Viewing Expert Jerome Hass | StockChase
stockchase picture

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

Viewing Expert

Jerome Hass , Portfolio Manager

Lightwater Partners

Address
120 Adelaide Street West, Suite 2400
Toronto, On
M5H 1T1

Contact Info
Telephone: +1 (416) 504-9767
Email:
Website: http://www.lightwaterpartners.com/home.html

Bio:

Lightwater Partners is a Toronto-based  alternative asset manager.  Lightwater  focuses on mid-cap Canadian stocks and long / short strategies.  It manages two funds, the Lightwater Long Short Fund and the Nimble Fund.  These two funds returned 46% and 53% respectively in 2013 (returns net of all fees and expenses).  Lightwater was established in 2007 and it was one of the small number of Canadian managers who earned a positive return in 2008.


Date Signal Chart Symbol Company Opinion Price
2017-05-05 PAST TOP PICK Must be logged in to use chart AC-T Air Canada (B)

(A Top Pick April 26/16. Up 63%.) *LONG* (Pairs trade with a Short on Air Transat (TRZ-T). This trade is driven more by the Short side than the Long side. He would continue with this position.


Price:
$13.940
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2017-05-05 HOLD Must be logged in to use chart AQN-T Algonquin Power & Utilities Corp

He likes the name. This is a utility. His one concern is that interest rates are very low, and when they start to go back up, generally the whole sector suffers as a consequence. He kind of identified this as a possible Long position, but struggled to find an appropriate Short on the opposite side to hedge it out. Has a good track record of increasing dividends. A good hold for the long-term, but just be leery about interest rates.


Price:
$12.990
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
No
2017-05-05 COMMENT Must be logged in to use chart AVO-T Avigilon Corp

Very interesting and quite sophisticated technology. The problem is, it is a hardware company. They always have a problem of fighting against a better and cheaper mouse trap. A Chinese competitor has been quite aggressive in pricing. He doesn’t like the long-term fundamentals. If he had to choose between a Long or Short position, he would choose the Short.


Price:
$16.510
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Unknown
2017-05-05 COMMENT Must be logged in to use chart BIOA-N BioAmber Inc

They produce a chemical that is used in a variety of products. Have the world’s biggest succinic acid plant. It seems that anything that could go wrong did. They did 2 financings which were not well received by the market. There was also a profit warning on their Q4 numbers. They had a shipment that was paid for, but hadn’t been shipped, which they had been recognizing as a sale. The CEO and CFO are no longer there. Still thinks this is a very good story. They need to demonstrate 2 things. 1.) They have to show that they can actually operate the plant at a reasonable level. 2.) They need to prove that someone wants to buy their product. He has stuck with his position because he thinks it is a very strong story.


Price:
$2.210
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2017-05-05 PAST TOP PICK Must be logged in to use chart CBL-T Callidus Capital Corp

(A Top Pick April 26/16. Up 8%.) An asset based lender to distressed companies. They deal with companies that banks won’t touch. A controversial name and is down about 20% in the last 2 days. It is in the midst of a privatization process and had 19 expressions of interest. They’ve reduced this down to 6 or less. The guidance range as from $18-$22. Given that the stock is trading at about $14 with a 7.5%-8% yield, the privatization announcement is scheduled to take place prior to the end of June. With less than 2 months’ horizon it is a pretty good risk/return in his view. He thinks he is going to have a very happy outcome 2 months from now.


Price:
$13.960
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2017-05-05 TOP PICK Must be logged in to use chart CJT-T Cargojet Inc

They effectively have a natural monopoly in overnight cargo in Canada. Any time you get something shipped, but doesn’t come from the same city you are in, he can almost guarantee it is shipped by this company. He likes the high barriers to entry. They have a 95% market share in Canada with customers such as Canada Post, Purolator, Amazon, and virtually anyone that ships, including Air Canada. A great little company that is not very well known by the street. Trades at about 6X EV to EBITDA, compared to the trucking companies at 7.5X. Dividend yield of 1.7%. (Analysts’ price target is $56.)


Price:
$45.920
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2017-05-05 HOLD Must be logged in to use chart CLR-T Clearwater Seafoods Inc.

Their product is in tight and shrinking supply, and demand is increasing. Asian demand has been picking up dramatically. There has been a cut back in certain quotas which hurt the supply side. It has been 2 years in a row where there has been a selloff in the winter and it has come back in the summer. This is a long-term hold.


Price:
$10.490
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2017-05-05 COMMENT Must be logged in to use chart CRH-T CRH Medical Corp.

A recent Short report made some interesting points. Although he doesn’t like serial acquisitors, he likes that this company is very focused on what they are doing. When they make an acquisition, they typically get 50%-51% of the business, so they consolidate it. Their revenue numbers are generally growing much faster than their earnings because they have to take out the minority interests. They are recognizing 100% of the revenues, but effectively are only getting 51% of the earnings. That was one of the thrusts of the Short report. The other was that they were being paid to use an MD to administer their deep sedation (used in colonoscopies), but using specially trained professional nurses instead. A decent company, he is just not sold on it yet.


Price:
$8.510
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
No
2017-05-05 HOLD Must be logged in to use chart CXI-T Currency Exchange Intl.

This has come up a lot this year, down about 33% YTD, partly due to the last 2 conference calls. Earnings had disappointed in both. Investors waited about 4 years for them to get their bank license which came in September, and it was going to be 6 months before benefits would be seen. In the last quarter, there wasn’t a lot of evidence of that. About 3 years ago, the company went into the payments business, and have been building up a business in that, so there were a lot of expenses, but no sales. Because of this, expenses have grown much faster than sales growth. They’ve built a lot of infrastructure, and they now need to grow into that. He has a lot of confidence in the CEO. Expects that the next quarter is also not going to be a great one.


Price:
$20.150
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2017-05-05 TOP PICK Must be logged in to use chart DSG-T Descartes

A boring name, but stable. Every portfolio needs some boring names. There wasn’t any particular catalyst this year, but it is up 30%+ in the last 12 months. He likes the recurring income stream. At the start of every quarter, they know what 90% of their sales will be, and they spend the next 90 days working on that last 10%. That predictability is what investors like. (Analysts’ price target is $25.47.)


Price:
$31.770
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2017-05-05 HOLD Must be logged in to use chart ECI-T EnerCare Inc

He really likes this. It used to trade at a significant discount to the utility sector, but it should have traded at a premium because of its better growth profile. He likes their US acquisition which was more on the HVAC business, so it is more on the service side, other than the traditional water heater business they’ve been in. They also have a sub metering business, which doesn’t get a lot of attention. Sub metering helps when you have multiple units such as condominiums or apartments. This has a nice growth profile, and has a decent yield to it.


Price:
$21.660
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2017-05-05 COMMENT Must be logged in to use chart GMP-T GMP Capital Trust Inc

Preferred B. Recently reported and had a reasonable set of numbers. What caught the public’s attention was the pre-release that Canaccord (CF-T) put out last week, where they had such an exceptional Q1 that they pre-released their numbers and the share price responded accordingly. GMP’s quarter was an OK one, but certainly not like Canaccord’s. However, it shows the potential of both businesses. GMP has really positioned themselves to be a strong leveraged play on the oil/gas and mining sectors. They also have an attractive asset management business that got a lot of focus last summer and fall, with the Richardson operation. A very attractive takeover candidate. He would want to see more evidence of recovery in the mining and oil/gas sectors and to start to see some of their investments come to fruition.


Price:
$3.540
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Unknown
2017-05-05 SELL Must be logged in to use chart NYX-X NYX Gaming Group Ltd

Doesn’t have a lot of confidence in management. They’ve disappointed investors since they’ve been listed. He likes the exposure in terms of the online gaming sector, but it just hasn’t worked out and he doesn’t see that changing anytime soon.


Price:
$1.080
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
No
2017-05-05 SELL Must be logged in to use chart PIF-T Polaris Infrastructure

A geothermal play in Nicaragua. He saw a presentation in January where they finally got their utilization levels up to a reasonable level, which isn’t that far from a point where equity investors are wiped out. They are now at a point where they could start generating cash flow. Instead of milking this as a cash cow, they are going to spend some more money, and he shook his head in disbelief. He would run for the hills from this stock.


Price:
$15.220
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
No
2017-05-05 PAST TOP PICK Must be logged in to use chart TC-T Tucows Inc.

(A Top Pick April 26/16. Up 165%.) Internet domain names was viewed as a very flat, dull business. He felt this was under the radar screen and not a lot of attention being paid to it. It is now trading 19X this year’s EBITDA, so it has gotten a little ahead of itself, and may be a little expensive.


Price:
$84.900
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
Showing 1 to 15 of 569 entries
<< < 1 2 3 4 5 > >>

No Comments.


You must be logged in to comment.