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

Recent Opinions

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Date Signal Company Expert Opinion Price
2017-09-20 N/A A Comment -- General Comments From an Expert
A Commentary
Zachary Curry

Market. Feels the growth trajectory will slow down towards the end of the year. There are some headwinds facing Canada. However, it is a good place to be, notwithstanding it slowing. Thinks it will be more opportunistic towards the back half of the year, so he is positive on Canadian equities. There was a report out of the EIA lowering the Q2 and Q3 forecasts for shale producers. You could see it about $50 for sustained period of time. Doesn’t feel there will be a further rush to increase interest rates in Canada.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: _N/A
2017-09-20 TOP PICK Apple
AAPL-Q
Zachary Curry

This keeps you in the eco system, which is extremely profitable for them. The apps and the music side is keeping you in there. The iPhone 8 and iPhone X should be positive heading into the holiday season. Also, it is not trading at an outrageous multiple. Dividend yield of 1.6%. (Analysts’ price target is $180.)


Price: $156.070
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 TOP PICK Accenture Ltd.
ACN-N
Zachary Curry

More and more people are moving to the Cloud and not knowing how to do it. Production for this company is helping companies do it. That will grow, grow and grow in his view. Has a huge cash horde, and are very good at integrating acquisitions. Sees it in the $150-$160 range in a year. Dividend yield of 1.8%. (Analysts’ price target is $138.)


Price: $138.010
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 TOP PICK Altagas Ltd
ALA-T
Zachary Curry

Subscription Receipts. They did a big deal with the WGL in Washington, and there is a bit of pressure there, but positive and the fact that you get your $31 back if the deal doesn’t work, and a 7% monthly income to wait. Dividend yield of 7.3%. (Analysts’ price target is $33.)


Price: $28.210
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT American Express
AXP-N
Zachary Curry

MasterCard (MA-N), Visa (V-N) or American Express (AXP-N)? Of the 3, he prefers Visa, the largest of the 3. This one is not a favourable one in his view.


Price: $88.430
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 COMMENT BCE Inc.
BCE-T
Zachary Curry

He is holding this for the income, which could be under pressure. Doesn’t think you are going to see dramatic increases in the underlying price, but the fundamentals are there. You potentially have a new wireless refresh cycle going on.


Price: $58.930
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT CitiGroup
C-N
Zachary Curry

He would prefer Wells Fargo (WFC-N) or J.P. Morgan (JPM-N). Wells Fargo is more of a retail focused bank and has been under pressure because of some of the news items on opening of accounts. J.P. Morgan is more of a conglomerate bank of investment and retail. It is less focused on international markets, which he views as a positive.


Price: $71.460
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 COMMENT Canadian National R.R.
CNR-T
Zachary Curry

This is really predicated on economic growth. There are 2 facets to their model. One is price increases and the other is volume increases. They have been able to pass on price increases fairly consistently. On the volume side, it is economic growth. A very well-run rail with a low operating ratio.


Price: $101.100
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 PAST TOP PICK Concordia Healthcare
CXR-T
Zachary Curry

(A Top Pick June 21/16. Down 95%.) He sold this before the end of last year.


Price: $1.520
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 HOLD Walt Disney
DIS-N
Zachary Curry

There has been a lot of news lately on the cable side of things, which has been an overhang. They recently released some news on their plans to move away from partnering with Netflix in terms of streaming. They have the content and it will be positive. It would take a couple of years to get there. Has an amazing library of content as well as potentially having the cable side of ESPN, which could fold into that. In the meantime, they have great movie franchises.


Price: $99.210
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 HOLD Fortis Inc.
FTS-T
Zachary Curry

An electrical utility company, generating electricity. You are not going to get a massive up-spike in that kind of company. You will get great and stable income as well as growth over the longer-term. Has been very successful in going into the US and buying assets. Extremely well-managed. They raise their dividend consistently.


Price: $44.960
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT General Electric
GE-N
Zachary Curry

An interesting company. Selling off the finance side out of the last recession has clearly focused them on healthcare, infrastructure technology and energy. He is not constructive on this company yet, in terms of a conglomerate being in all sectors. You are better off picking and choosing specific companies for those sectors.


Price: $24.320
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Hydro One
H-T
Zachary Curry

He is pretty positive on this. You see a lot of trend of Canadian companies going down to the US to buy assets. It is a very long cycle, which is why the receipts are a good thing in terms of if it doesn’t happen. The conversion will result in dilution, but you are getting paid to wait. Thinks it will work out well.


Price: $22.600
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 WATCH H&R Real Estate Inv Trust
HR.UN-T
Zachary Curry

A well-managed REIT. There are a number of headwinds with interest rates going up, potential debt maturities coming due. They have some office space in Calgary which is a bit under pressure, but not catastrophic. Good income. A “wait and see” situation.


Price: $21.330
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT Inter Pipeline
IPL-T
Zachary Curry

This has been caught up on the energy component, even though it has great contracts with bigger oil companies. Doesn’t consider it to be a dramatic high-yielder, so is not concerned about the payout ratio. They have some great, long term contracts, specifically with Imperial Oil (IMO-T). A good portion of it is shipping condensate for the oil sands. Notwithstanding the low energy prices, he doesn’t believe the oil sands projects are going to stop. Condensate will be needed and those contracts are long-term in nature.


Price: $23.870
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 PAST TOP PICK Keyera Corp
KEY-T
Zachary Curry

(A Top Pick June 21/16. Up 7%.) He still likes the name. A very well-managed company. Conservative debt metrics. Provides good income.


Price: $38.580
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 COMMENT Mastercard Inc.
MA-N
Zachary Curry

MasterCard (MA-N), Visa (V-N) or American Express (AXP-N)? Of the 3, he prefers Visa, the largest of the 3. This one is a bit more international, but trades a little higher on a multiple basis. American Express is not a favourable one in his view.


Price: $142.240
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 PAST TOP PICK McDonalds
MCD-N
Zachary Curry

(A Top Pick June 21/16. Up 34%.) This continues to fire on all cylinders. New management has brought in new initiatives, new menus, technologies in the stores. It trades at a pretty hefty multiple now.


Price: $159.880
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Yes
2017-09-20 HOLD Manulife Financial
MFC-T
Zachary Curry

The best in class in Canada. There are always 2 components with the insurance companies, insurance and investments. A rising rate environment should be beneficial over the longer-term. Product sales are good. They are branching out into Asia. It has been well-managed.


Price: $24.440
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 BUY PPG Industries
PPG-N
Zachary Curry

Produces chemicals and products which are chemically-based, and is in a great sweet spot. There will be continued demand on the infrastructure side and input prices are low. A good company to be in.


Price: $108.810
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 COMMENT SNC-Lavalin Group Inc.
SNC-T
Zachary Curry

A great name for exposure to infrastructure spending, which seems to be going on in every country globally. The concerns over the bribery, etc. is largely behind them. They could gain meaningfully out of some of the contracts going forward on infrastructure spending. He prefers Brookfield Infrastructure Partners (BIP.UN-T)


Price: $55.200
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Tesla Motors Inc
TSLA-Q
Zachary Curry

This is going to need a lot of cash. They advertise model 3 at $35,000, and when it comes to Canada, it will be in the $70,000 range. Need a lot of money to get production up and running to the levels they want to go to. The cash burn rate is very high. Thinks you will have lots of opportunities to back up the truck going forward. A large part of the company is due to subsidies. Not a company he would be looking to own at this time. A momentum play rather than an investment.


Price: $373.910
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 SELL Under Armour Inc.
UAA-N
Zachary Curry

A good company. CEO had not been super forthcoming in terms of his dealings with the company. It really comes down to their footwear. That is where a lot of their growth was expected to come from, which has not happened. It is extremely difficult competing with Nike (NKE-N). Also, Adidas is coming in, a huge player. He would look at this as a Sell candidate.


Price: $16.540
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: No
2017-09-20 COMMENT Visa Inc.
V-N
Zachary Curry

MasterCard (MA-N), Visa (V-N) or American Express (AXP-N)? Of the 3, he prefers this, the largest of the 3. Their recent acquisition of Visa Europe is positive. MasterCard is a bit more international, but trades a little higher on a multiple basis. American Express is not a favourable one in his view.


Price: $104.970
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-20 COMMENT Westjet Airlines
WJA-T
Zachary Curry

Airlines really come down to being a high fixed cost model. On borrowing money, interest rates are low. Also, oil prices are low. They’ve had good growth. Announced they are going to launch an ultra low-cost carrier, which should bode well for them. Be aware that when rates go up and energy prices increase, that will have an effect on airlines.


Price: $26.970
Subject: NORTH AMERICAN - LARGE
Bias: BULLISH on CANADIAN MARKET
Owned: Unknown
2017-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Nick Majendie

Market. Last year, Canada was the best performing of all the developed nations in terms of our equity market. This year it is very definitely the other way. The big question is, where do we go from here. He is optimistic on the Canadian market over the next 6-12 months, principally because he is convinced we will see an improvement in oil prices that will help the energy sector. If you adjust for the change in our currency, performance has been just about the same to a Cdn$ investor as the S&P, despite the TSX lagging the S&P 500. Thinks we will see definite signs of the oil market tightening in the 4th quarter, and can see it hitting $60 in the next 6 months. Some of the numbers in the US are understated, and are constantly being revised. A very critical point was yesterday when Brent demonstrated backwardation for the 1st time since 2014, which means hedge funds will begin to look at taking long positions if that continues. He likes Canadian bank stocks very much, and is overweight in them. Results have been very good year to date. They are cheap relative to US banks, and represents good value.


Price: $0.020
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: _N/A
2017-09-19 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Market.There are reasons to be optimistic going forward, but you have to be realistic about where equities are going. We haven’t had a correction of 5% or more for a very long time. Corrections happen all the time, and we have to expect that they are going to come from time to time. However, the underpinnings of the market are very strong. Corporate earnings are strong. We are seeing a synchronized economic expansion throughout the world. If you look at the developed world, it is hard to find a country that is not in a growth mode. Markets are very long-term vehicles. If we don’t get a correlated move between the economy and the market, we as investors think something is wrong. We have to look at things over cycles and over a long period of time. Sometimes markets get ahead of the fundamentals and sometimes the fundamentals get ahead of markets.


Price: $0.020
Subject: US EQUITIES
Bias: UNKNOWN
Owned: _N/A
2017-09-19 STRONG BUY Apple
AAPL-Q
Gordon Reid

(Market Call Minute.) It has moved up a little in terms of market multiple, but we have repatriation out there with the iPhone 8 and iPhone 10. It has a 93% loyalty rate and there are a billion installed devices.


Price: $158.730
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-09-19 COMMENT AbbVie Inc.
ABBV-N
Gordon Reid

(Market Call Minute.) A company that was spun off from Abbott Labs (ABT-N) 2 or 3 years ago. A great company, but 66% of their revenue comes from 1 drug, Humira, the best selling drug in the world.


Price: $86.370
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-09-19 HOLD Agnico-Eagle Mines
AEM-T
Nick Majendie

He really likes management. They’ve done an excellent job over the last number of years of increasing production per share and cash flow per share, largely from internal organic growth. Has a good growth profile over the next 5 years. His only problem is that valuation is relatively quite high at the moment, although it deserves it. (See Top Picks.)


Price: $58.250
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2017-09-19 DON'T BUY American International Group
AIG-N
Gordon Reid

Had owned this until about a year ago, and then moved aside. Had some difficulties with management. Even against their peer group in the insurance space, this company is not operating that efficiently.


Price: $59.490
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 HOLD Amgen Inc.
AMGN-Q
Gordon Reid

A fairly inexpensive stock from a valuation standpoint. One of the granddaddies of biotech. This is probably a good hold here. The whole biotech area is getting a bit of a bid under it. There has been more positive action within that whole sector.


Price: $186.320
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 COMMENT American Tower
AMT-N
Gordon Reid

A bit of a complicated valuation exercise when you look at it, because it looks expensive on a price/earnings ratio, but really is not. It’s treated more like a real estate investment trust. The street looks at it on an adjusted funds from operations standpoint. When you look at it that way, it compares reasonably well against its major competitors. Growing very well internationally, but stumbling a little domestically. If you take a position, do it as part of a balanced portfolio. He wouldn’t put a lot of risk capital into it.


Price: $140.980
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 BUY Algonquin Power & Utilities Corp
AQN-T
Nick Majendie

Canada has done an extremely good job of acquiring companies in the US in the utility sector. Something like 70% of this company’s earnings comes from the US. Management has done an excellent job. They have a target of increasing their dividend 10% per year over the next 5 years, and possibly longer. Dividend yield of 4.6%.


Price: $12.960
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-19 COMMENT Boeing
BA-N
Gordon Reid

Owned this for many years, but just sold it a month ago, because it had done so well. As the price of something rises, its value tends to drop. This is trading at about a 50% premium to its 10-year historical average. That represents a lot of risk. He would love to buy it back, but it is a little overpriced as a stock.


Price: $252.460
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 COMMENT Bank of America
BAC-N
Gordon Reid

He continues to like this. Every 1% increase in interest rates will be beneficial to the company by about $5 billion to the bottom line. If you back that through their P&L shares outstanding, it’s about $0.50 a share. A very, very accretive thing for the company. There is lots of gas left in the banks, and particularly in this one.


Price: $24.860
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-09-19 PAST TOP PICK Brookfield Infrastucture Partners
BIP.UN-T
Nick Majendie

(A Top Pick Sept 21/16. Up 28%.) Just did an equity issue because of a huge backlog of projects, about $2.5 billion. If he had to pick one stock to own over the next number of years, it would be this. They increased their dividend over 10% for the last 8 years, and expects they will continue to do that. The #1 infrastructure stock globally. Dividend yield of 4.1%.


Price: $53.850
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-19 BUY Bonavista Energy Corp
BNP-T
Nick Majendie

Management has done a very good job of concentrating assets in their 2 key areas. Had some nervousness over the balance sheet, but that is improving. He is a little more bullish on oil, than natural gas, but he would buy this today. (See Top Picks.)


Price: $2.920
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-19 BUY Bank of Nova Scotia
BNS-T
Nick Majendie

Hurricane impact? In the International segment, which represents just over 30% of their earnings, the Caribbean is actually quite small. The biggest exposure is Jamaica, which he doesn’t think was particularly hit. He wouldn’t be unduly concerned. He likes this bank very much at these levels.


Price: $77.320
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2017-09-19 PAST TOP PICK CitiGroup
C-N
Gordon Reid

(A Top Pick Oct 18/16. Up 47%.) With the Fed moving, and the banks repairing their balance sheets, he knew things were going to get better.


Price: $71.150
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-09-19 TOP PICK Celgene Corp
CELG-Q
Gordon Reid

This has done extremely well. It is growing quickly. Has a good pipeline with 4 drugs that he believes could be $1 billion or more in revenue. The biggest property they own is Revlimid. They concentrate on cancer treating drugs. Not inexpensive, but is reasonably priced. Thinks that next year they will do $8 a share in earnings, less than 20X, and growing at a rapid rate. (Analysts’ price target is $156.)


Price: $143.470
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-09-19 BUY Canadian Imperial Bank of Commerce
CM-T
Nick Majendie

He would recommend this at these levels. The average multiple tends to be just short of 12X earnings for the banks. The acquisition in the US was a good move. Over time, it will make investors feel more comfortable that there is some diversification out of Canada. Feels there is some room for multiple expansion. Dividend yield of 4.9%.


Price: $107.680
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2017-09-19 HOLD Canadian Natural Rsrcs
CNQ-T
Nick Majendie

Suncor (SU-T) or Canadian Natural Resources (CNQ-T)? Both companies, relative to the other stocks in the energy index, have performed pretty well. From this point on, he likes both, and is hard-pressed to tell you which one he would choose. Both have very good growth profiles. This one has made acquisitions recently. They are both very good on M&A on an opportunistic basis. Their balance sheets have been improving steadily. Because they have both held their ground so well, there are better opportunities in some of the intermediate space, in terms of capital gains.


Price: $40.490
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-19 COMMENT Canadian National R.R.
CNR-T
Nick Majendie

His preferred choice in rails, and his biggest investment in that sector. They have a tendency to outperform their guidance, and thinks they will do it again this year. Very strong cash flow growth. Good operating ratio performance. Because of the free cash flow growth, the dividend keeps constantly being increased.


Price: $100.740
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-19 HOLD Crescent Point Energy Corp
CPG-T
Nick Majendie

Had owned this, but sold it at around $17 earlier this year. He was concerned about oil prices. Investors are really being careful about having good balance sheet companies. If you have some optimism on oil prices as he does, he would probably hold onto this. It has been a little unpopular with institutional investors because of all their acquisitions. There are better stocks around if you want to buy one. Dividend yield of about 4%.


Price: $9.090
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-19 DON'T BUY Cisco
CSCO-Q
Gordon Reid

This probably hit its peak 15 or 20 years ago. It was one of the leaders in computer systems, switches and routers. Since then, it has struggled to find its place. It ran into stiff competition, and then fell behind. There have been resurgences from time to time, but it really hasn’t made any headway for many years. The stock has moved, but more on an emotional/sentiment basis.


Price: $32.490
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 DON'T BUY Equifax Inc.
EFX-N
Gordon Reid

He wouldn’t go anywhere near this company following their problems with the cyber attack. You just don’t know what is going to happen. In these situations, especially in the US, a very litigious environment, there is going to be a significant amount of piling on here.


Price: $94.870
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-09-19 PAST TOP PICK Enbridge
ENB-T
Nick Majendie

(A Top Pick Sept 21/16. Down 9%.) Out of favour and is not quite sure why. During this time, they did the Spectra merger. Looking at all the major energy companies globally, including infrastructure, this is now the 8th largest. It is the largest energy infrastructure in the US. Now is a very good time to be picking it up. Dividend yield of 5%, and they have a growth target of 10%-12% a year for the next 8 years. The bulk of their cash flow is covered by long-term contracts.


Price: $50.610
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-19 BUY Facebook
FB-Q
Gordon Reid

This has a lot of runway in front of it. It has appreciated very quickly from a price standpoint, but valuation metrics have become more compelling. For that to happen, it means the fundamentals have risen at a faster pace than the price. They’ve made a very good inroad into artificial intelligence. Their product, Oculus is going to be very important for them. Instagram is doing extremely well.


Price: $172.520
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-09-19 COMMENT Fortis Inc.
FTS-T
Nick Majendie

He likes this very much. They’ve done a great job in making acquisitions in the US. This is one of the dividend aristocrats of Canada. Thinks they’ve increased dividends 42 years in a row. It is not all that expensive, and is a great, long term investment.


Price: $44.530
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-19 DON'T BUY Goldcorp Inc
G-T
Nick Majendie

This has been suffering. Selling at its relative valuation, a discount. A bit of a “show me” stock at the moment. Thinks management has a very good long-term plan, but investors are kind of sceptical in the short term. There are better purchases right now. (See Top Picks.)


Price: $15.760
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2017-09-19 DON'T BUY General Electric
GE-N
Gordon Reid

(Market Call Minute.) Changing CEOs, which is a good thing. He wouldn’t touch this yet. The first thing that happens when a new CEO comes on is that they throw everything out, plus the kitchen sink.


Price: $24.200
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-09-19 COMMENT Inter Pipeline
IPL-T
Nick Majendie

Has been out of favour and is the one pipeline he doesn’t own. In the short term, it has limited growth prospects which will impact the dividend growth potential. On a 1-year basis, it doesn’t look particularly attractive relative to a Pembina Pipeline (PPL-T), an Enbridge (ENB-T) and a Trans Canada (TRP-T).


Price: $23.810
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: No
2017-09-19 TOP PICK Lear Corp.
LEA-N
Gordon Reid

Automotive seating systems. Trading at less than 9X earnings. Growing rapidly and well-managed. The auto industry is more than just North America. About 17 ½ million units out of N.A., 22 million out of Europe and about 26 million out of China. Dividend yield of 1.2%. (Analysts’ price target is $167.)


Price: $166.300
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-09-19 COMMENT Manulife Financial
MFC-T
Nick Majendie

Stay with Manulife (MFC-T) or go with Toronto Dominion (TD-T)? Currently prefers banks to the lifecos. Of the 2 major Canadian lifecos, he prefers Sun Life (SLF-T), which has more consistent earnings growth ahead of them. Manulife has just changed CEOs, and thinks the street will wait to look at the execution and changes in strategy in the next while.


Price: $24.280
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Unknown
2017-09-19 PAST TOP PICK Methanex Corp
MX-T
Nick Majendie

(A Top Pick Sept 21/16. Up 67%.) Had a tremendous return, and he would continue to own it. The outlook for methanol is excellent, particularly for this company which is on a large expansion program for the next number of years. Their CapX is behind them and they can increase capacity by bringing back one of their Chilean plants on stream, at a very reasonable cost. Generating a tremendous free cash flow and are buying back a lot of stock.


Price: $64.330
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-19 TOP PICK Methanex Corp
MX-T
Nick Majendie

The world’s largest producer of methanol, but it tends to track energy prices broadly. Feels there is excellent demand growth over the next number of years, which this company will participate in. They’ve done all of their greenfield expansion over the last number of years, so will be generating a lot of free cash flow in an environment where he expects methanol prices to be between $350 and $400 over the next 5 years. Dividend yield of 2.3%. (Analysts’ price target is $57.)


Price: $64.330
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-19 COMMENT National Bank of Canada
NA-T
Nick Majendie

This is his biggest holding amongst the banks. He really likes management, which has done a really good job. Dividend yield of about 4%.


Price: $57.570
Subject: CANADIAN LARGE
Bias: CAUTIOUSLY OPTIMISTIC
Owned: Yes
2017-09-19 PAST TOP PICK Owens-Illinois Inc.
OI-N
Gordon Reid

(A Top Pick Oct 18/16. Up 39%.) The largest maker of glass products in North America, South America and Europe. They have reinvigorated their company to a point now where they produce a lot of cash. Their cash flow yield is 12%-13%, which allows them to pay down their debt at a fairly good clip. Very inexpensive trading at less than 10X earnings.


Price: $24.140
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-09-19 TOP PICK Priceline.com Inc.
PCLN-Q
Gordon Reid

This has been one of the best performing stocks in the NYSE’s history. Had owned this about 15 years ago at $19, but the multiple is lower today than it was then. They will make somewhere in the neighbourhood of $78 a share in earnings this year, and may even touch $90 a share next year. They’ve been very acquisitive over their lifespan. (Analysts’ price target is $2,100.)


Price: $1859.780
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
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