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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
2016-05-19 COMMENT General Electric
GE-N
Stan Wong

Currently looking at exiting this. He has done very well with it, and has traded in and out of it a couple of times over the last couple of years. His concern is that the stock price has started to flatten out back into the November-December phase. It got to the $32-$33 level and really hasn’t broken above that. In March it got back to the $32 and then started to break down again. If there is a bit of a breakdown in the market, this is a bit of a barometer and the stock is going to break down too. Dividend of around 3%.


Price: $29.360
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2016-05-19 PAST TOP PICK General Motors Corporation
GM-N
Stan Wong

(A Top Pick May 21/15. Down 10.89%.) Got stopped out last August around this price level. Very cheap at 5X forward earnings with a 9% growth rate and a dividend at 5%. However, it has not done very well. Expects the market is concerned about the auto market maturing. Also there is very anaemic looking growth globally.


Price: $30.320
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2016-05-19 TOP PICK Alphabet Inc. (A)
GOOGL-Q
Stan Wong

Largest Internet Company globally, specializing in search and advertising. They control 74% of the US Internet search engine market, and nearly 60% of the global search ad revenue. With the YouTube volume growth, increasing mobile ad sales and more cost controls, that should continue to drive the bottom and top lines. Trading pretty cheap at 20X forward earnings. 15% long-term growth rate, gives it a 1.3X PEG, which is pretty good for a large cap technology brand. Added to his position last month in the $705 area. Thinks it can get back up to the $800 level quite easily.


Price: $715.310
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2016-05-19 COMMENT GoPro Inc
GPRO-Q
Stan Wong

This stock has been tough. Down 83% in the last 12 months, and hit a brand-new all-time low today at $8.62. From his perspective there is no earnings. It is difficult for him to understand the product. Feels it is a bit of a niche product.


Price: $8.850
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Unknown
2016-05-19 DON'T BUY Gap
GPS-N
Lorne Steinberg

It is down 50%.  Getting involved in fashion retailing is hard. Retail is brutal. Same store sales are declining in all brands.  It is such a risky place to be. 


Price: $17.280
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Unknown
2016-05-19 BUY HSBC Holdings P L C
HSBC-N
Lorne Steinberg

They cleaned up their problem areas.  They are an excellent global bank and he is looking at it.  They have great franchises in Asia.  They are well diversified. 


Price: $31.350
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Yes
2016-05-19 BUY ING Groep NV
ING-N
Lorne Steinberg

One of the few EU banks in good shape.  There will be dividend increases over the next 12 months.  This is about as clean as they come.  A hefty yield.  The just started paying it earlier this year.


Price: $11.600
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Yes
2016-05-19 HOLD Johnson & Johnson
JNJ-N
Stan Wong

He likes the chart on this. Ever since the January lows, it has finally broken out and has started moving higher. Trading above the 50 and 200 day moving averages, so from a technical perspective, there are no complaints. On valuations it is trading at 17X earnings with a 6% or 7% growth rate, which makes it a little expensive. Nice dividend at 2.8%, and they are probably going to grow that over time. Likes their diversification within the drug space, medical device space and the consumer product space. One name that might be a little cheaper and that he likes a little more, would be AbbVie (ABBV-N). However, if you own this, there is no reason to Sell until it breaks down a bit.


Price: $112.850
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Unknown
2016-05-19 PAST TOP PICK Southwest Airlines
LUV-N
Stan Wong

(A Top Pick May 21/15. Up 14.1%.) One of his favourite airlines. If the US$ starts to appreciate, this is a name that is going to start becoming important again. You want a name that is mostly domestic or US$ centric in terms of revenues. This has the best balance sheet out there. Very low debt to capital ratio.


Price: $42.170
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2016-05-19 DON'T BUY Metlife
MET-N
Stan Wong

Used to own this. As an insurer, it will do a bit better with rising interest rates, but on a technical basis, it is below the 200 day moving average, and that continues to fall. Be careful of this one. Pretty cheap at 8X forward earnings probably a 9%-10% growth rate, but until it changes in terms of its technicals, he is not going to own it. Nice dividend of 3.6%.


Price: $44.310
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2016-05-19 DON'T BUY Manulife Financial
MFC-T
Stan Wong

This is going to be really dependent on where interest rates are moving. If they start moving higher, this stock should start moving higher. He prefers Sun Life (SLF-T) which has performed better and has a bit more diversification. However, this one is fine longer-term. Given that the 200 day moving average is falling, it is not a name he would own.


Price: $18.400
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2016-05-19 DON'T BUY Maple Leaf Foods
MFI-T
Lorne Steinberg

They just restructured and realized the value of Canada Bread.  He is curious to see what the next steps are.  It looks like a fully valued stock at this point. 


Price: $29.880
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: No
2016-05-19 TOP PICK Metro Inc (A)
MRU-T
Stan Wong

A very classical, traditional, consumers staple stock that provides investors with a very stable and predictable growth and earnings with a modest but growing dividend. They have $12 billion in sales and a network of 600 stores in Québec and Ontario. Trading at 17X earnings and a 10% growth rate and a dividend yield of 1.3%. The dividend has grown at 16% per year over the last 5 years. A very steady type of name, especially for this environment where things seem to be expensive.


Price: $42.990
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2016-05-19 DON'T BUY Potash Corp of Saskatchewan
POT-T
Lorne Steinberg

They just cut the dividend by about a third and he thinks it is sustainable now.  His people keep saying he missed it and then it comes back.  He has shied away.  It is a great company but he can’t do it at the present time.


Price: $21.790
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: No
2016-05-19 DON'T BUY Power Corp
POW-T
Lorne Steinberg

He is not crazy about mutual fund companies in Canada because of increasing fee disclosure requirements coming. 


Price: $28.890
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Unknown
2016-05-19 TOP PICK Royal Dutch Shell PLC (B)
RDS.B-N
Lorne Steinberg

One of the best managed energy companies in the world.  Very little debt.  They took advantage of energy prices to integrate an acquisition with a high yield.  There is not a lot of downside for the high dividend yield. 


Price: $49.820
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Yes
2016-05-19 DON'T BUY Reitmans (Canada) Ltd. (A)
RET.A-T
Lorne Steinberg

They are sound financially and always have been. They are hurting from foreign competition.  Same store sales are down and they are trying to manage the decline.  He would not step in here.  Even a good management team is struggling.


Price: $4.280
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: No
2016-05-19 COMMENT Raytheon
RTN-N
Stan Wong

This has been a great stock and has done very well. Trading at about 18X earnings. Starting to get a little bit rich. He prefers General Dynamics (GD-N) which has stronger valuations.


Price: $129.230
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2016-05-19 BUY Royal Bank
RY-T
Lorne Steinberg

Wealth management is the largest driver.  They live and die with the Canadian economy.  There will be on going dividend increases.  They have some downside here and at that point you have the opportunity to step in.


Price: $77.570
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Unknown
2016-05-19 COMMENT Starbucks
SBUX-Q
Stan Wong

A premier name and doing very well. Getting into baked goods and the juice area. They are expanding their offerings and doing very well with mobile. Customer loyalty program remains pretty strong. There is international expansion going into China, etc. However the chart is starting to roll down a little and its momentum is starting to slow down. He is keep an eye on that. Trading at 26X forward earnings, which represents a growth company. (Early on this year value companies are starting to outperform growth stocks.)


Price: $54.550
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2016-05-19 DON'T BUY Shaw Communication (B)
SJR.B-T
Lorne Steinberg

Flat revenues.  They made a sale to Chorus and raised some cash. It is almost a no growth business.  The wireless business will prove tough for them.


Price: $24.460
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Unknown
2016-05-19 COMMENT Telus Corp
T-T
Lorne Steinberg

He is less concerned with conditions out west and more with cyclical conditions.  People are unhooking from cable.  They have good cash flow, buying back shares and raising dividends.  There is no growth here, however.


Price: $40.420
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Unknown
2016-05-19 DON'T BUY Toronto Dominion
TD-T
Lorne Steinberg

They have become part Canadian and part US.  They made some phenomenal acquisitions in the US.  He does not like the entry price here. 


Price: $56.270
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Unknown
2016-05-19 BUY Total SA
TOT-N
Lorne Steinberg

He likes it here.  He likes the really large globally integrated players.  They have been covering dividend with their earnings.  The whole sector is coming to rationalization and renewable energy is becoming part of the market.  He likes this sector.


Price: $47.770
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Yes
2016-05-19 DON'T BUY Tesla Motors Inc
TSLA-Q
Stan Wong

Took a bit of a hit by issuing some shares recently. Expensive and not a name that is going to end up in his portfolios. Trading at 145X forward earnings. Growth rate is forecast at around 70%, but he questions if that growth rate is susceptible to some risks.


Price: $215.210
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2016-05-19 DON'T BUY Unilever PLC
UL-N
Lorne Steinberg

Phenomenal global player.  Don’t sell.  The consumer staples area has been one of the most stable over the last couple of years.  The entry point is too high here.  They will keep growing, however. 


Price: $44.640
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Unknown
2016-05-19 DON'T BUY Valeant Pharmaceuticals
VRX-T
Lorne Steinberg

He does not like it.  It grew by debt funded acquisition.  These stories don’t usually work out well.  They are now a dramatically different company as they have to cut prices on drugs they acquired.  They now have to sell assets to pay down debt.  The worst is not over for them.  No value there.


Price: $34.270
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: No
2016-05-19 DON'T BUY Verizon Communications
VZ-N
Lorne Steinberg

A great company.  The Telco sector is a tough place to be because there is almost no growth.  You will get some increase in dividend.


Price: $49.630
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: No
2016-05-19 COMMENT Wal-Mart Stores Inc.
WMT-N
Stan Wong

This is tricky. There are a few things happening as to where the US$ may go and how it affects international revenues coming in. If the US$ starts to move significantly higher, you may see this company slow down a bit, as they depend on a lot of revenues coming in from outside of North America. However, there are some things the company is working on such as e-commerce, their labour force and increasing their minimum wage. It looks a little pricey to him, so he doesn’t own it.


Price: $69.200
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2016-05-19 TOP PICK Exxon Mobil
XOM-N
Stan Wong

If you are a believer that the energy market is continuing to stabilize and recover, he likes this company because it is a very conservative play. The largest integrated oil company globally. Feels they are very committed long term to cost control and a strong balance sheet, enabling them to make some very opportunistic acquisitions going forward. Trading at 2.15X Price to BV, which is a discount to its 10-year average of 2.8X. Dividend yield of 3.33%.


Price: $90.110
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Yes
2016-05-19 PAST TOP PICK Xerox
XRX-N
Lorne Steinberg

(Top Pick June 2/15, Down 18.99%) A big free cash flow generator and buying back a third of their shares over the last 5 years.  We will see what the two pieces look like at the end of this year.


Price: $9.050
Subject: Deep Value Global Equities
Bias: BEARISH
Owned: Yes
2016-05-19 COMMENT iShares S&P/TSX Cap. Cons. St.
XST-T
Stan Wong

Consumer staples sector in Toronto has done extremely well. When you go into May-October, you tend to see consumer staples, healthcare and utilities outperform. They tend to have a higher dividend. However, some valuations tend to be a bit higher.


Price: $51.170
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: Unknown
2016-05-19 COMMENT BMO S&P/TSX Laddered Preferred
ZPR-T
Stan Wong

BMO S&P/TSX Laddered Preferred (ZPR-T) or iShares S&P/TSX preferred (CPD-T)? The only difference between these 2 is that this one probably has a little bit more in rate reset preferred shares. Those are the shares that will do well when interest rates start to move higher. The both are very similar though. There is going to be some volatility in the preferred share market.


Price: $9.670
Subject: NORTH AMERICAN - LARGE & ETFs
Bias: CAUTIOUS
Owned: No
2016-05-18 N/A A Comment -- General Comments From an Expert
A Commentary
Steve Belisle

Market. He is looking at a stock market environment where uncertainty remains elevated. The Canadian and US markets have rebounded quite a bit from the lows of February. The US earning season for Q1 was a little lacklustre, and guidance was a little disappointing. At the same time, you have the market back to its valuation peak at 17X for the S&P 500. Even if you adjust for currency, the results were a little lacklustre. Looking at the current EPS consensus for 2016, it is back at the same level as 2015. He is looking for companies that are offering the best of both worlds, a decent dividend and the prospect of decent growth, but where the company’s business prospect and growth is not influenced by the macro environment. That gives him more visibility and more comfort.


Price: $0.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: _N/A
2016-05-18 COMMENT A Comment -- General Comments From an Expert
A Commentary
Steve Belisle

Canadian Banks. Exposure to energy is at about 2%. Expects that in the next quarter when they report, you are going to see a lot of noise and potentially larger losses that many people expect. Has been reducing his exposure, especially after the large rebound from their lows in February.


Price: $0.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
2016-05-18 N/A A Comment -- General Comments From an Expert
A Commentary
Christine Poole

Market. The Fed has June on the table for a rate hike, and the market is not anticipating that. They came off sounding quite hawkish that things were improving and a hike would happen if the economic conditions warranted it. Once again they are focusing on employment and inflation. Employment growth remains healthy in the US. Inflation is still within their targeted range. Because it is data dependent, there is a heightened sensitivity to any economic data that is released between now and next month. Her longer-term thesis is that the US economy continues to grow at a 2%-2.5% pace. She always thought the pace of the US Fed was going to be quite moderate and well telecast, and she doesn’t see a sharp spike in inflation, so expects it will be a slow, gradual entry. Canadian banks have underperformed and are very attractively priced right now. The energy play is still on the table and you still want exposure there, preferably through some of the infrastructure and pipeline stocks as a more defensive way to play it. If the US$ strengthens, it will be negative for gold. Gold stocks are up significantly more than the commodity, and if an investor wanted some exposure, she would go with the actual commodity.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: _N/A
2016-05-18 COMMENT A Comment -- General Comments From an Expert
A Commentary
Christine Poole

Car companies? She doesn’t own any of the OEMs. They are very cyclical, and as a group tend to trade at single digit multiples. Through the cycles they can lose a lot of money. For the group as a whole, the overhang is that US auto production may have peaked out. If rates start to move up, that is going to hurt auto demand in the US. Her preference would be to buy a high-quality auto parts supplier, who supplies into all of the companies.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-05-18 HOLD Apple
AAPL-Q
Christine Poole

The market is questioning their future growth, but their balance sheet is very strong. They have lots of cash. They aren’t going to run into any financial difficulty for a long time. Product innovation seems to be waning a bit. They will be launching a new phone later this year, which may be a catalyst. Their phones are very expensive, so demand is not keying up as quickly. If the markets get shaky, this is a stock that is going to hold.


Price: $94.560
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-05-18 COMMENT Abbott Labs
ABT-N
Christine Poole

Emerging markets represents about 40% of their earnings. Have a very strong branded generic division and a lot of that is in the emerging-market, so currency has been a huge head wind for them. Also, have a leading adult and infant nutritional business as well as medical devices. There was some concern that the medical device area was not growing as fast as some of their other businesses. Management is quite competent they can get things improving.


Price: $37.750
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-05-18 BUY American Tower
AMT-N
Steve Belisle

They sell telephone towers, mostly in the US, but globally as well. The company is growing quite nicely. Cash flow growth is at 15%+ in the next few years, and that will drive very solid dividend growth. Very low risk because it is long-term contracts. There is nice structural growth in the industry because some countries are moving from 2G to 3G, etc. That drives more demand for space on their towers.


Price: $104.550
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
2016-05-18 COMMENT Allied Properties REIT
AP.UN-T
Steve Belisle

He likes this company. They run a very special kind of office space by taking industrial buildings and turning them into offices that look a little like a loft with an open space aspect. It’s difficult to evaluate, because it is not the traditional office space. They have been pretty good at executing a strategy of redevelopment and intensification, and currently have a couple of very interesting projects that will derive cash flow growth in the future. Facing some headwinds near term, because of vacancies. In the last few quarters those vacancies have offset the development growth they have been having. If you see a strengthening in their occupancy rate, then you could consider this as being higher growth. He definitely likes this one. 4% dividend.


Price: $37.080
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
2016-05-18 COMMENT Algonquin Power & Utilities Corp
AQN-T
Steve Belisle

Emera (EMA-T) is selling most of its interest. This will take an overhang off the table and will improve liquidity of this company’s stock. The company is definitely safe, and will probably keep growing over the next few years at a pretty nice clip. Given the nature of their business, he thinks they can sustain their debt level.


Price: $11.190
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
2016-05-18 BUY on WEAKNESS Alimentation Couche-Tard (B)
ATD.B-T
Steve Belisle

Thinks the dual-class share structure is part of the reason for the stock’s decline over the past 2-3 months. But also, many people have been buying the stock for exposure to gas margins, which have been very strong in the past year. Now people are starting to be concerned about a reversal of fuel margins, which would impact this company negatively. A very solid company with their acquisition strategy and their execution of it. If it gets down to $50-$51, that would be a great bargain.


Price: $54.680
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
2016-05-18 COMMENT Bank of America
BAC-N
Steve Belisle

US banks are very sensitive to the economic situation. If there is some disappointment, they will be at the forefront. Went down a lot in Q1 this year. He is quite concerned about being exposed to US banks at this point. However, if the Fed surprises the market in June and hikes rates, the place you want to be is in US banks.


Price: $14.690
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
2016-05-18 HOLD BCE Inc.
BCE-T
Steve Belisle

The issue with the telco industry at this stage is that you have a new entrant on the wireless side coming in. You are also facing a lot of pressure on the cable side with the people going over the top, etc. The industry is facing some serious headwinds. He has been reducing his exposure to the sector. However, if you have to be in this sector and you want very low risk, this is probably the name to have. They have a decent strategy and are deriving very visible and stable growth. The dividend will continue to grow at a slow pace, but you have good visibility on it.


Price: $60.060
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
2016-05-18 COMMENT Brookfield Infrastucture Partners
BIP.UN-T
Steve Belisle

Great company. They are deriving growth all over the planet. They will deploy capital in places where things are bad and capital is fleeing. That is how they get assets at a discount to fair value, and how they generate growth. The assets they buy often come with long-term contracts providing stable and growing cash flows. Also, have organic growth investment opportunities. Currently they are interested in Brazil, where the economy is pretty bad. 5.2% dividend yield.


Price: $56.400
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Yes
2016-05-18 TOP PICK Boyd Group Income Fund
BYD.UN-T
Steve Belisle

Auto repair/collision repair shops. Growing mostly in the US. Insurance companies want to deal with fewer suppliers, especially for collision repairs, and this company is able to offer them lower costs, faster service and more standardized service. That is why they are getting market share with insurance companies, and that is driving structural growth. Miles driven has increased in the US which is resulting in more collisions. They are supplementing their organic growth with more acquisitions. The market is very fragmented in the US. Dividend yield of 0.69%.


Price: $72.610
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Yes
2016-05-18 COMMENT CCL Industries (B)
CCL.B-T
Steve Belisle

Has executed very well in the past with their acquisition strategy. However, it is quite expensive. It is classified as a material stock on the TSX, and many investors who don’t like mining but need to be invested in all sectors, have picked this one, which has driven up the valuation to a very high level. 1% dividend yield.


Price: $222.750
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: No
2016-05-18 BUY on WEAKNESS CCL Industries (B)
CCL.B-T
Christine Poole

(Market Call Minute.) A good quality packaging company and has done really well, but she would wait for a pullback.


Price: $222.750
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-05-18 COMMENT Cineplex Inc
CGX-T
Steve Belisle

Not as cheap as it used to be. Has been a core holding for him for many years. It had a very good rally along with many other consumer stocks, so it is getting a little bit pricey, but the business is doing well. Had a great year with Star Wars. They keep finding ways to grow revenue outside of the box office. They are also growing a pretty nice media business as well. 3.2% dividend yield.


Price: $51.150
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Yes
2016-05-18 PAST TOP PICK Cineplex Inc
CGX-T
Christine Poole

(A Top Pick May 12/15. Up 8.04%.) The largest movie operator in Canada. They can’t control the film slate, but it has been very good so far this year. They are very good at driving concession spending which has been growing. In addition to their movie operations, they are going to open up Rec Rooms, entertainment centres offering pool, bowling, upscale dining, etc. Still a buy.


Price: $51.150
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-05-18 COMMENT Canadian Imperial Bank of Commerce
CM-T
Christine Poole

Has done relatively better this year than some of the others. Feels they have less growth potential because they are Canadian domestically oriented. She is more positive on the US economy. The Short interest on the Canadian banks has been relatively high, and that is really coming from American investors that are very negative on the Canadian economy.


Price: $101.480
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-05-18 COMMENT Canadian Pacific Rail
CP-T
Christine Poole

(Market Call Minute.) Likes the rails, but prefers Canadian National (CNR-T). However, this one is fine.


Price: $171.710
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-05-18 COMMENT Crescent Point Energy Corp
CPG-T
Steve Belisle

He likes this company. They have been executing well recently. The issue he had with them in the past is that they lacked discipline on the acquisition side. He is still a bit concerned about this.


Price: $21.830
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
2016-05-18 COMMENT Chevron Texaco
CVX-N
Christine Poole

A very high quality integrated company. She has always chosen to stay in Canada for energy. This is a very large diversified name, and will be able to withstand the downturn. When times are difficult, they can probably scoop up assets at distressed prices.


Price: $100.060
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-05-18 COMMENT Dream Office REIT
D.UN-T
Steve Belisle

There is a lot of pressure on their portfolio. They have exposure to Calgary, and that market is weak, not only because of oil, but also there was a lot of new supply coming in. When new supply is coming onto the market on the office side, they tend to lease very well because it is brand-new and looks good, so older buildings tend to perform poorly. That has been impacting this company. There is a lot of value in the name. It is trading at a huge discount to NAV. For a long-term investor who thinks things are going to recover, this could be a good buy, but he sees a lot of risks. Dividend is greater than 7%, but he thinks they will try to hang onto it.


Price: $19.080
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Unknown
2016-05-18 TOP PICK Walt Disney
DIS-N
Christine Poole

There is great momentum in the studio, and she sees good things coming over the next year. They can leverage their productions into the theme parks and consumer products. The big catalyst for their theme parks is the opening of Shanghai Disney in June. Up front there are going to be some opening costs, but longer-term it is going to be a great revenue generator. ESPN has been an overhang in terms of subscriber declines, but that is moderating. Dividend yield of 1.43%.


Price: $99.000
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2016-05-18 COMMENT Encana Corp
ECA-T
Christine Poole

This has had a nice jump with the recent rally in crude. A well-managed company with good assets and low costs. Longer-term this is a good name to hold. She is not sure she would put money into energy right now, because the sector has done so well on the supply disruptions. If there is strength in the US$ there might be a pullback, and that would be an opportunity.


Price: $9.740
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2016-05-18 TOP PICK Element Financial
EFN-T
Steve Belisle

Likes the value they are going to unplug by splitting the company in 2. They will be a fleet business and an asset management business in September. They will disclose the pro forma numbers in August. Last quarter management guided that the fleet business will earn about $1.12, but could actually be $1.10. If you use a 15 or 16 time multiple, this is what the stock currently is at. Even if you don’t like the commercial side of the business, it is probably worth at least $3, so you can easily get to $20 and above on a valuation. After the split, they will materially increase the dividend. Dividend yield of 0.68%.


Price: $14.800
Subject: NORTH AMERICAN DIVIDENDS
Bias: CAUTIOUS
Owned: Yes
2016-05-18 COMMENT Emera Inc
EMA-T
Christine Poole

Probably one of those safe defensive plays, and slowly increases the yield over time. Dividend yield of 4.16%.


Price: $45.700
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
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