JPM 是一家顶级公司。以 13.5 倍市盈率和 2.49 倍市净率来看，作为银行它偏贵，但作为数字科技与银行的混合体则便宜。增长、存款、净利息收入和平均贷款均在上升；CCT1 比率为 14%，从未低于 9%，因此较为保守。他看好其财报表现，预期业绩良好，不介意持有。
逐段跳播
例如，我们有JP Morgan。明天那是个大事件。
For example, we have JP Morgan. That's a big one tomorrow.
现在，回顾这一周，我们还有像JP Morgan、United Health Group和Domino's这样的公司也都在明天公布财报。我总体上认为这些公司会表现不错。
Now, looking back through the week, we also have companies like JP Morgan, United Health Group, and Domino's reporting earnings all tomorrow as well. I generally think these companies are going to do well.
就JP Morgan而言，这是市场上最好的公司之一。我其实真的很喜欢这一只。我持有JP Morgan有一段时间了。我在接近COVID时买入这一只赚了一些不错的钱。我在我认为是大幅获利时卖掉了它，确实如此，但股价就是继续上涨。所以，卖掉这一只是个错误。
With JP Morgan, this is one of the best companies in the market. I actually really like this one. I own JP Morgan for a while. I made some good money buying this one close to COVID.
I sold it at what I thought was a big gain and it was, but the stock just kept going up. So, this was a mistake to sell this one.
它目前的市盈率是13.5倍。对于银行，你大概应该用市净率。2.49对一家银行来说算贵。所以，这取决于你如何给它估值。如果你把它当作一家也带一点银行体系的数字科技公司来估值，那么JP Morgan很便宜。
如果你把它主要当作一家银行、附带一些科技附加业务来估值，那么它就很贵。
It currently trades at a 13 1/2 Ford PE ratio. With banks, you should probably use the price to book. 2.49 is expensive for a bank. So, it depends on how you value this one. If you value it as a digital tech company that also is a little bit of a banking system, then JP Morgan's cheap.
If you value it as primarily just the bank with some tech add-on stuff, then it's expensive.
无论如何，增长一直非常惊人。看看它在过去10年增长了多少。我们还看存款规模。我们这里有KPI显示存款规模在增加。更多人在存钱，把钱放进JP Morgan。净利息收入也在上升。所以，随着国债利率上升、利率上升，平均贷款——这一项很有意思。
这贯穿他们所有业务，商业和个人，也继续上升。所以，他们拥有更多平均贷款。
In any case, the growth has been incredible. Look at how much it's grown in the past 10 years. We also look at the deposit size. We have KPIs here showing that the deposit size is increasing.
More people are saving money, putting their money in JP Morgan. The net interest income is also going up. So, as treasury rates go up, as interest rates go up, the average loan, this is an interesting one.
This is throughout all of their business, commercial and personal, continues to go up as well. So, they have more average loans.
我们这里还新增了另一个KPI。这个我实际上还得去查一下。我对此并不熟悉。我不是银行业专家，但它是CCT1比率，这基本上说明公司在覆盖严重贷款损失或其风险投资组合方面有多强。如果它达到15%，那几乎就像是这家银行过于保守了。
它只是有太多钱来覆盖哪怕糟糕的情况。如果低于9%，那就是事情开始变得危险的地方。而对JP Morgan来说，他们从未真正跌到过9%以下。他们现在处于14%。所以现在JP Morgan的资产状况非常保守。
就他们的银行业务和贷款组合而言，应该没有任何担忧。
We have another KPI that's been added here. This is one that I actually had to look up. I wasn't familiar with it. I'm not a banking expert, but it's a CCT1 ratio, and this basically says how good the company would be at covering for severe loan losses or their risky investment profile.
If it gets up to a point where they have 15% that's almost like the bank is being too conservative. It just has too much money to cover for even terrible situations. If you get below 9% that's where things start to get dangerous.
And for JP Morgan they've never really gotten down below that 9%. They are right now at 14%. So right now JP Morgan has a very conservative profile. There should be no concerns as far as their banking and their loan profile is involved.
我喜欢它进入这次财报。我认为结果会不错。我认为银行现在处于非常有利的位置。我不介意持有JP Morgan。
I like it going into this earnings. I think it's going to be good. I think that banks are set up really well right now. I wouldn't mind being invested in JP Morgan.
观察点
这个频道对 $JPM 的历次判断
Joseph Carlson After Hours 在这只股票上只有这一条判断。