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| Sandy McIntyre of Sentry Select Capital Corp |
|---|
| The Exchange Tower |
| 130 King Street West, Suite 2850 |
| Toronto ON |
| M5X 1A4 |
| 416-861-8729 |
| Sandy McIntyre's website |
| Toll Free: 1-888-246-6656 |
| Fax: 416-364-1197 |
| info@sentryselect.com |
| Comment | Canadian Oil Sands | COS-T | 24.600 | Over the past few years, this has pretty well become a pure play on the commodity. There is a bit of a future growth profile. Current oil price comes close to supporting the distribution. When it becomes oversold, he Buys but when it recovers in price, he Sells. He would have been a buyer around $20. | 2012-01-18 | ||
| Comment | Encana Corp | ECA-T | 17.690 | If this company stays too cheap for too long, it will come into play as a takeover candidate. To buy would be a speculation as opposed to an investment. | 2012-01-18 | ||
| Comment | Freehold Royalties | FRU-T | 20.220 | An interesting little business. High-quality land and high-quality oil. Some volatility and if you are looking just to park your money, he would look at something with low volatility and consistent returns. | 2012-01-18 | ||
| TOP PICK | McKesson Corp | MCK-N | 75.970 | Medical devices that are used in nondiscretionary procedures. Has a lot of confidence in the business. Aging demographics makes this a growth industry. | 2012-01-18 | ||
| Comment | Russel Metals | RUS-T | 24.790 | Steel service centers. Big inventory. Cyclical business. Believes we are in a growth phase of the business cycle and people are overreacting to a lot of the political/economic noise. They did a convertible debt issue that he participated in. | 2012-01-18 | ||
| TOP PICK | Wells Fargo | WFC-N | 30.240 | Super regional, well-run bank. Some of the US housing market is turning and stabilized. Has always being conservatively run. Payout ratio of about 16%-17%. Sees an opportunity for dividend growth eventually. | 2012-01-18 | ||
| PAST TOP PICK | Occidental Petroleum Corp | OXY-N | 100.930 | (A Top Pick Feb 2/11. Up 2.6%.) Sold last February. | 2012-01-18 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | REITs. The key metric as to whether these are expensive or cheap is the future direction of interest rates. He believes interest rates are going to remain low for a substantial period of time. REITs are not cheap, but look for a coupon at around 6% plus CPI giving a total return of around 8%. | 2012-01-18 | ||
| PAST TOP PICK | Canexus Corp | CUS-T | 6.990 | (A Top Pick Feb 2/11. Up 14.55%.) | 2012-01-18 | ||
| Comment | Pengrowth Energy | PGF-T | 10.670 | Decent mid-cap yield play. Good asset base. Long-term assets. Well-run. Not a bad company. | 2012-01-18 | ||
| TOP PICK | Visa Inc. | V-N | 103.780 | Fantastic chart that goes from lower left to upper right with relatively good growth and return on assets, return on equity. Low payout ratio for dividend. Dividend has a decent opportunity to grow. | 2012-01-18 | ||
| PAST TOP PICK | TransGlobe Apartment REIT | TGA.UN-T | 12.480 | (A Top Pick Feb 2/11. Up 19.81%.) | 2012-01-18 | ||
| BUY | Bonterra Energy Corp | BNE-T | 51.230 | Fantastic company. Management owns about 30% of outstanding shares. Over 5% dividend. Payout ratio between 50% and 75%. | 2011-09-07 | ||
| PAST TOP PICK | Intel | INTC-Q | 20.080 | (A Top Pick Aug 25/10. Up 9.32%.) | 2011-09-07 | ||
| BUY | Inter Pipeline Fund | IPL.UN-T | 16.090 | Well run company. Pipelines are stable rate of return businesses with a little bit of pricing power and a stable income stream. | 2011-09-07 | ||
| TOP PICK | Microsoft | MSFT-Q | 26.000 | Tablets are here to stay and this company is not going to benefit but he has yet to see anyone that can run their business on a tablet. Companies are in a replacement cycle. 2.5% yield and wouldn't be surprised to see another dividend increase. | 2011-09-07 | ||
| PAST TOP PICK | National Bank of Canada | NA-T | 71.930 | (A Top Pick Aug 25/10. Up 33.33%.) | 2011-09-07 | ||
| Comment | Parkland Fuel Corp | PKI-T | 10.150 | Propane, fuel oil and gasoline. Also do distribution for Esso. Well run business. Have been making acquisitions through the use of debt, which is why he has reduced his holdings. | 2011-09-07 | ||
| BUY | Power Financial Corp | PWF-T | 26.280 | Cheap stock. Consists of Great West Life (GWO-T) and Investors Group (IGM-T). One of the best managed financial companies in Canada. Dividend is very safe. | 2011-09-07 | ||
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| PAST TOP PICK | Wal-Mart Stores Inc. | WMT-N | 52.420 | (A Top Pick Aug 25/10. Up 2.95%.) | 2011-09-07 | ||
| DON'T BUY | Yellow Media Inc | YLO-T | 0.800 | Very difficult business. This is a migration from print to web page on the back of a company with a massive debt load and declining cash flow. This is a recipe for a share price that goes down. | 2011-09-07 | ||
| BUY | CML Healthcare | CLC-T | 8.400 | Has been in the penalty box for the better part of a year because of an acquisition of US laboratory properties that has gone bad. You are basically getting the Canadian business at a discount price. (US assets are not worth anything.) | 2011-09-07 | ||
| DON'T BUY | Le Chateau Inc. (A) | CTU.A-T | 5.940 | Facing increased competition as US shops come up into the malls in Canada. Dividend coverage is a little bit on the weak side. | 2011-09-07 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Market - Expecting volatility will continue for a long time. This can give you opportunities as well as problems. There is a shortage of quality income. The only way you can get a growing investment income is through companies with dividend growth. | 2011-09-07 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Payout ratios of banks. At what percent is a red flag go up? Banks currently devote 40%-45% and he would not disagree with this. Looks at what internal capital requirements are and what do they have to spend to sustain the business. What internal growth potential is there and how much is it going to cost to access that and will internal growth give a higher return on equity. | 2011-09-07 | ||
| TOP PICK | Western Union Co. | WU-N | 16.160 | If you don't have a strong 19 relationship and you need to move money in small sums, this is the way you do it. Extremely well managed. | 2011-09-07 | ||
| Comment | Annaly Capital Management Inc. | NLY-N | 17.500 | There are some risks you need to be aware of on mortgage REITs. Very levered. If there is a flattening of the yield curve, you will run into problems in the “carry” (?). He is not anticipating any increase in short-term rates in the US for 4 years. Obama administration may want to refinance mortgages but he doesn't think it will happen. | 2011-09-07 | ||
| BUY | TransGlobe Apartment REIT | TGA.UN-T | 10.870 | Residential apartments. His company owns about 9.5% of this company. Good value at this price. | 2011-09-07 | ||
| TOP PICK | Norfolk Southern | NSC-N | 66.860 | Railroad. Has been knocked down because of fears of recession, double dip. Lean and well run. Very much likes this company. | 2011-09-07 | ||
| TOP PICK | Bank of Nova Scotia | BNS-T | 57.730 | Has most developed emerging markets. Takes advantage of current weakness in bank shares to acquire. | 2011-06-08 | ||
| TOP PICK | Enbridge | ENB-T | 30.580 | Energy is consumed on a daily basis. Oil and Gas are speculator-driven on the markets. But when they go through a pipe and a tariff is charged, a dividend comes back to him. He likes lower left to upper right long term charts the. Pipe line maintenance might impact dividend increases short term. | 2011-06-08 | ||
| BUY | Goldcorp Inc | G-T | 45.990 | Senior cold mining company and typically he is more interested in smaller growthery names, but with the pullback he now feels the gold sector is quite interesting. | 2011-06-08 | ||
| BUY | H&R Real Estate Inv Trust | HR.UN-T | 20.590 | The most tax efficient income he can deliver to his unit holders. He always looks for free cash flow in a business. REITS have had a good recovery off the bottom but are not back all the way. 8-12% returns over the next year. | 2011-06-08 | ||
| PAST TOP PICK | Intel | INTC-Q | 21.810 | (Top Pick Aug 15/10, Up 22.24%) | 2011-06-08 | ||
| BUY | Laurentian Bank | LB-T | 45.180 | Suffered more than other banks. More of a retail stock than an institutional stock. They are not as liquid. He would be a buyer of bank stocks through late June and early July. | 2011-06-08 | ||
| TOP PICK | Microsoft | MSFT-Q | 23.890 | Free cash flow yield in double digits. No net debt and 10 times earnings. Feels it is lower risk than US government debt. | 2011-06-08 | ||
| PAST TOP PICK | National Bank of Canada | NA-T | 77.250 | (Top Pick Aug 15/10, Up 43.33%) It was primarily a domestic bank that got beat up. | 2011-06-08 | ||
| DON'T BUY | Teck Resources Ltd. (B) | TCK.B-T | 46.750 | We have a weakening phase in China and week economic phase globally. During a weak phase you don’t want to pick up the exposure. | 2011-06-08 | ||
| PAST TOP PICK | Wal-Mart Stores Inc. | WMT-N | 53.480 | (Top Pick Aug 15/10, Up 6.43%) | 2011-06-08 | ||
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| Comment | Armtec Infrastructure | ARF-T | 10.500 | The whole market is in a corrective phase. Doesn’t know why it has fallen off in the last month. He owns the debentures of this one. Likes the business long term. | 2011-06-08 | ||
| BUY | Retrocom Mid-Market REIT | RMM.UN-T | 5.950 | Quality of assets is not great but quality of management is superb. Not a lot of confidence in the distribution. Be patient. Distributions are essentially return of capital. | 2011-06-08 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Market: Interesting yields in Corporate bonds and better quality emerging markets. Doesn’t see a lot of value in Government bonds. Current corrective wade will peter out in Mid-July. | 2011-06-08 | ||
| BUY | Bird Construction Income Fund | BDT-T | 10.800 | Very well run business and he is a bull on construction in Western Canada and Northeast Alberta. It is volatile when it sells off. | 2011-06-08 | ||
| BUY | Bell Aliant | BA-T | 28.830 | You can’t guarantee dividends. Coverage in this case is not great, however, but parent wants the dividend. Believes the ownership of Canadian telecoms will be rationalized over time and he thinks BA will be acquired by BCE. | 2011-06-08 | ||
| BUY | Brookfield Asset Management (A) | BAM.A-T | 31.220 | Have a strategy of growing management fees. Likes the business model. BAM is the top company in the structure. | 2011-06-08 | ||
| SELL | Freehold Royalties | FRU-T | 21.150 | Old royalty trusts that converted to dividend stocks have massively outperformed their EMP (?) rivals. Very few bargains in this group. All pretty extended in price. If you are not dependent on distribution yields, he would look at one of the quality seniors as a better opportunity. (See Top Picks.) | 2011-02-02 | ||
| DON'T BUY | JP Morgan Chase & Co | JPM-N | 45.450 | Re-installing dividend. He is not fond of US banks, particularly investment banks. They are volatile and he has no way of determining what the risks are. | 2011-02-02 | ||
| PAST TOP PICK | Newalta Corp | NAL-T | 12.720 | (A Top Pick April 23/10. Up 34.61%.) Still likes and would be a Buyer on dips. | 2011-02-02 | ||
| PAST TOP PICK | North West Company | NWC-T | 21.180 | (A Top Pick April 23/10. Up 16.78%.) Still likes and would be a Buyer on dips. | 2011-02-02 | ||
| SELL | Suncor Energy Inc | SU-T | 41.610 | While the stock has moved and is currently overbought, be believes we are in a primary up trend for the market and will be higher a year from now. On a short term trading basis he would be tempted to take profits. | 2011-02-02 | ||
| PAST TOP PICK | Thomson Reuters Corp | TRI-T | 40.950 | (A Top Pick April 23/10. Up 12.41%.) Still likes and would be a Buyer on dips. | 2011-02-02 | ||
| DON'T BUY | Westshore Terminals Inc. | WTE.UN-T | 22.770 | He Buys when it is out of favour and Sells when it gets back into favour. A terminal with fixed capacity and the growth prospects are expanding the capacity of the terminal. Participated in coal pricing and a fractious negotiation with Tech Resources (TCK.B-T) over coal pricing. Doesn’t see a lot of upside. | 2011-02-02 | ||
| TOP PICK | Occidental Petroleum Corp | OXY-N | 98.660 | Refining. Oil weighted senior with a pristine balance sheet and high cash flow yield. Primarily us operations. Refining margins are improving. Can see some growth in the name. | 2011-02-02 | ||
| BUY | Armtec Infrastructure | ARF-T | 17.850 | Any time there is a double-digit yield on a security, it indicates risk. The reason for the 12.4% yield is due to the sharp decline in the past year. Had a difficult 2010 due to weather problems out west, which is probably not repeatable. Likes the look of the chart and almost had it as a Top Pick. Grinding upwards and has good volumes. (He participated in their debentures.) | 2011-02-02 | ||
| TOP PICK | Canexus Corp | CUS-T | 6.580 | Chemical company. Expecting a cyclical recovery so their chemicals will benefit. | 2011-02-02 | ||
| BUY | Brookfield Asset Management (A) | BAM.A-T | 32.750 | Value stock with a growth profile. Likes what they are doing in Australia and their acquisitions during the recession. Participated in their recent financing. | 2011-02-02 | ||
| HOLD | Lassonde Industries Inc. | LAS.A-T | 59.000 | Food Services/Products, largely dairy. Long-term hold. 2% yield. | 2011-02-02 | ||
| TOP PICK | TransGlobe Apartment REIT | TGA.UN-T | 10.850 | REIT. Apartments largely concentrated in Ontario. Low cost financing. Net operating yield over the cost of buildings is 8% and finance is at sub 4% giving 400 basis point spread, which grows over time as rents go up. Professionally managed so tenants tend to stay. | 2011-02-02 | ||
| TOP PICK | Canadian Oil Sands | COS-T | 26.480 | Sharp decline over the last 3 months. Disappointed in production and there is likely a distribution cut. Wait for the cut and use this as a long-term play on energy. Would expect a yield in the 4%-5% area. | 2010-10-08 | ||
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| PAST TOP PICK | Enbridge | ENB-T | 54.700 | (A Top Pick Dec 14/09. Up 15.97%.) Still likes. | 2010-10-08 | ||
| DON'T BUY | Husky Energy | HSE-T | 25.310 | Has a great deal of difficulty in replacing production.Management is from the telecom industry creating some uncertainty as to their future plans. | 2010-10-08 | ||
| TOP PICK | Intel | INTC-Q | 19.520 | Gives a dividend that is 30% above the 10-year treasury yield. No net debt. Gives a long-term option on global growth. | 2010-10-08 | ||
| DON'T BUY | Manulife Financial | MFC-T | 12.410 | A horrible story for the past year. Undisclosed problems in their annuity business and now have problems in their US healthcare. Wait until you see the rise off of the flat line. | 2010-10-08 | ||
| Comment | Pembina Pipeline Corp | PPL-T | 21.350 | Stock price increase reflects a shortage of quality yields in the market. Pipelines have very predictable cash flows and CapX. | 2010-10-08 | ||
| HOLD | Power Financial Corp | PWF-T | 29.050 | Got caught up with the malaise around ManuLife (MFC-T) but feels the selling was overdone. | 2010-10-08 | ||
| TOP PICK | TransForce Inc. | TFI-T | 10.750 | Trucking volumes are rising. | 2010-10-08 | ||
| PAST TOP PICK | Thomson Reuters Corp | TRI-T | 39.070 | (A Top Pick Dec 14/09. Up 17.53%.) Still likes. | 2010-10-08 | ||
| HOLD | Westshore Terminals Inc. | WTE.UN-T | 20.690 | Has had a pretty nice run. No debt. Announced they are going to be a stapled unit, which could create a bit of risk in that it is not known what CRA is going to do about it. A growth with income element, which he likes and long-term. | 2010-10-08 | ||
| HOLD | Killam Properties Inc | KMP-T | 10.140 | Nice recovery in the share price and add a near all-time high. If you are a long-term income investor, continue to Hold. Good company. | 2010-10-08 | ||
| BUY | Boardwalk REIT | BEI.UN-T | 44.170 | REIT stocks have been pushing up to 52-week highs so this one is performing in line with its peers. Capable management. Conservative payout ratio so the dividend is rock solid and expects distributions to grow. | 2010-10-08 | ||
| Comment | Bell Aliant | BA-T | 26.370 | Announced the future long-term payout and it is a reduction and is built into the stock price. Longer-term he expects to see consolidation of regional Bells into the larger players. Very well run. Doesn't have cellular, which is the growth element in the marketplace. | 2010-10-08 | ||
| PAST TOP PICK | McGraw-Hill Ryerson Ltd. | MHR-T | 50.750 | (A Top Pick Dec 14/09. Up 19.37%.) Still likes. | 2010-10-08 | ||
| BUY | Aecon Group Inc | ARE-T | 11.270 | Bullish on infrastructure re-build. Continued government spending is very favorable for them. | 2010-08-25 | ||
| BUY on WEAKNESS | Canadian Oil Sands | COS-T | 25.290 | The .UN that people are fixated in is leaving at the end of 2010 but it doesn’t change the nature of the dividend. Comfortable with the cash flow stream. All large cap energy stocks are breaking down. | 2010-08-25 | ||
| PAST TOP PICK | Enbridge | ENB-T | 52.700 | (Top Pick Dec 14/09, Up 10.90%) Still likes it. | 2010-08-25 | ||
| TOP PICK | Intel | INTC-Q | 18.480 | Global, no net debt, ROE of 22.5%, 9% earnings yield, 11 P/E and 3.4% dividend. If your time-line is 3-10 years you want to own this. It’s cheap. People are fixated on growth. His view is that if capital is at risk, make sure management is protecting your capital and giving you a tangible return on that capital. | 2010-08-25 | ||
| SELL | Manulife Financial | MFC-T | 11.770 | Both MFC and SLF have exposure to an annuity product that was sold during the bull market. People are fixated on the hedging on this. He would not be standing there to catch these names. There are insurance names that are not in these products. Move into another insurance name. | 2010-08-25 | ||
| BUY | NAL Energy Corp | NAE-T | 9.960 | In any commodity based income trust, you cannot say a dividend is safe. NAL going into 2011 is likely going to maintain its current dividend but there is always risk it could be reduced if the commodity price falls. | 2010-08-25 | ||
| TOP PICK | National Bank of Canada | NA-T | 55.650 | Confident that Canadian economy is ok. No noise around US operations. Tier one capital of 12.6% vs. 7.7% a decade ago. ROE is 18%. Less than 10x earnings. | 2010-08-25 | ||
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| SELL | Sunlife Financial | SLF-T | 24.160 | Both MFC and SLF have exposure to an annuity product that was sold during the bull market. People are fixated on the hedging on this. He would not be standing there to catch these names. There are insurance names that are not in these products. Move into another insurance name. | 2010-08-25 | ||
| PAST TOP PICK | Thomson Reuters Corp | TRI-T | 36.280 | (Top Pick Dec 14/09, Up 8.52%) Still likes it. | 2010-08-25 | ||
| DON'T BUY | Trans Canada Corp | TRP-T | 37.330 | The electric business is in the share price. Gas production is being increased in the US and pushing out Canadian exported gas and that is gas that would be on the trans-Canada main line. Prefers Enbridge. | 2010-08-25 | ||
| TOP PICK | Wal-Mart Stores Inc. | WMT-N | 51.550 | 9% growth on a global company. If you agree with concept that we are looking at a declining standard of living in the western world, they will benefit, not high-end retailers. 13x PE, 2.4% dividend, ROE of over 22%. Risk would be a severe double dip and increased unemployment. | 2010-08-25 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | How do you make money these days: Dividends! He looks all over N.A. for free cash flow, distribution or dividend, strong balance sheet. | 2010-08-25 | ||
| Comment | Futuremed Healthcare | FMD-T | 8.000 | Rarely sells after an earnings disappointment. Doesn’t think there is a structural problem with the business. They need to get some clarity on how they will transition into what is in effect a new business model where they will have a growth side. | 2010-08-25 | ||
| BUY | New Flyer Industries Inc. | NFI.UN-T | 11.160 | Continues to like them. Just signed a big contract with the City of New York. The backlog is the largest he has ever seen it. | 2010-08-25 | ||
| BUY | Pengrowth Energy | PGF-T | 10.050 | Has a substantial position. Likes the transition in management. Company is being transitioned to a new business model. What likes about it is that it has a really good asset base. Distribution can be maintained barring a drop in commodity prices. | 2010-08-25 | ||
| PAST TOP PICK | McGraw-Hill Ryerson Ltd. | MHR-T | 51.250 | (Top Pick Dec 14/09, Up 20.55%) Still likes it. | 2010-08-25 | ||
| BUY | Agrium | AGU-T | 62.620 | Looking at a good crop developing in Australia, concerns about wheat pricing and suppliers getting hit. He prefers Viterra (VT-T), which is handling as opposed to seed sales and fertilizers. Both are cheap stocks but be prepared for volatility. | 2010-04-23 | ||
| BUY on WEAKNESS | Bank of Montreal | BMO-T | 64.930 | Capital ratios are good. Thinks we are in a choppy range bound market for a while. Market may want to correct here. Financials are the most concentrated sector on the TSX so they will be more volatile. | 2010-04-23 | ||
| BUY | Bonavista Energy Corp | BNP-T | 24.050 | Natural gas. Gives a decent yield and management focuses on return of capital. | 2010-04-23 | ||
| Comment | Encana Corp | ECA-T | 32.670 | Had a sharp downdraft when management announced a substantially increase of CapX to drive more gas into and oversupplied market. 2.5% dividend. He trades this one to make profit. | 2010-04-23 | ||
| PAST TOP PICK | Enbridge | ENB-T | 50.550 | (A Top Pick May 13/09. Up 39.93%.) Still a Buy. | 2010-04-23 | ||
| PAST TOP PICK | Imperial Oil | IMO-T | 43.030 | (A Top Pick May 13/09. Up 5.3%.) This is a longer-term call on the Kearl project. Still a Buy. | 2010-04-23 | ||
| TOP PICK | Newalta Corp | NAL-T | 9.610 | Waste management. A fallen angel. Balance sheet got a little wonky couple of years ago and they had to take costs out of the system and cut their distribution. Now showing growth in cash flow. Cycle is coming to them as heavy oil production increases in Western Canada. | 2010-04-23 | ||
| TOP PICK | North West Company | NWC-T | 18.960 | Northern community stores. There is a young, fast-growing population as well as new energy/Mining projects. 7.14% distribution will be cut in the 25% range. | 2010-04-23 | ||
| BUY on WEAKNESS | Parkland Fuel Corp | PKI-T | 11.710 | Distributor of fuel oil, gasoline and runs retail stores, largely in Western Canada. Expecting a distribution cut and will end up at about70% to where it is today. There may be some knee-jerk selling on the back of this, which will be a buying opportunity. | 2010-04-23 | ||
| PAST TOP PICK | Canadian Real Estate Investment | REF.UN-T | 28.640 | (A Top Pick May 13/09. Up 37.38%.) Still a Buy. | 2010-04-23 | ||
| DON'T BUY | Shoppers Drug Mart Corp | SC-T | 37.450 | Just made an agreement with Rogers to sell their products in their stores. This is not enough of a material event to make a difference in this stock. Stock had a nasty downdraft because of the Ontario government's proposed legislation. | 2010-04-23 | ||
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| BUY | Viterra Inc | VT-T | 8.860 | Looking at a good crop developing in Australia, concerns about wheat pricing and suppliers getting hit. A cheap stock, but be prepared for volatility. | 2010-04-23 |
