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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
2017-01-20 N/A A Comment -- General Comments From an Expert
A Commentary
Michael Simpson, CFA

Dividends split companies? These will basically have a capital stock that doesn’t pay a dividend, and another piece that pays a dividend. They arrange this by using leverage, and usually invest in underlying entities that pay a dividend or generates cash flow. Depending on what you are invested in and how much leverage there is, and how the market performs, that is really going to determine how the split share does.


Price: $0.020
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: _N/A
2017-01-20 N/A A Comment -- General Comments From an Expert
A Commentary
Don Vialoux

Market. The secret on seasonality is that you Buy on the rumour and Sell on the news. Historically, during the first 4 months after a president is elected, the market has a tendency to reach a fairly important short-term peak right around inaugural day. After that, it tends to go sideways for a time. Once you get your executives into power and Congress starts to do things, then the market moves higher. Historically, the Canadian market has done very well from approximately the beginning of December right through until February of each year, and there is good reason to believe that that is going to happen again this year. There is good reason to believe that 4th quarter earnings by Canadian companies are going to be very strong. In fact, the top 60 companies in Canada are expected to show a gain of 8.3% on a year-over-year basis. By the end of the year, markets will be significantly higher.


Price: $0.020
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: _N/A
2017-01-20 COMMENT Air Canada (B)
AC-T
Don Vialoux

The seasonality for this depends upon when they are using their planes most frequently. That would be Christmas time and summertime. The chart shows this is currently in an upward trend. It has been lagging a little relative to the market during the last 2-3 weeks, but that is not unusual. If you own the stock, you may want to wait until the next period of seasonal strength, around March, for a seasonal trade right through until June.


Price: $13.570
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 HOLD Agrium
AGU-T
Don Vialoux

This is involved in the merger with Potash (POT-T) right now, which will have an impact on pricing for the next little while. Seasonally, the stock has done well from around the beginning of October right through until the 2nd week of February. However, the merger is going to have a greater impact on the stock, one way or another. The period of seasonal strength ends in the middle of February, so it has about another 3 weeks to go.


Price: $140.150
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT American International Group
AIG-N
Don Vialoux

Basically a financial services company. Historically the US financial service sector starts to get positive on a seasonal basis in the 3rd week in January. It usually goes higher until around the end of April. Currently, the stock has already gone above a key resistance level. The trend is on the upside already. You have all the requirements for an interesting seasonal trade right through until around the beginning of May.


Price: $66.540
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT Aimia
AIM-T
Michael Simpson, CFA

The former Aeroplan, originally in Canada and diversified to other countries. The CEO is taking a 4 months medical leave. He has concerns about growth going forward as well as debt levels. Dividend yield of about 9.3%.


Price: $8.490
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-01-20 PAST TOP PICK Altagas Ltd
ALA-T
Michael Simpson, CFA

(A Top Pick Jan 22/16. Up 9.17%.) This has energy and infrastructure. Mid-streaming was their original business. Also, has power in Canada and the US as well as some regulated utilities. Very well-run. 6% dividend yield.


Price: $32.430
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 COMMENT Altagas Ltd
ALA-T
Don Vialoux

Technically, this has been in a trading range for almost 18 months. This tells you it doesn’t have the momentum you would like to see for a seasonal trade. On a chart like this, wait until there are signs that there is positive momentum and positive performance relative to the market.


Price: $32.430
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT Amazon.com
AMZN-Q
Don Vialoux

Seasonality on this is very different than the average retail merchandising US company. He is not even sure of the seasonality. Looking at the technicals, the stock is going in the right direction. The longer-term trend is on the upside. The shorter term trend is still even stronger to the upside. On a relative basis, the stock is very, very strong.


Price: $808.330
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 HOLD Aecon Group Inc
ARE-T
Don Vialoux

Seasonal strength appears to be from January through to May of each year, when things are being constructed. We are now just at the beginning of a period of seasonal strength. It’s currently in a trading range, so you want to wait until it breaks above that, but then you have a pretty good chance of seeing the stock test the previous high.


Price: $15.800
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT Bank of America
BAC-N
Don Vialoux

Seasonally, the best time to own this is from right around now until approximately May of each year. Technically, the stock is in an upward trend, and testing its recent highs. It is outperforming the market and has positive momentum, and we are just about to enter the period of seasonal strength. It looks like an excellent opportunity to add more positions.


Price: $22.640
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 BUY Brookfield Asset Management (A)
BAM.A-T
Michael Simpson, CFA

A global asset manager, primarily focusing on 3 main areas; real estate, renewable power and infrastructure. There was concern earlier in the year about a backup in rates. Heavily invested in hard assets globally. They look for countries or areas that are undervalued, or companies that have a little problem so that they can buy them at a cheaper price, fix it up and realize the value. They also give regularly annual dividend increases.


Price: $46.010
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 COMMENT Brookfield Asset Management (A)
BAM.A-T
Don Vialoux

This starts its period of seasonal strength this week, and continues right through until the beginning of May each year. The chart shows this has been in a trading range for quite a period of time, with a slight upward trend. Once it breaks above the resistance level, then you can expect the stock to take another move on the upside.


Price: $46.010
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT BCE Inc.
BCE-T
Don Vialoux

During the last couple of weeks, he is starting to see interesting technical signs that the stock is starting to show some pretty good stuff. Yesterday it broke above a small trading range. Technically, he is starting to become more positive. On a seasonal basis, the stock normally does OK this time of year. The next couple of months is a good time to own this, but from a seasonal point of view, you may want to look at around the end of February for an opportunity to go into the more economically sensitive areas that will probably outperform this one.


Price: $58.930
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT Brookfield Real Estate Services
BRE-T
Michael Simpson, CFA

We’ve had a fantastic Canadian real estate market for more than a decade. For the last 5 years, it has really been a story of Vancouver and Toronto. This company has a good model where they receive a royalty from their agents. There is a little concern that the number of agents may decline. Great company and great strong management, but not sure how long the residential real estate cycle can last. Dividend yield of 8.1%.


Price: $16.030
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-01-20 COMMENT Baytex Energy Corp
BTE-T
Michael Simpson, CFA

For many years this had a very conservative balance sheet, primarily in Western Canada. A few years ago they made an acquisition in Texas. His issue is that their debt levels are very high at 5X debt to cash flow. The dividend payout is at about 112%. He prefers names that have a better, stronger balance sheet.


Price: $5.410
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-01-20 TOP PICK CASH
CASH
Don Vialoux

There is a lot of uncertainty coming our way over the next 2-3 months, because of what is happening in the US. It could have an impact on Canada as well. It is nice to have some cash in the kitty just in case something should happen in the next 2-3 months with the new Trump president.


Price: $0.010
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Yes
2017-01-20 COMMENT Cargojet Inc
CJT-T
Michael Simpson, CFA

Facilitates cargo transportation across Canada, mostly at night. There are rules in Canada as to what the large US companies can do. If you want something to go from Toronto to Vancouver, it will be this company that will probably do it. They have grown their business with UPS, and have one business with Canada Post. An excellent company and well-run.


Price: $47.460
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 COMMENT Canadian National R.R.
CNR-T
Michael Simpson, CFA

The best rail in North America. Lowest operating ratio and generates a lot of free cash flow. Very customer focused. It continues having good growth. They don’t haul a lot of coal or oil, but incrementally that could be positive. He expects them to continue giving best class execution and continued dividend growth.


Price: $93.450
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 COMMENT Chartwell Seniors Housing
CSH.UN-T
Michael Simpson, CFA

Extendicare (EXE-T) or Chartwell seniors housing (CSH.UN-T)? Both are in the retirement space. This has been around for a long time. They had US operations, but sold them. Very focused on different levels of care, independent, semi-independent and full care. If he had to buy one, it would be this one.


Price: $14.540
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-01-20 HOLD Corby Spirit and Wine (B)
CSW.B-T
Don Vialoux

He doesn’t know the seasonality on this, but the technicals show that it has been in an upward trend for quite a period of time. During the last little while, it has been in a trading range between around $19 and $22. It is not unusual for a lot of stocks in the consumer staples sector to have this kind of a pattern. You want to be a buyer of the stock on any kind of weakness close to support, which in this case is around $20. This is for the possibility of a break out above the $22 level. The stock is in an upward trend which is positive. Stick with the stock as long as it stays in an upward trend.


Price: $20.900
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 PARTIAL SELL CSX Corp
CSX-Q
Michael Simpson, CFA

An Eastern based railroad. When Hunter Harrison was still employed by Canadian Pacific (CP-T), overtures were made to do a merger. He used to own this because it was cheap, hoping that the existing management would turn it around. If you own, he would be inclined to take some profits.


Price: $44.330
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-01-20 TOP PICK CVS Health Corp
CVS-N
Michael Simpson, CFA

The 2nd largest drugstore in the US, but also a PBM, (Pharmacy Benefit Manager). PBM’s are a little misunderstood in the US. They were set up because corporations didn’t want to deal with managing employees’ drug benefits. PBM’s actually save companies money. Depending on the contract, they can pass through 85%-100% of their money. CVS is going to buy back about 5 billion of shares. Good dividend growth rate and free cash flow. This is trading much lower than the market. Dividend yield of 2.44%. (Analysts’ price target is $88.74.)


Price: $81.560
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 BUY Detour Gold
DGC-T
Don Vialoux

Gold has 2 periods of seasonal strength. We have just entered one during the last couple of weeks. Historically it does very well from around the 2nd week in December right through until approximately the 1st week in March. Currently it is forming a nice little base and is starting to pick up. Looks like a good trade for the next couple of months.


Price: $17.370
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT Extendicare Inc
EXE-T
Michael Simpson, CFA

Extendicare (EXE-T) or Chartwell seniors housing (CSH.UN-T)? Both are in the retirement space. Not sure how extensive they are in the US. If he had to buy one, it would be Chartwell. Dividend yield of 4.7%.


Price: $10.200
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-01-20 COMMENT Extendicare Inc
EXE-T
Don Vialoux

Technically, the stock just recently broke to a new recent 3 year high. It is already in an upward trend, and just during the last few days, it has broken through to another new high. The trend is positive at it is outperforming the market.


Price: $10.200
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT Fairfax Financial
FFH-T
Michael Simpson, CFA

A global insurer, property, casualty, etc. Currently, they are trying to buy Allied World that has a $5 billion market cap, a Swiss based insurer. Right now, Fairfax is getting about 75% of their premiums from North America, and 25% from the rest of the world. It has spun off some different subsidiaries, and currently are in an IPO process for Fairfax Africa. A good company, but valuation is a little higher than what he likes to pay.


Price: $610.840
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-01-20 TOP PICK Gildan Activewear Inc.
GIL-T
Michael Simpson, CFA

T-shirts, underwear, socks, sweatshirts. Low cost producers with operations globally. The US does not produce a lot of T-shirts, underwear or socks, and this company has a plant in Georgia that spins the yarn for socks. Trading at 14X earnings. Debt to cash flow is 1.3X. They have a great history of growing their dividends. There is a lot of negative sentiment in the stock. As a low-cost producer, they will be able to compete efficiently. Recently bought the name of American Apparel, not the manufacturing. Dividend yield of 1.24%. (Analysts’ price target is $42.11.)


Price: $33.440
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 BUY Gilead Sciences Inc.
GILD-Q
Michael Simpson, CFA

Manufactures very powerful drugs for hepatitis C and HIV. Trading at a very cheap valuation, about 7.5X next year’s earnings. They also have a pipeline of new drugs. Has cash which can be used for an acquisition. Given the cheap valuation and their strong franchises in their drugs, this is very compelling.


Price: $71.010
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 COMMENT Husky Energy
HSE-T
Michael Simpson, CFA

This has done a pretty good job. They have assets in Western Canada as well as a natural gas play in Asia. Also has a Western Canadian refinery. They’ve done a decent job, but he prefers Crescent Point (CPG-T) or Cenovus (CVE-T).


Price: $16.350
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-01-20 TOP PICK Information Services
ISV-T
Michael Simpson, CFA

Located in Saskatchewan with a monopoly for land and property registration for the next 17 years. Trading at about 9.5X EBITDA. There is no debt. Bought a small company about 18 months ago, that provides services for law firms that are involved in real estate transactions in Ontario and Québec. Good management. He expects modest dividend increases over time. Dividend yield of about 4.5%. (Analysts’ price target is $19.67.)


Price: $17.950
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 COMMENT IShares Aero & Def. ETF
ITA-N
Don Vialoux

Seasonally you normally see defence stocks doing very well from about October right through until about the end of the year, and then they tend to take a bit of a break from January through to March. They then take another move to the upside until May. Technically, it is currently running into some overhead resistance with a small downward trend.


Price: $141.990
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 PAST TOP PICK iShares Dow Jones Transport ETF
IYT-N
Don Vialoux

(A Top Pick Nov 7/16. Up 11%.) The key to this is that seasonality is positive, particularly from usually October until January of each year. If you currently own this, continue to Hold, as you could get another possible seasonal trade coming into May.


Price: $166.190
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: No
2017-01-20 HOLD Manulife Financial
MFC-T
Don Vialoux

The chart shows this recently completed a base pattern, and then started moving higher. It is now testing its all-time high, so technically it looks very, very good. This looks like a winner.


Price: $24.870
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 PAST TOP PICK Magna Int'l. (A)
MG-T
Michael Simpson, CFA

(A Top Pick Jan 22/16. Up 17.23%.) This has over 300 plants globally. They are investing a lot of money into their Magna Steyr operations in Austria. The CapX is going to go up this year, but it will decline next year. Good dividend growth and good free cash flow.


Price: $56.770
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 PAST TOP PICK Market Vectors Agribusinesses ETF
MOO-N
Don Vialoux

(A Top Pick Nov 7/16. Up 8.72%.) Seasonality on this is around the beginning of October right through until the middle of February. Watch for the securities to start to underperform, and then take your profits.


Price: $53.270
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: No
2017-01-20 PAST TOP PICK Morneau Shepell Inc
MSI-T
Michael Simpson, CFA

(A Top Pick Jan 22/16. Up 34.16%.) A very solid, stable company. The original business was pension benefits, but have also expanded into employees’ system programs which is growing. They’ve acquired some contracts in the US and thinks there are good opportunities for acquisitions there. He still likes this. They’ve retained 97%-98% of their customers. They have the ability to grow their dividend at a steady pace.


Price: $18.400
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 COMMENT New Flyer Industries Inc.
NFI-T
Michael Simpson, CFA

This has been in business for a long time. They have operations in Winnipeg as well as in Minnesota. Many of the cities get grants from the US federal levels. Having operations in the US, they’ve been compliant with the Buy American provisions. They’ve also helped consolidate the bus manufacturing industry, so now there are only about 3 or 4 main players. Very well-run company. He doesn’t expect any changes to the Buy American provisions.


Price: $40.250
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-01-20 COMMENT Precision Drilling
PD-T
Don Vialoux

Historically, oil service stocks as well as Canadian energy stocks, reach a very important low early next week. And then they have a very good seasonal trend right through until at least the middle of April. Next week we start the period of seasonal strength just as the stock is establishing an intermediate upward trend. Continue holding the security, and on a break out, buy some more.


Price: $7.740
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 WAIT Potash Corp of Saskatchewan
POT-T
Michael Simpson, CFA

There is a lot of supply of potash. Demand is not very robust, so he is not very enthusiastic about the commodity. The merger with Agrium (AGU-T) will create a much bigger company, with a decent distribution arm. It will also give them nitrogen. Demand for most of the farm chemical input is not that strong.


Price: $25.230
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-01-20 TOP PICK ETFS Physical Platinum Shares
PPLT-N
Don Vialoux

Platinum is used for catalytic converters in cars, and we are just about to go into the auto buying season. Also, platinum is a precious metal, and they do very well at this particular time. Historically the best time to own platinum is from the beginning of January right through until probably March. The chart shows that this has already started bottoming out now and is showing an upward trend. There is a pretty good chance you will get a shot at the high of $110.


Price: $93.720
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: No
2017-01-20 BUY Restaurent Brands International
QSR-T
Michael Simpson, CFA

Its big assets are Tim Hortons and Burger King. Bought this in the high $50s and thinks it is a good company. They have debt, but that will be paid down rapidly. With the extra cash flow, they will buy back shares and increase the dividend. He is more excited about Tim Hortons then Burger King, but overall thinks it is a good company.


Price: $64.790
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 COMMENT Royal Dutch Shell PLC (B)
RDS.B-N
Don Vialoux

For refiners, seasonality usually starts around the middle of February, and goes through to May. We are now at the beginning for the period of seasonal strength. The chart shows a reverse head and shoulders pattern, one of the best typical patterns you want to see on a security. It works by taking the quantity of the pattern, and you can project what the target is going to be on the upside, between now and probably the beginning of May.


Price: $57.660
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 BUY Stella-Jones Inc.
SJ-T
Michael Simpson, CFA

Provides railway ties for railroads, and utility poles for North American utilities. Some of the major class 1 railroads have reduced their CapX. This company is one of the main suppliers, and railroads have to maintain their networks. Expects their business will come back in the 2nd half of 2017. He likes the company. Very strong management. They have a history of growing their dividends.


Price: $38.780
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 COMMENT Superior Plus Corp
SPB-T
Michael Simpson, CFA

Has a propane division as well as heating oil in the US, as well as some chemicals. Sold their US construction distribution business, and the balance sheet is better because of that. With a colder weather in Western Canada, he expects them to have good results. Also, expects them to raise their dividend over time. Dividend yield of 5.7%.


Price: $12.520
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-01-20 COMMENT Silvercorp Metals Inc.
SVM-T
Don Vialoux

Historically, silver stocks in general, have a period of seasonal strength from the middle of December through until February of each year. The chart looks like this is off to a good start. This is a Trade, and you trade it until approximately the 1st week in March, and then you might want to take some profits.


Price: $3.780
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT Telus Corp
T-T
Michael Simpson, CFA

A Western Canadian-based telecom provider. Many years ago they made the wise decision not to get into content. They’ve had a very successful record over the years of paying a dividend and growing it. Over the next couple of years, they will have to pay for some spectrum. Debt has increased on their balance sheet, so they really should slow down their dividend growth rate. They will face more competition with Shaw, after Shaw having acquired Wind Mobile.


Price: $43.840
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Yes
2017-01-20 HOLD Transalta Corp
TA-T
Michael Simpson, CFA

Their legacy business was coal which experienced some difficulty, and was on the way to being shut down in Alberta. The issue was, how much will they get for these legacy assets. Also, they wisely decided to set up a renewable subsidiary where they still own a good chunk of it. This has grown quite nicely. Thinks the CEO is doing a decent job.


Price: $7.760
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: No
2017-01-20 DON'T BUY Teva Pharmaceutical
TEVA-N
Don Vialoux

Technically, this does not look good. The chart shows it is in a distinct downward trend, and recently broke a key support level. Also, it is still underperforming the market. All the indicators are trending to the downside.


Price: $33.230
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Unknown
2017-01-20 COMMENT George Weston Ltd.
WN-T
Michael Simpson, CFA

The parent company of Loblaws, the largest grocer in Canada. The majority of NAV comes from Loblaws. They still have a small bakery division in both Canada and the US. He would look for news on Loblaws that would drive this stock. Finds this quite cheap compared to the value of Loblaws and the bakeries.


Price: $114.250
Subject: NORTH AMERICAN DIVIDENDS
Bias: UNKNOWN
Owned: Unknown
2017-01-20 TOP PICK iShares S&P/TSX Global Gold
XGD-T
Don Vialoux

Historically, gold stocks do very well from approximately the middle of December right through until the 1st week in March, which is the miners’ PDAC conference. At that time, you take your profits. Technicals on gold are all lined up at the same time that the seasonality is just coming together.


Price: $13.220
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: Yes
2017-01-20 PAST TOP PICK BMO S&P/TSX Base Metals ETF
ZMT-T
Don Vialoux

(A Top Pick Nov 7/16. Up 21.01%.) The period of seasonal strength is normally around the middle of November right through until January, and that is followed by another good move through the spring time.


Price: $10.200
Subject: TECHNICAL ANALYSIS
Bias: BULLISH
Owned: No
2017-01-19 N/A A Comment -- General Comments From an Expert
A Commentary
Ross Healy

Markets.  We had a lovely lead up until tomorrow (Inauguration), and the market has said that this is really wonderful.  Trump’s tweeting rather changed the rules of the game.  Now we are going to find out if and when some of his programs can be put into place.  Interest rates are going to wend their way upward.  This year will tend to be a value market with high momentum stocks running out of gas.  You have to pay attention this year to the values of what you are buying.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: _N/A
2017-01-19 N/A A Comment -- General Comments From an Expert
A Commentary
John O'Connell, CFA

Market. He tries to make investments in companies that will do well irrespective of political considerations. Feels people have been paying a lot more attention to news events, than they have been to fundamentals. There has been disparity since the election, where people have been taking Trump at face value that he can solve all the problems in the world, and they’ve jumped on the bandwagon of buying cyclicals, industrials and financials. This has left some pretty good companies behind. He focuses on long-term themes such as information, technology, education, healthcare, etc.


Price: $0.020
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: _N/A
2017-01-19 PAST TOP PICK Apple
AAPL-Q
John O'Connell, CFA

(A Top Pick Feb 10/16. Up 29.19%.) Going into the watch release, he sold half his position. Has been reducing his position, as he feels they may be falling a little behind. Feels that the closed Eco system is potentially becoming a bit of a hindrance for future growth. They seem to be falling behind in artificial intelligence softwares. You don’t need to panic, but he wants to see them start executing on new innovations. The one missing link is their AI capability, where they are falling behind.


Price: $119.780
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Yes
2017-01-19 PAST TOP PICK Barrick Gold
ABX-T
Ross Healy

(Top Pick Jan 26/16, Up 66.68%) It has already had a massive set back.  He was glad of that.  Gold has a place in every portfolio.  Trump may push up the US$ which is negative for gold.  Interest rate increases would be negative for gold.  So he has stepped aside from the group.


Price: $22.560
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: No
2017-01-19 DON'T BUY Aimia
AIM-T
Ross Healy

The book value has been steadily heading down for the last 4 years.  It has always peaked at 4 times book value, where it is now.  It is paying out more than it ought to in a dividend.


Price: $8.690
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 TOP PICK Amazon.com
AMZN-Q
John O'Connell, CFA

The fact that it has made all these vast investments in infrastructure, they have very little debt. They continue to grow like mad. Moving into India and internationally. They may not be making any money because they are reinvesting the money in growth. It is hard to find good management that is fearless. In 2006, they were using an incredible amount of computer power. Decided to overinvest in computers, and rent out computer space, and are now the largest Cloud computer company globally. (Analysts’ price target is $945.03.)


Price: $809.040
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Yes
2017-01-19 TOP PICK Bank of America
BAC-N
Ross Healy

Their earnings came out the other day and were block buster.  This happened with only one interest rate bump.  Clearly there is some nice momentum going.  They ought to be creating excitement amongst investors.  He is hoping Trump will take a look at what the banks are allowed to pay out.  There should be room for dividend growth.  (Analysts’ target: $24.72). 


Price: $22.530
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Yes
2017-01-19 COMMENT Bank of America
BAC-N
John O'Connell, CFA

The investment community has gotten very, very positive on US banks, because of Donald Trump and deregulation. US banks are really complicated and there are so many different things going on inside these banks. They are probably going to ease some restrictions, which is a good thing. However, these restrictions were put on, because the banks did bad things. Rising interest rates will be positive for banks, because they will have higher earnings. Conversely, we already have US consumers struggling on subprime model loans. Mortgage finances are going to slow down. This is a tough call. Feels that a year from now they could be kind of flat from here.


Price: $22.530
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Unknown
2017-01-19 SPECULATIVE BUY BlackBerry
BB-T
Ross Healy

He is thinking this is dead money.  The pillars that are driving this company aren’t.  The remaining assets are the remaining contracts with governments.  He thinks they should have been bought out.  This thing is not working out.  Mr. Chan has been dealt a hand he cannot win at.


Price: $9.440
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: No
2017-01-19 COMMENT BlackBerry
BB-T
John O'Connell, CFA

John Chen is doing a great job trying to transition from hardware/software to a strictly software and selling it. Integrating their security systems into the automotive business, it is almost a commodity software business these days. He tries to stick with the real leaders that have all the real cash flow and capital to be investing in artificial intelligence, machine learning, augmented reality and cloud computing.


Price: $9.440
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-19 COMMENT Blackstone Group LP
BX-N
John O'Connell, CFA

There are arguments that this is trading at a significant discount to what its breakup value is. Very, very smart guys. He doesn’t like investing in private equity companies. The people that make all the money in private equity companies are the guys that work for the companies. A very tough way to make a living. Dividend yield of 5.6%.


Price: $29.310
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-19 BUY CitiGroup
C-N
Ross Healy

He likes it.  Finally conditions are coming together to let them break out into higher ground.  They have good upside, and a lot of it. 


Price: $56.660
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 DON'T BUY Cameco Corporation
CCO-T
John O'Connell, CFA

This has a couple of problems. There is a big tax liability outstanding, which is a substantial issue. The pricing of uranium is problematic. This is world-class in terms of its resource, but he just doesn’t think there is any pricing power. Thinks it is dead money.


Price: $15.850
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-19 HOLD Cerner Corp.
CERN-Q
John O'Connell, CFA

About 18 months ago, they changed from an upfront sales model to more of a subscription model, much like Adobe did a number of years ago. That’s been causing major headaches for ANLESS (?) in trying to gauge how much their sales and backlog is actually growing. The contract can be somewhat lumpy. A situation where the company continues to work through a change in its billing management. Came very close to buying more at $48. Thinks ANLESS has been burnt and are very cautious about making investment decisions right now, because they can’t figure out how long this takes to roll over. The profitability is still there and this is as cheap as it has ever been. Trading at about 20X forward earnings.


Price: $51.640
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Yes
2017-01-19 HOLD Crescent Point Energy Corp
CPG-T
Ross Healy

One of two Canadian oil stocks that he thinks have upside potential.  Definitively hold it if you have it.  He likes this and IMO-N, having upside potential in the oil sector.


Price: $15.910
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 DON'T BUY Cisco
CSCO-Q
John O'Connell, CFA

They’ve done everything right. Continue to buy back their stock and manage their balance sheet effectively and efficiently. Net profit is 20%, EPS is 12%, income growth is 19%, total debt is only 35.4, Price to Book 2.4%, and ROE is close to 18%. However, you don’t need to be in the hardware manufacturing component. It just continues to be commoditized. You want to be more on the software side. He sold his holdings.


Price: $29.980
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-19 HOLD CSX Corp
CSX-Q
Ross Healy

Hunter Harrison has left CP-T and is rumoured to be heading to CSX-N.  The question is whether he can unleash the metrics he did on CP-T.  If this is true then you should hang on despite the 20% increase in CSX-N today.  Most of the rail stocks are quite expensively valued.  Betting on any boardroom battle is always risky, but he has made two underperforming rails into stars.


Price: $45.510
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 PAST TOP PICK Walt Disney
DIS-N
John O'Connell, CFA

(A Top Pick Feb 10/16. Up 22.53%.) A really great, long term holding. The 2nd largest media company globally, after Google. People are worried about ESPN, but people will pay to see those sports. They are very innovative in terms of distribution.


Price: $107.280
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Yes
2017-01-19 SELL ECN Capital
ECN-T
John O'Connell, CFA

Had owned this before the split and did okay on it. CEO couldn’t consolidate the fleet business more aggressively and there wasn’t a lot of growth, so he split the companies and then proposed the structure. Thinks it was completely full of conflicts of interest. The investment community is supporting this because the CEO is a wonderful guy in promoting things. Sold his holdings, because he won’t invest in companies where he doesn’t have confidence in the management team. This has been a massive destruction of shareholder value.


Price: $3.210
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-19 SELL Element Fleet Management
EFN-T
John O'Connell, CFA

Had owned this before the split and did okay on it. CEO couldn’t consolidate the fleet business more aggressively and there wasn’t a lot of growth, so he split the companies and then proposed the structure. Thinks it was completely full of conflicts of interest. The investment community is supporting this because the CEO is a wonderful guy in promoting things. Sold his holdings, because he won’t invest in companies where he doesn’t have confidence in the management team. This has been a massive destruction of shareholder value.


Price: $12.130
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-19 PAST TOP PICK Enbridge Income Fund Holdings
ENF-T
Ross Healy

(Top Pick Jan 26/16, Up 36.76%) You just had to have it.  It has done very well. It is trading at its net worth value so does not offer any more. 


Price: $35.770
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Yes
2017-01-19 PAST TOP PICK Facebook
FB-Q
John O'Connell, CFA

(A Top Pick Feb 10/16. Up 26.28%.) Still loves this. Mobile engagement continues to grow. They are now getting into video which is going to have more video, which will have more value per click. This is a company that has a long, long way to run. Trading at a very reasonable valuation.


Price: $127.550
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Yes
2017-01-19 DON'T BUY Fairfax Financial
FFH-T
Ross Healy

(Market Call Minute) They have clever management but it is reasonably fully valued.  15-20% upside max.  Not one of his favourite financials.


Price: $613.100
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 DON'T BUY Hydro One
H-T
Ross Healy

(Market Call Minute) Earnings have been flat since the initial issue and the stock has been backing away, but it has not dropped to a value where he says it is a buy.


Price: $23.490
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 SPECULATIVE BUY Hudson Bay Co.
HBC-T
Ross Healy

The stock is trading at about a 40% discount to its value.  It has never traded that low.  The problem is that the earnings forecasts have collapsed and are falling into negative ground.  There is nothing to assign a value to when doing an analysis.  The quality has slipped on the balance sheet.  We should not lose site of the fact that they have some really interesting real estate holdings.  He thinks IFRS accounting would apply a much higher value to their holdings.  There could be a lot there from a net worth point of view.


Price: $9.640
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 COMMENT Intact Financial
IFC-T
Ross Healy

Analysts are calling for $6.92.  They have enjoyed a really nice growth rate, but it is running up against powerful resistance at two times book value.  He is optimistic, however.


Price: $93.230
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 TOP PICK Imperial Oil
IMO-T
Ross Healy

This is cheap.  If you want diversification then he likes this one.  They have this huge guardian angel in the form of Exxon Mobil.  It has not had the big bounce that some of the oil companies have had.  He thinks only good things can happen with this one.


Price: $44.290
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Yes
2017-01-19 COMMENT Johnson & Johnson
JNJ-N
John O'Connell, CFA

A very well-run company. It has a huge number of products. It has a decent dividend and a good quality balance sheet. It has really been a growth by acquisition. Regarding the consumer products part of it, as Amazon (AMZN-Q) increasingly attracts shoppers, does this company capture part of that margin that is being taken away from retail and grocery stores? Can they allocate their advertising budget more efficiently and effectively? If these companies do start capturing part of that margin, ensuring that part of their profit with Amazon, then he thinks they are interesting. In the interim, he doesn’t think these are all that interesting.


Price: $114.200
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-19 TOP PICK Kelt Exploration
KEL-T
John O'Connell, CFA

This has done a fantastic job of growing production. They recently acquired about 700 sections of land in the Montney area. Fantastic management team. A super strong balance sheet. Growing well within its cash flow now. They have one of the largest land bases in Alberta and Northeast British Columbia. (Analysts’ price target is $8.72.)


Price: $6.800
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Yes
2017-01-19 DON'T BUY Southwest Airlines
LUV-N
Ross Healy

He thinks you should be careful about valuing opportunities on whether Warren Buffet is buying them.  He has historically hated airlines, but is giving his managers more room these days.  LUV-N is expensive now in terms of fair market value and he does not see any upside.  It will go on sentiment, rather than value.


Price: $50.070
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 COMMENT National Bank of Canada
NA-T
John O'Connell, CFA

Like all Canadian banks, this is very well-run. It has the highest yield of around 4%, which he likes. Trades at a slight discount to the others which it traditionally does. They have a good capital markets business. Doesn’t have a lot of exposure outside of Canada. Feels all the banks have had pretty good runs. If he were to buy one bank right now, it would probably be this one.


Price: $55.550
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Unknown
2017-01-19 WAIT Oceanagold Corp
OGC-T
Ross Healy

Golds have gone into a corrective phase.  They have been working very hard to reduce costs and with success.  It’s okay, but he thinks it will not work out over the next few months with a rising US dollar and rising rates.


Price: $4.000
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 COMMENT Pfizer Inc
PFE-N
Ross Healy

The US administration are hitting drug pricing.  It has hurt valuations.  PFE-N has been relatively passed up.  It has a 50% upside potential.  It has technical support at $31.  If this does not hold then get the heck out.  GILD-Q is more beat up and looks very cheap.


Price: $31.700
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 DON'T BUY Potash Corp of Saskatchewan
POT-T
Ross Healy

(Market Call Minute) We still need a rise in potash prices.  It remains a little on the expensive side even combined with AGU-T.


Price: $24.070
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 TOP PICK Power Financial Corp
PWF-T
Ross Healy

They own an insurance company and a mutual fund company.  Both have good yields. They should benefit from rising interest rates.  All together it is so cheap that you have to tuck it away and enjoy the dividend while you wait for a nice big gain. (Analysts’ target: $35.00).


Price: $33.490
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Yes
2017-01-19 COMMENT Royal Bank
RY-T
John O'Connell, CFA

A well-run bank. All the banks have had a very good run since the US election, but are all looking a little pricey. However, with a long-term view, the banks will continue to do well. This is the leader in many respects. Thinks the wealth management side will have some margin pressures this year, as their investment advisors have to start disclosing how much they are charging their clients in terms of fees. Investment banking is under pressure. The M&A advisory business is getting very competitive. Americans are starting to come up here more often. The bank has a big business in the US, which is doing very well. On the lending side, he doesn’t think Canadian banks can continue to pile on debt on to Canadian consumers like they have in the last 20 years. Dividend yield of about 3.3%. Thinks this could correct back down to the low $80s in a nasty market.


Price: $93.280
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Yes
2017-01-19 DON'T BUY Stella-Jones Inc.
SJ-T
Ross Healy

They came out with a weak outlook for 2017.  The trend is sloping off a little bit.  He sees that across the board in specialty clothing retailers.  It has had a fair drop, but it does not mean you should go out and buy it.  He sees $38 support and if that is broken then $30.


Price: $38.650
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 COMMENT Spartan Energy Corp
SPE-T
John O'Connell, CFA

This is going through a transition. They made a massive acquisition. It was a good deal and paid a fair price for it. Thinks it is chewing through all that stock that is probably being recycled to some extent. There have been small-cap managers selling, and mid-cap/large-cap managers that have been buying. It is in great financial shape. The correction is because it is trading at a rich valuation, being such a well-run company. It can grow profitably at these prices. A lot of investors are worried about Mr. Trump and whether he will introduce some border tax. Doesn’t think he would do it as the US refineries need our crude. Starting to look very, very reasonable to him, and at these prices it looks like excellent value. (See Top Picks)


Price: $3.360
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Yes
2017-01-19 TOP PICK Stanley Works, The
SWK-N
John O'Connell, CFA

This has done a phenomenal job of integrating and consolidating their hand tool business. Most of their tools are made in the US, which is going to be loved by Donald Trump. About 55% of sales are made in the US. There are 3 major divisions, hand tools, power tools and security systems. A very innovative company. Growing at about 12% per annum. Dividend yield of 1.94%. (Analysts’ price target is $131.)


Price: $119.660
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: Yes
2017-01-19 WEAK BUY A T & T US
T-N
Ross Healy

It just doesn’t get any respect.  It has been unable to break above two times book value for so long that he can’t remember.  It has nice upside potential from the numbers.  What’s not nice to like.  His target of $45 is a stretched max.


Price: $41.000
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 PAST TOP PICK Telus Corp
T-T
Ross Healy

(Top Pick Jan 26/16, Up 21.60%) He still likes it, but it is having a hard time getting anywhere.  He would not buy it here anymore.


Price: $43.610
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Yes
2017-01-19 COMMENT Teck Resources Ltd. (B)
TECK.B-T
John O'Connell, CFA

Stunned that this has done as well as it has. It is well-run. They have a good, low cost structure. He usually stays away from mining companies. You have to remember that it is incredibly volatile. As investor sentiment turns, you have to be prepared to take a loss if you think the winds are changing. He doesn’t like investing in cyclical companies when interest rates are starting to rise. Also, the global economy is not doing that well. The US$ is appreciating substantially to most major currencies, which is not good for global trade. Also, the president elect is threatening trade wars, which is not good for global trade.


Price: $31.320
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-19 COMMENT Tesla Motors Inc
TSLA-Q
John O'Connell, CFA

Doesn’t think this has a sustainable business model. There are 2 parts to a car, design and battery. The battery is common sense and there is nothing proprietary about it. By building their giga factory, they have brought their costs down as much is they possibly could. However, it has not followed Moore’s Law. You can only make a lithium ion battery so cheap. There are a lot of upfront manufacturing costs that cannot go to zero. Then there is the style aspect, and he doesn’t see how it can compete against Mercedes-Benz, BMW, Ford, Chrysler, General Motors.


Price: $243.760
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-19 DON'T BUY Under Armour
UA-N
Ross Healy

It is like a number of faddish US stocks.  It is overvalued, but loved.  He would not endorse it.  He thinks Trump could do all kinds of damage.  This is off his buy list.


Price: $25.230
Subject: NORTH AMERICAN - LARGE
Bias: SELECTIVE
Owned: Unknown
2017-01-19 COMMENT Exxon Mobil
XOM-N
John O'Connell, CFA

With a 2-year view? With a 2-year view, you could probably buy this. Yields about 3.5%, so you shouldn’t do much worse than that. Technologically it is probably the most advanced oil/gas company, and is well integrated. This is a trading stock. On big oil/gas companies, you ultimately make your money on the production per share basis, i.e. production/shares. This has been producing about 6 million barrels of oil a day for about 10 years. To offset their decline rate, they have to spend so much money, and it costs a lot of money to get it out of the ground. He would prefer a Canadian mid-cap. (See Top Picks)


Price: $84.730
Subject: NORTH AMERICAN - LARGE
Bias: BEAR
Owned: No
2017-01-18 N/A A Comment -- General Comments From an Expert
A Commentary
Peter Hodson

Market. The market is not grossly overvalued or undervalued. If you like a company and you like the stock, Buy it. He doesn’t try to predict the market or the economy. If you can get a good company, it will still be a good company in a bad economy. You want to be an investor through the cycle. Watch what management does. You don’t want a management trying to massage their stock for the quarter, but you do want a company that can execute well. Basically, that means a company can’t over promise.


Price: $0.020
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: _N/A
2017-01-18 N/A A Comment -- General Comments From an Expert
A Commentary
Greg Newman

Market. He is constructive. Everybody is waiting for a pullback to happen from this really big move. There is now the uncertainty of what Trump will actually do. However, we have improving economic data, a rosier outlook for S&P earnings, and when you combine all the Trump friendly policies for investors, it is going to be a pretty good year. Investors want to be buying the reflation trade, and he likes to do that with dividend stocks that are going to pay him to wait.


Price: $0.020
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: _N/A
2017-01-18 COMMENT Alaris Royalty
AD-T
Peter Hodson

This has been a great little company over the years, with a very good historical record of increasing the dividend. Last year they ran into some portfolio problems, pretty much for the 1st time of anything significant. There are 4 or 5 companies that are under development and are not performing, and not paying royalty payments to them. Last week they made another announcement, and as they continue to make new investments, it dilutes that problem. But they still have the underlying problem of some underperforming investments. He would be a cautious buyer for income. They have to get good credit for 5-6 years of good growth and good performance. Dividend yield of 7% is not being covered by cash flow right now, but doesn’t think it is going to get cut either.


Price: $22.600
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: Unknown
2017-01-18 COMMENT Acadian Timber Corp
ADN-T
Peter Hodson

An east coast company with a lot of resources. Unfortunately, they have the softwood trade dispute with the US which is causing uncertainty. It has a decent dividend and is a good little company. He would use a little caution as he has no idea what is going to happen with the trade dispute.


Price: $17.480
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: Unknown
2017-01-18 PAST TOP PICK Andrew Peller
ADW.A-T
Peter Hodson

(A Top Pick Jan 15/16. Up 66.84%.) Had thought this had good growth potential, and it really delivered. Had a 3 for 1 split which added more liquidity. The yield is pretty tiny, so he wouldn’t hold this for the yield.


Price: $11.100
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: No
2017-01-18 COMMENT Ag Growth International Inc
AFN-T
Greg Newman

Just made a very accretive acquisition, which he thinks is going to give them EPS growth of about 40% annually for the next couple of years. The payout ratio is looking sustainable at 67% for 2017. Debt to EBITDA is a little elevated, but he sees that coming down. However, it is trading pretty high compared to its historical averages. He would play this by writing puts. Dividend yield of 4.93%.


Price: $54.610
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Yes
2017-01-18 COMMENT Aphria Inc
APH-X
Greg Newman

There is no way to analyse marijuana stocks. They don’t have any earnings yet and they’re completely speculative. However, it is going to become a legalized area in Canada, and you want to go with the big guys.


Price: $4.980
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Unknown
2017-01-18 COMMENT Algonquin Power & Utilities Corp
AQN-T
Peter Hodson

A renewable power company, and like a lot of Canadian companies, they made an acquisition in the US. There are a few more opportunities in the US. Bigger is generally better in utilities. They just raised their dividend by 10%. This is one of his favourite renewable plays. Their dividend track record in growth has been very impressive. A very, very solid name.


Price: $11.340
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: Unknown
2017-01-18 PAST TOP PICK Algonquin Power & Utilities Corp
AQN-T
Greg Newman

(A Top Pick Jan 21/16. Up 9.72%.) Chose this for solid growth. He believed that yield proxies had more life in them and that interest rates would stay low for some time. He still sees this growing really well, 16% over the next couple of years. He sees dividend growth. The whole group might be a little expensive when there are more exciting alternatives.


Price: $11.340
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Yes
2017-01-18 TOP PICK Aecon Group Inc
ARE-T
Greg Newman

Stumbled a little, giving you an opportunity. Management believes that municipal and provincial spend are really going to kick in later in 2017. Any weakness in oil and gas is outweighed from an increase in oil and gas distribution and from their nuclear refurbishment. Their mining segment is really poised for recovery. He is modelling 24% EPS growth from 2016 to 2018 with a 57% payout ratio. Trading below its five-year average. Dividend yield of 2.94%. (Analysts’ price target is $18.12.)


Price: $15.650
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Yes
2017-01-18 COMMENT Arc Resources Ltd
ARX-T
Greg Newman

A good name. It is down 10%, because he thinks it is border tax concern. Also, natural gas prices kind of had the stuffing knocked out of them in the first 2 weeks of January. Their balance sheet is really fine. Valuation is a little bit pricey relative to its peers, but it is not an expensive valuation. The dividend is paying you to wait, and is fairly sustainable. He is looking at a $3.30 natural gas price. Thinks you will be fine.


Price: $20.830
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Unknown
2017-01-18 COMMENT AcuityAds Inc
AT-X
Peter Hodson

Digital targeted ads. Their forecasts went up 50%. Management owns a ton of this, somewhere in the 60% range. The stock has done very, very well in the short term, so it is one that needs to be watched. They had a financial release today, but he hasn’t had a chance to look at it.


Price: $2.300
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: Unknown
2017-01-18 COMMENT Amaya Gaming Group Inc.
AYA-T
Peter Hodson

Most of their previous problems have been resolved. The former CEO still owns 17%-18% of the company, and that is not going away until he Sells, but he is not involved with the company. The opportunity of online gaming looks good in Europe, and the growth should be there. The valuation has dropped enough that it is kind of attractive on a fundamental basis. However, the US is much slower, and the take-up on online gaming has been much slower than anticipated, and that is a drawback. They have a new president. Maybe something will change in terms of regulatory issues. However, fundamentals are pretty good. A growth company with a lot of debt, but it is priced right. If you just ignore the whole past 18 months, it looks pretty good. Doesn’t think a whole lot is going to happen in the short term. If you own it, he wouldn’t buy any more. If you don’t own it, you could consider it.


Price: $17.770
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: Unknown
2017-01-18 PAST TOP PICK Brookfield Asset Management (A)
BAM.A-T
Greg Newman

(A Top Pick Jan 21/16. Up 15.95%.) Still models really good growth for them at 16% over the next couple of years. You can own a little bit of this, but it is not going to do the heavy lifting, and there will be sector rotation out of it.


Price: $45.020
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Yes
2017-01-18 COMMENT Brookfield Infrastucture Partners
BIP.UN-T
Greg Newman

A great company. He models 25% AFFO growth this year and next. They are on 4 different continents and have a record backlog. Trading at 14.9X versus its 3-year average of around 16.3X. You could buy this now, but it is a bit of a yield proxy.


Price: $46.940
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Unknown
2017-01-18 PARTIAL BUY Canopy Growth Corp.
CGC-T
Greg Newman

There is no way to analyse marijuana stocks. They don’t have any earnings and they’re completely speculative. However, this is going to become a legalized area in Canada, and you want to go with the big guys such as this one. You can own a little of this and just leave it.


Price: $9.300
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Yes
2017-01-18 COMMENT Crescent Point Energy Corp
CPG-T
Peter Hodson

A “go to” stock when oil runs, but in terms of quality names, he just doesn’t put this in the “good quality” category. There are some headwinds against it. He would rather own a company that doesn’t issue stock all the time. Not a bad company, but just not anywhere close to his favourite. (See Top Picks.)


Price: $16.000
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: Unknown
2017-01-18 WAIT Crescent Point Energy Corp
CPG-T
Greg Newman

This is becoming a much better name. He is now modelling $58 oil for 2017. Based on that, this is very cheap relative to its peers. Trading at about 6.6X versus its peers at about 8.9X. Its balance sheet has become much better. Payout ratio is about 94%, and it is paying you to wait. Feels this has come off because of concerns that the supply response for US shale has perked up, but also there is a concern of the border tax for Canadian oil producers. Not sure he would buy this quite yet.


Price: $16.000
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Unknown
2017-01-18 PAST TOP PICK Constellation Software Inc.
CSU-T
Peter Hodson

(A Top Pick Jan 15/16. Up 17.36%.) This has been one of the greatest stocks in Canada over the last 10 years. They haven’t issued any more shares. Earnings have gone up tenfold. They’ve done great acquisitions. They have 100 people dedicated to acquisitions full-time in software.


Price: $599.690
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: No
2017-01-18 HOLD DH Corporation
DH-T
Greg Newman

In December, he upgraded this to a sector outperform again. Private equity was approaching them to possibly pick apart part of the business. A very cheap FinTech play. He can understand why the stock cratered. Their US lending business will pick up, and he doesn’t think the Canadian business is declining as fast as we saw last quarter.


Price: $23.160
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Yes
2017-01-18 COMMENT Enbridge
ENB-T
Greg Newman

Enbridge (ENB-T) or TransCanada (TRP-T)? These are both great stocks. This one is a little more expensive at 24X with TransCanada at about 22X. This company has some issues on Line 3 with regulators in the US, as to whether or not it goes through. Meanwhile the Trans Mountain pipeline is going to Kinder Morgan, which could pressure their main line a little down the road. Both have good growth, but this one has the better growth over the next couple of years. He likes the Keystone element to TransCanada, and thinks Trump is going to put that through.


Price: $57.220
Subject: CANADIAN DIVIDEND
Bias: BULLISH
Owned: Unknown
2017-01-18 COMMENT Flyht Aerospace Solutions
FLY-X
Peter Hodson

Sells to aircraft manufacturers to track planes and utilize information in a more productive way. Had a big run up when the 370 went missing in the Indian Ocean 3 years ago. The stock went way up and then came down because this is a long-term story. It has had a huge run recently. Came out with a couple of positive announcements on contracts and information, and it has kind of sparked a fire. However it is probably too early. This is a long sales process. He wouldn’t recommend this as he is more conservative, but it certainly has some good qualities.


Price: $0.260
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: Unknown
2017-01-18 COMMENT Fiera Sceptre Inc.
FSZ-T
Peter Hodson

A tough, tough business. ETF’s are taking away mutual fund business. There are new regulations showing how much clients are paying in fees. This company has gone into the US and started buying US money managers. The stock is quite cheap and pays a nice dividend. National Bank (NA-T) owns half the company. Their growth rate has been a little bit higher than the rest of the business, and he likes the acquisitions that they have done. In a tough, tough industry, he would consider this as the best stock right now in that sector.


Price: $13.160
Subject: CANADIAN SMALL & MIDCAPS
Bias: UNKNOWN
Owned: Unknown
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