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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
2016-08-24 COMMENT Crescent Point Energy Corp
CPG-T
Keith Richards

This fell along with the other oils, and now it is starting to build. There are a series of higher highs and higher lows. It looks okay, and as long as the short term trend is not broken and it continues to make higher highs and higher lows, he would Buy it.


Price: $20.670
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Unknown
2016-08-24 COMMENT Crescent Point Energy Corp
CPG-T
Michael Sprung

Since they cut their dividend, they are now cash flow positive. This is an extremely well-run oil/gas company. Have been tremendous acquirers of land with great drilling potential. They have drilling potential going out several years. This is only selling at about 6X cash flow. Feels it still has some upside potential. Dividend yield of 1.7%.


Price: $20.670
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-08-24 PAST TOP PICK Chartwell Seniors Housing
CSH.UN-T
Keith Richards

(A Top Pick May 30/16. Up 7.08%.) This is a defensive stock.


Price: $15.820
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Yes
2016-08-24 COMMENT Element Financial
EFN-T
Michael Sprung

This is going to split at the end of September. Feels it has been going down because people are worried about the interest rate environment and the environment the company is operating in. The company has basically carved out a niche in the finance business that a lot of the banks didn’t want to be in any longer. If this were 15%-20% lower, he would be seriously looking at it. This is one that you could certainly take a good hard look at.


Price: $13.250
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2016-08-24 COMMENT Hudbay Minerals Inc.
HBM-T
Keith Richards

Like a lot of mining stocks, this looks like it is starting to build a productive base. Had a bit of a downtrend in 2015, and it seems to be breaking that. There is a little bit of a neck line at around $8, and he would like to see it break that. At this point, it is on a positive trend, and he would look for a break at around $7-$8. If it happened, it could easily get back into the $12 range.


Price: $5.690
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Unknown
2016-08-24 PAST TOP PICK Hudbay Minerals Inc.
HBM-T
Michael Sprung

(A Top Pick Sept 1/15. Up 8.86%.) Have just finished building out Constancia and it is being commissioned. That is going to start producing great cash flow. They have a number of projects that could come on stream in the next number of years. Management has been particularly aggressive in taking costs out and taking some write-downs where they can, so feels it is really being set up well for the next 5-10 years.


Price: $5.690
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2016-08-24 TOP PICK Hudbay Minerals Inc.
HBM-T
Michael Sprung

A lot of the problems that have been there recently have been short term ones. Going forward, he thinks they are going to throw off some solid free cash flow. Have been able to expand their credit facilities lately, so they could be very opportunistic going forward.


Price: $5.690
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2016-08-24 TOP PICK HBP S&P 500 Inverse ETF
HIU-T
Keith Richards

This is effectively a way of raising cash. An “inverse” is the opposite of the market. If you buy a 5% position in an inverse, you have 5% that is not in the market, plus you are offsetting a holding you have, something like General Electric (GE-N). He is not making a bet on the market, he just wants to keep his GE and offset it with an inverse ETF.


Price: $36.530
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Yes
2016-08-24 COMMENT Horizon North Logistics
HNL-T
Keith Richards

The 3-year chart shows a long downward trend from early 2014, to early this year. You need to see a break from this pattern, which now seems to be happening. There is some support coming in at around $1. Will that turn into a new uptrend? So far there are no higher highs, so generally speaking this is in base mode. The 1-year chart shows some resistance at around $2, and if it breaks that, it could be interesting. At this point he would just call this a neutral position.


Price: $1.800
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Unknown
2016-08-24 COMMENT Kinross Gold
K-T
Keith Richards

In general, there can be a little disconnect between producers and gold bullion itself, but they eventually tried to follow each other. A while ago, he had felt gold would pull back, so he is looking for bullion to pull back a little. Longer-term, he is relatively bullish on gold and the producers, and looking at any weakness as an entry point.


Price: $5.460
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Unknown
2016-08-24 TOP PICK Manulife Financial
MFC-T
Michael Sprung

It has been difficult for them to get a lot of respect lately. They recently got hit with some problems in the long-term care business in the US. There may be some actuarial revaluations going on in the 3rd quarter, so there could be a possible hit in terms of a write down. However, we have a company that is one of the best capitalized in the industry. Any more they don’t just depend on interest margins to earn their money. Expanding very rapidly and making progress in Asia. Dividend yield of 4.24%.


Price: $17.460
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2016-08-24 COMMENT Magna Int'l. (A)
MG-T
Michael Sprung

There has been a pullback in a number of auto related stocks. Production in the most recent quarter was down. This is the biggest and most exposed of the auto parts companies. The question most people are asking is about peak auto. This company is really well positioned in the industry, and has a good balance sheet. Trading at around 4 or 5 times cash flow and about the same on earnings. A good time to be looking at this.


Price: $52.070
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2016-08-24 HOLD Premium Brands Holdings Corp
PBH-T
Keith Richards

Chart shows it had a nice run from the middle of last year, then consolidated, and is now breaking out which is a very bullish sign. This is probably good to go for a while.


Price: $62.300
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Unknown
2016-08-24 HOLD Parkland Fuel Corp
PKI-T
Michael Sprung

(Market Call Minute.) This has had tremendous appreciation, especially in the last few days. He is tempted to scale back at current levels.


Price: $29.120
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2016-08-24 COMMENT Potash Corp of Saskatchewan
POT-T
Michael Sprung

This has been very hard hit by conditions in the market. Prices have been very low for the commodity. They recently cut their dividend by 60%. The multiples going forward still look pretty high, but they are based on prices being at around current levels. He prefers Agrium (AGT-T).


Price: $21.470
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2016-08-24 BUY Painted Pony Petroleum
PPY-T
Michael Sprung

(Market Call Minute.) An extremely well-run company.


Price: $8.470
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-08-24 COMMENT Starbucks
SBUX-Q
Keith Richards

On a 3-year chart, there has been a general disintegration of the upward trend after moving up through most of 2014 and 2015. We are now getting a series of lower highs and lower lows. He would be a little cautious on this.


Price: $57.090
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Unknown
2016-08-24 DON'T BUY Silver Wheaton
SLW-T
Michael Sprung

A very well-managed company. He admires a lot of the royalty companies. The only problem he has is the multiples that people pay for them. They are always looking very, very expensive. Management has been very smart in their acquisitions.


Price: $33.880
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: No
2016-08-24 BUY Stuart Olson Inc
SOX-T
Michael Sprung

It has been really beset, particularly lately, by the problems in Alberta. It was affected by the wildfires around Fort McMurray. In the last number of years, they have just seemed to go from one problem to another. However, he still believes this company can survive the current environment and prosper. They will be a beneficiary for some of the infrastructure spending that is going to take place.


Price: $6.120
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2016-08-24 TOP PICK Suncor Energy Inc
SU-T
Michael Sprung

This has some of the best assets in Canada. Superb upstream/downstream assets. Very well financed. A strong balance sheet. If any company is positioned to take advantage of the problems inherent in the oil/gas industry, it is this company. Dividend yield of 3.2%.


Price: $36.310
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Yes
2016-08-24 COMMENT Twitter, Inc
TWTR-N
Keith Richards

The big picture is still possibly a little bearish. It does seem to be trying to build and break the downtrend. The lows and highs seem to be making some progress. He would give this a 6 out of 10. It doesn’t look like something that is crazy bullish but it looks like it has some progress, so probably a reasonable bet.


Price: $18.250
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Unknown
2016-08-24 TOP PICK PowerShares S&P500 Low Volatility ETF
ULV-T
Keith Richards

This owns the 100 lowest volatility stocks in the S&P 500, and then hedges it back to the dollar to make sure you don’t get any negative movement on your ETF due to the Cdn$ going up, or vice versa.


Price: $32.960
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Yes
2016-08-24 PAST TOP PICK SPDR Consumer Staples ETF
XLP-N
Keith Richards

(A Top Pick May 30/16. Up 3.83%.) He just sold this on Monday because his broader indicators are showing that things are maybe a little overdone, and he was looking to raise cash.


Price: $54.800
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: No
2016-08-24 COMMENT Yamana Gold Inc.
YRI-T
Keith Richards

He is bullish on gold, but fully expects a pullback in the next little while. This one is similar to a lot of producers and similar to the pattern on bullion. Broke the downtrend earlier this year, began to move up, and has now pulled back to possibly a short-term trend line. As long as you don’t see massive deterioration, it would still be healthy from a technical perspective.


Price: $5.790
Subject: TECHNICAL ANALYSIS
Bias: BEARISH
Owned: Unknown
2016-08-24 SELL Yamana Gold Inc.
YRI-T
Michael Sprung

(Market Call Minute.) Not his favourite gold company at the moment. He would rather own a couple of others instead.


Price: $5.790
Subject: CANADIAN LARGE
Bias: CAUTIOUS
Owned: Unknown
2016-08-23 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Market. The S&P 500 and Dow are now trying to make another all-time high. From a monetary point of view and bond point of view this is warranted, but he is cautious from an earnings perspective. US earnings have gone down over past quarters, so the market going up is a bit of a countertrend, but the offer of what else is available is warranted, just because of interest rates being so low. December for an interest rate increase might be a more realistic option. The Fed seems quite concerned about global issues so they keep rescinding back their talk of interest rate hikes. Even if they raise rates, they are still going to be at very low levels, which is why we are seeing markets going to new highs. He is fairly constructive on the economy. The US and emerging markets are really driving the growth that we are seeing now. Japan and China seem to be bottoming. That is offset by the euro area and the UK which could see growth coming down.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: _N/A
2016-08-23 COMMENT A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Canadian banks? Over the past 15+ years they have grown at a rate of double the GDP, which is hard to do consistently. We have had a housing market that has run, and debt levels that have increased. His view is that banks’ growth is slowing. Dividends are very important. A lot of the banks beat was done on the cost side. If you are looking for income, they are great investments, but as a capital appreciation, he doesn’t think they are going to rise at the pace they have.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2016-08-23 N/A A Comment -- General Comments From an Expert
A Commentary
James Telfser

Market. On his funds, he has a risk overlay. It indicates how much risk he should be taking, which he uses as a reason to increase cash, decrease cash, buy Put options, Short stocks, etc. For the last number of months, he has had very aggressive positive signals. Also credit spreads across Canada, the US and globally, have really come in, to the tune of 50% since the beginning of the year. This tells him that we are in an environment where you can take a little more risk in a portfolio. He is about 92% exposed to the market. Feels the probability of a rate hike is increasing, and wouldn’t be surprised to see one in December.


Price: $0.020
Subject: CANADIAN
Bias: BULLISH
Owned: _N/A
2016-08-23 COMMENT Apple
AAPL-Q
Zachary Curry

He is constructive on this company. There have been questions on the refresh cycle going forward, but he is comfortable with that. The new phone coming out will be good. If there is not a rush to it, there will be a gradual type of refresh cycle. He is positive on their move to their eco system.


Price: $108.850
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-08-23 SELL Alaris Royalty
AD-T
James Telfser

He has looked at royalty corps all together to see if there was an investment opportunity. Has just never been comfortable with the business model. Although you are getting a nice dividend, you have to deal with the volatility.


Price: $22.820
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-23 COMMENT AGT Food & Ingredients
AGT-T
James Telfser

(Market Call Minute.) An interesting name. He had always considered this to be a Sell, and has been Short it a few times in the last 6 months. Thinks it is a bit overhyped given its free cash flow generating ability.


Price: $36.790
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-23 BUY Aecon Group Inc
ARE-T
James Telfser

(Market Call Minute.) A great story. Infrastructure spending is improving. They’ve had some blowout quarters, and he thinks the best is still ahead of them if energy starts to rebound a little bit.


Price: $18.870
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-23 HOLD Badger Daylighting
BAD-T
James Telfser

(Market Call Minute.) They just put up a great quarter. It has been hit and miss in the last few quarters. He is looking at this pretty deeply right now.


Price: $26.770
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-23 COMMENT BCE Inc.
BCE-T
Zachary Curry

He likes this company. There are going to be some headwinds, but doesn’t think the pick and pay bundles are going to be that disruptive. The 4.4% dividend is the reason the stock is doing well. You are going to have to be careful, but as long as they are prudent going forward, you should see this name continue to plod along.


Price: $61.970
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2016-08-23 COMMENT Bank of Montreal
BMO-T
Zachary Curry

Moving more towards a TD type model, more geared towards retail banking. With that, you are going to see more consistent results. Less volatility, less capital market ups and downs. With their Harris Bank in the Midwest, they are branching out in the US slow and steady. Not a bad dividend. He thinks you will see a steadier approach upwards, and constructive.


Price: $86.270
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-08-23 WAIT CitiGroup
C-N
Zachary Curry

This is more exposed to the emerging-markets. Based on his view on potential growth going forward, this one would be in the good camp if you had to pick a bank. They’ve been under pressure with the emerging-market pullbacks, but the bigger risk for them is in the political side. Both US candidates seem to be pretty stuck on pushing the banks further.


Price: $46.590
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2016-08-23 TOP PICK Celgene Corp
CELG-Q
Zachary Curry

A biotechnology company that is primarily focused on cancer research. They take positions in companies, watch them do the R&D, and then they capitalize further. They’ve made 2 acquisitions, one in the MS space. They have a based strip cancer drug and then little bolt on drugs that combine with the based for changes in chemotherapy treatments.


Price: $114.010
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-08-23 TOP PICK Cerner Corp.
CERN-Q
Zachary Curry

Their premise is basically digitizing health records. Demographically that is a good place to be. There are lots of doctors’ records that are either handwritten or digital in a format that is not compatible with others. There is a US law that says that by this year you have to have this and next year you have to have that, etc. It is a forced conversion to electronic data management and records. They’ve generated about 15% revenue growth and 20% earnings growth consistently. Over the past year they’ve moved from a one-time revenue recognition model to a subscription type model, and the stock really came off. It is now started to come back.


Price: $64.600
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-08-23 COMMENT Chesswood Group
CHW-T
James Telfser

A great stock. Trading at under 10X earnings with a 7.5% dividend yield that is more than covered with earnings and cash flow. This has been really getting focused on their core business of leasing and working capital loans. They deal with small and medium-sized businesses. Very smart management. He expects to see multiple expansion to 11 or 12 times earnings, a 20% gain from here not including the dividend.


Price: $10.720
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-23 COMMENT Cardinal Energy Ltd
CJ-T
Zachary Curry

Spartan Energy (SPE-T) or Cardinal Energy (CJ)?  Not a bad company, but he prefers Spartan.


Price: $9.300
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2016-08-23 HOLD Cardinal Energy Ltd
CJ-T
James Telfser

(Market Call Minute.) 4.5% dividend yield and is very stable. Hasn’t proven out their growth by acquisition strategy versus Crescent Point (CPG-T). He is watching this.


Price: $9.300
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-23 PAST TOP PICK Clearwater Seafoods Inc.
CLR-T
James Telfser

(A Top Pick July 29/15. Up 29.71%.) A great large moat business where they have quotas for shellfish all over the world. New quotas are not being produced, they are actually being taken away, which is causing them to have much higher barriers to entry and putting upward pressure on seafood pricing.


Price: $14.390
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-23 BUY Canadian Natural Rsrcs
CNQ-T
James Telfser

(Market Call Minute.) If you believe that energy has legs, this is the highest quality name. (See Top Picks.)


Price: $41.600
Subject: CANADIAN
Bias: BULLISH
Owned: Unknown
2016-08-23 PAST TOP PICK Cisco
CSCO-Q
Zachary Curry

(A Top Pick July 30/15. Up 12.99%.) This is like the pipeline of the Internet. It doesn’t matter whether it is wired or wireless, it is going to be good for business. They are moving from a hardware side to a services side, which gives them more recurring revenue.


Price: $30.980
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-08-23 COMMENT Canadian Tire Corporation Ltd. (A)
CTC.A-T
Zachary Curry

Their exposure to the economy has been better than the GDP numbers. There are concerns about their recent shift in management. Also have been pretty good on the digital side of things. They own some good brands, so there is diversification. Its really a question of exposure to the Canadian consumer, and he prefers the US consumer.


Price: $137.410
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-08-23 COMMENT Concordia Healthcare
CXR-T
Zachary Curry

He is holding his position and evaluating the name. Was surprised that on the last results on the generic drug competition. There are concerns about debt levels and the company has some headwinds. This is in a better place than a Valeant (VRX-N) where there is potential fraud. Should their earnings progress, it will have the ability to pay down debt.


Price: $11.550
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-08-23 COMMENT Concordia Healthcare
CXR-T
James Telfser

Had viewed this as being undervalued given what he had thought they could generate in earnings and free cash flow. In the last 6 weeks there has been a massive deterioration in the business, where there was a generic approved for Nilandron, one of their big products. Donnatal scripts keep going down. It also had Plaquenal where competition got approved by the FDA. On top of that, you have the CFO leaving. He exited his position. Be careful on this.


Price: $11.550
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-23 BUY DH Corporation
DH-T
James Telfser

(Market Call Minute.) This has been beaten down too far. He still likes the assets and they have great management.


Price: $28.380
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-23 PAST TOP PICK Walt Disney
DIS-N
Zachary Curry

(A Top Pick July 30/15. Down 18.72%.) The problem really comes down to ESPN and its uncertainty on the cable side. He is more constructive on this in that ESPN could do their own streaming, and Disney take a piece of the NLB franchise. Doesn’t think people will be cutting the cord to the extent that some people think. Everything else is working.


Price: $95.970
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-08-23 HOLD Diversified Royalty Corp.
DIV-T
James Telfser

(Market Call Minute.) Very interesting business. Mr. Lube has got 4% same-store sales growth pretty consistently, but given the business structure, he is on the sidelines.


Price: $2.380
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-23 PAST TOP PICK Element Financial
EFN-T
Zachary Curry

(A Top Pick July 30/15. Down 29.55%.) Sold his holdings recently on the news that they were going to be splitting the company, and how they were going to be allocating costs, etc.


Price: $13.390
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-08-23 SELL Empire Company (A)
EMP.A-T
Zachary Curry

This is going to have the issues of taking over Safeway, which hasn’t been going smoothly. The exit of the CEO is indicative of that. These things just don’t happen in 6 months or a year, and all of a sudden get turned around. It could take a long time to settle out.


Price: $21.910
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2016-08-23 PARTIAL BUY Ensign Resource Service Group
ESI-T
Zachary Curry

Energy service companies have come off more so than the oil companies. Their budgets are driven by the oil companies, and also their cost structures seem to be fixed, so when the wind comes out of their sails, they still have the same cost structures. This is now at a pretty good level. You might look to pick away at these companies in the next month or so. This one is a good name and is one of the bigger ones.


Price: $7.610
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-08-23 COMMENT First Quantum Minerals
FM-T
Zachary Curry

First Quantum (FM-T) or Teck Resources (TCK.B-T)? His view is definitely more constructive on Teck.


Price: $12.050
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-08-23 TOP PICK Firstservice Corp
FSV-T
James Telfser

The more he gets to know the company, the more he gets to like their story. It is a high recurring revenue model. They do a lot of property management. They are able to bring services together from all over the US, and offer it at a higher margin. They then start to get into other businesses like Sentry Fire, California Closets, and they do some restoration businesses as well. They are taking some of these businesses private, which is quite accretive to the company. The company has a long runway. A very steady type business. Dividend yield of 0.9%.


Price: $64.150
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-23 HOLD General Electric
GE-N
Zachary Curry

Got rid of the divisions which had really caused them trouble. This is an industrial company, certainly on the energy and infrastructure side. High debt levels by governments and infrastructure spending will benefit them.


Price: $31.230
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2016-08-23 BUY goeasy
GSY-T
James Telfser

(Market Call Minute.) This is always a Buy. Believes it is one of the better opportunities in Canada. Just had a blowout quarter, and the stock still isn’t showing its true fundamentals.


Price: $20.210
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
2016-08-23 PAST TOP PICK Hudson Bay Co.
HBC-T
James Telfser

(A Top Pick July 29/15. Down 30.49%.) A disappointment for him. Has been out of this for a while. Had been optimistic about the push into Germany, but things in Europe fell apart very quickly. He loves their business model in buying an asset, taking the real estate, and spending it off in JVs. That makes a lot of sense. However, when you have retail sales declining globally, along with the US$ pressure, that started him questioning what the properties were worth.


Price: $18.210
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-23 COMMENT Home Capital Group
HCG-T
James Telfser

This has the same guys shorting this company that were ripping into Concordia Healthcare (CXR-T). The company has been struggling with loans. Be careful. It looks cheap, but it can get a lot cheaper.


Price: $25.910
Subject: CANADIAN
Bias: BULLISH
Owned: No
2016-08-23 TOP PICK Horizon North Logistics
HNL-T
James Telfser

Lost a couple of their big camps in Fort Murray, one by fire and one by smoke. Capacity utilization has been really low in the whole camps and logistics space, so that just took off a whole bunch of capacity. They were covered by insurance, and there are estimates it could be $30 million. What he likes, as compared to similar companies, is that they have a balance sheet based on an equity issue that they did at $3.75 about a year ago, so they can now rollup some of this industry and buy up some of their competitors who are struggling. There has been the big move in energy prices, you are seeing rig counts coming up again, oil production coming up in the oil sands again, and they are getting into some new businesses now where they do some manufacturing. Dividend yield of 4.55%.


Price: $1.760
Subject: CANADIAN
Bias: BULLISH
Owned: Yes
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