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Charles Lannon of Toron Caoital Markets

Opinions from Charles Lannon

N/AA Comment -- General Comments From an ExpertA Commentary0.020In recent weeks, the tone has changed. If investors can maintain a time horizon of 2 to 3 years, the market will do quite well for them. Emerging markets are potentially in a valuation bubble. Regulatory risk can move to dampen things. Pessimistic on outlook for emerging markets. Healthcare, utilities present many opportunities, otherwise it is a stock by stock basis.2010-01-26
DON'T BUYUranium Participation Corp.U-T5.890Wouldn’t look at this. Prefers more traditional miners.2010-01-26
DON'T BUYTata Motors Ltd.TTM-N16.160Brutally competitive industry with tones of excess capacity. A better entry price would be south of $10. He would ‘consider’ buying less than $10. 2010-01-26
BUYReitmans (Canada) Ltd. (A)RET.A-T15.970Had a pretty good ’09. He keeps an eye on this because it has a nice dividend. They proved to be good retail operators and good at managing inventory.2010-01-26
BUYAppleAAPL-Q205.940Fairly valued at these levels. The success has been about revenue growth and gross margin expansion. Yesterday’s release showed a slip in gross margin growth. If you see this happen repeatedly, the stock could slip. The key to go from here is to show they can maintain those margins.2010-01-26
BUYTelefonica S.A.TEF-N75.690Has owned for years. Telecom is at the top of the list of sectors that lagged behind last year. This is a way of using a northern hemisphere stock to access emerging markets (Brazil). Debt load is not unusually high and being paid down aggressively. Entry price is a decent entry point. It’s a well run company.2010-01-26
DON'T BUYVale S.A.VALE-N26.740Brazilian stocks are too expensive right now. Fantastic resource base. Consider BHP instead.2010-01-26
DON'T BUYAmerican International GroupAIG-N24.400Is a speculation. There are so many moving parts and so little transparency. Is not a foundation to build a next egg on.2010-01-26
PAST TOP PICKDiageo PLCDGE-LN0.000(Top Pick Feb 17/09, 23% capital gain) Lots of brands that can be sold internationally. Suffered in recent months because of rumours of they intention to do a buy out, but rumours have subsided.2010-01-26
PAST TOP PICKTrans Canada CorpTRP-T34.650(Top Pick Feb 17/09, 6% capital gain) Investor base had to digest all the equity issues. Thinks this is really an attractive stock. 2010-01-26
DON'T BUYLloyds TSB Group PLCLYG-N3.390Canadian banking industry is the most attractive. Standard Chartered would be a better choice internationally.2010-01-26
VAGUEArcher Daniels Midland CompanyADM-N29.630Cash flow does not exceed earnings so he doesn’t like this one, but has bought it for snowbirds for its income.2010-01-26
DON'T BUYValero Energy CorpVLO-N19.020While oil price has been going up, demand has not. This one is not attractive enough over the long term to be in it.2010-01-26
WEAK BUYSyngenta AGSYT-N51.430Swiss based company. Likes it. Second to MON. Should follow the price of corn and soybean over the next few months.2010-01-26
WAITCoca-Cola FemsaKOF-N57.670Latin and south American Coca-Cola. Price is a little excessive. Phase capital in over 9 months.2010-01-26
BUYTSX GroupX-T30.820The monopoly is going away. Big traders are trading off-market to save fees. Likes business. Recommends sticking with it.2010-01-26
BUY3M Co.MMM-N81.630Some segments will respond more quickly to a change in the economy. Fantastically well run. Some of the highest margins and organic growth rates. Has higher margins in Europe than in the US. 2010-01-26
SELLICICI Bank Ltd.IBN-N34.560(Market Call Minute)2010-01-26
SELLPotash One Inc.KCL-T2.840(Market Call Minute) Prefer MON2010-01-26
DON'T BUYCemex SACX-N10.730(Market Call Minute) Too highly valued2010-01-26
DON'T BUYFreeport McMoran Copper & GoldFCX-N71.990(Market Call Minute) Too highly valued2010-01-26
DON'T BUYWestern Canadian Coal Corp.WTN-T3.450(Market Call Minute) Speculative2010-01-26
TOP PICKMicrosoftMSFT-Q29.500In the mist of benefiting from a structural reset in margins through cost cutting. Thinks it has plenty of room to run. Shares are worth high $30s. It doubled earnings over the last 5 years. Risk/reward tradeoff is compelling.2010-01-26
TOP PICKJohnson & JohnsonJNJ-N62.790Indicative of why investors need to invest outside of Canada. Has a multi-decade record of dividend increases. Regulatory issues are behind it. Low double-digit earnings growth over the next couple of months. Well run. Business: 2/5ths from pharma 2/5ths medical devices and 1/5th consumer health care.2010-01-26
PAST TOP PICKLink REIT823 - HK0.000(Top Pick Feb 17/09, 24% Capital Gain) Still own. In Hong Kong, containing shopping malls and parking lots. Small investments gave dramatic increases in revenue. Distributions increasing.2010-01-26
TOP PICKFairfax FinancialFFH-T25.970FFH.PR.C-T: Attractive alternative because of 5.5% yield and protection against inflation over the next 5 years. The pick of the litter. It’s a ‘reset’ preferred share.2010-01-26
TOP PICKThomson Reuters CorpTRI-T35.900Dividends critically important in this market. Great free cash flow generator that is expected to ramp up when they finalize the Reuters integration. Dividend of about 3.5% and expected growth will be quite attractive over the next several years.2009-09-30
TOP PICKFPL Group IncFPL-N55.230One of the best dividend growth profiles in North America. Strong balance sheet. 3.5% dividend. Expect earnings and dividends will rise by at least single-digit rate for years to come.2009-09-30
TOP PICKShin-Etsu Chemical4063-JP0.000Shin-Etsu Chemical. Japan is one of the cheapest equity markets in the world right now. This is one of the largest manufacturers of silicon globally. Pristine balance sheet. Cash on the balance sheet it was about 1/8 of the share price.2009-09-30
PAST TOP PICKLink REIT823 - HK0.000(A Top Pick Feb 17/09. Up 15.24%.)2009-09-30
PAST TOP PICKDiageo PLCDGE-LN0.000(A Top Pick Feb 17/09. Up 16.71%.)2009-09-30
PAST TOP PICKTrans Canada CorpTRP-T33.370(A Top Pick Feb 17/09. Up 5.51%.)2009-09-30
DON'T BUYLouisiana Pacific CorpLPX-N6.670Will track with the economy. Because he thinks the economy is going largely sideways the same will happen with this rail. Balance sheet is not great. Management is somewhat mediocre.2009-09-30
SELLMerck & CompanyMRK-N31.630Finalizing the merger with Schering-Plough (SGP-N). Good dividend yield and low PE ratio, which is a value trap because of huge headwinds ahead of them as drugs go off patent protection. Growth will be difficult. Prefers Johnson & Johnson (JNJ-N) because of the medical devices and consumer healthcare. Also Abbott Labs (ABT-N) would be another consideration.2009-09-30
DON'T BUYAmerican International GroupAIG-N44.110This is not investing, it is speculating. US government owns over 3/4 of the shares outstanding. Management team that is left is just going through the motions of selling off whatever business units they can.2009-09-30
CommentBanco Santander SASTD-N16.150This and Banco Bilbao (BBVA-SM) are well run Spanish banks. He prefers and owns Banco Bilbao because their M & A track record is a bit better. Surprised how well they have held up with the poor Spanish economy. Worst is still to come and the next 12 months can be choppy. Had a bounce back over 50% since its March lows. If you own, consider taking some off the table.2009-09-30
DON'T BUYCanadian Oil Sands TrustCOS.UN-T30.750Popular trust because of the long life of their assets but they don't have a low-cost structure. Prefers Vermilion (VET.UN-T), which has a much cleaner balance sheet as well as a good balance between natural gas and oil and the dividend is much safer.2009-09-30
CommentICICI Bank Ltd.IBN-N38.560Indian banks have fantastic growth profiles in terms of adding to their own books. This one also has a very attractive insurance business. Growth is reflected in the current price and there is good upside if your outlook is 5 years. He is wary of emerging markets generally at these levels. If you own, consider taking some profits.2009-09-30
SELLBank of AmericaBAC-N16.920Not a fan of this bank. The long-term track record of value creation is suspect. Grown to be the largest bank in the US through acquisitions and the timing and the price they paid hasn't been great.2009-09-30
CommentMetroPCS CommunicationsPCS-N9.360Although it is going to be a pretty tepid economy, telecoms are the least worst way to get a growing dividend stream right now.2009-09-30
DON'T BUYUnited States SteelX-N44.370Steel sector is very difficult to invest in. He would steer clear of this one at this time.2009-09-30
DON'T BUYBCE Inc.BCE-T24.100Owns the bonds but no shares. Not a particular fan of the equity. As a couple of problems. 1) Has some difficult competition in Ontario and Quebec. 2) Wire exposure is not as good as Telus (T-T). Would prefer Telus instead.2009-06-12
HOLDColgate PalmoliveCL-N71.380Large consumer staples stocks but also have a small pet food business. For years it has been the most expensive in its sector because it had the best organic growth rate and its exposure to emerging markets. Try to get it in the low $60's.2009-06-12
DON'T BUYCemex SACX-N11.340Did own but exited because of a possible refinancing issue. Doesn't think this will be the case but there is a very high risk that they will have to issue some common equity to shore up the balance sheet.2009-06-12
DON'T BUYOpti Canada Inc.OPC-T3.350On resource stocks he looks for asset diversity as well as a low-cost structure so that they can ride the inevitable oscillations in such a cyclical industry. This one is the absolute antithesis of that.2009-06-12
PARTIAL BUYHusky EnergyHSE-T35.150Well diversified energy company with offshore production as well as refining and marketing assets. Always had a sensible cash return policy. Paid generous dividends but haven't levered up the balance sheet to do it. Thinks oil has gotten ahead of itself and there needs to be a rebound in global demand. Phase in purchases over 9 or 10 months as he expects there will be a pullback.2009-06-12
DON'T BUYArc Energy TrustAET.UN-T19.250Reserve life is probably the single most important impact on the stock. Oil/gas royalty trusts can no longer tap capital markets for secondary rounds of financing and are now saddled with pretty marginal assets and weak balance sheets. Would prefer Vermilion Energy (VET.UN-T) or Royal Dutch Shell (RDS.A-N), which pays 7%.2009-06-12
DON'T BUYPenn West Energy TrustPWT.UN-T15.640Reserve life is probably the single most important impact on the stock. Oil/gas royalty trusts can no longer tap capital markets for secondary rounds of financing and are now saddled with pretty marginal assets and weak balance sheets. Would prefer Vermilion Energy (VET.UN-T) or Royal Dutch Shell (RDS.A-N), which pays 7%.2009-06-12
BUYRoyal Dutch Shell PLC (A)RDS.A-N54.410Pays 87% dividend. Even though he is expecting a retreat on the price of oil, he would still buy this because a large portion of their business is not cyclical.2009-06-12
DON'T BUYPfizer IncPFE-N14.760Not a fan of big cap pharma and hasn't been for some time. One of the most difficult business models to operate. Regulatory issues are so difficult to overcome between patent expiries and increasingly stringent health regulations and registration processes. (See Top Picks.)2009-06-12
TOP PICKThomson Reuters CorpTRI-T35.020Strong cash flow generator. Offers some of the best dividend growth potential as we get out to 2010-2011. Financial services sector is going to stabilize.2009-06-12
TOP PICKMicrosoftMSFT-Q23.330Despite being the largest software company globally it is still growing at an impressive clip. Pristine balance sheet with $30 billion in cash. Generates $350 million cash a week. Has a very attractive suite of new offerings coming up in the next 12 months.2009-06-12
TOP PICKSmith & Nephew PLCSNN-N38.720Manufactures replacement knees and joints as well as a technology “Mood Management”. Has been vastly oversold and this is a good entry point.2009-06-12
WAITWal-Mart Stores Inc.WMT-N49.840Highly topical stock because of subdued consumer spending. What is really going to drive it are the organic revenue numbers so wait to see what they report in a few weeks.2009-06-12
CommentA Comment -- General Comments From an ExpertA Commentary0.020Canada’s decline in GDP is in line with the rest of the world. It’s going to take 3-4 years to take out the previous highs. Mediocre outlook for rest of this year. Concentrate on firms with good dividends and solid balance sheets. Financials and consumer discretionary stocks will lead us into the recovery. 2009-04-23
DON'T BUYDenison Mines CorpDML-T1.660Did well with unrestricted access to capital markets. You would now be far better off with others.2009-04-23
BUYBHP Billiton Ltd.BHP-N46.560Building a position. Shares are attractive at these levels. 2009-04-23
BUYCanadian National R.R.CNR-T50.870Core holding for 10 years. Unique amongst railroad stocks in that it has north/south and east/west lines. Build into a position over a couple of months. Modest dividend and a buy back program.2009-04-23
DON'T BUYPrecision Drilling Corp.PD.UN-T5.410Bad outlook for 12 months. Doesn’t suggest this. Distribution is not coming back any time soon.2009-04-23
VAGUEUnilever NVUN-N19.230Entire UK stock market has been clobbered. General Lee is seeing heightened competition. Challenge for UN is costs. Supply some of the fastest consumer markets in the world. Dividend is safe.2009-04-23
DON'T BUYAllied Irish Bank PLCAIB-N2.320Huge problems with its loan portfolios. Prefer Standard Chartered or HSBC.2009-04-23
BUYYellow Pages Income FundYLO.UN-T5.750Distribution cuts will be the rule as we roll into 2011, but not this one. Would prefer their bonds at 8%2009-04-23
PAST TOP PICKMacquarie GroupMQG-AU0.001(Top Pick Jun 07/07 Down 59%) Problem is growth from spinning out assets from their own balance sheets. 2009-04-23
PAST TOP PICKWilliam HillWMH-LSE0.001(Top Pick Jun 07/07 Down 49%) Recession resistant. Problem is they were required to raise more equity. 2009-04-23
DON'T BUYTeck Resources Ltd. (B)TCK.B-T11.930More volatility ahead. Great news that they were able to get their debt extended. Not a cheap stock.2009-04-23
DON'T BUYCapital Power L.P.CPA.UN-T13.450Fairly valued but cannot maintain their current distribution.2009-04-23
HOLDLinamar CorpLNR-T4.550High quality Canadian mid-cap stock. This would be amongst the first to rebound when the economy shows signs of rebound. Don’t buy until further stabilization in auto industry.2009-04-23
WAITSyngenta AGSYT-N41.800High Quality seed company. Number 2 or 3 to Monsanto. Is very much in their minds. Prefer to fertilizer. 12 month outlook is not great due to inventories.2009-04-23
DON'T BUYPepsiPEP-N47.890Neutral at current prices. It has some issues with Gatorade. Remote chance of double over the next 4 years. Pop is in a long-term decline. An up-hill struggle. 2009-04-23
DON'T BUYBank of MontrealBMO-T39.680Wouldn’t rule out a dividend cut. 2009-04-23
BUYWells FargoWFC-N20.090Will be one of the survivors.2009-04-23
BUYBombardier Inc (B)BBD.B-T3.480(Market Call Minute) Speculative Buy. Well run company.2009-04-23
BUYA Comment -- General Comments From an ExpertA Commentary0.020Gold: Might consider adding to positions. Gold performance since Lehman collapse has been under whelming.2009-04-23
HOLDVisa Inc.V-N58.230(Market Call Minute) Shares are priced about right.2009-04-23
PAST TOP PICK3M Co.MMM-N54.210(Top Pick Jun 07/07 Down 34%) 2/3’rds of business over seas. One of the strongest balance sheets and highest margins in their space. Target depends on economic reoovery.2009-04-23
SELLParkland Income FundPKI.UN-T7.700(Market Call Minute) Even with tax pools they could still cut dividend.2009-04-23
HOLDMaple Leaf FoodsMFI-T8.430(Market Call Minute) When you factor in the debt on the balance sheet he doesn’t think it is overly cheap.2009-04-23
SELLAlcoaAA-N8.900(Market Call Minute) Aluminum is a metal where there isn’t a supply/demand imbalance. 2009-04-23
SELLMagna Int'l. (A)MG.A-T42.900(Market Call Minute) Cheap stock but atrocious corporate governance.2009-04-23
HOLDTim HortonsTHI-T30.210(Market Call Minute) Stock is fairly well valued. 2009-04-23
TOP PICKTelus CorpT-T30.360Dividend is safe, just rose 5 months ago and expect another token rise this coming winter. Downside risk is pretty minimal.2009-04-23
TOP PICKLink REIT823 - HK0.000REIT. Owns shopping centers in Hong Kong. Years of strong distribution ahead of them. 2009-04-23
TOP PICKFPL Group IncFPL-N50.600Half business is regulated power generation in Florida. Built a position. Highest growth profile amongst utilities. Attractive entry point. Not much risk. Should be core holding. Long-term hold.2009-04-23
CommentA Comment -- General Comments From an ExpertA Commentary0.020My apologies. For some reason,last night's BNN didn't get totally recorded on my computer. Their website only had 8 minutes recorded for the regular program, excluding Top Picks. Checked again today but it's still only 8 minutes so there are a few stocks and comments missed.2009-02-18
TOP PICKLink REIT823 - HK0.000Largest REIT in Asia by market cap. Assets are shopping malls that are interspersed between transits and housing giving them a captive market. Balance sheet is great with an A credit rating.2009-02-17
TOP PICKDiageo PLCDGE-LN0.000Largest spirits firm globally. Brands include Smirnov, Tanqueray and Crown Royal. They also brew Guinness. Reported solid numbers, but gave guidance a bit below expectations. Spirits are a very resilient business that usually goes up even during recession. 4% yield. Nice defensive consumer stock.2009-02-17
TOP PICKTrans Canada CorpTRP-T32.580Good defensive stock. Increased dividends recently and the yield is now 5%. Have a huge CapX plan, which will start winding down in 2011 meaning free cash flow will go up and the dividend will get even juicier.2009-02-17
BUYCiscoCSCO-Q15.290Will be here 5 years from now and will have growth. Net cash on the balance sheet works out to be about $5 a share. Pretty close to a floor. Will be one of the prime beneficiaries when confidence comes back into the market. Should be able to grow its top line at a 2.5X multiple.2009-02-17
HOLDJohnson & JohnsonJNJ-N55.980Have medical devices, consumer healthcare and pharmaceuticals. Pharma has had a lot of patent expiries in the last few years but it will start to grow in 2010. Suspects they will increase the dividend in April.2009-02-17
STRONG BUYMicrosoftMSFT-Q29.620Started buying in 2005. Likes it. Vista sales have been strong and corporate units are strong. Moving into the Server market. 2007-06-07
DON'T BUYHSBC Holdings P L CHBC-N91.600Stock has had a mixed year. Don't own because a large bank, cannot have much growth. He has bought developing market banks though because they will participate in the growth of their economy. 2007-06-07
DON'T BUYBrookfield Asset Management Inc.BAM-N38.470Moving out of forestry and into infrastructure. He isn't going into it because it's a Canadian stock, in that pension plans only have a few things they can go into, and this stock is getting bumps because the market is small. Not a particularly compelling values at this point. However management is very strong, and he wouldn't advise not to buy, but he says that he has recommendations that are better.2007-06-07
DON'T BUYNomura Hold\ingsNMR-N20.130This type of bank gives leveraged exposure to the equity market and volumes in the equity market. They've had a good run, and is currently fairly valued. He feels that Japan isn't bullish. 2007-06-07
BUYFortis NVFORSY-NL0.001Under a new management team and is extremely well done. Shares have come off, because they are attempting a takeover, but is well worth it at this level. dividend is 5.3.2007-06-07
HOLDColgate PalmoliveCL-N66.210Is fully valued at current levels. Something like 20 times current earnings. 2007-06-07
BUYS&P 500 IndexSPX-I1.000Despite it's assent is still very reasonable at the current price. He can't imagine a long term decline.2007-06-07
DON'T BUYCanWest Global Comm.CGS-X10.510None voting shares are never a deal breaker, but there is an additional risk that should be compensated for. Thinks that canwest management is being clever, but he's not buying.2007-06-07
PAST TOP PICKMassmart HoldingsMSM-SJ0.001Jan 9 2007. 24.5 % rise. A leading South African retailer. Very little credit sales. Great cash flow generator. He's still holding it.2007-06-07
PAST TOP PICKBanco BilbaoBFR-N10.790Then $24.15 A very well run bank. They bought a large bank in the states which has lowered their shares a bit. They continue to hold it.2007-06-07
PAST TOP PICKMarch Networks CorpMN-T10.850Lost their sales to Walmart. Value the stock at around $12 $13. Fairly valued at these levels. Still holds, feels that the price reflects nothing but bad news, which means it's a pretty good time to buy. 2007-06-07

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