 30%, which is a phenomenal figure. Furthermore, it paid a dividend of 12.72% last year. In fact, when I started buying Broadcom a few years ago, it was due to its dominance in the network market and dividend growth rate rather than my thoughts on AI.
The company has grown its dividends rapidly every year. The problem is that because the stock price rose even faster, the dividend yield has dropped to a historical low. The current dividend yield is 1.56%. While not terrible for a dividend growth stock, the current yield is not attractive to dividend investors.
Looking at Broadcom's valuation metrics, it is significantly higher than the five-year average of 16.26 and also higher than the sector average of 24.89. Although it was evaluated at a low level in the past, its valuation is being re-evaluated as an AI-related stock. Still, its valuation is much lower than that of DeAna or AMD, which are currently the hottest stocks.
Broadcom's investment There are three main points. First, although the dividend yield has dropped significantly due to the substantial rise in the stock price, a phenomenal dividend growth rate is still expected to continue. Second, data center investors are essential in the AI era, and Broadcom is bound to enter these markets, whether through semiconductors or software.
Possessing a strong economic moat, stable future growth is anticipated. Third, with the recent successful acquisition of VM, the proportion of software revenue has reached 40%. Now, software competitiveness that creates synergy with strong semiconductor competitiveness has been added. The risks continuously cited for Broadcom are rumors that Apple is developing its own communication chips and that Nvidia is attempting to encroach on Broadcom's business territory.
However, fundamentally, it does not seem easy. While these stories have been circulating for years, such risks exist for any company; Broadcom's management certainly isn't sitting around doing nothing. However, the biggest risk is that the stock price has risen too quickly in a short period. It has increased by 111% in just one year.
Personally, I considered this a stock to hold for a lifetime, thinking I would buy more if the price dropped, and I just sat there doing nothing until it reached this point. What perspective is needed in this situation? Personally, I intend to hold and not buy any more. While the dividend growth rate is attractive, the fact that it rose so much in such a short period is...
It is a bit daunting, of course. I plan to buy more once a correction occurs and the stock reaches the valuation I desire. This is because I believe it is rare to find a company that demonstrates such an economic moat and dividend growth. That is why I consider Broadcom a stock to hold for a lifetime.
Of course, I believe it is necessary to continuously monitor whether the company's competitiveness remains unchanged. What do you think? Please leave your opinions in the comments. This video is intended to provide reference information and is not a recommendation to buy or sell the stock. You must make your own investment decisions based on your own judgment.
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