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This Wednesday, I asked readers which stock you wanted me to cover. 28% of you suggested Halyk Bank (HSBK LI — US$5.5 billion), Kazakhstan's largest commercial bank. So here is my conclusion.
When putting together the deck, I received significant help from an American investor called Tyler, who owns the stock and has an excellent grasp of the business. I also received help from another subscriber on the ground in Kazakhstan.
Kazakhstan is a landlocked country right between Russia and China. It’s wealthier than most realize, with a great amount of natural resources such as oil & gas and uranium. Thanks to resource extractions and favorable demographics, GDP per capita has grown rapidly.
One of the biggest beneficiaries of that growth has been Halyk Bank - the country’s leading commercial bank. The compound annual growth rate of its earnings per share has been 17% in US Dollar terms.
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