Viewing Expert Christine Poole | StockChase
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Compiling comments that experts make about stocks while on public TV.

Viewing Expert

Christine Poole , CEO & Managing Director

GlobeInvest Capital Management


Date Signal Chart Symbol Company Opinion Price
2017-05-16 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. Thinks earnings are starting to catch up with valuations now. The S&P 500 is up 12% since the US November election. Expectations are that we’re in a more growth friendly environment even though Trump’s policies have not all come through. We need to see the earnings come through. It looks like year-over-year 1st quarter earnings are going to be up at around 14%-15%, the 1st double digit pace since 2011. We’ve done better than expected. Also, comments on conference calls have been encouraging. Europe and emerging markets are stabilizing.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
_N/A
2017-05-16 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Energy. Thinks oil prices will remain quite volatile. She is not committing capital to this sector yet. She was encouraged by what OPEC and Russia said yesterday, and thinks they want to maintain a price level of around $50. However, US shale production is ramping up which is offsetting the benefits of the production cuts. Until they see a sustainable draw down in inventories, that is when she will get more positive.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
_N/A
2017-05-16 COMMENT Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Gold? She has a very low weighting in gold in her clients’ accounts. The reason to hold gold is usually because of uncertainty, and that really isn’t in the cards right now. Inflation is another reason and the pressures are not that strong.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 HOLD Must be logged in to use chart ARX-T Arc Resources Ltd

Sell holdings? She actually added a bit to her holdings in December when OPEC 1st announced the production cuts. A very low cost producer and in a very attractive region in the Montney. Have a very strong balance sheet, stronger than its peers. She would not sell this, and is hoping for improved energy prices over the next 6-12 months.


Price:
$18.100
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 BUY Must be logged in to use chart BCE-T BCE Inc.

A good name for an income investor. It has an attractive yield. Recently closed on the Manitoba Tel acquisition, so there should be some synergies. She has a target price of $63-$64 which will give you an 8% capital appreciation, plus the yield of 4.73%. The dividend will continue to be increased over time. If there is a pullback, the stock should hold in quite well.


Price:
$60.710
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 HOLD Must be logged in to use chart CCL.B-T CCL Industries (B)

A company she would like to own. The stock has done very well. They’ve made some very successful acquisitions, and she is waiting for a pullback.


Price:
$308.030
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 COMMENT Must be logged in to use chart CGX-T Cineplex Inc

Has owned this for a number of years. It is the largest theatre operator in Canada. The concession and ticket prices represents 75% of earnings. The other 25% is media, and there are good growth prospects in this area, particularly in the US. They are trying to diversify the revenue stream and are opening the rec room concept. They are very good at increasing the amount that you spend once you are in their theatres. Yielding around 3%.


Price:
$52.650
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 BUY on WEAKNESS Must be logged in to use chart CNR-T Canadian National R.R.

This is her pick in the rail space. They had a really strong quarter, and the stock moved on that. Wait for a drop in price to under $100 before stepping in.


Price:
$102.220
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 HOLD Must be logged in to use chart CPG-T Crescent Point Energy Corp

Though she has this in some portfolios, she has not been actively buying for a couple of years. The stock price will be dictated by where crude prices go. If the OPEC production cuts have more effect, and we start to see inventory drawdowns, then energy names can start working. This company has been known to issue a lot of equity to fund positions to grow their inventory land. The last issue they did was not very well received. They have a very attractive land base to drill from, so she doesn’t expect they will be looking to acquire more.


Price:
$13.160
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 PAST TOP PICK Must be logged in to use chart DIS-N Walt Disney

(A Top Pick May 18/16. Up 11%.) ESPN has been an overhang on the stock. They’ve been losing customers and this was a very profitable division for them. However, the declines have been moderating, and people are watching content much more differently than previous generations. On their quarterly call, they indicated they are going to offer an ESPN branded direct consumer product later this year.


Price:
$107.980
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 HOLD Must be logged in to use chart ECI-T EnerCare Inc

Reported earnings about a week ago, which were a bit soft. Doesn’t think it was anything to be concerned about. It has quite an attractive yield. This is on her watch list.


Price:
$18.640
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 BUY Must be logged in to use chart ENB-T Enbridge

A pipeline stock, and they did an acquisition that increases their presence in the US on the natural gas side. She felt their quarter was fine. Pipeline companies don’t build a pipeline unless they have very long-term commitments. The company feels that they can increase their dividend 10%-12% annually to 2024.


Price:
$53.840
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 TOP PICK Must be logged in to use chart GIB.A-T CGI Group (A)

A large IT services company. Half their revenues come from outsourcing from long-term contracts. The other half is systems integration and projects. A very well-run company and very global. Half their revenues come from Europe, an acquisition they did in 2012, which had very low margins. CGI improved those margins back to company levels. About 20% is from the US, 50% from Canada, and the rest from Asia. Every few years, they tend to make a large acquisition to expand their geographic scope or a particular vertical they want to be in. (Analysts’ price target is $74.)


Price:
$66.910
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 DON'T BUY Must be logged in to use chart HCG-T Home Capital Group

Wouldn’t be a buyer of this. It is down a lot, but that doesn’t mean it is cheap. Visibility is very poor. What happens when they finally draw on that full credit facility? That credit facility is very expensive, so they are losing money every time they have to draw on it.


Price:
$8.980
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 PAST TOP PICK Must be logged in to use chart HD-N Home Depot

(A Top Pick May 18/16. Up 23%.) They just reported, and it was very positive. US comps are up 6%. The US housing market is very healthy.


Price:
$158.260
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 TOP PICK Must be logged in to use chart JNJ-N Johnson & Johnson

A large, global, pharmaceutical company. The primary reason she likes this is that their pharma division is doing really, really well. They’ve had a very successful 5 years, and suspects they have a strong enough pipeline to keep that growth going. Recently acquired a Swiss pharmaceutical company which has leading products in heart disease. AAA balance sheet. Dividend yield of 2.7%. (Analysts’ price target is $130.)


Price:
$127.770
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 PAST TOP PICK Must be logged in to use chart L-T Loblaw Companies Ltd

(A Top Pick May 18/16. Up 14%.) She likes the food retail and the drug retail. They have great locations. A lot of their Shoppers outlets are offering fresh food, which is a good concept in the urban centres.


Price:
$77.740
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 COMMENT Must be logged in to use chart LMT-N Lockheed Martin

A US defence name, an area where she wants some exposure. She is waiting for a bit of a pullback in this space. Pres. Trump wants to increase his defence spending, which is a positive for all defence companies. However, there is a question of timing and funding. Feels that valuations are a little stretched right now.


Price:
$271.650
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 HOLD Must be logged in to use chart MMM-N 3M Co.

A very well-managed, diversified, industrial company based out of the US. It is very global. The global economy is starting to improve.


Price:
$197.910
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 COMMENT Must be logged in to use chart PKI-T Parkland Fuel Corp

This is an operator delivering gasoline to retailers and corporations. A well-run company if you want a position in this space.


Price:
$31.500
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 TOP PICK Must be logged in to use chart RY-T Royal Bank

She wanted to choose a bank, to show that she likes the banking sector. This has pulled back from the beginning of the year. All the banks had a great year last year, so she doesn’t expect returns of 25%-26%. They have about 25% exposure to the US, and she thinks the US economy is going to grow faster than the Canadian. Acquired City National which focused on high net individuals and commercial loans. Dividend yield of 3.7%. (Analysts’ price target is $101.)


Price:
$93.030
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 COMMENT Must be logged in to use chart SLF-T Sun Life Financial Inc

She owns and prefers Manulife (MFC-T), which will have a chance to do some catch-up. Manulife's earnings are finally coming through, and she likes their positioning in Asia. Also, has traded at a discount to Sun Life, but going forward, she feels Manulife will have better earnings.


Price:
$45.500
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 WATCH Must be logged in to use chart SNC-T SNC-Lavalin Group Inc.

This is on her watch list. She wants something in the engineering/construction space, and this is a good candidate. It is much more global than some of the other players.


Price:
$51.690
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 BUY Must be logged in to use chart TD-T Toronto Dominion

She would buy this at the current price. The sector has pulled back, and this one is back a bit more because of their Sell practices that was in the news about a month ago. She doesn’t think that is inherent in their culture. On the premise that the US and Canadian economies are improving, banks are still reasonable. Expects this will generate earnings growth in the 8% range, and that their dividend will continue to be increased along the same pace as earnings growth. Yield of about 3.5%.


Price:
$63.130
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 COMMENT Must be logged in to use chart TSLA-Q Tesla Motors Inc

Shorting this? She does not Short, but also it is not a stock that she would add. This has an aura about it, it doesn’t need to make money and it keeps going up.


Price:
$317.010
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-05-16 BUY on WEAKNESS Must be logged in to use chart V-N Visa Inc.

This is a transition from cash and cheques to online payments, in particular in emerging markets. There are still a lot of emerging countries that are not using much in the way of credit cards. Even in North America there is still room to grow. They just acquired Visa Europe, which is expected to generate more profits going forward. She is not buying this for new clients, and is hoping to be able to get in at about $90.


Price:
$93.150
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-05-16 COMMENT Must be logged in to use chart WEED-T Canopy Growth Corp.

This is very driven by news and momentum. Although we have some rules, it is not clear and hopefully it gets legalized next year for recreational use. Still very early stage. It is hard to value these companies as they are not generating earnings.


Price:
$8.330
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-04-12 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. S&P 500 has rallied about 10% since the November election. There has been a lot of soft data in terms of sentiment/optimism by consumers and businesses. That has gone up a lot since the election in hopes of Trump’s pro-growth policies, tax cuts and regulatory reform coming into place. It hasn’t happened yet, and now we are seeing a lull, and the S&P 500 has been in a trading range for the last few months at the 2300-2400 range. Going forward, the earning season is coming, but with markets trading at about 18X forward earnings, and historical averages around 15X, it is arguably on the high-end. If we do get some tax reforms, that will boost EPS and moderate the multiple. In terms of earnings, she wants to see what the companies are saying and what they are seeing out there. They may be holding back on capital spending until they see some of these reforms being put in place.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
_N/A
2017-04-12 COMMENT Must be logged in to use chart ALA-T Altagas Ltd

Made an acquisition in the US that is going to strengthen their growth outlook. Feels the dividend is safe. There are a number of players in that space, kind of midstream operations/pipeline. She owns Inter Pipeline (IPL-T) and Pembina (PPL-T) which she knows better, and which also have good cash flow growth. Dividend yield of 6.8%, which is sustainable.


Price:
$31.060
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 COMMENT Must be logged in to use chart BAM.A-T Brookfield Asset Management (A)

Brookfield Asset (BAM.A-T) or Brookfield Infrastructure (BIP.UN-T)?  Between the 2, her preference would be this one. It is much more diversified, plus it has interest in Brookfield Infrastructure. It gives access to their fund management side, the private equity funds. That is also where senior management executives own their shares. Dividend yield of 2.2%.


Price:
$48.850
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-04-12 COMMENT Must be logged in to use chart BB-T BlackBerry

It was just announced they are getting $815 million in royalty payments from QUALCOMM (QCOM-Q). That works out to be about $1.50 per share in cash. The balance sheet now is pretty strong. She is not a buyer as they are still making that transition from hardware to software. It is not clear where future growth revenues will come from. Not a lot of visibility on how they are going to grow their top line.


Price:
$11.850
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 COMMENT Must be logged in to use chart BIP.UN-T Brookfield Infrastucture Partners

Brookfield Asset (BAM.A-T) or Brookfield Infrastructure (BIP.UN-T)?  Between the 2, her preference would be Brookfield Asset Management. It is much more diversified, plus it has interest in Brookfield Infrastructure. It gives you access to their fund management side, the private equity funds. It is also where senior management executives own their shares. Dividend yield of 4.5%.


Price:
$51.700
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-04-12 COMMENT Must be logged in to use chart C-N CitiGroup

A play on an improving US economy. This is in much better shape than it was a few years ago. They are still far inferior than Wells Fargo, a single digit which is an important metric. However, they’ve been given permission to increase their dividends.


Price:
$58.510
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 COMMENT Must be logged in to use chart CCO-T Cameco Corporation

You could argue that uranium prices have really topped out. Uranium has really come back a lot since the Japanese crisis a few years ago. The nuclear reactor is coming back on stream, but is very slow. A few months ago, a major Japanese utility company cancelled their contract. A lot of their business is long-term contracts. They are also having issues with CRA on tax returns from a few years ago, which is a big overhang on the stock. If you have a very long-term outlook, uranium prices should improve, but she doesn’t see any catalyst for it to get back to $17 in the near term.


Price:
$15.050
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 HOLD Must be logged in to use chart CM-T Canadian Imperial Bank of Commerce

She likes the Canadian banks. They’ve had a great run in 2016, but we are not likely to see the gains we saw last year. She is expecting more moderate earnings per share growth and share price appreciation, because valuation levels now are kind of trading at a bit below the Price to BV, but on a forward PE basis they are trading at a premium to historical averages, but still reasonable. This is more domestically oriented than the others. Hasn’t been that successful expanding outside of Canada in the past. Prefers the banks that have more exposure in the US and outside of Canada. (See Top Picks.)


Price:
$113.390
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 COMMENT Must be logged in to use chart CVE-T Cenovus Energy

Recently acquired some Conoco Phillips assets. Feels the stock fell because they are paying a pretty full price, and have levered up their balance sheet. It went from a pretty under-levered company to a much higher leverage ratio than their peers. If you are very long-term focused, this is probably an attractive entry point. You do have to believe that crude oil will stabilize and slowly move upwards. There is not a lot of visibility on crude oil near term because there are so many uncertainties right now. Hopefully we have seen the lows.


Price:
$14.450
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-04-12 PAST TOP PICK Must be logged in to use chart CVS-N CVS Health Corp

(A Top Pick March 10/16. Down 20%.) This is the leading drugstore in the US on the retail side. Last fall, their scripts got excluded from the PBM networks, so they are losing some prescription volumes, which is a short-term negative. Earnings are going to be somewhat flat this year, but they feel they can continue growing earnings at a 10% rate past 2017. She likes the space. Their competitor, Walgreens (WBA-Q), is in the process of acquiring Rite Aid (RAD-N), so expects CVS will pick up some stores at that time. Trading at about 2 multiples discount to Walgreens because of their near term earnings stumble. Thinks the disappointment is already priced into the stock.


Price:
$77.960
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-04-12 COMMENT Must be logged in to use chart ENF-T Enbridge Income Fund Holdings

She owns Enbridge (ENB-T) which has better growth prospects. This one owns the Canadian mainline pipeline. Its dividend is sustainable. Enbridge (ENB-T) acquired Spectra last year which really increases their presence in the US, as well as diversifying them out of just crude oil and into natural gas. If you are more interested in pure yield, than ENF is maybe what you would rather have, but Enbridge, with a yield of 4%, will be increasing for a number of years, and has better cash flow growth. Dividend yield of 6.1%.


Price:
$33.760
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 DON'T BUY Must be logged in to use chart ENGH-T Enghouse Systems

Doesn’t follow this closely. The price has come down quite a bit. A software company that have been growing primarily through acquisitions. Thinks Amazon (AMZN-Q) has indicated they are going to enter into the same software market, and some analysts have indicated the space is going to get more competitive. A high multiple stock to begin with, and is not considered inexpensive.


Price:
$57.470
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 COMMENT Must be logged in to use chart FLR-N Fluor Corp.

Owned this in the past. A global engineering/construction company that is very diversified geographically. Very well-run. She got out because of their end markets in terms of energy and mining, which were in a downturn. When things are stabilizing and improving, this could be a name that she could enter.


Price:
$51.130
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 TOP PICK Must be logged in to use chart FTS-T Fortis Inc.

Closed on ITC Corp last year, a US electric utility. That increases their exposure in the US. She likes this utility, because it is noncyclical and non-commodity-based. Pretty defensive. 90% of cash flow comes from regulated assets. They’ve increased the dividend for 43 consecutive years, and she doesn’t see that changing. She can see it growing 6% annually through 2021. That is important for income stocks in a potential rising rate environment. Has a price target of about 10% upside plus the dividend, giving a total return of about 13%. Dividend yield of 3.6%. (Analysts’ price target is $48.)


Price:
$44.650
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-04-12 TOP PICK Must be logged in to use chart GOOGL-Q Alphabet Inc. (A)

As the largest search engine, it garners a lot of the digital online advertising. She can see very good secular growth in digital advertising. Corporate advertising budgets have about 35% allocated to digital, and sees that increasing over time. They will garner a big share of that because it is the leading search engine. This is not a value stock, but more of a GARP stock, trading at about a 25 forward PE. Has consistently grown its revenue in excess of 25% organically, and a lot of that is falling to the bottom line. Earnings are also growing at a 25% clip. (Analysts’ price target is $1000.)


Price:
$841.460
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-04-12 COMMENT Must be logged in to use chart ITP-T Intertape Polymer Group

Doesn’t follow this closely, because it is a smaller cap name. A packaging company. Generally speaking, it is a pretty well-run company. There is a cyclicality to it. Thinks they are ramping up a new plant. You could probably hold this long-term to get industrial exposure. Well-managed.


Price:
$23.220
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 COMMENT Must be logged in to use chart MA-N Mastercard Inc.

She likes the space, but owns Visa (V-N) instead. Both companies are a play on the secular change to digital payments. Visa is the larger of the 2. You want scale to be cost competitive. Also, Visa just bought Visa Europe last year, and there should be a lot of operating leverage as they grow the European business. Both companies are well-managed.


Price:
$111.470
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 COMMENT Must be logged in to use chart MFC-T Manulife Financial

She likes this. All insurance companies will benefit from a rising interest rate environment. In the last few weeks, most insurers and financials have been in a trading zone because there is a question of how fast rates are going to increase, both in the US and Canada. This has good exposure in the US, so will benefit from rising rates. She also likes their positioning in Asia. About 25% of revenues comes from Asia, and it is a faster growth market. Trading at a discount to Sun Life (SLF-T), but going forward that gap is closing because their ROE is growing at a faster pace. They’ve been increasing dividends, and she sees that continuing. Could see this in the high $20 area.


Price:
$22.860
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-04-12 PAST TOP PICK Must be logged in to use chart RY-T Royal Bank

(A Top Pick March 10/16. Up 37%.) The banks as a group have done very well. At that time, there was a question about the Canadian economy going into a recession and concerns about housing. The valuation had contracted substantially below their historical averages, as well as having concerns about the energy patch. Her target one year out is about 7%-8% from here, not a bad share price appreciation with a yield of 3.5%. Still a buy. (See Top Picks.)


Price:
$96.060
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-04-12 COMMENT Must be logged in to use chart T-T Telus Corp

Trading in record territory. An income stock in a more defensive industry. Generates a lot of free cash flow and provides very attractive yields. A play on the recovery of Western Canada. It is going to face more competition with Shaw (SJR.B-T) ramping up their wireless presence in Western Canada. Dividend yield of 4.3%.


Price:
$44.640
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 TOP PICK Must be logged in to use chart TD-T Toronto Dominion

Ranks about #7 in terms of domestic deposits in the US. She likes this, because it has lagged the group year to date, and because of its very negative press about overselling, which she doesn’t think is ingrained in their corporate culture. Trading at a premium to historical average by about 1 multiple point higher. Trades at about 1.8 X PB, and its 10-year historical average is about 2X. generates an ROE of about 14%. Dividend yield of 3.6%. (Analysts’ price target is $71.50.)


Price:
$65.570
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-04-12 PARTIAL BUY Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

Has a small position in this, and is her only holding in the materials space. It recovered nicely last year on stronger iron ore prices, but that was temporary. It has moderated this year. Thinks it will slowly strengthen, but will be predicated upon Chinese demand. The Chinese economy is stabilizing and growing. This company is also exposed to copper and zinc. Zinc has been in an oversupply for a number of years, and has gone through the typical cycle, and the supply/demand dynamics are going to improve. There are going to be some weak days in the market, and would recommend that you scale into this.


Price:
$29.640
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-04-12 DON'T BUY Must be logged in to use chart VRX-T Valeant Pharmaceuticals

Has new management which are trying to sell off some assets and get the prices they want. Trying to change the way they operate in terms of not buying companies that actually do internal R&D, but that is difficult because they don’t have a lot of cash, but have a lot of debt. There is not a lot of visibility, which is why the stock is trading where it is. Drug pricing is now being highly scrutinized, and she doesn’t see that going away.


Price:
$12.760
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-04-12 PAST TOP PICK Must be logged in to use chart WFC-N Wells Fargo

(A Top Pick March 10/16. Up 13%.) This pulled back quite a bit when the scandal 1st came out. Prior to that event, it was always regarded is a very well-run bank, and got a premium valuation in the group. Pays a very nice dividend yield versus some of its peers. Higher interest rates will be beneficial to all banks. Still trading at a reasonable multiple of about 13X forward earnings with a yield of just under 3%.


Price:
$53.120
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-02-17 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Markets.  We have priced a lot of things in.  The S&P is up almost 10% since the election, with the TSX up 9%.  The market is anticipating the pro-growth policies being implemented and ignoring the anti-trade comments.  If there are delays in implementation we could easily get a pullback.  The US economy has been improving all along even before Trump.  Unemployment has been at 5% or lower for 16 months.  She likes what she sees for the earnings season.  Tax cuts will help to bring price to earnings ratios down.  We need to see policies implemented now. 


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
_N/A
2017-02-17 BUY on WEAKNESS Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

US Banks.  They have all done quite well post- the election due to the potential of less regulation.  She owns WFC-N.  There is nothing wrong with the others, but WFC-N has lagged and was better managed during the financial crisis.  JPM-N is the second best one.  Wait for a pullback before buying or adding to a position.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 HOLD Must be logged in to use chart AAPL-Q Apple

(Market Call Minute) It has done well, but don’t chase it.


Price:
$135.720
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 HOLD Must be logged in to use chart AGU-T Agrium

She has held it for a number of years.  It was always her preferred play in that area.  Nutrients should have a good long term demand.  But this industry can get quite cyclical because using them can be put off for a number of years.  They have a retail operation which cushions them more than POT-T.  POT-T is buying them at the trough of the commodity price.  (Analysts’ Target: $141.06).


Price:
$135.640
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 DON'T BUY Must be logged in to use chart AIG-N American International Group

They will benefit from higher interest rates.  They ran into difficulty during the financial crisis and had to restructure.  They are trying to grow their return on equity.  She keeps her insurance exposure in Canada.


Price:
$62.500
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-02-17 BUY Must be logged in to use chart BAC-N Bank of America

(Market Call Minute) You could buy it for exposure to the US economy.


Price:
$24.520
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 DON'T BUY Must be logged in to use chart CAR-Q Avis Budget Group

The whole rental business is going through a difficult period.  The popularity of Uber is actually a negative for car rentals.  It is quite competitive in terms of pricing.  The business is pretty difficult and she would not invest there.


Price:
$33.760
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-02-17 HOLD Must be logged in to use chart CAT-N Caterpillar

Things are slowly improving post- the election.  It is one of the highest quality players in this area. 


Price:
$98.850
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-02-17 PAST TOP PICK Must be logged in to use chart CGX-T Cineplex Inc

(Top Pick Feb 9/16, Up 8.49%) She still likes it.  She bought it for the 3-3.5% yield and capital return of 5-8%.  She still likes it.  They are the largest theatre operator in Canada with a 77% market share.  They can’t control what happens at the box office, but they are really good at things they can control such as concessions spending.  They have advertising in their theatres and advertising signage.  They also have ‘rec room’ which offers gaming, etc.  They are a well managed company and will continue to grow.  She will be continuing to hold it.


Price:
$51.250
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 HOLD Must be logged in to use chart CPG-T Crescent Point Energy Corp

She has been adding to the name for at least the last year and a half.  It is 90% oil and is leveraged to its price.  They are in Saskatchewan and Alberta.  Prior to the down turn in energy they were criticized for continually issuing equity to fund acquisitions.  In September of 2016, they came again to the market, but to strengthen their balance sheet and fund Cap-X.  They have lagged in this rally because of this.  We will hear more about what the activist investor wants to do.  She is going to hold on to it.


Price:
$16.240
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 HOLD Must be logged in to use chart CSH.UN-T Chartwell Seniors Housing

She has owned it for quite a number of years.  It is the largest seniors housing player in Canada.  She likes the demographics play.  The company sold off all their US properties and they have been developing and re-investing the money.  It has a 3.5% yield.  It has been strong over the past three weeks.  She would not buy it here, but hold it.  Wait for a pullback if you want to imitate a position.


Price:
$15.870
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 BUY Must be logged in to use chart CVX-N Chevron Texaco

(Market Call Minute) Large integrated company paying a nice yield.


Price:
$110.330
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 DON'T BUY Must be logged in to use chart DH-T DH Corporation

(Market Call Minute) They are having troubles in the US.


Price:
$23.600
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 WEAK BUY Must be logged in to use chart ENF-T Enbridge Income Fund Holdings

She owns ENB-T because it is the bigger company.  She likes that company and the Spectra acquisition.  There is more growth in ENB-T.  ENF-T pays a higher yield.  When the Spectra deal closes they are bumping up the dividend.


Price:
$34.260
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-02-17 DON'T BUY Must be logged in to use chart FFH-T Fairfax Financial

(Market Call Minute) She prefers to have more direct plays in the sectors or industries FFH-T is in.


Price:
$618.000
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 DON'T BUY Must be logged in to use chart FRII-T Freshii Inc

(Market Call Minute) It is high growth and high multiple so she can’t get around the valuation.  The industry is highly competitive.


Price:
$14.010
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 TOP PICK Must be logged in to use chart FTS-T Fortis Inc.

She likes it for the income, growth and the defensive nature of the business.  They just bought ITC corp. which is out of the US and expands their presence there.  ITC is a regulated electric utility.  Over 60% of FTS-T’s earnings are going to be coming from the US now.  They have good visibility post- the acquisition to grow their dividend 6% per year until 2021.  It has lagged the market, so all in, you should get 12% on this name. (Analysts’ target: $48.55).


Price:
$43.200
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 DON'T BUY Must be logged in to use chart GILD-Q Gilead Sciences Inc.

They brought guidance down going forward.  They have a key HEP-C drug which is getting competition.  They have to figure out a way to grow their pipeline and then their revenue and earnings.  She would not be buying it for Pharma exposure.  See her top picks and she also likes ABT-N.


Price:
$69.850
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-02-17 PAST TOP PICK Must be logged in to use chart GOOGL-Q Alphabet Inc. (A)

(Top Pick Feb 9/16, Up 20.76%) She still likes it.  It has lagged the rally, only up at 4% vs. the market being up 10%.  It is the 28th consecutive quarter of organic growth over 20% year over year.  That trend of digital advertising is going to continue to grow as only about 35% of advertising budgets are allocated to it.  They got a new CFO a couple of years ago who has brought a lot of financial discipline to the company so more growth is dropping to the bottom line.  They have been buying back stock even though they don’t yet pay a dividend.  They have a lot of cash off shore so policy changes in repatriation of cash will benefit them.


Price:
$846.550
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 PAST TOP PICK Must be logged in to use chart HD-N Home Depot

(Top Pick Feb 9/16, Up 28.27%) She still likes it. It is a play on the US economy.  As employment and GDP improve people may spend more on home improvement. With a third of the age group 18-36 still living at home and as the job environment improves they tend to move out into a home of their own. The company is well managed and always increases their dividend. They report later on this month.


Price:
$143.000
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 DON'T BUY Must be logged in to use chart IBM-N IBM

MSFT-Q vs. IBM-N.  If she had to choose, her preference would be MSFT-Q because of their cloud business which will grow.  IBM has not been able to figure out how to grow their top line.  Both have cash overseas and will benefit if there is repatriation of cash policy changes.


Price:
$180.670
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-02-17 BUY Must be logged in to use chart IPL-T Inter Pipeline

(Market Call Minute) She likes it and it has a nice yield.  It just reported a good quarter.


Price:
$29.510
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 TOP PICK Must be logged in to use chart JNJ-N Johnson & Johnson

They have done well in the pharma side.  They just announced the acquisition of a Swiss based pharma company.  They grow organically also.  They have identified about 10 products they are going to launch in the next three years that have about $1 Billion each.  They trade at 16 times earnings and have increased their dividend for 54 consecutive years.  (Analysts’ target: $126.32).


Price:
$118.860
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 DON'T BUY Must be logged in to use chart MCD-N McDonalds

It has done very well.  But she prefers Yum Brands in that space.  She holds both the companies after YUM split.  MCD-N has brought in some growth with menu innovation.  They have room to grow outside of the US, but YUM China is a more direct play.  MCD-N is probably fairly valued.


Price:
$127.800
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 BUY Must be logged in to use chart MFC-T Manulife Financial

MFC vs. SLF-T (Market Call Minute) MFC-T is her preferred because it is at a lower multiple.  They can improve their ROE and garner a higher multiple.


Price:
$24.830
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 COMMENT Must be logged in to use chart MSFT-Q Microsoft

MSFT-Q vs. IBM-N.  If she had to choose, her preference would be MSFT-Q because of their cloud business which will grow.  IBM has not been able to figure out how to grow their top line.  Both have cash overseas and will benefit if there is repatriation of cash policy changes.


Price:
$64.620
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
No
2017-02-17 DON'T BUY Must be logged in to use chart PM-N Philip Morris International

(Market Call Minute) Their product is in a secular decline.


Price:
$103.660
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 DON'T BUY Must be logged in to use chart SLF-T Sun Life Financial Inc

MFC vs. SLF-T (Market Call Minute) MFC-T is her preferred because it is at a lower multiple.  They can improve their ROE and garner a higher multiple.


Price:
$49.890
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 HOLD Must be logged in to use chart T-T Telus Corp

(Market Call Minute) Not her preferred play, but it is an oligopoly.


Price:
$43.930
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 BUY on WEAKNESS Must be logged in to use chart TECK.B-T Teck Resources Ltd. (B)

They had a very strong fourth quarter and their guidance for the first quarter of this year because of pre-buying of Iron Ore in the fourth quarter on fears of prices spiking.  They had a big run.  Iron ore prices are not going to go back to the levels they were before.  The zinc outlook is quite favourable.  It is now getting back down to levels where she may pick up some more.


Price:
$27.980
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-02-17 COMMENT Must be logged in to use chart UL-N Unilever PLC

She has owned UL-N for 4 years.  She thinks the price is significantly too low.  She owns it because 15% of revenues is from emerging markets.  That is where the growth is in consumer goods. 


Price:
$48.530
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 HOLD Must be logged in to use chart UNH-N UnitedHealth Group Inc

A very high quality health care provider in the US.  If you want exposure there, it is one of the best companies to hold.  She likes healthcare as a secular theme due to the aging demographics.  There is not one specific reason why is has gone up recently.  Keep holding it.


Price:
$157.620
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Unknown
2017-02-17 TOP PICK Must be logged in to use chart XYL-N Xylem Inc.

They are in the business of transportation, testing and treatment of water.  Drinkable water is a very scarce commodity.  21% of revenues are from emerging markets.  They are trying to give people access to sanitation.  In the US there is a lot of overhaul required on the existing systems.  In 2012 state governments cut back because there was no funding.  XYL-N also have exposure in the UK.  They just acquired a smart metering company and will do some cross selling.  (Analysts’ target: $54.00).


Price:
$47.800
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-01-11 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. The P/E ratio for the S&P 500 is at about 17X 2017 estimated earnings, above the long-term historical averages of 14X or 15X. Some strategists have upwardly revised numbers for this year on the premise that Trump is able to get through his corporate tax cuts, from 35% down to 15%. For every 1% cut, it adds about $1.80 to earnings, so if he even does 5% and brings it to 20%, that could potentially add $20 to 2017 earnings. We do need the profit growth to come through. Right now, the expectation for the 4th quarter earnings is that they are going to grow about 4.5% year-over-year. Usually they surprise to the upside because companies are cautious. We should have less headwinds with energy.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
_N/A
2017-01-11 COMMENT Must be logged in to use chart AAPL-Q Apple

The PE multiple is low at about 10 or 11 times. Not a lot of growth and clarity, because the iPhone’s market penetration has probably been saturated. They are coming out with a new phone later this year, which is supposed to be quite a new design compared to the prior ones. They have a lot of cash sitting overseas, so if Trump is successful in reducing the repatriation tax from 35% to 10%, this company will be a natural beneficiary. Then the question is, what do they do with that money.


Price:
$119.750
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 HOLD Must be logged in to use chart AQN-T Algonquin Power & Utilities Corp

Primarily renewable power, and she likes that space. A well-managed company. Quite attractive to some of the other utility stocks out there. 5.1% dividend yield.


Price:
$11.230
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 PARTIAL BUY Must be logged in to use chart ARX-T Arc Resources Ltd

67% natural gas liquids, and their properties are in very low cost regions, Northeast BC. Like many other producers, they’ve cut the CapX budgets from a few years ago, and are kind of repositioning where they want to focus. They are increasing their CapX budgets this year. At these price levels, she would start nibbling.


Price:
$21.440
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 COMMENT Must be logged in to use chart ATD.B-T Alimentation Couche-Tard (B)

A great operator of convenience stores, as well as being good acquisitors. As a value manager, she has always had difficulty on the valuation, but it is always on her watch list. This $10 pull back could just be with the postelection rally, where we saw money flowing from groups that had done fairly well into the more cyclical areas. If you are more of a growthier investor, you could start picking away at this.


Price:
$60.100
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 COMMENT Must be logged in to use chart BTE-T Baytex Energy Corp

She is more constructive on crude oil than she was last year, but at $51-$52 it is probably range bound. She hadn’t increased her exposure in the energy sector last year, but is starting to add a bit more now. This particular company is not on her list.


Price:
$6.100
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 COMMENT Must be logged in to use chart CCO-T Cameco Corporation

There has recently been a rally in uranium stocks. The general impression is that uranium prices have probably troughed at the $20 spot level. There is no near term catalyst to get the prices going up. It is unprofitable at this level for mines to be producing, and mines have been shutting down. Nuclear reactors have been very slow to start up with very weak demand for uranium.


Price:
$16.370
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 PAST TOP PICK Must be logged in to use chart CGX-T Cineplex Inc

(A Top Pick Feb 9/16. Up 8.6%.) They are doing very well on their theatre side. They have no controls on the movie slate, but have made a lot of good effort on diversifying the revenue stream. We are seeing that with the opening of the rec rooms. The media side, which is about 20% of their revenue, is increasing with all the digital signage. They got the A&W across North America. Yield of 3%.


Price:
$51.690
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 COMMENT Must be logged in to use chart CJR.B-T Corus Entertainment (B)

Just reported and results were a bit weak. They bought the media assets of Shaw Communication (SJR.B-T) last year, and are really in the process of integrating those assets. Media is going through a lot of change in terms of how people watch the various stations and networks. She doesn’t have any Canadian media plays. 8.7% dividend yield, which is always a flag that they may cut.


Price:
$12.870
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 HOLD Must be logged in to use chart CVS-N CVS Health Corp

This pulled back because it had to reduce its earnings guidance for this upcoming year. They had been guiding for 10%-14% growth for the next few years, and have had to reduce that to 10% going forward. This is because their drug retail side has been excluded in certain pharmacy networks. The valuation is very attractive at about 13 or 14 times forward earnings. A well-managed company.


Price:
$82.770
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 DON'T BUY Must be logged in to use chart GE-N General Electric

This has been repositioning its portfolios businesses over the last 5-6 years since the financial crisis. They were decreasing their exposure in GE Capital, retrenching in those businesses and selling off some. In October they announced a joint venture with Baker Hughes where GE is going to own 60%. They still have 8 different reporting segments, with none accounting for 20% of their earnings. Still very diversified. Trading at about 20X forward earnings, so it is not really that attractive. With divesting of assets, they have to replace the earnings those assets were generating. They’ve been putting some of that money into share buybacks, but that can only go on so long. She prefers others.


Price:
$31.470
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 TOP PICK Must be logged in to use chart GIB.A-T CGI Group (A)

Half their business is outsourcing and the other half is consulting. The outsourcing part is long-term contracts with a nice recurring revenue stream. Their last acquisition was Logitech a few years ago, so their exposure to Europe is quite high. They are in a position to make another acquisition to grow a vertical market or geographically, and she thinks their preference is in the US. They are quite stringent on guidelines as to how much they are going to pay. Meanwhile they are actually seen some nice organic growth in the financial vertical. That industry is experiencing new competition in terms of new FinTech start-up companies, which is stirring the incumbents to increase productivity, cut costs and outsource, which all benefits CGI. On the whole digital arena, they provide fibre safe security. (Analysts’ price target is $70.55.)


Price:
$65.270
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 COMMENT Must be logged in to use chart GILD-Q Gilead Sciences Inc.

Trading at a pretty low PE multiple, but are experiencing a lot of competition on a few of their key branded drugs. There is not a lot of visibility going forward on what earnings are going to look like. The pharmacy industry seems to be going through a transition. We are seeing consolidation, because that is a way to grow where they can get synergies and cut costs. Not only does this have uncertainty regarding pricing, but are also experiencing competition in their own branded drugs.


Price:
$73.770
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 PAST TOP PICK Must be logged in to use chart GOOGL-Q Alphabet Inc. (A)

(A Top Pick Feb 9/16. Up 17.52%.) She still likes this. It actually lagged during the whole post election rally. She likes the secular play on online advertising, which is a growing trend. Of all the digital ads in the US, this company takes about 40%, and she expects this to continue. Trading at about 21X forward earnings, which is reasonable given that she thinks their earnings can grow in the 18%-20% range over the foreseeable future.


Price:
$804.570
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 PAST TOP PICK Must be logged in to use chart HD-N Home Depot

(A Top Pick Feb 9/16. Up 21.74%.) This is really a play on the US economy, US GDP growth, employment growth, etc. They are all trending up and are reasonably healthy. As housing starts and turnovers improve, that will promote housing renovations and repair. About two thirds of US housing is over 30 years old, which means more repair and renovations. Good dividend yield of 2.1% and always increase it every year.


Price:
$135.700
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 COMMENT Must be logged in to use chart L-T Loblaw Companies Ltd

Competition is fierce, but in terms of square footage growth, it has moderated from prior years. Loblaw owns Shopper Drugs as well, and she likes the drug retail. Also they both have the best locations. The company has gone through a period where they introduced new IT systems, refurbished larger stores, and are seeing the benefit of that flow through now.


Price:
$70.140
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 COMMENT Must be logged in to use chart OSB-T Norbord Inc

An Oriented Strand Board producer which is primarily used in housing construction. Kind of a play on US housing, and even China where they export to. Tends to be a very cyclical play. Prefers using less cyclical names.


Price:
$34.010
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 PARTIAL SELL Must be logged in to use chart POW-T Power Corp

Partial Sell to buy Toronto Dominion (TD-T)? A conglomerate holding Industrial Group and Great West Life (GWO-T). Conglomerates tend to trade at a discount, and you are never going to fully realize the value of all their holdings underneath. 4.4% dividend yield. It is not a bad idea to take some profits and put it into TD, a more direct play on banking and on the US and Canadian economies.


Price:
$30.850
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-01-11 BUY Must be logged in to use chart RY-T Royal Bank

Canadian Banks? They’ve had a very good 2016, but remember that 2015 was a negative year for banks. They were down about 11% on average because of concerns on energy, housing crisis, etc. Earnings were revised upwards and multiple expansions back to historical averages. She still likes them, because she is constructive on the Canadian and US economy. Her long-time favourites have been Royal Bank (RY-T) and Toronto Dominion (TD-T), and also owns Bank of Montréal (BMO-T). TD and Royal have exposure to the US with TD at about 25%-30%, and Royal at 22%. Thinks Royal’s is going to increase as they are now integrating City National. These both are trading at reasonable valuations.


Price:
$93.890
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 HOLD Must be logged in to use chart SHOP-T Shopify Inc.

This has done well since going public. There is a lot of momentum behind it. They are in the right space in terms of providing all the back-office systems for online retail, a sector that is growing very strongly. As a value manager, it is difficult for her to buy names like this, because there is so much momentum and the valuation is very high.


Price:
$58.720
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 BUY Must be logged in to use chart TD-T Toronto Dominion

Canadian Banks? They’ve had a very good 2016, but remember that 2015 was a negative year for banks. They were down about 11% on average because of concerns on energy, housing crisis, etc. Earnings were revised upwards and multiple expansions back to historical averages. She still likes them, because she is constructive on the Canadian and US economy. Her long-time favourites have been Royal Bank (RY-T) and Toronto Dominion (TD-T), and also owns Bank of Montréal (BMO-T). TD and Royal have exposure to the US with TD at about 25%-30%, and Royal at 22%. Thinks Royal’s is going to increase as they are now integrating City National. These both are trading at reasonable valuations.


Price:
$67.350
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 DON'T BUY Must be logged in to use chart TEVA-N Teva Pharmaceutical

A generic manufacturer, but do have some branded drugs. The company has been experiencing quite a bit of competition on one of their key branded drugs, so the profit growth is very uncertain, and the share price responded accordingly. There is just not enough clarity going forward.


Price:
$34.280
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2017-01-11 TOP PICK Must be logged in to use chart V-N Visa Inc.

Operates the largest global payment network, and will continue to benefit from online retail commerce, the whole transition into digital online payments. Cash still represents 85% of total payments globally, so there is still a lot of growth going forward. Recently acquired Visa Europe, and as they integrate that, that is going to contribute to earnings this year. Dividend yield of 0.81%. (Analysts’ price target is $94.28.)


Price:
$81.800
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 COMMENT Must be logged in to use chart WBA-Q Walgreen Boots Alliance

She would prefer CVS (CVS-N), especially given the pullback they’ve had. CVS is trading at a more attractive valuation, and feels they can turn themselves around and get growing again in 2018.


Price:
$84.430
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2017-01-11 TOP PICK Must be logged in to use chart XYL-N Xylem Inc.

This was a spin out from ITT Corp in 2011. They make water equipment and sources to the water industry. Their products encompass anywhere from water transportation (pumps, valves, controls), treatment and testing. Their end markets include municipalities, utilities, industrial clients, building services, commercial clients, and even the agricultural industry. 70% of the globe is made up of water, but only 1% is actually drinkable or potable. There is the issue of emerging markets, where they are still building out their water infrastructure. In the developed markets, there is the problem of aging infrastructure which needs replacement. Dividend yield of 1.26%. (Analysts’ price target is $53.58.)


Price:
$47.000
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-12-14 N/A Must be logged in to use chart A Commentary A Comment -- General Comments From an Expert

Market. The US economy was growing even before Donald Trump was elected. We’ve had very steady employment gains, and are starting to see some wage increases. For Canada, there was a bounce back in GDP, and things are improving. She constructive on equities, because the profit growth is there. It turned positive in the 3rd quarter. If Trump reduces corporate taxes and repatriates funds, it is something that he will do quickly, which will improve after-tax profits for US corporations. Longer-term, she believes the secular growth is in emerging markets, so now might be a good time to look at names that have not moved. Emerging markets have been lumpy, and a stronger US$ puts them in a difficult position.


Price:
$0.020
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
_N/A
2016-12-14 HOLD Must be logged in to use chart ALA-T Altagas Ltd

Energy infrastructure, and there is always a need for these types of companies. As oil and gas companies drill they need to process the natural gas and liquids. Prefers Pembina (PPL-T) and Inter Pipeline (IPL-T). As natural gas prices improve, there will be increasing demand for what they do. Dividend yield of 6.2%.


Price:
$33.860
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2016-12-14 BUY Must be logged in to use chart BAC-N Bank of America

All the US financials did well after the election, on the premise of less regulation and potentially higher rates. This bank has recovered from where it came from back in the recession, and is still trading below BV. The ROE is still mid-single digit. Usually there is a very strong relationship between Price to BV and PE multiples based on ROE. The company is improving, and most of their past problems are behind them.


Price:
$22.670
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2016-12-14 BUY Must be logged in to use chart CGX-T Cineplex Inc

They are developing non-theatre sources of revenue. Opened their 1st Rec Room facility in Edmonton, and are planning a couple more in Toronto in 2017. They’ve also brought in online gaming through E gaming. Also, their Digital media side is doing quite well. Management are very good operators. They can’t control the theatre slate, but are very good at increasing how much you spend in the theatre. 3.2% dividend.


Price:
$50.390
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-12-14 WATCH Must be logged in to use chart CJR.B-T Corus Entertainment (B)

9% dividend yield, and usually when they get this high you have to be cautious. They acquired the Shaw media assets, and are presently integrating that, so you have to keep an eye on it to see how it gets along. She has no desire to own this name at this time. She prefers something like Disney (DIS-N).


Price:
$12.660
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2016-12-14 COMMENT Must be logged in to use chart CP-T Canadian Pacific Rail

Rail stocks have done quite well this past year, especially after the US election. She likes the rails, but owns Canadian National (CNR-T), which she feels is the best operator. CP’s operating ratios have lagged, so there could be more upside.


Price:
$193.610
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
No
2016-12-14 COMMENT Must be logged in to use chart CPG-T Crescent Point Energy Corp

All energy companies have restructured to a lower crude oil price. If crude stays in the $55 area, this company should be okay. They’ve raised some equity to fund their CapX program, and are applying some new technology to their oil wells with some positive results. If crude oil stabilizes, the stock price should slowly climb.


Price:
$18.380
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-12-14 COMMENT Must be logged in to use chart ECI-T EnerCare Inc

The stock had been doing very well. It was a defensive type name. A lot of interest sensitive utility type names pulled back after the election. There is kind of a rotation out of these into more growth economically sensitive names. The drop provided a nice entry point for someone who wanted to have utilities in their portfolios.


Price:
$18.200
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Unknown
2016-12-14 PAST TOP PICK Must be logged in to use chart GIB.A-T CGI Group (A)

(A Top Pick Jan 12/16. Up 17.96%.) A systems integration and outsourcing firm, about half and half. The outsourcing portion is very stable with a recurring revenue stream. They grow organically, but do make big acquisitions every few years. Their 2012 Logica acquisition really expanded their geography into Europe. It was a very low margin business when they bought it, and those are now almost back up to their corporate level. They are ready to make another acquisition, but management is very disciplined on how much they are going to pay for the returns that they want. They are seeing pretty strong demand from their financial verticals because of increasing competition, and FINTECH because a lot of financial institutions are trying to improve their legacy systems through productivity and client servicing. There are also opportunities in cyber security in digital commerce, which they provide.


Price:
$64.340
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-12-14 TOP PICK Must be logged in to use chart GOOGL-Q Alphabet Inc. (A)

Presently about 35% of advertising budgets are allocated for online, and that is going to increase over time. This is the largest search engine out there, so they are going to garner a certain percentage of any advertising budget. There has been a pullback in the large cap tech stocks, but that has been recovering. The valuation on this is a very reasonable. (Analysts’ price target is $968.94.)


Price:
$780.230
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-12-14 PAST TOP PICK Must be logged in to use chart HD-N Home Depot

(A Top Pick Jan 12/16. Up 9.19%.) She prefers this over others, because they have higher margins and are executing better. This is really a play on improving employment, improving GDP growth and higher housing. Housing turnover is a very important metric. When someone buys a house, they usually want to do some work on it. They’ve been seeing very good same-store sales growth. Online is only about 5% of their revenues, but it is growing. Online commerce is not a potential threat for them.


Price:
$135.980
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
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