Viewing Expert Paul Gardner, CFA | StockChase
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Compiling comments that experts make about stocks while on public TV.

Viewing Expert

Paul Gardner, CFA , Partner and Portfolio Manager

Avenue Investment Management

Address
47 Colborne Street
Suite 300
Toronto, ON
M5E 1P8

Contact Info
Telephone: 416.482.2004
Toll Free: 888.482.2007
Fax: 416.482.0007
Email:
Website: http://www.avenueinvestment.com/


Date Signal Chart Symbol Company Opinion Price
2017-09-13 COMMENT Must be logged in to use chart MFC-T Manulife Financial

They had to spend so much money to get capital ratios on side, and now they have the ability to grow. They were thinking about spinning off John Hancock, but believes they have decided not to. There is too much in earnings coming from that. Asia is doing incredibly well for them. Their investment gains have really helped. You want to buy this when it is really cheap, because there is compression going on in fees. There are transparency issues with their products. Dividend is about 3.5%.


Price:
$24.290
Subject:
REITs, BONDS AND DIVIDEND STOCKS
Bias:
UNKNOWN
Owned:
No
2017-09-13 COMMENT Must be logged in to use chart MSFT-Q Microsoft

Had a great run. When he bought it, it was on a free cash flow yield basis of about 12%. Now it sits with a 5%-6% free cash flow yield. Their Cloud-based business has exploded upwards. Office Suite 65 has done incredibly well. The only issue is valuation. It used to trade at 10X earnings, but now trades at 25X. If you take out the cash, it is more like 15X. Thinks there is more upside, but he is cautious. He is going to look at this in the next couple of weeks as to what he is going to do with reallocating.


Price:
$75.210
Subject:
REITs, BONDS AND DIVIDEND STOCKS
Bias:
UNKNOWN
Owned:
Yes
2017-09-13 TOP PICK Must be logged in to use chart TD-T Toronto Dominion

This just blew out the numbers last quarter. Trading at a reasonable 1.7X BV. Great ROE in Canada, but are adding a fair amount of earnings power through their US network. With interest rates going up in Canada, and somewhat in the US, that benefits the bank. Dividend yield of 3.6%. (Analysts’ price target is $74.)


Price:
$67.070
Subject:
REITs, BONDS AND DIVIDEND STOCKS
Bias:
UNKNOWN
Owned:
Yes
2017-08-03 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  The world is nice and quiet these days.  Last year we had BREXIT, The Greek Blowup and the US Election.  In the next 3 or 4 months there really is nothing there.  We have global synchronization.  Global growth is at 3%.  Earnings are popping up.  We are going back to normalization of interest rates.  We had emergency lending rates in North America until now.  In a 10 year bond we should get to 2.5% and we are at 2%.  The interest rates affects REITs greatly.  He has not made returns in the last 6 months.  You are worried about tenants surviving.  He focuses on investment grade bonds for fixed income.  It is challenging to find great value out there. 


Price:
$0.020
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
_N/A
2017-08-03 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

REITs and Interest Rates.  Interest rates should not have any impact because they are also small, but in fact they do from a sentiment point of view.  Retail is really being challenged.  Landlords will have trouble renting out these spots. Office is good in most pockets except Calgary.  Apartments are geographically specific.  Industrial REITs are good.  Amazon needs storage and logistics.


Price:
$0.020
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
_N/A
2017-08-03 BUY Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Bank or Lifeco Recommendation.  He leans toward the banks for an interest rate play.  TD-T and RY-T are the best in class.  More than 50% of TD-T’s assets are in the US.  They are cheap relative to Canada and there is room to run.


Price:
$0.020
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
_N/A
2017-08-03 PAST TOP PICK Must be logged in to use chart ARE-T Aecon Group Inc

Convertible 5.5% bond due Dec 1/18. (Top Pick Feb 17/16) He got out several quarters ago.  It had run up and was just yielding 4%.  He could reload if it ever came off.


Price:
$14.770
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
No
2017-08-03 TOP PICK Must be logged in to use chart BTE-T Baytex Energy Corp

Unsecured debenture 6.625% Due 2022 They were in distress when oil fell apart.  They are heavy oil producers and a fracking play in the US.  They had too much debt.  More US refiners are requesting heavy oil now.  The risk reward is in his favour.  The bond is trading at a discount.


Price:
$3.480
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
Yes
2017-08-03 WEAK BUY Must be logged in to use chart CM-T Canadian Imperial Bank of Commerce

RY-T vs. CM-T.  CM-T is cheaper.  The PE is 9 vs. RY-T at 12.  The market and street are starting to blend in a discount to CM-T because of the housing market as they are the most exposed.  He would still hang his hat on RY-T because their global and domestic franchises are fantastic.  They are trying to get into the US right now although are late to the game.  He would still go for RY-T because it is more defensive.


Price:
$108.290
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
Unknown
2017-08-03 DON'T BUY Must be logged in to use chart CUF.UN-T Cominar Real Estate Inv Tr

They own strip malls and were hit by the Target bankruptcy.  They did a dilutive equity issue.  Their biggest risk now is being downgraded by credit agencies.  It makes it harder to get funding.  It is no longer a growth REIT, but just trying to fix a problem.  Stay away as it will be problematic over the next couple of quarters.  The yield says there is a pending distribution cut coming.


Price:
$13.020
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
Unknown
2017-08-03 DON'T BUY Must be logged in to use chart D.UN-T Dream Office REIT

It has struggled.  They had quite a large portfolio in Alberta.  It recovered over the last 6 months.  He has never really liked this REIT.  It still does not have the greatest assets.  They cut their distribution and that caused the fall.  The yield is sustainable now, however.


Price:
$19.750
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
Unknown
2017-08-03 PAST TOP PICK Must be logged in to use chart DH-T (Dead) DH Corporation

(Top Pick Feb 17/16, Down 19.76%)  It fell apart and was acquired.  They fell apart integrating their US acquisitions.  They are no longer a public corp.


Price:
$25.490
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
Yes
2017-08-03 DON'T BUY Must be logged in to use chart DR-T Medical Facilities Corp.

He owned it for a moment.  US centers.  They deal with surgeries such as knee replacements.  With the healthcare situation and its volatility in the US, they missed numbers in the US.


Price:
$12.810
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
No
2017-08-03 TOP PICK Must be logged in to use chart GILD-Q Gilead Sciences Inc.

The whole sector has struggled and is cheap.  The concern is patent expiry.  They have large cash positions and the question is what they are going to do about it.  He thinks the stock is mispriced.  (Analysts’ target: $81.00).


Price:
$74.370
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
Yes
2017-08-03 BUY Must be logged in to use chart HOT.UN-T American Hotel Income Properties

He is looking at it now.  Assets are almost all in the US.  Until a couple of weeks ago their properties were rail hotels.  They are very specialized rooms and restaurants.  Rail workers can have mandated rests.  They spent about $400 Million US in the North East to buy Marriot and Hilton hotel locations in lower population areas.  They wanted to diversify because of softness in the rail business.  They are in the US where the US is growing.  It is cheap because they issued equity to make the acquisitions.


Price:
$10.000
Subject:
REITS, INCOME STOCKS & HIGH YIELD BONDS
Bias:
CAUTIOUS
Owned:
No
Showing 16 to 30 of 1,275 entries
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