In short: A big position in colleague Isaac Schwarz's global fund: largest bank in Kazakhstan, ~35% ROE, trades at book (≈3x earnings), pays out ~half in dividends. Plays the critical-materials theme — Kazakhstan is long uranium, oil and copper and a geopolitical counterbalance to Russia/China.
Halyk Bank is the biggest bank in Kazakhstan. It's a holding in a colleague's global fund, owned through a "GDR" — a Global Depositary Receipt, basically a London-listed certificate that lets foreigners own shares of a company that trades on a faraway exchange.
The appeal is stark value plus quality: it earns a ~35% return on equity (very high for a bank), trades around book value (only about three times earnings), and pays out roughly half its profit as dividends. It's also a bet on Kazakhstan itself — a country rich in uranium, oil and copper (the "critical materials" needed for nuclear power and electrification) and a useful geopolitical buffer between Russia and China.
37:16And one of the companies that is extremely interesting, inexpensive stock is Halyk Bank. It's one of the large positions that he has and it's the largest bank in Kazakhstan and it has a 35% return on equity. It trades at book value. So therefore it trades at three times earnings. It pays out half that money almost in dividends.
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