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

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Implied Signal Stock Symbol Company Comment Source Program Airdate Airdate Price Opinions $ Goal Expert Program Topic Expert's Bias Own or Relationship Actions
  
N/A A Commentary A Comment -- General Comments From an Expert Market Call (BNN TV) 2015-03-31 $0.020

Markets. We are dealing with increased volatility in the stock markets. US stock market is trading at about 15-16 times. When you have ultimate yields below 2%, technically from that perspective, the yield from the equity markets is cheap relative to bond rates. In the US there is a 3%-4% GDP growth. Europe is not hurting by quantitative easing, which leads to higher equity markets. The Fed will most probably raise rates, but are not going to raise them aggressively. Just like last year, he thinks the winter was brutally hard for Northeast US and the Midwest, and that definitely impacts GDP growth. Like last year, he won’t be surprised to see 4% GDP growth in the US. European companies are actually making more money because of the opposite effect of US foreign exchange. We still haven’t seen the fall through of consumer behaviour on lower gasoline prices. When you add everything and the fact that rates are going to go up aggressively, he thinks there will be continued earnings momentum and the stock market should gently go up for the next 6-12 months. The most washed out sector is Canada, which has underperformed for 3 years. Considering where the US$ is, he would be a lot more comfortable deploying money into Canada. Valuations are slightly cheaper than in the US.

Paul Gardner, CFA LARGE CAP DIVIDEND PLAYERS, REITs & FIXED INCOME BULLISH on CANADIAN MARKET _N/A View
WEAK BUY A Commentary A Comment -- General Comments From an Expert Market Call (BNN TV) 2015-03-31 $0.020

REITs. There are 2 situations. 1.) Alberta is having a slow down and 2) office and retail seem to be having problems, especially retail, because of e-commerce. That is going to take years to deploy, but it is kind of gnawing at the fringe. When interest rates go up, REITs get hurt, but from a valuation they are neither cheap nor expensive. He would say they are in the 7th inning of a 9 inning game. He wouldn’t expect much from them.

Paul Gardner, CFA LARGE CAP DIVIDEND PLAYERS, REITs & FIXED INCOME BULLISH on CANADIAN MARKET Unknown View
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2015-03-31 $0.020

Markets. The 1st quarter has been very volatile. There have been a fairly number of days where the market has been up 1%, down 1%, and he kind of expected that coming in. Any time you have the Fed move away from a policy that they have had for the last 5 years, you are going to have some dislocation of asset prices. Economic growth has not come in as strong as people had hoped. The rising US$ continues to hurt earnings for the multinationals. Energy prices continue to be low, hurting some of the S&P energy names. Market would like more certainty so that valuations can be recalibrated on a different rate path.

Gajan Kulasingam INDUSTRIALS, UTILITIES and ENERGY INFRASTRUCTURE UNKNOWN _N/A View
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2015-03-31 $0.020

Industrials. A postsecondary recovery has a normal cycle recovery of 5-6 years and we are already beyond that, and we haven’t gone through a full cycle yet. Transportation still has potential room for value. Short cycle industrials, depending on the end market exposure, have potential value. However, we are past the early cycle and are somewhere between the mid-to late cycle. You want to look at businesses that give you exposure to mid-cycle exposure, preferably non-residential.

Gajan Kulasingam INDUSTRIALS, UTILITIES and ENERGY INFRASTRUCTURE UNKNOWN _N/A View
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2015-03-31 $0.020

Utilities. He would be cautious. They had a great January and pulled back in February and March, essentially taking all of that back. Still thinks valuations are somewhat risky going into a rising rate environment and would look for specific utilities that are going to give you above average growth, M&A optionality and which have multiple leverage for value creation, either through asset monetization or through dividend growth and buybacks.

Gajan Kulasingam INDUSTRIALS, UTILITIES and ENERGY INFRASTRUCTURE UNKNOWN _N/A View
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2015-03-31 $0.020

What is the correlation between oil prices and share prices of pipeline companies? There is a fairly high correlation. Today’s oil price does not directly impact today’s cash flow stream, but what does impact is the price of oil over the long term. If oil stays at $30 for 3 years, then the growth and volume going through the pipelines will slow down and start to impair the valuation. The actual commodity spot price should not have a direct valuation.

Gajan Kulasingam INDUSTRIALS, UTILITIES and ENERGY INFRASTRUCTURE UNKNOWN _N/A View
DON'T BUY AAR.UN-T Pure Industrial Real Estatetrust Trust Market Call (BNN TV) 2015-03-31 $5.050

This is a play on industrial space, which at some point in time can be great to own, but at other times not. However, this is trying to focus and grow more into the US. Good managers. Distribution is safe as they only pay out around 70%-80% of their income coming in. At the late cycle that we are in, he would probably avoid this.

Paul Gardner, CFA LARGE CAP DIVIDEND PLAYERS, REITs & FIXED INCOME BULLISH on CANADIAN MARKET No View
COMMENT ALA-T Altagas Ltd Market Call Tonight (BNN TV) 2015-03-31 $42.260

A great business and one of his preferred names in the energy infrastructure space. Likes their diversified business model. It allows them to deploy capital through multiple different cycles. Great management team. Expects they are going to announce several large projects over the 2nd half of this year or early next year. Thinks they can give you 10% dividend growth. He is a big fan of this.

Gajan Kulasingam INDUSTRIALS, UTILITIES and ENERGY INFRASTRUCTURE UNKNOWN Yes View
HOLD AWK-N American Water Works Co. Inc. Market Call Tonight (BNN TV) 2015-03-31 $54.210

One of the largest dominated water infrastructure businesses in North America, in both clean and waste water. They continue to win contracts with municipal regions. Have gone through a refinancing, which has allowed them to free up cash flow allowing them to raise their dividend. Solid management. Phenomenal track record of generating stable dividend growth. At these levels he wouldn’t be adding to holdings.

Gajan Kulasingam INDUSTRIALS, UTILITIES and ENERGY INFRASTRUCTURE UNKNOWN Yes View
BUY BEI.UN-T Boardwalk REIT Market Call (BNN TV) 2015-03-31 $58.950

Has been unfairly hit. Incredibly conservative. Doesn’t give as high a yield as Riocan (REI.UN-T), but they have the ability to buy back stock. Have been hurt by about 10%-15% because of Alberta. This is cheap and is probably worth $60-$70 once you look through this cycle.

Paul Gardner, CFA LARGE CAP DIVIDEND PLAYERS, REITs & FIXED INCOME BULLISH on CANADIAN MARKET Yes View
HOLD BIP.UN-T Brookfield Infrastucture Partners Market Call Tonight (BNN TV) 2015-03-31 $57.670

One of the more unique businesses within his portfolios. Their business strategy is to buy undervalued assets that are sometimes in trouble. They like to recapitalize it, restructure it, grow the business and then sell it and recycle the capital. A very difficult business model to replicate. The 5% distribution model is solid. It has been tough for them to do deals, which is why the stock has held back a little. Recently went into France and expanded into a tower telecom. He is comfortable holding this, but wouldn’t be adding to it.

Gajan Kulasingam INDUSTRIALS, UTILITIES and ENERGY INFRASTRUCTURE UNKNOWN Yes View
DON'T BUY BNS-T Bank of Nova Scotia Market Call (BNN TV) 2015-03-31 $63.540

His least favourite of the banks. It has a large exposure to Latin America and is focused on the global market in wholesale banking. The banking world is very competitive right now. This bank is well capitalized and well rated, but Latin America is under stress.

Paul Gardner, CFA LARGE CAP DIVIDEND PLAYERS, REITs & FIXED INCOME BULLISH on CANADIAN MARKET No View
TOP PICK BTB.UN-T BTB Real Estate Investment Trust Market Call (BNN TV) 2015-03-31 $5.000

Québec industrial, retail and office. The biggest knock is that they had over distributed and were overleveraged. 3 years later, they have increased their distribution. Have had good re-leasing of their properties. Have room to grow and to increase their distributions. Québec and Ottawa are doing just fine in this space. Yield of 8.7%.

Paul Gardner, CFA LARGE CAP DIVIDEND PLAYERS, REITs & FIXED INCOME BULLISH on CANADIAN MARKET Yes View
PAST TOP PICK CMCSA-Q Comcast Corp Market Call Tonight (BNN TV) 2015-03-31 $56.470

(A Top Pick July 15/14. Up 4.18%.) Acquiring Time Warner Cable (TWC-N). They are looking at the landscape and realizing that it is changing. Within the framework of the incumbent cable and telecom, he feels this is in the best condition to navigate that change in the landscape.

Gajan Kulasingam INDUSTRIALS, UTILITIES and ENERGY INFRASTRUCTURE UNKNOWN Yes View
COMMENT CPX-T Capital Power Market Call Tonight (BNN TV) 2015-03-31 $24.510

This is essentially an Alberta-based power generator. Within the utility space, this has the most upside exposure and downside risk to Alberta Power prices. Management has done a good job of diversifying away from Alberta, and it generates a significant amount of free cash flow. Over the next 2 years, he thinks it can generate roughly $300 million of free cash flow. If you are looking for a business that gives you merchant power exposure to Alberta at depressed power prices this is interesting, but you have to be cognizant that you are taking on a fair amount of volatility and risk.

Gajan Kulasingam INDUSTRIALS, UTILITIES and ENERGY INFRASTRUCTURE UNKNOWN Unknown View
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