Banco Latinoamericano De Comercio Exterior SA (BLX)

We again reiterate BLX, who has been providing access to financing foreign trade in Latin American for over 40 years, as a TOP PICK.  Last month, S&P upgraded their long term debt commenting on consistency of earnings, diversification and low credit losses thru challenging economic times.  It trades at 10x earnings, 1.5x book, and supports a ROE of 15%.  We continue to recommend a stop at $53, looking to achieve $70 -- upside potential of 16%.  Yield 4.3%  

Following recently reported earnings that set records for commercial loans and deposits, we reiterate BLX as a TOP PICK.  The Panama based bank is growing business in the the South American market while growing cash reserves and aggressively retiring debt.  It trades at 10x earnings, 1.3x book and supports a 14% ROE.  The dividend is backed by a payout ratio under 50% of cash flow and has been growing 30% annually over the past five years.  We recommend trailing up the stop (from $50) to $53, looking to achieve $71 -- upside potential of 18%.  

We reiterate BLX, a Latin American bank, as a TOP PICK.  Recently reported earnings showed all-time record commercial revenues and deposits, fueled by a 24% increase in fee and commission income.  Cash reserves are growing, while debt is retired.  The dividend is backed by a payout ratio under 50% of cash flow.  We continue to recommend a stop at $50.00, looking to achieve $66.50 -- upside potential of 22%.  Yield 5.2%

Our PAST TOP PICK with BLX is progressing well.  To remain disciplined, we recommend trailing up the stop (from $46) to $50 at this time.

Following the recent release of earnings, showing a 22% increase in deposits, we reiterate this Latin American bank based in Panama as a TOP PICK.  It trades at 8x earnings, 1.1x book, and supports a 15% ROE.  The robust dividend is backed by a payout ratio under 50% of cash flow and has grown by 17% annually over the past five years.  We continue to recommend a stop at $46, looking to achieve $60 — upside potential of 18%.  

Our PAST TOP PICK with BLX is progressing well.  To remain disciplined, we recommend trailing up the stop (from $40) to $46 at this time. 

Following recently reported profit increase of 11%, a 21% increase in net deposits to record levels and a 34% increase in fees collected, we again reiterate this Panama based development bank as a TOP PICK.   Cash reserves are growing, while debt is retired.  It trades at 7x earnings, 1.1x book and supports a 16% ROE.  The generous dividend is backed by a payout ratio under 40% of cash flow.  We continue to recommend a stop at $40, looking to achieve $56 -- upside potential of 26%.  Yield 5.6% 

Our PAST TOP PICK with BLX has achieved its target at $47.  To remain disciplined, we recommend covering half the position at this time and trailing up the stop (from $36) to $40.  

Our PAST TOP PICK with BLX is progressing well.  To remain well, we recommend trailing up the stop (from $32) to $36 at this time.  

BLX is the largest commercial bank operating in Panama.  Recently reported earnings showed a 23% increase in deposits as well as net income.  It trades at 7x earnings, at book value and supports a 16% ROE.  Cash reserves are growing, while supporting a robust dividend yield whose payout ratio is under 40% of cash flow.  We recommend setting a stop-loss at $32, looking to achieve $47 — upside potential of 24%.  Yield 5.6%