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Compiling comments that experts make about stocks while on public TV.

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Paul Gardner, CFA , Partner and Portfolio Manager

Avenue Investment Management

Address
47 Colborne Street
Suite 300
Toronto, ON
M5E 1P8

Contact Info
Telephone: 416.482.2004
Toll Free: 888.482.2007
Fax: 416.482.0007
Email:
Website: http://www.avenueinvestment.com/


Date Signal Chart Symbol Company Opinion Price
2014-02-11 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets. Markets rallied after the fed chairwoman Yellin spoke as a reaffirmation that it is steady as she goes. There were no surprises. Reconfirmation that tapering was going to happen but the world is not ending. US economy is growing. The private sector growth is growing, not like gangbusters, but is growing. This helps underpin the equity market. As to bonds, he has always been in the camp that interest rates would probably stay low and that deflation is more of a concern than inflation. Because of this, looking at the bond yield curve, he exited out of emergency lending issues in 08-09 and started normalizing the interest rate curve.


Price:
$0.020
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
_N/A
2014-02-11 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

REITs. The whole sector has had a real shift. Less on growth and more on sustainability. The real estate sector, over the last 2 years, has really lowered their payout ratios to a much safer level which is really good for the sector. Wouldn’t be surprised in the next year or 2 to see some distribution increases.


Price:
$0.020
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
_N/A
2014-02-11 BUY Must be logged in to use chart AX.UN-T Artis Real Estate Investment Trust

Likes this. It is diversified in a proper way. Focused out West and has office as well as having some rational exposure to the US. Very good operators. Trades at a bit of a discount compared to Northwest Healthcare Property REIT (NWH.UN-T).


Price:
$15.310
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-02-11 PAST TOP PICK Must be logged in to use chart BA-T Bell Aliant

(A Top Pick Jan 21/13. Up 5.86%.) Numbers came out weak. Has bounced back a little. Very competitive market. They are 40% owned by Bell Canada (BCE-T) and have just announced they are going to spend a lot of CapX to get through 1 million homes putting through fibre.


Price:
$26.070
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-02-11 COMMENT Must be logged in to use chart BRF.PR.F-T Brookfield Renewable Power Pref F

Very solid company. Have a lot of great assets in the US and mostly focused on Hydro and wind. Had a slight miss last quarter but they hiked their distribution much higher than expected. Likes the company and owns its debentures. Doesn’t own the preferreds as sometimes there are issues.


Price:
$19.400
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Unknown
2014-02-11 PAST TOP PICK Must be logged in to use chart BTB.UN-T BTB Real Estate Investment Trust

(A Top Pick Jan 21/13. Up 7.96%.) Had not fallen off as much as other REITs. Owns Québec-based office and light industrial. Their funding is getting cheaper and cheaper. Trades at a discount to its NAV. Still likes. 8.5% yield.


Price:
$4.570
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-02-11 BUY Must be logged in to use chart CRR.UN-T Crombie Real Estate Investment Trust

Very conservative REIT out East. They are anchored by a lot of the grocery stores of Sobeys (SBY-T), Shoppers Drugs, etc. A great asset to own when you are in the late stages of a real estate cycle, which he feels we are.


Price:
$13.210
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Unknown
2014-02-11 BUY Must be logged in to use chart CUF.UN-T Cominar Real Estate Inv Tr

Got hit because their numbers were on a weaker side in the last couple of quarters, but their assets are still pretty good. Good managers. Not over levered. Payout ratio of about 95%. Feels they can meet their distributions and possibly over the next year or 2, look to increase it.


Price:
$18.350
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Unknown
2014-02-11 COMMENT Must be logged in to use chart HR.UN-T H&R Real Estate Inv Trust

Last year’s Primeris acquisition was incredibly expensive. He has issue with this company as it is kind of all over the place in regards to assets. Has indoor shopping malls, large office buildings and an unfocused portfolio. As a portfolio manager, he wants to diversify his risks by owning different types of stocks. He needs to know their story and what they are investing in. He wants them to do just one or 2 things well. They are generally long-duration assets and so are leveraged a little bit higher than most. If interest rates happen to go up, there is more risk of them going down.


Price:
$21.250
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
No
2014-02-11 COMMENT Must be logged in to use chart KMP-T Killam Properties Inc

Most of this is out East and the play there was the shipbuilding that is coming, which will create a lot of need for apartments. That has been stalled and there is a lot of competitive pressure out East. Trades at 14X AFFO, which is not absurd. Prefers Boardwalk (BEI.UN-T) whose assets are a lot better.


Price:
$10.690
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
No
2014-02-11 TOP PICK Must be logged in to use chart LNF-T Leon's Furniture

(A Top Pick Jan 21/13. Up 9.07%.) Taking over the Brick was a transformation acquisition. Allows them to become bigger for low cost. Earnings are going to grow from $.80 to $1.20. Trades at 15X earnings and the earnings are going to go up. This does not include the synergies that are going to come with the amalgamation. 70% is owned by the Leon’s family that has been in the business for 100 years. A conservative balance sheet. Also, owns all the property under the stores that they own. Very cheap. Probably worth 20%-30% over the next year or 2.


Price:
$14.890
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-02-11 TOP PICK Must be logged in to use chart MEQ-T Mainstreet Equity Corp

In Alberta and BC. Specialize in owning two-story apartments. They refurbish and re-rent them out. Not in competition with pension plans and large institutions, which are not interested in this stuff. Management is incredibly strong. Cash flow really drops to the end unit holder, the shareholder and this adds a lot of value. Trades at a discount to NAV. Rental market is incredibly tight where they are going. Does not pay a yield.


Price:
$36.540
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-02-11 COMMENT Must be logged in to use chart NWH.UN-T Northwest Healthcare Property REIT

Basically owns medical buildings and is a very, very consistent business. Also, owns the parking lots. There are higher operating costs because of their x-ray machines, etc. 7% yield. The problem is their ownership of N.W. International Healthcare (MOB.UN-X). He feels they should just do only one thing. (See comments on Artis REIT (AX.UN-T) as well, which also has medical offices.)


Price:
$10.330
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Unknown
2014-02-11 HOLD Must be logged in to use chart RSI-T Rogers Sugar Inc

Owns a little bit of this. Numbers last quarter were not good. This is supposed to be a boring company that immunizes its expenses, which is mostly natural gas which is creeping up. They also lost a big customer. Feels the distribution is safe for now. Has very good cash flow, but the competitive nature has really changed over the last couple of years.


Price:
$4.410
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
Yes
2014-02-11 WEAK BUY Must be logged in to use chart S-T Sherritt International Corp.

The story is all about their massive project in Madagascar. The run right now is about 70%, which is really good as they have been delayed on getting up to full capacity. Great asset and great cash flow generator. The trouble is, they have entered loans between all the companies involved. It’s really all about nickel prices, which have not really recovered.


Price:
$3.380
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
OPTIMISTIC
Owned:
No
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