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

Recent Opinions

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Date Signal Company Expert Opinion Price
2017-05-26 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Smedley

Market. We are still seeing the phenomena of a few big stocks such as Amazon, Apple and Facebook leading the market higher. That will probably continue as the power of them is absolutely solid, amazing, and overwhelming.


Price: $0.020
Subject: CANADIAN
Bias: UNKNOWN
Owned: _N/A
2017-05-26 N/A A Comment -- General Comments From an Expert
A Commentary
Stan Wong

Market. We have hit all-time record highs in the S&P 500 and the NASDAQ. The TSX has been largely wedged in a sideways move since the beginning of the year, mostly due to energy prices struggling for most of the year and uncertainties in the housing market. US equity valuations look somewhat stretched. The S&P 500 is trading at 18X forward earnings, but in corporate earnings momentum, we have seen a very, very strong slate of corporate earnings coming out, which has kept the market propped up. We need to continue to see that through the next few quarters in order to sustain the valuation in the marketplace. Also, investors and the marketplace are very, very hopeful of tax reform and deregulation coming out of the US. From a global perspective, we are seeing a synchronized economic growth and earnings forecasts, which are trending upwards for the 1st time since 2010, in all major regions of Europe, Asia, etc. He remains very constructive on cyclicals, which includes the financial sectors, technology, industrials, etc. Continues to be underweight defensive stocks, which would be the consumer staples, telecom type stocks. In his portfolio, he prefers dividend growers versus dividend plays. As rates start tracking upwards, you’ll see dividend payers start to move sideways. You want to see those names that can properly grow dividends over time. The VIX is showing under 10 at this time, a very low number. However, historically a low VIX does not mean markets are going to take a downturn, so he is not too concerned about that.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: _N/A
2017-05-26 COMMENT A Comment -- General Comments From an Expert
A Commentary
Stan Wong

A defence stock? Some of the go to names would be Raytheon (RTN-N) a missile producer, Lockheed Martin (LMT-N), Northrop Grumman (NOC-N), General Dynamics (GD-N). He has always liked General Dynamics a little bit more because of its diversification. Valuations are very, very similar across the board, and you see that the returns are also very similar over the past year.


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-05-26 BUY A Comment -- General Comments From an Expert
A Commentary
Stan Wong

Emerging Markets ETF? One of the longer standing ones would be the iShares MSCI Emerging Markets (EEM-N), and his other choice would be the Vanguard Emerging (VWO-N). These have very similar types of performance. Thinks Vanguard might be a little bit cheaper. He likes the emerging markets. (See Top Picks.)


Price: $0.020
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-05-26 HOLD AGT Food & Ingredients
AGT-T
Michael Smedley

Doesn’t know why it has been dropping lately. It has become the dominant force in the lentil supply to countries like India. India had a big crop. If he owned, he would tend to stay in it.


Price: $25.990
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2017-05-26 TOP PICK iShares S&P Asia 50 ETF
AIA-Q
Stan Wong

This gives you a diversified exposure to 50 of the largest, most established Asian names in a single strategy. This is trading at under 12X PE on a forward basis, 1.5X Price to book. That is a discount to North America.


Price: $56.800
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT Amazon.com
AMZN-Q
Stan Wong

He has mixed feelings on this. Valuation is quite high at 66X forward earnings, but it is still showing a 35% long-term growth rate. PEG ratio is about 1.9-2X, a little more expensive than what he likes. They are doing very well and dominating the North American online retail space. What is interesting is Amazon Web Services whose revenues are doing very well and accelerating. However, they could face some competition from very well capitalized players such as Alphabet (GOOG-Q) and Microsoft (MSFT-Q) down the road. Valuations are slightly above where he would like them to be.


Price: $995.780
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 COMMENT Arc Resources Ltd
ARX-T
Michael Smedley

The company has reshaped itself after its particular crisis about 1.5 years back, and are operating quite comfortably, but isn’t cranking the handle for everyone. In the long-term, this will continue to be one of the majors. If you want to be in the sector, then continue to hold.


Price: $17.750
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2017-05-26 BUY Bank of America
BAC-N
Stan Wong

He likes the US banks. This is one of the cheaper ones, trading at under 1X BV. Pays a 1.3% dividend, but they have the potential to increase shareholder capital return to dividend increases and buybacks. They should also benefit from lighter regulation, lower taxes, and higher interest rates. Probably not a bad time to be picking away at this.


Price: $23.240
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 TOP PICK BlackBerry
BB-T
Michael Smedley

Thinks that this is at the breakout. They are sitting with $1.7 billion in cash, has free cash flow and are still top of the security type market. They have this radar set up which is going to do a more sophisticated job on tracing trucks all around the countryside. They also have other divisions, including one that has multifaceted stuff in cars. Still going to get royalties out of the handhelds. (Analysts’ price target is $9.50.)


Price: $14.950
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT BCE Inc.
BCE-T
Stan Wong

A name you want to own when you want to collect a very nice dividend. Very secure 4.7% dividend yield. Good growth rate with the dividend going forward. Shares are trading at about 9.5X enterprise value over EBITDA, which is kind of fair at this time. Regulatory environment for telcos has been challenging and can become more so.


Price: $60.770
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-05-26 COMMENT Bird Construction Income Fund
BDT-T
Michael Smedley

A great, great performer for years and particularly strong in the oil sands with a concrete business. Particularly liked the old management, not to say that the newer management is not to be liked, but it doesn’t seem to have the same colour and performance. They had a dividend cut, which was probably very prudent.


Price: $8.520
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 HOLD Bank of Montreal
BMO-T
Stan Wong

In the Canadian banking sector, you have to separate the ones which are highly dependent on Canadian revenues, and those who are more dependent on outside revenues. This one is right in the middle, but probably more dependent on outside revenues. Only 60% of its revenues come from within Canada, with the rest coming from the US. Earnings report was not great and the stock got hurt a little. He has seen this before with a lot of the bank stocks, so it is not a name he would give up on at this point. It could even be an entry point at this time.


Price: $91.170
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 PAST TOP PICK Airboss of America
BOS-T
Michael Smedley

(A Top Pick April 28/16. Down 18%.) This has had quite a good history for 2-3 years, and got hit by the oil/gas sector, and a very, very slow defence buying in the US. This is still a Hold.


Price: $12.390
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 HOLD Boston Pizza Royalties
BPF.UN-T
Michael Smedley

Pizza companies do have different structures. Sometimes they are owners, and sometimes they are franchises. He thinks this is a good, long term hold. Good dividend.


Price: $22.730
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-05-26 TOP PICK BTL Group Ltd.
BTL-X
Michael Smedley

This is involved in blockchain technology, the new coming thing in financial transactions. Curiously, this seems to be the only pure blockchain developer provider in the world. Trial clients are Visa, banks and a group of powerful energy trading interests.


Price: $4.650
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 TOP PICK CCL Industries (B)
CCL.B-T
Michael Smedley

A packaging giant, as well as a player in the new polymer banknote material, which they acquired from a partnering type of company. There is going to be a 5 for 1 stock split in a couple of days. Dividend yield of 0.7%. (Analysts’ price target is $337.50.)


Price: $310.970
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 PAST TOP PICK Celgene Corp
CELG-Q
Stan Wong

(A Top Pick April 6/16. Up 8%.) Their cancer drug continues to do well. They have a strong pipeline behind that. The shares are trading at 15X forward earnings, with what he expects to be a 20% long-term growth rate. That gives a PEG ratio of .75. Still very cheap.


Price: $116.780
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT Canaccord Financial Inc
CF-T
Michael Smedley

The major 4th retail operator currently listed. It has been through difficult times. The markets have been difficult. They lost their president. Has some very interesting properties in Australia and the US. Volumes have not been tremendous on the stock and IPO markets for the most part. Doesn’t see anything that is going to crank the handle in the near term. If you see something more exciting, then put the cash there. He sold his holdings.


Price: $4.580
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-05-26 PAST TOP PICK Cineplex Inc
CGX-T
Stan Wong

(A Top Pick April 6/16. Up 5%.) This continues to do well. Very strong management. Executing on their plans of diversifying their revenues, whether inside the theatre to building the rec room. Shares are trading at 16X enterprise value over EBITDA. Pays a nice dividend of 3.5%.


Price: $51.720
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT Canadian Natural Rsrcs
CNQ-T
Stan Wong

He is pretty light on energy at this time. There is a lot of proof showing energy prices are going to remain low and steady. If he were going to have some weighting in energy, this is a great name to own. The technology for shales in the US will continue to put pressure on energy prices going forward. He would probably stick with some of the pipelines or some of the larger cap names such as this.


Price: $40.000
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT Costco Wholesale
COST-Q
Stan Wong

A great franchise. Doing very well in North America and in their expansion plans elsewhere. Has never owned this. Has a forward PE ratio of about 28-29 times, which is at the high point of its 10-year historical average. That concerns him a little. It has a growth rate of about 10%, so you are looking at a stock that is rather expensive when looking at the PEG ratio. It continues to move well in price action, but from a valuation standpoint, you want to be careful and look at other names instead.


Price: $177.860
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 COMMENT Cisco
CSCO-Q
Stan Wong

Valuations are getting slightly rich in terms of their PEG ratio. Their forward PE is trading at about 13X earnings. The growth rate has come down to 6%-7% or so. A little bit expensive relative to the higher growth type of names. (See Top Picks.)


Price: $31.500
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 COMMENT Dollarama Inc.
DOL-T
Stan Wong

He took profits recently. The valuations are a bit high for this space. A lot of the Canadian consumer staples stocks/retailers are expensive. This one is trading at about 28X forward earnings, with still a very good growth rate of 15%-17%. They had a very strong earnings report last quarter, which pushed the stock from the $110 level to $120, and it is now starting to plateau again. They are now accepting credit cards which is helping them. They have a long runway for expansion.


Price: $121.700
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 HOLD Medical Facilities Corp.
DR-T
Michael Smedley

This is a fairly solid, continuing dividend payer. They are running rather nice surgical facilities. Took on new management about a year ago, and have done well. The quarter has been a little soft, but they are in a good sector. Have about 5 facilities across the US. A good operation.


Price: $16.580
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-05-26 HOLD Enbridge
ENB-T
Michael Smedley

A very long-term Hold. There is a muddled political situation somewhat on pipelines, with what is happening in the US and the environmental protests.


Price: $52.480
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 TOP PICK Facebook
FB-Q
Stan Wong

They are up to 1.9 billion active monthly users. They have more users with more user time than any other social network. They provide the largest audience, and therefore the most valuable data for advertisers. Their ad revenue per user is growing very nicely, and the runway is very long term. Despite shares being near all-time highs, he continues to buy this for his clients. Shares are trading at a forward PE of 25X, near their historical low. (Analysts’ price target is $170.)


Price: $152.130
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT Drone Delivery Canada Corp
FLT-CN
Michael Smedley

They are going through a quite solid trial of operations. They are dealing with aviation, so have to get permited, totally acknowledged, and inspected by the authorities. They are in the forefront of Canadian drone operations. Thinks they probably will do well. They have good relationships with things like Canada Post.


Price: $0.000
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 PAST TOP PICK First National Financial
FN-T
Michael Smedley

(A Top Pick April 28/16. Down 1%.) At a higher level than Home Capital (HCG-T), but on a par with Bank of Nova Scotia (BNS-T), which is at the top of the pile. The latest quarter was a tiny bit mixed, but that is probably your opportunity to Buy.


Price: $25.160
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT General Electric
GE-N
Stan Wong

Has been disappointed with the sideways movement. However, it gives a pretty nice dividend of about 3.5%. It is under-tracking some of the other industrial names he owns. He is keeping a very close eye on this to see if it gets close to his exit point of a stop loss.


Price: $27.450
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT CGI Group (A)
GIB.A-T
Michael Smedley

Solid stuff. Might be the best example of a Canadian company that has got itself thoroughly qualified, partly by acquisitions. In the US defence sector, aircraft companies and working for the US government. This should continue to be very, very strong globally.


Price: $66.210
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2017-05-26 COMMENT Goldman Sachs
GS-N
Stan Wong

He likes a lot of these investment banks and a lot of the US financials. When you own a name like this, you are getting some US institutional and banking business. It is very highly levered to yields moving higher. This looks like it is bouncing off the 200-day moving average. A lot of the US financials have come down and are starting to look very, very attractive.


Price: $223.530
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 COMMENT Knight Therapeutics
GUD-T
Michael Smedley

Something as a long-term hold in healthcare? An ideal stock for the long-term, probably would be Knight Therapeutics run by Jonathan Goodman, who ran Paladin, which was eventually sold at $140 after 19 years. A very deeply experienced man. The stock has held in well, but hasn’t done anything particularly aggressive for some time.


Price: $10.030
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 HOLD Hudbay Minerals Inc.
HBM-T
Michael Smedley

This is fine longer-term. This has been growing, particularly outside of Canada. Feels it is a long-term Hold. It is very difficult for them on an environmental and permitting bases in the US. Well-managed.


Price: $7.200
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT Honeywell International
HON-N
Stan Wong

He likes the industrials. This is one of the cyclical areas that should do well in an environment where there is reflation and global expansion. Pays a 1.89% yield. Should some of the Washington policies come through, this will continue to move upward. It is trading above the 50 day and the 200 day. A good chart.


Price: $133.250
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-05-26 HOLD K92 Mining Inc
KNT-X
Michael Smedley

They would like to build a gold mine in Papua New Guinea. He believes in this. It is an extremely interesting asset.


Price: $0.980
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-05-26 COMMENT Loblaw Companies Ltd
L-T
Stan Wong

He is staying away from some of the defensive names like this one. Shares are trading at 17X forward earnings with an 8% growth rate. A modest 1.4% dividend yield. Valuations are slightly above to average based on historical norms. What concerns him is that food deflation is happening right now and we are seeing a highly competitive industry. Same-store sales have been flat to falling for this company, although on the Shoppers side they have been inching higher.


Price: $75.920
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 BUY Metlife
MET-N
Stan Wong

An American lifeco? He likes US life insurers a little more than the Canadian companies. However, they’ve both come down in the last little while, given that yields have come off. The one he owns and still likes is MetLife (MET-N). Shares are trading at under 1X BV, one of the cheaper ones among the large cap names.


Price: $51.050
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT Manulife Financial
MFC-T
Stan Wong

He likes the insurers, and feels they are undervalued at this stage. This is trading at about 10X forward earnings, and BV is just over 1.1 or 1.2. Also, pays a pretty decent dividend of 3.4%. The reason it has dropped off along with other insurers is that there has been a bit of a scale back on long-term interest rates, and insurers are really based on where interest rates are going on the 5 and 10 year rates. He likes their exposure in Japan and other parts of Asia.


Price: $23.700
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 HOLD Magna Int'l. (A)
MG-T
Stan Wong

Shares are very, very cheap, trading at less than 8X forward earnings. They are trying to get more content with higher margins into the car, rather than trying to build market share with more cars, and doing a pretty good job. The communications out of Washington in terms of taxing certain things and NAFTA are probably hurting companies like this. Also, we are getting into the later stages of the new car cycle. Decent dividend of about 2.5%.


Price: $60.540
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 WAIT Mountain Province Diamonds Inc.
MPVD-T
Michael Smedley

Sees no change to the dividend theory. The 3 Irish business millionaires actually control the company and are holding it long-term for the dividends. The company has some costs going on disadvantaging it. The diamond sector itself has not produced really stellar performance. This is a “wait and see”.


Price: $3.830
Subject: CANADIAN
Bias: UNKNOWN
Owned: Unknown
2017-05-26 COMMENT National Bank of Canada
NA-T
Stan Wong

A lot of Canadian banks have fallen to the 200-day moving average, and have bounced a little on the backs of earnings that have come out in the last few days. This one is right at its 200-day moving average. It might be attractive in that it is trading at about 10X Forward Earnings and pays a pretty decent yield of 4.24%. However, you need to look at your outlook for Canada in terms of its economic outlook; what is going to happen in housing, what are household debt levels going to look like in 2-5 years’ time. 90% of its revenues comes from Canada, very similar to CIBC where about 80%-85% revenues come from within Canada. He would rather look at names that are more dependent on international or US revenues, such as Toronto Dominion (TD-T) or Bank of Nova Scotia (BNS-T).


Price: $52.870
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-05-26 COMMENT Netflix Inc.
NFLX-Q
Stan Wong

In terms of the chart and price action, this has been more than impressive, but looking at valuations, he has a mixed view. This is a stock that is trading at almost 100X forward earnings, albeit it does have a 30%-40% expected growth rate, which still gives it a 2.4X PEG ratio, a little rich for him. Feels a breakthrough in China is still elusive to them. Expansion in international markets hasn’t been that profitable. There is still potential for serious competition from places like Amazon, Google and HBO.


Price: $162.430
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Unknown
2017-05-26 COMMENT Noranda Income Fund
NIF.UN-T
Michael Smedley

This has been absolutely taken through the wringer. There is a massive strike going on, with no end to it. There are 3 zinc smelters in all of North America, and this is one of them. Realistically, it is a recovery situation of some sort. Management has been running the operation. Glencore is the all-powerful tool behind this company, and they are going to need to have one of the smelters to stay in place. He is not going to leave this one.


Price: $1.480
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 PAST TOP PICK Nike Inc
NKE-N
Stan Wong

(A Top Pick April 6/16. Down 12%.) This has a lot of competition, and it has also been a very challenging retail environment. Shares are trading at around 21X forward earnings with a 10%-12% growth rate. A bit expensive at this time. He sold his holdings last November.


Price: $52.590
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 COMMENT Premium Brands Holdings Corp
PBH-T
Michael Smedley

One of those fabulous companies that are in the tailwinds of the market and doing brilliantly. A tremendous company, and doesn’t look like it is going to stop. It is very difficult to Buy this on a turn down, so maybe you have to buy it when it is trading water.


Price: $92.600
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 TOP PICK Koninklijke Philips Electronics
PHG-N
Stan Wong

This is a Netherlands name. Global health technology. Broadly speaking, he likes Europe. When you look at names in the euro zone, you want to look at those that are exporters. Because the euro has been low, these exporters can do very well from a currency standpoint. This continues to do well due to its continued cost cutting, restructuring and operational leverage measures. They are divesting their LED light bulbs. Consolidating their healthcare, personal care and consumer lifestyle divisions. Only trading at 10X enterprise value over EBITDA. Dividend yield of 2.4%. (Analysts’ price target is $35.77.)


Price: $35.130
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 PAST TOP PICK Pretium Resources
PVG-T
Michael Smedley

(A Top Pick April 28/16. Up 27%.) Building an incredibly rich grade gold mine in BC. The findings are spotty, and it could be tricky geology. In a strong gold price market, it is extremely attractive. Thinks it will get taken out because it has a substantial asset and is very close to having it in production.


Price: $12.360
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-05-26 COMMENT Toronto Dominion
TD-T
Stan Wong

He likes this. It is bouncing off its 200-day moving average. He added a little more this last week. Very secure dividend with a yield of about 3.75%. Watch out with what happens to the Canadian economy, household debt, market, etc. Over 40% of their revenues come from international or US markets.


Price: $64.250
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT Teck Resources Ltd. (B)
TECK.B-T
Michael Smedley

This is sensitive to coal. It is involved in a big build now on oil and gas. This is really the last of our major mining companies, other than the gold companies. You are going to get waves of commodity related performance. Good to Hold if you are patient.


Price: $25.180
Subject: CANADIAN
Bias: UNKNOWN
Owned: No
2017-05-26 COMMENT Spin Master Corp
TOY-T
Michael Smedley

This has gone very global and is setting up offices around the world. One of those marvellous Canadian stocks, which are fewer in numbers than the marvellous American stocks that are falling behind and getting caught up in the tailwinds of the Apples of this world. A fantastic company, and it has much more to go. Very talented management.


Price: $38.820
Subject: CANADIAN
Bias: UNKNOWN
Owned: Yes
2017-05-26 COMMENT Tesla Motors Inc
TSLA-Q
Stan Wong

A name that has done very well, more so recently. Valuation is something you need to look at, and the valuation really isn’t there. It is still rather expensive, because there are no earnings. You want to watch and focus on the fact that capital spending has been very heavy with this company on their investment spend with the model 3. Until they meet their mass critical number, it is going to cost the company some money. A name he has avoided.


Price: $325.140
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: No
2017-05-26 BUY Visa Inc.
V-N
Stan Wong

He likes this a lot. The secular shift of global payments from cash will continue, and he thinks it will continue long-term. There are lots of markets for them to get into. A lot of the world’s population is still using cash, so there is a long runway for this company. There are also huge barriers to entry for this space. Feels it is a bit overbought at this point at 68 RSI, so you might want to wait for it to come down to the 50-day moving average, at $90-$91. You will do well regardless of what price you buy that.


Price: $94.670
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: UNKNOWN
Owned: Yes
2017-05-25 N/A A Comment -- General Comments From an Expert
A Commentary
Peter Imhof

Market. This is the weak period seasonally where liquidity dries up. You want to make sure you have very high conviction in the small caps you own during this period. He has a little more cash than what he would usually have. Although cautious because of the seasonality, long term he is bullish.


Price: $0.020
Subject: SMALL CAPS
Bias: BULLISH
Owned: _N/A
2017-05-25 N/A A Comment -- General Comments From an Expert
A Commentary
Douglas Kee

Economy. Global growth expectations a year ago were probably a little higher, but if we get global growth of 3% we are doing pretty well. The US seems to struggle to get 2% growth, Canada is less than that, Europe, the UK and Japan have picked up again, over 2%. On the other hand, China seems to be slowing. Believes Canada is the best place to be invested in, because if your assets are in Canada, you will be spending money in Canada. At this point, he would gradually put money to work into the US market.


Price: $0.020
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: _N/A
2017-05-25 COMMENT A Comment -- General Comments From an Expert
A Commentary
Douglas Kee

A top pick in a dividend paying oil stock for a long-term believer in oil? He has 2 stocks that he has as “adds” in his portfolio right now. Vermilion Energy (VET-T), which is a higher yielder, and Cenovus Energy (CVE-T), which is in the doghouse right now. Longer-term, he thinks that Cenovus is a good place to be. Another stock he would suggest would be Canadian Natural Resources (CNQ-T), which has a lot more free cash flow generation coming, and will probably be the fastest dividend grower over the next 2 to-3 years.


Price: $0.020
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Unknown
2017-05-25 COMMENT Altagas Ltd
ALA-T
Douglas Kee

Hasn’t done well lately. Dividend yield of almost 7%. He expects them to increase the dividend this year by 6% or so. The stock is going sideways, because they are in the midst of doing a US acquisition, and the market doesn’t like it as it moves them more towards a utility.


Price: $30.410
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 BUY on WEAKNESS Algonquin Power & Utilities Corp
AQN-T
Douglas Kee

This has done a little better pricewise in the last 6 months or so. Made some acquisitions in the US that, in the longer-term, will work out well for them. Good yield.


Price: $13.770
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 COMMENT AcuityAds Inc
AT-X
Peter Imhof

This has done well. Originally, he had thought it was a concept stock, but they’ve proved their concept is working. He is not ready to invest yet.


Price: $4.140
Subject: SMALL CAPS
Bias: BULLISH
Owned: No
2017-05-25 COMMENT Brookfield Asset Management (A)
BAM.A-T
Douglas Kee

A good company and is well-managed. Has a pretty good dividend growth record. The question mark on this more recently has been Brazil, but he is sure they will get through it okay.


Price: $50.870
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 COMMENT BCE Inc.
BCE-T
Douglas Kee

For new clients, he would buy a half position on day one. Isn’t looking for big appreciation on this. It pays a good yield and they are increasing their dividend by about 5% a year. There is a lot of wireless growth, which is good for them.


Price: $60.890
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 COMMENT Grande West Transportation Group
BUS-X
Peter Imhof

He really likes the story. Their backlog for 2018 looks very strong, and the stock has moved up quite a bit. They just have to execute on all their orders, and you will be able to see how they do over the next several quarters.


Price: $2.950
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 COMMENT CCL Industries (B)
CCL.B-T
Douglas Kee

A dividend grower, but it doesn’t grow very quickly because the family that owns the A shares doesn’t really need the income. The stock has done very well.


Price: $309.450
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 COMMENT Cineplex Inc
CGX-T
Douglas Kee

The movie business is still good, but it kind of depends on blockbuster shows coming out. However, they’ve gone into a lot of other things. They are doing a restaurant kind of thing as well as video play and arcade games. Dividend yield of 3.3%.


Price: $51.840
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Unknown
2017-05-25 COMMENT Chorus Aviation Inc
CHR-T
Douglas Kee

A little small for his portfolios, but it does have a decent yield. Their contract with Air Canada (AC-T) is until 2025. The 6.5% dividend yield on this is safe.


Price: $7.430
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 COMMENT Corus Entertainment (B)
CJR.B-T
Douglas Kee

This company has lots of cash flow, but over time it is declining with the industry. If you don’t mind no capital appreciation, but having a good yield, stick with it. He wouldn’t be buying this.


Price: $13.180
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 COMMENT Crescent Point Energy Corp
CPG-T
Douglas Kee

His outlook is that you are going to get oil trading at $50-$60, and just kind of grind higher over time as inventories decline. In the last quarter, they did some purchases of land, but also sold land to offset that. They have great land positions, but the market isn’t going to pay them for that right now.


Price: $12.260
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 COMMENT CRH Medical Corp.
CRH-T
Peter Imhof

This got up to $11-$12, where he thought it was a little ahead of itself. Markets were jittery and someone came out with a Short report, so a lot of Shorts piled on and the stock came off quite a bit. At the current value of around $8, it looks half decent. He is comfortable with management.


Price: $8.050
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 COMMENT Ceapro Inc.
CZO-X
Peter Imhof

A very high margin business. They do beta glucan that goes into Burt’s Bees, Aveeno etc. It is extracted from oats. This is a small component of a number of their products, but margins are very high. They were getting orders from a few companies in China, which ramped up their earnings. The last quarter wasn’t great. He still likes the company. It is going to be bumpy in terms of earnings.


Price: $1.020
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 DON'T BUY DHX Media
DHX.B-T
Peter Imhof

Just made a large acquisition of Strawberry Shortcake and Peanuts. In the last while, there has not been a lot of positive cash flow from the properties they have. A lot of their properties are older and are not the hottest, so they are trying to rejuvenate them. He is staying on the sidelines.


Price: $6.020
Subject: SMALL CAPS
Bias: BULLISH
Owned: No
2017-05-25 COMMENT Diversified Royalty Corp.
DIV-T
Peter Imhof

Payout ratio is more than 100%, but they sold one of their Alberta assets. They are looking to redeploy that cash from that, but for now they’re going to pay a little bit more than their actual cash flow numbers. Their dividend is quite high at about 8.5%, so people are worried about that. If you break up this company, you could get close to $3.


Price: $2.630
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 COMMENT Diamcor Mining Inc.
DMI-X
Peter Imhof

Would have expected them to be cash flow positive this past quarter, but they weren’t, but are ramping up nicely. However, rough diamond prices have come off quite a bit. This is a very, very cheap stock. He really likes the capital structure, it is only about $50 million market cap. Thinks they will start to ramp up and will start to see some cash flow and earnings. He is still quite bullish on this.


Price: $0.990
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 TOP PICK EnerCare Inc
ECI-T
Douglas Kee

A fairly conservative company. Water heaters and HVAC’s. A slower growth company, but good earnings growth. A good, solid business. They are expanding in the US. Dividend yield of 5.1% will be going up 5% or so a year. (Analysts’ price target is $24.25.)


Price: $18.770
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 PAST TOP PICK Enbridge
ENB-T
Douglas Kee

(A Top Pick Jan 20/16. Up 37%.) A core position for him. Increased their dividend 15% last year and another 15% this year. Expects dividend increases of 10%-12% in the next 2-3 years. They made a big US acquisition, so they are participating more in the US infrastructure build.


Price: $52.970
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 PAST TOP PICK Espial Group
ESP-T
Peter Imhof

(A Top Pick May 12/16. Up 20%.) This has been in the news with a hedge fund trying to replace some people on the board. Feels there needs to be changes. The market cap is about 45% in cash. They have 2 companies that make up the majority of their revenue. He is hoping they can bring on some new customers.


Price: $2.490
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 DON'T BUY Flyht Aerospace Solutions
FLY-X
Peter Imhof

This is trying to improve black box flight recorder technology. Looking at the long-term chart, they haven’t gained a lot of traction. He doesn’t like to invest on hope, but prefers to see some results for several quarters first. This seems more like a lottery ticket.


Price: $0.240
Subject: SMALL CAPS
Bias: BULLISH
Owned: No
2017-05-25 COMMENT Freehold Royalties
FRU-T
Douglas Kee

A royalty company which goes up and down with oil prices. They increased their dividend this year. The 4.4% dividend yield is attractive.


Price: $13.610
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 PAST TOP PICK Firan Technology Group Corp.
FTG-T
Peter Imhof

(A Top Pick May 12/16. Up 70%.) Electronic circuit boards and display equipment. It looks like they are going to put up some good earnings this year. In 2018 they’ll be able to earn $.40 or so. The problem is, there is not much liquidity to it.


Price: $4.200
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 PAST TOP PICK Fortis Inc.
FTS-T
Douglas Kee

(A Top Pick Jan 20/16. Up 28%.) He is looking for a rate base growth of 5% a year, and a dividend growth comparable to that. They’ve done a great job of expanding into the US, which actually represents over 55% of their revenues.


Price: $44.250
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 COMMENT Knight Therapeutics
GUD-T
Peter Imhof

This is more of a cash shell, but also has some products. Excellent management team. One thing; this trades above cash, and he likes to trade at a discount to cash.


Price: $9.960
Subject: SMALL CAPS
Bias: BULLISH
Owned: No
2017-05-25 COMMENT Hudson Bay Co.
HBC-T
Douglas Kee

This is a retailer, and they’ve been buying more retail, but it is really a real estate play. The price could probably double if they flow out a REIT and realize value on the real estate side. They are losing money on the retail side now though.


Price: $10.060
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 HOLD Inter Pipeline
IPL-T
Douglas Kee

A good pipeline company. Although he doesn’t own this, he owns enough pipes in other companies. It has a good yield and it is a good dividend grower. 6% dividend yield.


Price: $26.760
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 HOLD Intrinsyc Software Inc
ITC-T
Peter Imhof

A technology play and he doesn’t know the story well. It looks like they were putting up some very good earning numbers for several quarters in a row, however the recent quarter was not very strong. There may be some weakness in the coming quarter, but it looks like the back half of the year will be coming on strong because of some new customers.


Price: $2.020
Subject: SMALL CAPS
Bias: BULLISH
Owned: No
2017-05-25 COMMENT Loblaw Companies Ltd
L-T
Douglas Kee

A low yielder, but have increased the dividend recently. They’ve done a good job of putting food retailing and Shoppers Drug stores together. It is a slow business. Typically, food retailers do well when there is food inflation.


Price: $75.990
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Unknown
2017-05-25 COMMENT Lite Access Technologies
LTE-X
Peter Imhof

They are doing distinctive infrastructure, where they are digging trenches to get that last mile to the home. They are doing this in the UK, and have a large contract with one company. He really likes the story, but is waiting to see some revenues and earnings drop to the bottom line over the next few quarters. Has a small position, waiting to see if they can improve their concept out over the next couple of quarters.


Price: $2.410
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 HOLD Magellan Aerospa
MAL-T
Peter Imhof

He really likes this company. The multiple is very low. When he recommended it in the past, it was about 10X earnings. You only have to get a couple of multiple readings above that to get a much, much higher stock price. Last quarter wasn’t great, but thinks the cash flow generation is still there. The problem is that it is very illiquid, so for individuals it is a good one to own, but for institutions it is difficult.


Price: $21.000
Subject: SMALL CAPS
Bias: BULLISH
Owned: No
2017-05-25 COMMENT Manulife Financial
MFC-T
Douglas Kee

He likes this company. There was a run up last year on the anticipation of higher interest rates and inflation coming back. That didn’t happen, so the stock has calmed down. Earnings are being reported, and they are good and solid. ROE of about 11%-12%. He likes this longer-term, because it is capital market intensive as well as their growth in Asia.


Price: $23.690
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 COMMENT National Bank of Canada
NA-T
Douglas Kee

The dividend is certainly secure, and he would expect it to go up 6%-7%. They are expanding out West. This bank is fine.


Price: $53.140
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 COMMENT Noranda Income Fund
NIF.UN-T
Douglas Kee

They had to eliminate their dividend, and the stock has come off. Believes there is still a strike going on, so this company is struggling.


Price: $1.450
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 COMMENT Northland Power Inc
NPI-T
Douglas Kee

This is basically going sideways, although down a little recently. Reported earnings a couple of weeks ago were fine. They have 2 projects in Europe. One is on and the other will be fully on by the end of 2018. They announced they were doing a strategic review, and the hope was that there would be an announcement made when their earnings came out. They haven’t raised their dividend in the last 5 years, and with this new cash flow they are getting out of the European projects, he would expect that, if they are not selling the company, they will raise the dividend sometime this year. 4.6% dividend yield.


Price: $23.510
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 TOP PICK Photon Control
PHO-X
Peter Imhof

A technology company that works in the semiconductor space doing etching. (Only 1 analyst follows.) Has a pristine balance sheet. 25% of the market cap is in cash. Has a good backlog over the next number of quarters. Reporting in about a week or so, and expects them to have an all-time record of top line revenue. (Analysts’ price target is $2.)


Price: $1.400
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 DON'T BUY Painted Pony Energy
PONY-T
Peter Imhof

When companies tell us they have great assets, and then go out and buy something else, he wonders why they have to do that. The company is in the penalty box.


Price: $5.260
Subject: SMALL CAPS
Bias: BULLISH
Owned: Unknown
2017-05-25 TOP PICK Pembina Pipeline Corp
PPL-T
Douglas Kee

He likes this because of their potential acquisition of Veresen (VSN-T), which will give them some run room and better diversification in the US. There is $20 billion of potential projects out there. Dividend yield of 4.7%. (Analysts’ price target is $50.)


Price: $43.710
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 HOLD Power Financial Corp
PWF-T
Douglas Kee

A well-managed holding company, with holdings in Great West Life and Investors Group. He would prefer to buy those separately. Longer-term, insurance is a good business to be in.


Price: $32.170
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: No
2017-05-25 PAST TOP PICK Parex Resources Inc.
PXT-T
Peter Imhof

(A Top Pick May 12/16. Up 22%.) He really likes management. Started out, 5-6 years ago, with 5000 BOE of production. In the recent quarter, they produced 32,500 and their NETBACKS increased quite a bit. There have been 8 consecutive quarters where their transportation costs have gone down. It is one of the only oil/gas companies that has cash on the balance sheet. They increase their production through cash flows, which is a great indication of how they’ve been able to build the NAV. He still likes this.


Price: $16.460
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 COMMENT Real Matters Inc.
REAL-T
Peter Imhof

This does mortgage appraisal, with 90% of revenues coming from the US. They’ve done a great job in terms of signing up a lot of the larger US banks. They just went public this month. He really likes the story. If you have a long-term perspective, he thinks the company is going to do extremely well. You just have to be patient in terms of them getting market share.


Price: $12.850
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 TOP PICK Pure Multi-Family REIT LP
RUF.U-X
Peter Imhof

A multifamily REIT of Class A rentals in the US in the Sunbelt. The majority of assets are in Texas, one of the fastest-growing states in the US. Rental prices have been going up. Recently announced a couple of acquisitions in Arizona. Good management. Dividend yield of 5.4%. (Analysts’ price target is $7.25.)


Price: $7.050
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 DON'T BUY Sherritt International Corp.
S-T
Peter Imhof

Hasn’t followed this closely over the past couple of months, but did do a lot of work on it 6 months ago. Had a lot of debt they were trying to get rid of, at which time the multiple would expand. That has happened, but the stock really didn’t react the way people expected. He would stay on the sidelines.


Price: $0.800
Subject: SMALL CAPS
Bias: BULLISH
Owned: No
2017-05-25 COMMENT Sherritt International Corp.
S-T
Douglas Kee

A nickel producer in Cuba and Madagascar. They’ve renegotiated their position in Madagascar and have gone from 40% ownership to 12% of equity and debt. Their balance sheet is now in much better shape. It is fully expected this will be completed by the end of June. It will leave them with 2 nickel projects. About $3.50 nickel would be their breakeven, and it is currently trading at $4.15. They really need higher nickel prices. They can survive, because they have cash in the bank and cash from these projects.


Price: $0.800
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 COMMENT Savaria Corp
SIS-T
Peter Imhof

He likes the story. They do chair lifts, etc. for people who want to stay in their homes. The multiple is getting quite stretched. Raised some money and then did an acquisition. Thinks the acquisition is going to be highly accretive and make it a much bigger company. Likes management.


Price: $16.840
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 COMMENT Spartan Energy Corp
SPE-T
Peter Imhof

This was a market darling for quite a while. All the energy names have come down quite a bit. This company is still performing well in terms of their net back. He was buying this below $3.


Price: $2.230
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-25 HOLD Telus Corp
T-T
Douglas Kee

This has been a great dividend grower, but the dividend growth may moderate somewhat over the next couple of years, but will still be 5% or so. A good Hold longer-term. Dividend yield of 4.3%.


Price: $46.020
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 PAST TOP PICK Toronto Dominion
TD-T
Douglas Kee

(A Top Pick Jan 20/16. Up 36%.) He likes their exposure to the US. They’ve done a lot of work in the last couple of years cutting costs and building their brand in the US.


Price: $64.010
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 TOP PICK Toronto Dominion
TD-T
Douglas Kee

This is big in Canada as well as in the US. Feels there is good growth potential in the US with a better US economy, and interest rates rising faster. Earnings came out today and they were very good. Dividend yield of 3.8%. (Analysts’ price target is $70.)


Price: $64.010
Subject: CANADIAN DIVIDEND
Bias: UNKNOWN
Owned: Yes
2017-05-25 COMMENT Trevali Mining Corp
TV-T
Peter Imhof

One of the only pure play zinc producers. He doesn’t like some of the assets. Thinks they had some problems in this recent quarter. He does like the story, but would be looking for a lower entry point. Zinc can be very volatile and very niche. You have to have a long-term belief in the price of zinc. He would like it at around $1.05 or so.


Price: $1.180
Subject: SMALL CAPS
Bias: BULLISH
Owned: No
2017-05-25 COMMENT Wi-Lan Inc.
WIN-T
Peter Imhof

This still has its patent litigation, but has now deployed some capital into buying a couple of other companies. It is going to become a holding company. Recently bought International Road Dynamics and one other company. Thinks they are trying to transform the company, so there will probably be a turnover in terms of shareholders. There will probably be a discount to the sum of its parts.


Price: $1.880
Subject: SMALL CAPS
Bias: BULLISH
Owned: Unknown
2017-05-25 TOP PICK Yangarra Resources
YGR-T
Peter Imhof

The company was producing 2900 BOE’s in December, which went to 4000 in February. They are now producing 6000. Even though the stock has gone up a ton, the valuation has remained the same because cash flow generation and production has gone up as much, if not more, than the valuation. In the last quarter, they recorded $.13 in cash flow, which is up 200%, versus last year. Probably going to do $.55 in cash flow this year, so it is still not expensive. (Analysts’ price target is $4.)


Price: $3.310
Subject: SMALL CAPS
Bias: BULLISH
Owned: Yes
2017-05-24 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Economy. Global growth is still there, but is starting to plateau. Positive global growth is good for commodities. There has been a good deal of growth in 2016, plateauing a bit in 2017. A “steady as she goes” market, and a “steady as she goes” economy. He is not expecting any wild swings up or down. Oil is trading in a range, anywhere from $45-$55 is a good range.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2017-05-24 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

US Treasury Bonds? These are viewed as one of the safest things in the world. Any time there is market uncertainty, there is usually a flock to US Treasury Bonds. The demand is there, which is why you see yields come down from the 2.5%-2.6% level to where they are now. He views that as being a bit overdone.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: _N/A
2017-05-24 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Madden

Market. The big Canadian banks are reporting this week. Bank of Montréal (BMO-T) came out with its 2nd quarter numbers today and it was a miss. Their US business was the biggest drag and you could be concerned that the other banks affiliated with the US, will have the same problem. However, they all have different mixes by both geography and line of business. Toronto Dominion (TD-T) has a slightly different business mix, with more consumer lending exposure, as does the Royal Bank (RY-T). He is not expecting huge surprises from any of them. The market expectations are running pretty hot for at least 6 months, if not a 9 month extension by OPEC on the 1st cuts that they agreed to back in November.


Price: $0.020
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: _N/A
2017-05-24 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Madden

Canadian fixed income with US raising interest rates? Interest rates are very, very low, so anyone seeking income are hard-pressed to find competitive income. fixed income serves a dual purpose in a portfolio. First and foremost, it has to be the bedrock and the bastion of capital preservation. Secondly, you use it to generate current income. You have to walk a narrow path, because a spike in interest rates will derail return on your profile. On the other hand, having poor credit risks will also create problems. His solution would be to own high-quality investment corporate credit and keep your duration in a 2-7 year timeframe.


Price: $0.020
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: _N/A
2017-05-24 COMMENT AGT Food & Ingredients
AGT-T
Brian Madden

Sold his holdings a few weeks ago. Ostensibly, they have a lot of good things going for it. They are producers of pulses, beans, lentils, things that are really on trend with health foods. Management has had a consistent failure of executing a plan to street expectations. Their latest quarter had a pretty severe profit warning.


Price: $26.190
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: No
2017-05-24 TOP PICK Altagas Ltd
ALA-T
Zachary Curry

(ALA.R-T Subscription Receipts. 9/4/18.) This is part of a financing that was done in February in a deal to acquired WGL for $8.5 billion. This is scheduled to close in 2018, and subscription receipts are a way to play that. Should the deal fall apart, you get your money back. He looks at this as a “no lose” as you get close to 7% to wait.


Price: $30.590
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-24 DON'T BUY Aphria Inc
APH-T
Brian Madden

Not particularly comfortable investing in marijuana stocks. An investment has to have a margin of safety around it. The marijuana sector is just too unsettled right now. Also, who is to say that the tobacco industry doesn’t want a piece of the action? They have expertise in lobbying, distribution, marketing, branding, etc. Also, wouldn’t Short it as who knows what heights euphoria could take it?


Price: $5.620
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: No
2017-05-24 PAST TOP PICK Alimentation Couche-Tard (B)
ATD.B-T
Brian Madden

(A Top Pick Aug 29/16. Down 9%.) At that time, they were acquiring CFT Brands. The deal has been delayed until the 2nd quarter. This is a secular grower. They will ultimately get approval from the competition Bureau and the US authorities, and it will be accretive to earnings.


Price: $61.370
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Yes
2017-05-24 SELL Bombardier Inc (B)
BBD.B-T
Brian Madden

Something he would never have touched in the 1st place. It is weak competitively. They’ve not had a fresh order for their C series aircraft in over a year. Very highly leverage with about $10 billion of debt on the balance sheet, and only about $1 billion of EBITDA to support that. $2 is a pretty important support level. If that holds, it might be okay, but if it cracks it doesn’t look like there is much support all the way down to $1.60.


Price: $2.160
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: No
2017-05-24 COMMENT BCE Inc.
BCE-T
Zachary Curry

With rates as low as they are, he is generally positive on the income, however, cautious on the sector because of media content. The real work is around the land lines. Over half their EBITDA is generated from land lines, and he would like to make sure that cord cutting does not accelerate. A large part of the driver on this company is on the income side of things. Sold half his position a long while ago. A good generator of income.


Price: $60.590
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
2017-05-24 PAST TOP PICK CCL Industries (B)
CCL.B-T
Brian Madden

(A Top Pick Aug 29/16. Up 27%.) This closed on a meaningful acquisition of Innovia in December, a manufacturer of polymer banknotes. Very profitable company and a long-term growth story.


Price: $303.110
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Yes
2017-05-24 TOP PICK CCL Industries (B)
CCL.B-T
Brian Madden

A great growth story. Have grown earnings at a 40% pace compounded over the last 5 years. They are in specialty plastics, in packaging, and in labelling. One of the premier Canadian growth stocks. Just closed on a large deal which should be about 12%-13% accretive to earnings. It gets them into these sexy polymer banknotes, which is under penetrated globally but is growing quickly. Dividend yield of 0.8%. (Analysts’ price target is $337.50.)


Price: $303.110
Subject: CANADIAN EQUITIES, FIXED INCOME & ASSET ALLOCATION
Bias: UNKNOWN
Owned: Yes
2017-05-24 PAST TOP PICK Cerner Corp.
CERN-Q
Zachary Curry

(A Top Pick April 5/16. Up 19%.) Two of his favourite sectors are Information Technology and Healthcare, and this company borders both of those. It is a company in the healthcare space that basically takes records from paper to digital, which is a mandatory event in the US.


Price: $64.360
Subject: NORTH AMERICAN - LARGE
Bias: UNKNOWN
Owned: Yes
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