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Stock Opinions by Stephen Takacsy, B. Eng, MBA

COMMENT
Still seeing a positive 2024 for stocks and bonds?

Yes. Inflation is coming down naturally, being caused mainly by pandemic's supply chain disruptions and central banks' hiking rates. Only a matter of time before bonds staged a big rally and stocks followed. That's what we're seeing now.

NA economy remains strong, as does employment and household savings. Moving toward a Goldilocks scenario where we could have disinflation, perhaps even deflation, with positive economic growth. Bonds have had a rougher time this year because rate cuts have been pushed out. Should get a really nice bond rally between now and year-end as the inflation data comes down more and rate cuts begin.

Unknown
BUY
Adding to small- and mid-caps?

That's right. They've been severely beaten up over the last few years. Massive outflow of funds out of Canada, and it hits the smaller stocks even more. A lot of retail investors put in fund redemptions last year, so that created many bargains.

Over the last 6 months, he added to many of his small- and mid-cap positions. Companies like QTRH, JWEL, and EQB.

Unknown
BUY
Quarterhill Inc
Adding to small- and mid-caps?

That's right. They've been severely beaten up over the last few years. Massive outflow of funds out of Canada, and it hits the smaller stocks even more. A lot of retail investors put in fund redemptions last year, so that created many bargains.

Over the last 6 months, he added to many of his small- and mid-cap positions. Companies like QTRH, JWEL, and EQB.

electrical / electronic
BUY
Jamieson Wellness
Adding to small- and mid-caps?

That's right. They've been severely beaten up over the last few years. Massive outflow of funds out of Canada, and it hits the smaller stocks even more. A lot of retail investors put in fund redemptions last year, so that created many bargains.

Over the last 6 months, he added to many of his small- and mid-cap positions. Companies like QTRH, JWEL, and EQB.

0
BUY
Equitable Group
Adding to small- and mid-caps?

That's right. They've been severely beaten up over the last few years. Massive outflow of funds out of Canada, and it hits the smaller stocks even more. A lot of retail investors put in fund redemptions last year, so that created many bargains.

Over the last 6 months, he added to many of his small- and mid-cap positions. Companies like QTRH, JWEL, and EQB.

Financial Services
BUY
Value in big dividend payers with shockingly high yields?

Yes. He certainly wouldn't buy them all, but likes Telus and ENB a lot. As rates come down, the higher-yielding stocks that are still beaten up should start to stage a nice rally between now and the end of the year.

Unknown
BUY
Telus Corp
Value in big dividend payers with shockingly high yields?

Yes. He certainly wouldn't buy them all, but likes Telus and ENB a lot. As rates come down, the higher-yielding stocks that are still beaten up should start to stage a nice rally between now and the end of the year.

telephone utilities
BUY
Enbridge
Value in big dividend payers with shockingly high yields?

Yes. He certainly wouldn't buy them all, but likes Telus and ENB a lot. As rates come down, the higher-yielding stocks that are still beaten up should start to stage a nice rally between now and the end of the year.

oil / gas pipelines
DON'T BUY
Boardwalk REIT

Benefited from immigration in Canada. Lack of rent control in main market, Alberta. Fully valued now, easy money has been made. Housing shortage, too.

property mngmnt / investment
DON'T BUY
Laurentian Bank

Tough one. Up for sale, no offers accepted. Power outage. Management changes. Very low ROE compared to peers. Still thinks it will get gobbled up. Results on slow decline, need to turn ship around.

banks
STRONG BUY
Quarterhill Inc

One of his biggest positions. Fantastic board, much-improved management team with wonderful expertise in a great space. Focused on driving shareholder value. Huge backlog. Should see improved margins. Insiders buying a lot of stock.

electrical / electronic
HOLD
Baylin Technologies

So dependent on Samsung mobile, and those sales slowed. Put that unit up for sale. Rest of segments are doing well, ups and downs, but long-term growth. Wouldn't be surprised if that attracted a strategic buyer for the company. 

0
DON'T BUY
Cargojet Inc

Still has a monopoly for overnight delivery. Bloom's off the rose as growth has slowed tremendously. Cancelled plane orders. Fairly valued now, range bound. Doesn't see catalysts for a return to former highs. Off lows, stabilized.

Transportation & Environmental Services
BUY
Park Lawn Corp

Cut in half since added to the TSX. Pandemic death rates have normalized now. Management team's focused on increasing sales and margins, accretive acquisitions. Seasoned management team. Sold some low-margin assets, paid down debt, balance sheet in good shape. Good buy here. Demographic tailwinds.

other services
HOLD
Velan Inc

Chart looks the way it does because acquisition of its very lucrative nuclear valve business by an American buyer was blocked by the French government. Illiquid stock. The family still wants to sell. Deep value, good return if patient.

INDUSTRIAL PRODUCTS
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