Table View - Opinions in Detail | StockChase
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Compiling comments that experts make about stocks while on public TV.

Table View - Opinions in Detail

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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
  
TOP PICK 6118-JP Aida Engineering Market Call (BNN TV) 2016-11-24 $0.000

This is huge in industrial automation. One of the global themes is robotics and automation. The Japanese are probably the global leaders in that area. The company has been around for over 60 years. One of these great Japanese companies where a good chunk of the market cap is simply cash and working capital. The dividend has doubled over the last 5 years. Still throwing off free cash flow. A compelling growth story. Dividend yield of 2.96%. (Analysts’ price target is ¥940.)

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Yes View
N/A A Commentary A Comment -- General Comments From an Expert Market Call (BNN TV) 2016-11-24 $0.020

Market. Pipelines and telcos are low growth companies, but everybody has been buying them for the dividend in this low yield world. Suddenly, Donald Trump comes in and bond yields pick up. The Fed undoubtedly will raise rates at some point in time. These stocks are vulnerable because they are trading a pretty lofty PE levels. A lot of the Cdn$ is due to oil prices and what happens with that, but secondarily, rising US rates while Canada stands pat, implies continued strength in the US$, at least in the near term, which will be somewhat negative for commodity prices. A rising US$ is deflationary for America, and also impacts emerging markets. Thinks the Fed views that they have no choice but to start raising rates.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN _N/A View
COMMENT A Commentary A Comment -- General Comments From an Expert Market Call (BNN TV) 2016-11-24 $0.020

Canadian bond funds? If these are regular bond funds investing in high-quality bonds, there are 2 questions. 1.) Find out what your MER is, because with a 2.5% bond, there might not be too much left. 2.) What is the risk of rising bond yields. If this has a lot of longer-term bonds, they are going to get hit hard if yields start to move up in Canada.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Unknown View
COMMENT A Commentary A Comment -- General Comments From an Expert Market Call (BNN TV) 2016-11-24 $0.020

Gold? A stronger US$ usually means lower commodity prices. Also, rising interest rates means lower commodity prices, especially gold prices. The cost of producing an ounce of gold has risen dramatically over the last 20 years. He has never owned a gold stock in his life.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN No View
COMMENT AA-N Alcoa Market Call (BNN TV) 2016-11-24 $31.510

Split into 2 companies, Alcoa (AA-N) and Arconic (ARNC-N). He likes them both. Alcoa is a classic deep cyclical, where he bought it down 75%. Shares have rallied, but this is the commodity side. With all the shutdowns, aluminum demand is outstripping supply, so Alcoa has started to rally, with the new US rule requiring more aluminum content in cars. Arconic is a great value added area. These are cyclicals, so you buy them when they have no earnings, and sell them when they are selling at 6X earnings.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Unknown View
COMMENT AMZN-Q Amazon.com Market Call (BNN TV) 2016-11-24 $780.120

They are reportedly in talks to buy a Dubai based online retailer SOUQ.COM for $1 billion. That would be peanuts for them. This is an amazing company that has grown from zero to revenues of over $100 billion. He has no idea how to value this company, and therefore he can’t buy it. They are generating all of their growth through their own free cash flow generation. An unbelievable operation, growing in the Cloud.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN No View
COMMENT BCS-N Barclays Bank PLC Market Call (BNN TV) 2016-11-24 $10.580

A lot of European banks are suffering between regulatory problems and the US. They never really repaired themselves post the financial crisis, unlike the US banks. He would tread carefully. On the whole, with 1 or 2 exceptions, he prefers US banks. They have gotten rid of all their regulatory issues a long time ago. (See Top Picks.)

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Unknown View
COMMENT BMY-N Bristol Myers Squibb Market Call (BNN TV) 2016-11-24 $56.750

This is doing well, but they had a cancer drug, Optiva which ran into some regulatory issues in the summer, causing the stock to fall. The company faces pipeline issues like everybody else. Shares are trading at 20X earnings. There are probably a couple of other places that have better value with more upside.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Unknown View
PAST TOP PICK CAM-LN Camellia PLC Market Call (BNN TV) 2016-11-24 $0.000

(A Top Pick Jan 12/16. Up 1.32%.) A UK-based global agriculture company. 2nd largest tea producer in India, but the largest producer of high-end Darjeeling teas. Operations in Brazil and Australia, and a winery in South Africa. A very diverse company. Has no debt and is incredibly cheap. One of the longest track records in London of raising dividends every year for over 40 consecutive years.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Yes View
DON'T BUY CPG-T Crescent Point Energy Corp Market Call (BNN TV) 2016-11-24 $16.400

Had been paying out way too much in distribution to shareholders. People bought it for the dividend, and then the company cut the distribution. At these prices, everybody in that sector is having trouble making money. This is not a low-cost producer. He would recommend that you look for stronger businesses.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Unknown View
TOP PICK CSCO-Q Cisco Market Call (BNN TV) 2016-11-24 $29.710

With a $150 billion market cap, has $40 billion in net cash, and throwing off $11-$12 billion a year of free excess cash flow. Selling for 9 or 10 times free cash flow. Every year the dividend goes up by double digits, and with all that cash, this dividend will double in the next 6-7 years or so. They remain as #1 in the world in each of their businesses. To buy a company like this at 10 or 11 times earnings and free cash flow, it is truly being given away for a company of this quality. Dividend yield of 3.5%. (Analysts’ price target is $33.15.)

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Yes View
DON'T BUY DEO-N Diageo PLC Market Call (BNN TV) 2016-11-24 $100.690

Has an amazing collection of world-class brands. However, a low growth company with strong dividend yield and growth. Not trading at a cheap price/earnings ratio. Consumer stocks have had a great run because of their dividend, and they are vulnerable to rising rates. Dividend yield of just over 3%.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN No View
COMMENT FFH-T Fairfax Financial Market Call (BNN TV) 2016-11-24 $621.000

Prem Watsa is a brilliant investor. This is a dual class share company, and he is not crazy about that format. It is still basically an insurance-based operation. They have some great niche businesses. They make big investment bets. You have to ask if the dual class shares convert into all the same shares on Prem Watsa’s demise or retirement, or does it get handed down to family.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN No View
HOLD GE-N General Electric Market Call (BNN TV) 2016-11-24 $31.340

This is probably a better company today than it was in 1997 when they were getting into all kinds of financial engineering/financial companies, which were much riskier. A very solid company that will grow with the global economy. They are a free cash flow generator.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN No View
COMMENT GM-N General Motors Corporation Market Call (BNN TV) 2016-11-24 $33.860

A better company today than it was 15 years ago, when they had all kinds of debt, etc. Donald Trump said he would discontinue NAFTA. If that happens, auto prices would shoot up, demand goes down, which would be very negative for the sector. Assuming he doesn’t do that, there is a big stimulus package going on that is bullish for wages and bullish for autos. The other factor is ride sharing. This company said they don’t expect ride sharing to have a big impact on auto sales, but of course, the verdict is still out. All these stocks look cheap today because PEs are so low. That is often a warning sign for investors. If this economy slows down, and Europe doesn’t pull itself back into growth pretty soon, the auto sector could be in for weaker earnings, and therefore the PE of 6 today might be a PE of 15 tomorrow.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Unknown View
DON'T BUY HBC-T Hudson Bay Co. Market Call (BNN TV) 2016-11-24 $14.040

Has been surprised at how successful this company has been in being able to grow, make acquisitions such as Saks as well as European acquisitions. This, to him, adds risk to the situation, the further away you get from home. Also, the retail sector is always a pretty precarious place to be, because of Amazon (AMZ-Q) and the like.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN No View
TOP PICK ING-N ING Groep NV Market Call (BNN TV) 2016-11-24 $13.500

This bank got itself in trouble during the financial crisis. Took a $10 billion-euro loan from the Dutch government. They’ve sold off all of the bad stuff, paid off all their debt. They are purely a retail bank, unlike the rest. Trading at 10X earnings, less than tangible BV, and a 5%+ dividend yield easily covered by earnings. He forecasts an earnings growth in the high single digits to 10% in the next few years. Compellingly cheap. Dividend yield of 3.97%. (Analysts’ price target is $14.47.)

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Yes View
COMMENT JNJ-N Johnson & Johnson Market Call (BNN TV) 2016-11-24 $113.070

One of the world’s great businesses with their great consumer products business, medical devices and pharma. Shares have risen, so it is no longer a value stock, so he is not going to buy it here. This is a dividend raiser. They ran into a bit of an issue recently. They make Remicade for Crohn’s disease, and there is now a competitor coming out with a bio-similar Remicade. Not cheap enough for him.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN No View
DON'T BUY LLY-N Eli Lilly & Co. Market Call (BNN TV) 2016-11-24 $68.000

The whole drug sector in general has been suffering badly. For the last decade or so, it has been almost impossible to raise drug prices. The election of Donald Trump may be favourable to the drug sector. They are all suffering with the increasing movement of generic drugs, and all have relatively weak pipelines. Most of the pharma sector is struggling, and even cutting back on research and development. He would look elsewhere.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Unknown View
BUY MFC-T Manulife Financial Market Call (BNN TV) 2016-11-24 $23.510

All insurance companies are benefiting in a huge way from the steepening yield curve. They have all suffered from this very flat yield curve, so this is a huge boon to them, because they all have huge bond portfolios. This company has done a phenomenal job in the Asian/Pacific region. They have used their free cash flow and profits in Canada, to build up a huge presence out there, which has been very successful for them. This and Sun Life (SLF-T) are the 2 best ways to do this in Canada.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Yes View
PAST TOP PICK MS-N Morgan Stanley Market Call (BNN TV) 2016-11-24 $41.040

(A Top Pick Jan 12/16. Up 47.71%.) They have done a great job with their wealth management business. With the recent election in the US, the Republicans want to dismantle Dodd-Frank, and the banks are salivating at those prospects. This remains an attractively priced stock, even without that.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Yes View
DON'T BUY T-N A T & T US Market Call (BNN TV) 2016-11-24 $38.730

This and Verizon (VZ-N) in the US, are suffering from the same thing that Canadian telcos are. Low growth, people disconnecting land lines, people disconnecting cable TV to some degree. The lines are blurring between all these companies. If you are buying this, it is really for the dividend, not the growth. He is not crazy about the sector because, as a dividend stock, it is vulnerable to rising rates. He sees the whole sector coming down if bond yields continue to rise.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN No View
PAST TOP PICK TOT-N Total SA Market Call (BNN TV) 2016-11-24 $46.440

(A Top Pick Jan 12/16. Up 18.61%.) One of the most conservatively managed oil/gas companies globally. Their refining and marketing benefits from low oil prices. They are making acquisitions when everybody else is forced to sell, setting themselves up for long-term value creation.

Lorne Steinberg Global Value & High Yield Bonds UNKNOWN Yes View
N/A A Commentary A Comment -- General Comments From an Expert Market Call Tonight (BNN TV) 2016-09-20 $0.020

Market. When the Fed raises interest rates, he doesn’t believe they’re going to do it at each of the next few meetings i.e. in a fast cycle. Rate increases are likely to be gradual because there is still subpar economic growth in the US and in other regions. If they hike rates too aggressively, you would see financial conditions tighten. We are in a low yield environment, and people have gravitated to dividend stocks in search of better yields, and if you look at certain sectors, there is certainly a risk that there could be a rotation out of so-called defensive and expensive dividend paying sectors. What he tries to do is to identify companies that have a very sustainable free cash flow yield that are generating a lot of money with clean balance sheets.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN _N/A View
N/A A Commentary A Comment -- General Comments From an Expert Market Call (BNN TV) 2016-11-23 $0.020

Market.  He is seeing some value, especially in defensive parts that have sold off. Feels the bond markets moved a little too aggressively, really all based on an increase in inflation expectations. When you contemplate some of the policies that could get implemented in 2017, they may not have as big an impact on inflation as people think, especially the infrastructure spend. There is a lack of shovel ready projects that probably won’t materially contribute to economic growth in 2017, it is a 2018 initiative at best. Tax cuts could have a very big impact on corporate profitability and consumer spending. That makes him feel a lot better about earnings growth materializing next year. However, the pullback we have seen in some of the defensive sectors such as utilities and REITs, is a good buying opportunity. If interest rates go up a lot more, it is going to put a negative dent in economic growth in the US, because the US$ is going to rally, and because it does cause financial conditions to tighten, and actually impairs the one bright spot in the US economy, the ability of the consumer to spend and borrow. He has seen a bit of a transition from the defensive sectors that led the market in the 1st half of the year, utilities, the staples and the telcos, where they were doing very well, but have now actually become laggards.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN _N/A View
HOLD AX.UN-T Artis Real Estate Investment Trust Market Call Tonight (BNN TV) 2016-09-20 $12.720

He owns a little. A good, deep value name for Canadian investors looking for a mid-single digit yield as the payout ratio is under 100%. The concern is not if rates are going to go up and affect their cash flow growth, it really has to do with lower commodity prices in Western Canada. They just did an equity issue to buy some US assets, and there is a little bit of an overhang there. Good value and decent yield.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
COMMENT AX.UN-T Artis Real Estate Investment Trust Market Call (BNN TV) 2016-11-23 $11.700

This has been beaten up a lot. It is currently trading at about $11.70, and its asset value is closer to $15. Payout ratio is going to hover between 90% and 95%. It is challenged by vacancies in Western Canada. Management is trying to reposition the portfolio, and exit out of some of the space they have in Western Canada, and redeploy that into the US. In the meantime, you are going to be able to get your dividend and doesn’t think it will get cut. Dividend yield is north of 9%.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
PAST TOP PICK BAC-N Bank of America Market Call Tonight (BNN TV) 2016-09-20 $15.600

(A Top Pick Sept 8/15. Down 2.05%.) He still likes the US banks, but his preference now would be J.P. Morgan (JPM-N), Wells Fargo (WFC-N) and some of the others. The issue with US banks has been sentiment related. The money centred banks in the US are exceptionally well capitalized. Because US banks are so well capitalized, they are going to take market share away European counterparts, where the risk rated asset calculations are probably a lot less conservative than they are in the US.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
TOP PICK BEI.UN-T Boardwalk REIT Market Call Tonight (BNN TV) 2016-09-20 $49.950

Trades at a huge discount to replacement value, which he pegs at around $65. Apartments are a defensive asset class and this is a good example. If you are worried about house prices declining in Western Canada, people are going to rent instead of buy. You should see occupancy go up in low income Housing, which is where this company really benefits. 80% of the Net Operating Income comes from Alberta and Saskatchewan, which is why it trades at a sizable discount. Exceptional management team which owns 25% of the company. Dividend yield of 4.5%.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
COMMENT BIP.UN-T Brookfield Infrastucture Partners Market Call (BNN TV) 2016-11-23 $44.760

He was debating making this a Top Pick. A name he really likes because it is very globally diversified. Prior to the election outcome, he really liked the infrastructure sector as he felt that more and more institutions would be allocating capital to the infrastructure sector globally. This is a good way for investors to participate in infrastructure. Very stable yield with very good potential for mid-single digit cash flow and dividend growth.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
BUY BPY.UN-T Brookfield Property Partners Market Call Tonight (BNN TV) 2016-09-20 $30.270

A great example of a truly global real estate company. They have high quality assets all over the world. Part of the recent volatility has to do with BREXIT and underlying concerns about rising interest rates. Great management team and trading at a substantial discount to NAV.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
TOP PICK CI-N Cigna Corp. Market Call Tonight (BNN TV) 2016-09-20 $131.990

A US health insurer provider, one of the largest. There is a pending deal. Aetna (AET-N) (?) wants to buy the company, and it is unlikely that deal gets approved. If the deal doesn’t get approved, the break fee is about $1.5 billion. On top of that, when you look at the cash they can deploy, they are going to have about $10 billion to play with. They can buy back a ton of stock if the deal does not go through. If it does go through, you still get 30% upside. Dividend yield of .03%.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
BUY on WEAKNESS COST-Q Costco Wholesale Market Call Tonight (BNN TV) 2016-09-20 $152.170

He is not a fan of bricks and mortar retailers, but this company has a great brand and has demonstrated excellent long-term growth. His concern is the valuation. The free cash flow yield approximates 3% and it trades north of 20X earnings. He would be more compelled to Buy if it pulled back by 15%. A very defensible business, as two thirds of the revenues really accrue from the memberships they sell.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
HOLD CRR.UN-T Crombie Real Estate Investment Trust Market Call (BNN TV) 2016-11-23 $13.560

A relatively stable name. Sold off a lot, primarily related to interest rate concerns as well as some of the grocery store challenges. Thinks it offers pretty good returns here. 6.6% yield.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Unknown View
BUY CSCO-Q Cisco Market Call (BNN TV) 2016-11-23 $29.710

The “Internet of Things” stock. It is really going to benefit from the increase you are seeing in mobile data traffic, which is going to increase threefold through to 2019 with traditional networking traffic, which is going to go up. They have their hands in a lot of different things. The only secular concern you have is the emergence of “Software Defined Networks”, where the hardware is being decoupled from the software. Cisco really sells products where the hardware and the software are completely integrated. If that happens, you could see a little margin pressure. They are trying to address that with their product offering. Longer-term he really likes this.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
BUY CSH.UN-T Chartwell Seniors Housing Market Call Tonight (BNN TV) 2016-09-20 $15.260

(Market Call Minute.) Thinks this is pretty decent here, and he would probably be inclined to accumulate this.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
BUY CSH.UN-T Chartwell Seniors Housing Market Call (BNN TV) 2016-11-23 $14.440

Chartwell (CSH.UN-T) Extendicare (EXE-T) or Sienna (SIA-T)? Of these 3, this is the one he owns and continues to like. It is seniors housing, and looking at the demographic tailwind, it should support all 3 of these, but this one more than any. The number of people over 65 are going to double within the next 25 years. This is the largest operator.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
HOLD CUF.UN-T Cominar Real Estate Inv Tr Market Call (BNN TV) 2016-11-23 $14.030

Owns a little bit. One of the REITs that is fairly well diversified with a lot of exposure in Québec. It has historically grown through development, but went on a buying spree about 5 years ago, which they are now trying to adjust in their portfolio. Trading at a relatively attractive valuation. He may add to this if it gets a lot cheaper. Dividend yield of over 10%.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
SELL CXR-T Concordia Healthcare Market Call Tonight (BNN TV) 2016-09-20 $7.120

At the time, this was a compelling pitch. You were buying drugs that were mispriced and were making a lot of money. It is really difficult when looking at a highly leveraged company like this to justify a turnaround. They are going to have to reduce debt and sell off some assets. In the meantime, the regulatory environment is not very favourable at all.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
WAIT DH-T DH Corporation Market Call (BNN TV) 2016-11-23 $16.820

Very difficult to ascertain if this is a good buying opportunity or not. He would wait until there is clarity next year, and they give a bit more of an update on the outlook.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
HOLD DRG.UN-T Dream Global REIT Market Call Tonight (BNN TV) 2016-09-20 $9.050

(Market Call Minute.) Trading at a sizable discount to NAV. However, there are still some single tenant risks. There are other global names he likes more.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
PAST TOP PICK ECI-T EnerCare Inc Market Call (BNN TV) 2016-11-23 $18.310

(A Top Pick Nov 3/15. Up 23.74%.) He still likes this. Expects there will be more upside in the name as time goes on. The balance sheet is relatively strong. They don’t have a lot of debt. They also completed a large acquisition of service experts HVAC rental, where they should ultimately be able to take that business which is predominantly in the US, and roll it out to Canada. They are also going to benefit from the sub-metering business which is growing quite significantly. Dividend yield of 5.1%.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
BUY ENB-T Enbridge Market Call Tonight (BNN TV) 2016-09-20 $57.620

A good, long term hold. You can get fussy with valuation and try to get cute, but it is a name you just want to Buy and tuck away for 5-10 years. The assets are very difficult to replicate. The Specter deal helps them securing mid-single digit cash flow and dividend growth for the foreseeable future.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
COMMENT ENB-T Enbridge Market Call (BNN TV) 2016-11-23 $57.930

He likes this name. It has held in a lot better, compared to the US utilities or REITs, which have been clobbered, especially since the end of the 2nd quarter of 2016.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
HOLD ENF-T Enbridge Income Fund Holdings Market Call Tonight (BNN TV) 2016-09-20 $33.050

(Market Call Minute.) Relatively stable assets. He thinks you could see the parent, Enbridge, drop more renewable assets into it, which gives you a nice growth trajectory.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Unknown View
COMMENT FIH.U-T Fairfax India Holdings Corp Market Call Tonight (BNN TV) 2016-09-20 $10.950

IPO’d in 2014. They raised $1 billion with the premise being they were going to take the money and buy public and private securities in India. They have made several transactions. It is going to evolve and they are probably going to raise additional money to make more acquisitions, however, it is tough to get a handle on because the businesses are relatively opaque and disclosure is not all that good. If anything, he would be inclined to wait for a pullback and buy it at a discount to NAV. However, if you are looking at this as an emerging market, he thinks the fundamentals are fine.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
HOLD GE-N General Electric Market Call Tonight (BNN TV) 2016-09-20 $29.670

(Market Call Minute.) Moving away from GE Capital, and thinks that most of the transitions happen. Looks like 90% is manufacturing and GE Capital only contributes 10%. If you can kind of get there in 2017-2018, he thinks the business dynamics will change a lot and you should have better visibility.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
TOP PICK GOOGL-Q Alphabet Inc. (A) Market Call (BNN TV) 2016-11-23 $779.000

He tries to gravitate towards companies that have very good defensible businesses with dominant positions. This is definitely one of those, if you think of how much of the mobile ad market they dominate. Also, their participation in the oligopoly of the Cloud. Very rarely can you get exposure to a company like this, at a multiple that is close to the market multiple. They are demonstrating relatively resilient growth. Mobile ad sales growth is going to slow, which should be offset by an increase in Cloud spending which should go up quite significantly for the next 5 years. (Analysts’ price target is $967.70.)

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
COMMENT KMI-N Kinder Morgan Inc. Market Call Tonight (BNN TV) 2016-09-20 $21.880

He likes the longer-term growth prospects. Feels that you can really bank on mid-single digit cash flow growth and dividend growth. It has energy infrastructure assets throughout the US and is a relatively large player. It came under pressure when commodity prices sold off so there are some sentimental related risks, unless there is a rebound in oil prices. Relatively strong balance sheet and the dividend growth is sustainable. He might increase his exposure if there is a pullback.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
TOP PICK L-T Loblaw Companies Ltd Market Call (BNN TV) 2016-11-23 $69.270

The largest food and drug retailer in Canada. The stock has come off a lot. Rebounded very recently. The concerns regarding food price deflation are a little overdone, in that they are somewhat self-inflicted. This company lowered prices to try to be a little bit more competitive, and are going to start to demand concessions from some of their suppliers which should stabilize things. They generate a substantial amount of free cash flow. Dividend yield of 1.5%. (Analysts’ price target is $79.31.)

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
COMMENT LYG-N Lloyds TSB Group PLC Market Call Tonight (BNN TV) 2016-09-20 $2.980

Sold his holdings leading into BREXIT on concerns of what that could do to the financial services sector. That is the one sector in the UK where he worries about what is going to happen with respect to employment and longer-term growth. This bank is going to be somewhat challenged, however the valuation looks compelling. He may re-enter this at some point once he gets more confident about what the domestic economy is going to look like in 2017.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
COMMENT MFC-T Manulife Financial Market Call Tonight (BNN TV) 2016-09-20 $18.360

In a low interest rate environment, it is very difficult for lifecos to make money. Auditors at some point are going to look at the reinvestment rate required, and there is speculation they may actually lower it, meaning the company has to hold more cash on its balance sheet. However, the franchise value is excellent. Great wealth management business. Growing hand over fist in Asia. If they can just overcome the negative sentiment as it pertains to interest rates and maybe start to take a longer term time horizon into 2017-2018, then you can make a case for it.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
BUY MIC-N MacQuarie Infrastructure LLC Market Call Tonight (BNN TV) 2016-09-20 $80.670

(Market Call Minute.) Has held this for a long time in his infrastructure fund. He really likes it.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
COMMENT MRG.UN-T Morguard North American REIT Market Call (BNN TV) 2016-11-23 $13.220

These are apartments. In the real estate sector, the apartment sector tends to have the shortest lease term and tends to be the most defensive asset class amongst all the real estate subsectors. He likes the sector in general, but doesn’t own this one. His big knock on US apartments is excess supply. Thinks this will peak in 2017 and gradually moderate, and then you should see fundamentals improve, especially given the potential uptick in consumer incomes on the back of a tax cut in stronger employment. Payout ratio is relatively good at about 70%. Dividend yield of just under 5%.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
HOLD MRT.UN-T Morguard Real Estate Inv Trust Market Call Tonight (BNN TV) 2016-09-20 $15.690

A very well diversified Canadian REIT. Retail exposure and located in several different provinces. Morguard Corp substantially controls and owns a lot of the REIT. At some point, if the REIT gets cheap enough, it trades at a sizable discount to NAV, and you could see Morguard take it in and monetize it.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Unknown View
HOLD MRT.UN-T Morguard Real Estate Inv Trust Market Call (BNN TV) 2016-11-23 $13.980

He is relatively constructive on REITs after the selloff. This one is fairly well diversified. It has a good footprint and good management team. Thinks this will give you a pretty decent yield. Not his favourite in the real estate sector.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Unknown View
PAST TOP PICK MSFT-Q Microsoft Market Call Tonight (BNN TV) 2016-09-20 $56.810

(A Top Pick Sept 8/15. Up 33%.) He still likes this. A very well capitalized company. When you think of the transition to the Cloud, they have certainly done that more successfully than others. Feels they are going to continue to redeploy capital and be able to effect mid-single digit increases if not a single digit increase in earnings and cash flow.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Yes View
COMMENT MST.UN-T Milestone Apartment REIT Market Call Tonight (BNN TV) 2016-09-20 $19.000

A great name with a good management team and a decent balance sheet. They own garden style apartments through the US. Thinks there could be some additional upside. Apartments are a very defensive asset class, because if there is slower economic growth, there is more demand for low income housing. Home ownership in the US is at a 50 year low, mainly because credit conditions are still tight. The only concern is that there is going to be some additional supply come onto the market towards the end of 2017-2018, and rent growth will start to decelerate.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Unknown View
COMMENT MST.UN-T Milestone Apartment REIT Market Call (BNN TV) 2016-11-23 $17.950

A relatively decent name. There is going to be excess supply in 2017 which should moderate. If you look at the communities in the properties they own, they are really, really good. Excellent management team. Payout ratio is relatively low at around 60%. They have a sustainable dividend. Valuation looks pretty compelling, trading at about 20% discount to NAV. Dividend yield of 4.1%.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN Unknown View
DON'T BUY NLY-N Annaly Capital Management Inc. Market Call (BNN TV) 2016-11-23 $10.080

A mortgage REIT. They leverage the slope of the yield curve, to invest in mortgages. Rising rates are not necessarily a good thing for them. It really all revolves around their ability to leverage the spread in the yield curve. There is also some reinvestment risk. If existing pools of mortgages are maturing at higher rates than what you can invest in, that impairs profitability.

Andy Nasr REITS, GLOBAL & MACRO STRATEGY UNKNOWN No View
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