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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
2015-05-20 TOP PICK Yellow Media Inc
Y-T
Paul Gardner, CFA

8% convertible debenture maturing in 2022. Digital is now 55% of this company’s revenue. This is a bond that you can get a 6% rate of return, but you get some upside from the stock which is trading at about 3X EV to EBITDA, and should be trading at 4 or 5 times. The key is paying down their senior debentures which is ahead of convertible debentures, but it is going to get to a point where there are no senior debentures left, with the only debt outstanding being the convertibles. With that you are not only going to get this secure yield of a business that is doing all right, but maybe some upside. You don’t want to pay more than $115 for the bond, because the bid/offer spread is quite large.


Price: $19.470
Subject: FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias: BULLISH
Owned: Yes
2015-05-19 N/A A Comment -- General Comments From an Expert
A Commentary
Brian Acker, CA

Markets. The US$ is in a secular bull market, but all US assets will go up as well over time. The Dow and the S&P 500 hit new highs yesterday. 2015 is going to be the year of the macro, and not the year of the stock. He wouldn’t be a stock picker too much this year. This is going to be the year of central bank actions including China. The only proviso he would give is that if a company disappoints the market, either through sales or earnings, the market really takes them to the woodshed and you could be down 10%-15% in a day. This is a correction in a bull market until the 10 year bond breaks 2.712%, at which time all bets are off. He is looking for 1 or 2 interest rate hikes from the Fed in 2015.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: _N/A
2015-05-19 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Economy. The recent US housing numbers were great. Very similar to what happened last year, specifically on the weather, but with GDP growth formulas basically biased on the back half of the year. It started out slow and moving better off into the tail end. Whether or not we see that continuing is everyone’s question. Perhaps some of the low oil price money, that everyone thought was being saved, is moving into bigger purchase items such as housing, which would help fuel housing starts and building permits. This is consistent with his view in that the 1st quarter will follow through into the latter half of the year in Canada and the US as well as emerging markets, starting off slow and continuing along.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: _N/A
2015-05-19 BUY on WEAKNESS Apple
AAPL-Q
Brian Acker, CA

Has a model price of $162.95, a 25% upside. A year from now, he has a model price calculation at $175. He likes this company and would try to get it on a pullback.


Price: $130.070
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 PAST TOP PICK Apple
AAPL-Q
Zachary Curry

(A Top Pick July 10/14. Up 37.1%.) This choice came down to the whole company and their suite of product offerings. He has taken some money off the table. This will continue to grow. Thinks it would be very hard to pull people away from their Apple products.


Price: $130.070
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2015-05-19 COMMENT AutoCanada Inc.
ACQ-T
Zachary Curry

Very volatile with its prime focus on western Canada and Alberta, where they have a large number of their dealerships. His concern is their debt side. How they are going to continue to grow, with the debt levels they have, is too risky for him.


Price: $44.970
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2015-05-19 PARTIAL BUY Bank of America
BAC-N
Zachary Curry

This is in an industry where the government seems pretty happy with consistently suing them again and again and again. With their acquisition of Countrywide, they really got ahead of themselves. We have seen the government regulate that company, more so than others, which has had the effect of forcing them to operate within pretty tight guidelines. Has a good retail banking platform. Unfortunately there is a lot of work to be done to get it up to a good level as well as to win government trust. This would be a wait and see, but is certainly one that you could nibble away at. Good value.


Price: $16.770
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2015-05-19 COMMENT BCE Inc.
BCE-T
Zachary Curry

Royal Bank (RY-T) or BCE (BCE-T)? In terms of one or the other, it is hard when it is in such a divisive space. This telecom has been bulking up on the content side. In his view it is the best one to own on the wireless side. Both companies pay good dividends, and both are best of breed. If you had to pick one over the other, it would be this for the short term.


Price: $53.370
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2015-05-19 HOLD Bank of Nova Scotia
BNS-T
Zachary Curry

Each bank tends to focus on their own little realm, and he really likes this for the international growth. Tends to be a bit more lumpy than most of the other banks. Over the longer term, the rates that they can charge in developing countries are a lot higher. This should continue to do well. Yielding close to 4% and doesn’t think there is a risk to the dividend.


Price: $65.270
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2015-05-19 COMMENT Brookfield Property Partners
BPY.UN-T
Zachary Curry

Quite positive on Brookfield as a whole. Specifically on the property side you are seeing “okay” value. But on the infrastructure side and big assets, it is the old theory of reaching for yield. You are buying an office building and you are getting rent. He feels there is better value on the asset management side, Brookfield Asset Management (BAM.A-T), simply because everything flows up to it.


Price: $28.500
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2015-05-19 COMMENT Caterpillar
CAT-N
Zachary Curry

Sold his holdings about 6 months ago, just on valuation. It really comes down to global growth for them. Global growth has been dropping. Great company with great products. He is hoping to pick this up at a lower price.


Price: $87.240
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2015-05-19 COMMENT Cameco Corporation
CCO-T
Brian Acker, CA

It is having trouble at EBV+2, which is basically his level at $20.96. He has a model price of $30.60, a 48% upside. The real issue here is that the market has to agree with those earnings estimates, and the market is certainly not agreeing. He would feel better on a positive transit on is EBV+2. He would put a target of EBV+3, which is $28-$29, and get out of the stock. If it came back to $17.60, he would be a buyer.


Price: $19.710
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2015-05-19 WEAK BUY Canfor Corp
CFP-T
Brian Acker, CA

He has a model price of $31.71, a 33.5% upside. We are in the 8th inning of these particular cyclical stocks, so he would be very, very cautious.


Price: $25.820
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2015-05-19 COMMENT CI Financial Corp
CIX-T
Zachary Curry

Great management team. This is a competitive sector. Demographics are going to be in their favour. Some people want a non-bank as a place to do business.


Price: $35.850
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2015-05-19 WAIT Canadian National R.R.
CNR-T
Zachary Curry

The Canadian rails have certainly come off in the last little while. They’ve had a fantastic run. His view on this would be that you have time to wait.


Price: $74.580
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2015-05-19 DON'T BUY Crescent Point Energy Corp
CPG-T
Brian Acker, CA

His model price is $5.62. They are paying out $2.76. Earnings for 2015 is a negative $0.10 and a negative $0.09 for 2016. Yield is 9.41%.


Price: $28.750
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2015-05-19 TOP PICK Cisco
CSCO-Q
Brian Acker, CA

His model price is $45.56, an upside of 53%. 3% dividend yield.


Price: $29.735
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 TOP PICK Cisco
CSCO-Q
Zachary Curry

This is like the pipeline of the internet. You have the infrastructure as the backbone, increased wireless growth, and they got to build the routers, switches and systems for that transmission to take place. Technology is one of the better valued sectors, so you have great valuation and a super cash positioning, with a strong management team. The other side that is really positive is that you have software, (security and service) that is outpacing the traditional products growth. This will give more consistent revenue growth, margins could improve, and that improvement could ultimately come back to shareholders. Yield of 2.83%


Price: $29.735
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2015-05-19 HOLD Concordia Healthcare
CXR-T
Zachary Curry

A really interesting company in an interesting space. Biotech overall has done very well and there are really some good metrics here. This company is buying the larger scale operations from unloved pharmaceutical companies. He feels it is trying to become like Valeant (VRX-N). Thinks there is growth there. There are a lot of the bigger drug companies that don’t want their lower tier drugs, which are susceptible to generic drugs, and are willing to farm those off in order to concentrate on higher return products. The space as a whole has gone up in value, and is certainly not cheap.


Price: $85.000
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2015-05-19 TOP PICK Walt Disney
DIS-N
Zachary Curry

Not only do you have the one Star Wars, you have 2 other additionals. You get things like the Avengers and some of the real franchise positions. The real positive with this company is that they really get it all across the board. They have been spending like crazy on the theme parks which are finally coming to fruition. When it comes to re-releasing it on DVD or via the internet, they control it. Yield of 1.04%.


Price: $110.560
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2015-05-19 PAST TOP PICK Element Financial
EFN-T
Zachary Curry

(A Top Pick July 10/14. Up 26.45%.) Trading near the top of his range. This was a benefit of having a non-bank financial in Canada, as well as having the benefit of having 75% of its business geared to the US. Made a great acquisition which is performing fairly well. Good management.


Price: $17.850
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2015-05-19 COMMENT Enerplus Corp
ERF-T
Brian Acker, CA

His model price is $3.06, a negative 76%. It is paying out $0.60. For this year, the mean estimate is that they are going to lose $0.55 and $0.08 for 2016 at current earnings estimates. He feels energy is going to go lower.


Price: $12.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2015-05-19 PAST TOP PICK CGI Group (A)
GIB.A-T
Brian Acker, CA

(A Top Pick May 29/14. Up 48.53%.) Still likes this. It will probably go to about $67. He would be a Buyer on any weakness.


Price: $55.160
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 TOP PICK Gilead Sciences Inc.
GILD-Q
Brian Acker, CA

The media focuses on negative stories, but these big companies can shift assets and wring out some costs to make up for any sort of pricing differential. His model price is $168, a 54% upside.


Price: $110.560
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 COMMENT Google
GOOGL-Q
Zachary Curry

R&D spending in the last quarter has been quite high. Seem to have some pet projects they keep funnelling money into. On the android side, for example, they continue to give it away for free, but what that does is allow applications and data to be pulled off. That is positive in the long term. The advertising side continues to be dominant. Their shift to mobile, accepting pages that are typically enhanced to work on mobile applications, is another avenue. It really comes down to a longer-term investment horizon and believing they will be able to move around that big advertising elephant. Good value, good cash and a good balance sheet are important in this market. He is positive on this company.


Price: $549.280
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2015-05-19 COMMENT IBM
IBM-N
Brian Acker, CA

This is in transition, but it does have fundamentals. His model price is $200, a 15% upside. Pays a 3% dividend. Even if they disappoint on the top and bottom lines, they know how many shares to buy back to make the whole thing work.


Price: $173.480
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 TOP PICK Intel
INTC-Q
Brian Acker, CA

His model price is $52.98, almost a 60% upside. The old techs are not being properly valued in this market. The fundamentals are there for this one to go significantly higher in the next little while. Dividend yield of 2.91%.


Price: $33.150
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 PARTIAL BUY Johnson & Johnson
JNJ-N
Zachary Curry

For a core holding, you could do a million times worse. It comes down to valuation, but if you’ve built up a position over time, you should do OK. You could leg in periodically on this. His preference would be Medtronic (MDT-N) or Stryker (SYK-N), but a different beast. JNJ would be more geared towards consumer products.


Price: $103.960
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2015-05-19 BUY on WEAKNESS Kellog
K-N
Brian Acker, CA

His model price is $59.28, a negative 8%. These are wonderful names in a portfolio and he thinks they go sideways. If it got a nice downdraft year, he would be a buyer of the stock. 3% dividend yield.


Price: $64.190
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2015-05-19 COMMENT Loblaw Companies Ltd
L-T
Zachary Curry

The optimism on this comes from the Shoppers side of things and its potential synergies. This has had a good run. In his view there are a lot of good synergies forthcoming. Lots of opportunity. Trading at 18X earnings which is a bit high right now, but it is on the growth.


Price: $63.920
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Unknown
2015-05-19 COMMENT Manulife Financial
MFC-T
Brian Acker, CA

This is really about interest rates. As interest rates start moving up and we get a better economic picture of what the future looks like, then he thinks life insurance companies get a lift. His model price is $30, a 31% upside.


Price: $23.130
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2015-05-19 COMMENT Micron Technology
MU-Q
Brian Acker, CA

This is back to what he calls an EBV+3 which is $26.60. He has a model price of $57, a 113% upside, which is not uncommon. A very cyclical stock. This is a good trading position and would be a good entry point with a very tight Stop.


Price: $26.310
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2015-05-19 PAST TOP PICK Oracle
ORCL-N
Brian Acker, CA

(Our records show Apple (AAPL-Q) is his 3rd Top Pick, not Oracle.)(A Top Pick May 29/14. Up 6.25%) his model price on this is $62.90, a 42% upside.


Price: $44.320
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 COMMENT Royal Bank
RY-T
Zachary Curry

Royal Bank (RY-T) or BCE (BCE-T)? In terms of one or the other, it is hard when it is in such a divisive space. This one has a good wealth management platform, where he thinks growth is going to continue. One of the better positioned banks. Both companies pay good dividends, and both are best of breed. If you had to pick one over the other, it would be BCE for the short term.


Price: $80.090
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2015-05-19 WEAK BUY Starbucks
SBUX-Q
Zachary Curry

If you really, really want to own this, take a little bit. Buy it so that you are in the game. Very expensive, and a market correction might help in getting an investor a core position. On his radar list.


Price: $51.420
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2015-05-19 TOP PICK Spartan Energy Corp
SPE-T
Zachary Curry

(A Top Pick July 10/14. Down 21.5%.) This ultimately comes down to the management team, which has a proven conservative track record of executing. Great balance sheet. At $40 oil they would still be able to grow their production if they wanted. Their discipline is to spend within cash flow.  Debt levels are nice and low. Doesn’t pay a dividend which he views as a real positive.


Price: $3.130
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: Yes
2015-05-19 PAST TOP PICK Suncor Energy Inc
SU-T
Brian Acker, CA

(A Top Pick May 29/14. Down 10.95%.) His model price is $35. If you look at any of the companies in the oil patch, his model price and earnings are significantly below the current price.


Price: $36.130
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 DON'T BUY Transat A.T. Inc (B)
TRZ.B-T
Brian Acker, CA

Would not touch this stock until it had a positive transit of over $8. The market doesn’t believe its balance sheet, it is too large. Hopefully somewhere along the line they are going to write off some assets, and once it has a positive transit over $8, that will give the all clear signal.


Price: $6.980
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: No
2015-05-19 DON'T BUY Time Warner Inc
TWX-N
Zachary Curry

You could find better returns in a name like Disney (DIS-N), which is based on the content side. This is more on the class of distribution side of things. Internet service, etc. is a space that is very competitive. (See Top Picks.)


Price: $85.710
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2015-05-19 BUY on WEAKNESS Valeant Pharmaceuticals
VRX-T
Brian Acker, CA

Loves this company. Sees a continuation of the trend. If anything were to happen to the CEO, he would be out of the stock. It is very rare that you get a guy like this. His model price is $236, a 12% downside. Any sort of pullback you can get, back to the $230 level, he would be a buyer.


Price: $278.820
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 DON'T BUY Williams Cos
WMB-N
Brian Acker, CA

Hitting all-time valuation highs and is trading over EBV+5, which is a huge valuation for a utility. If we are in a bear market, in terms of bonds, look for these companies to come back in a major way, and they could be cut in half. His model price is $22.66, almost a 60% downside.


Price: $53.080
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Unknown
2015-05-19 BUY Wal-Mart Stores Inc.
WMT-N
Brian Acker, CA

His model price on this is $103.60, a 30% upside. The savings rate in the US is going up. Any sort of wage increases that the US people are getting, they are saving it or paying down debt, as opposed to spending at.


Price: $76.430
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on US$
Owned: Yes
2015-05-19 COMMENT Wal-Mart Stores Inc.
WMT-N
Zachary Curry

The law of numbers certainly factors into this company in a big way. It benefits when times are good but not as much when times are bad and people really hunt for bargains. This will weather through thick and thin, which is what you are really looking for. Their on-line presence is competitive and promising, and they have the infrastructure to pan this out. Today’s actions might give you an opportunity to pick it up.


Price: $76.430
Subject: NORTH AMERICAN - LARGE
Bias: OPTIMISTIC
Owned: No
2015-05-15 N/A A Comment -- General Comments From an Expert
A Commentary
Robert McWhirter

Economy. The recent rise in bond rates indicates investors seem to be suggesting a return of inflation. Part of that revolves around the US particularly because of the dramatic pickup in household formations. Since house formations and housing represent about 42% of the US CPI, expectations are that the strength will help with 1) employment and 2) will ultimately lead to higher prices which then may also lead to a higher CPI. The Fed has stopped tapering and globally there seems to be an indication of bottoming in commodity prices, and an expectation of an improvement in the economies over the next 12 months. Rates are a little more normalized now. The previous run, when there was a steepening of the yield curve in Aug/11, analysts are currently expecting 10 year bond yields,  currently around 2.25% may get as high as 3%, and in 2011 there was a 29% lift in stock prices in the following 8 months. Doesn’t know if there is going to be a 29% lift, but he is certainly expecting it will contribute to a positive backdrop for stocks, and particularly for Canadian stocks because of being providers of raw materials.


Price: $0.020
Subject: CANADIAN & TECHNOLOGY
Bias: OPTIMISTIC
Owned: _N/A
2015-05-15 BUY A Comment -- General Comments From an Expert
A Commentary
Derek Warren

REITs. They have been a bit of a seesaw lately. As Canada bond yields started to climb, REITs were declining. However, over the last couple of days, bond yields have been settling in again. Thinks the market is having trouble believing that we are in a strong rising rate, that the economy in Canada is that strong that we need to be significantly thinking of higher rates. US REITs have been disconnecting from the different moves that have been happening to the US 10 year bond. In that case, he thinks there is more of a story of economic growth. In Canada there is a little bit less confidence, so a little more focused on the downside risk. This year has been a very strong year for REITs. In January, they were a table pounding buy and had a nice little run up. Now we are getting a bit of a breather and he would think that this is the point now where you are focusing and want to upgrade your portfolio, locking in some good yields and looking for some quality that is on sale. Ontario seems to be doing better, and Alberta is still kind of in flux. Oil has bounced up 30% from its lows, and yet the Alberta centric REITs really have not bounced back at all. He believes there is a bit of an opportunity there.


Price: $0.020
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2015-05-15 PAST TOP PICK Pure Industrial Real Estatetrust Trust
AAR.UN-T
Derek Warren

(A Top Pick June 13/14. Up 10.48%.) (Derek was not on June 17/14, so I’m just using BNN’s figures. Bill.) They are expanding in one of the largest industrial developments in Canada for FedEx (FDX-N) as their core tenant. Their payout is very stable and they put up good earnings.


Price: $4.910
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2015-05-15 COMMENT Air Canada (B)
AC-T
Robert McWhirter

The company has done extremely well. Now that the oil price has rebounded, it is not quite as positive as it was. However, there seems to be reasonable discipline within the company. Ranks in the top 15% of his database. Earnings are expected to grow quite significantly in 2016 from $1.33 to $3.60 giving a PE multiple of 3.5X. Thinks there is a pretty good opportunity for this stock over the next 12 months.


Price: $12.670
Subject: CANADIAN & TECHNOLOGY
Bias: OPTIMISTIC
Owned: No
2015-05-15 WATCH Artis Real Estate Investment Trust
AX.UN-T
Derek Warren

The market is weighing on this one because of their Alberta exposure. Part of it is because they have suburban offices. The US portion of their portfolio has been doing very, very well. As soon as the market can get a little bit of comfort with Calgary, this is a name that you would want to jump in on. Very attractive and very sustainable yield.


Price: $14.460
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2015-05-15 COMMENT Amaya Gaming Group Inc.
AYA-T
Robert McWhirter

The investigation in Québec has not been completed. His model shows earnings being shaped down by about 6% in the last 90 days, however earnings are expected to grow by 76% in 2015. That gives an 18X PE multiple. Earnings are forecast to grow by 40% in 2016, giving you a 13X PE multiple. If those earnings can be hit, it would suggest that the stock looks to be attractive.


Price: $32.320
Subject: CANADIAN & TECHNOLOGY
Bias: OPTIMISTIC
Owned: No
2015-05-15 COMMENT Badger Daylighting
BAD-T
Robert McWhirter

A lot of city construction is using this company instead of using backhoes. It consists of a high-pressure water system and a gigantic industrial vacuum mounted on a truck. It is starting to become more competitive. This company offers the advantage of being extremely disciplined in the expansion of their fleet. Earnings growth is expected to be unchanged for 2016. They have a 19 PE. ROE is roughly 23%. On a one-year basis, you will probably be happy with the results.


Price: $28.370
Subject: CANADIAN & TECHNOLOGY
Bias: OPTIMISTIC
Owned: No
2015-05-15 BUY Brookfield Asset Management (A)
BAM.A-T
Derek Warren

He is a great fan of this. The one interesting thing about the asset management business is that it is less interest rate sensitive. As interest rates go up, this has an opportunity to outperform the REITs. This is his largest holding. On a dip like this, it is an opportunity to accumulate.


Price: $43.920
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2015-05-15 COMMENT BlackBerry
BB-T
Robert McWhirter

(Market Call Minute.) Continuing to struggle. Most recent quarter was positive because of expense reductions.


Price: $12.430
Subject: CANADIAN & TECHNOLOGY
Bias: OPTIMISTIC
Owned: No
2015-05-15 TOP PICK Boardwalk REIT
BEI.UN-T
Derek Warren

In spite of the oil problems, numbers came out recently and they were fine. People living in Calgary will continue to live there, and perhaps are more inclined to continue renting an apartment as opposed to buying a house. This is a real opportunity to buy one of Canada’s top-performing REITs. Dividend yield of 5.83%.


Price: $59.530
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2015-05-15 TOP PICK CAE Inc
CAE-T
Robert McWhirter

A global leader in flight simulation training, both in civil aviation and defence. Also, branching out into security and healthcare. Reporting on May 26 and expecting $0.24. Has a 15.3% forecasted ROE. Large debt of $1.2 billion, but the servicing of it appears pretty good. Also, has $250 million in cash. Earnings are forecasted to grow 14% this year and 16% next. This gives a PE to growth of .96.


Price: $15.200
Subject: CANADIAN & TECHNOLOGY
Bias: OPTIMISTIC
Owned: No
2015-05-15 PAST TOP PICK Celestica Inc
CLS-T
Robert McWhirter

(A Top Pick June 10/14. Up 15.4%.) He is very pleased with this. They end up doing well on free cash flow generation. Continuing to transition from commodities (cell phones). Their longer-term plan is to move towards aerospace and medical, where the margins are better.


Price: $15.140
Subject: CANADIAN & TECHNOLOGY
Bias: OPTIMISTIC
Owned: No
2015-05-15 COMMENT Crombie Real Estate Investment Trust
CRR.UN-T
Derek Warren

Acquired Safeway, and many of their properties are in very urban areas with a lot of residential real estate built around. They have identified certain opportunities that they will be taking advantage of to build apartments. The stock has been a little bit range bound because people are uncomfortable with a tiny little bit of development risk. However, he thinks it has been too cheap for too long.


Price: $12.930
Subject: REIT's
Bias: OPTIMISTIC
Owned: No
2015-05-15 COMMENT CT Real Estate Invest Trust
CRT.UN-T
Derek Warren

He is a big fan of this one. Their story is very simple. Canadian Tire is over 97% of their assets, and they have opportunities to buy more Canadian Tires as they adjust their real estate.


Price: $12.400
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2015-05-15 BUY on WEAKNESS Chartwell Seniors Housing
CSH.UN-T
Derek Warren

This is going to be dropped from the REIT Index in June. For some time it technically hasn’t been a REIT, but a SIFT. It has to do with how much of its income does not come directly from property, but from other services. He still loves the name; however there may be some selling coming up in June. He would Buy on any weakness.


Price: $11.660
Subject: REIT's
Bias: OPTIMISTIC
Owned: Unknown
2015-05-15 TOP PICK Calloway REIT
CWT.UN-T
Derek Warren

People have been concerned about the retail business right now, however none of those issues affect this company. They are coming in with a Wal-Mart (WMT-N) anchor. This is an opportunity to buy a very, very stable cash flow. They have internalized their development programs. Have a fully internalized management with an internal development program that will now be able to continue to expand across Canada in Wal-Mart anchored centres and possibly in the US over time. Dividend yield of 5.37%.


Price: $29.850
Subject: REIT's
Bias: OPTIMISTIC
Owned: Yes
2015-05-15 COMMENT Dream Office REIT
D.UN-T
Derek Warren

Has been under pressure simply because of the overbuilding in the office market that we have been seeing in Calgary and Toronto. They have been losing tenants and it has been a bit of a struggle, but they are able to continue to lease up. While he believes their cash flow will continue to be under strain, the dividend is sustainable and it is a generous yield.


Price: $26.880
Subject: REIT's
Bias: OPTIMISTIC
Owned: No
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