BLX - Bladex: A Misunderstood High Dividend Yield Low-Risk Play

• Banco Latinoamericano de Comercio Exterior S.A., or Bladex, is a well managed bank with strong shareholders and long track record.
• The investment thesis continues intact as the multiple remains compressed (Price to Book Value at 0.6x), while earnings power returns to pre-pandemic levels.
• An already high 7% yield is likely to improve - perhaps to 10% if prior dividend level gets restored - due to abnormally high capital levels and a profitable book.

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