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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
2017-06-22 TOP PICK CVS Health Corp
CVS-N
Paul Harris, CFA

Somewhat of a unique company. It is not just a pharmacy. It is a long-term care facility and a consulting firm. The stock has fallen a fair bit. It has a great cash flow yield of about 7%. On the pharmacy side, they had a few issues where same-store sales had gone down a fair bit. The long-term care thing is starting to grow and he can see very good growth there. Dividend yield of 2.5%. (Analysts’ price target is $88.)


Price: $77.220
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 WATCH Convelo Health
CVX-X
Bruce Campbell (2)

It has been a top pick.  He has a small position right now.  Rehab facilities in California.  They changed the way they compensate employees.  It should drive profitability up.  Hopefully it will make a turn as the numbers start to come out.  He is cautiously optimistic on this one at the present time.


Price: $0.190
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 BUY on WEAKNESS Dollarama Inc.
DOL-T
Bruce Campbell (2)

(Market Call Minute) A real solid company and he would continue to hold it or wait for a pull back if you want to own it.


Price: $123.360
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 COMMENT Facebook
FB-Q
Paul Harris, CFA

This has a great massive advantage over everybody else in their field. Also, there is more advertising done online now than there is on television with most of it going to this company or Alphabet (GOOGL-Q). The risk is that it is no longer seen as a technology company, but more of a broadcasting company. The multiple you pay for a broadcaster is substantially lower than what you pay for a tech company.


Price: $153.400
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 HOLD Gilead Sciences Inc.
GILD-Q
Paul Harris, CFA

A very important story. They had a Hep C drug that was so good it was curing everybody, so it is running out. Everybody underestimated how fast it was happening. This is trading at about 8X earnings. Has a great dividend yield and lots of cash and an incredible balance sheet. They have an HIV drug which is very strong and does well. Feels they have to do something with their cash and move in a different direction by making an acquisition. At this point, the stock is really giving the company zero value for their Hep C business. There is some good value in their pipeline. You aren’t paying a lot for the company right now with their free cash flow yield of almost 9%.


Price: $70.480
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 WATCH BSM Technologies
GPS-T
Bruce Campbell (2)

Telemetric business.  They have an activist shareholder involved.  They have been meeting expectations and working on converting some clients that fell off because of the loss of a certain cellular signal.  He thinks at some point they will be taken out. 


Price: $1.560
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 DON'T BUY goeasy
GSY-T
Bruce Campbell (2)

A very interesting business.  They used to just lease furniture and then grew their finance side.  They recently announced they are in Quebec. It takes about 9 months for branches to get up to a million in loan value.  It seems one of their branches got there in a couple of months.  They had such rapid growth that the market worries where will they get financing.  If the economy turns down their bad debt expense will go through the roof. 


Price: $29.960
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 WATCH Knight Therapeutics
GUD-T
Bruce Campbell (2)

Everyone keeps watching for the big deal to happen.  A lot of the smaller deals make money in a year or two.  Management is waiting for a really big deal to come along.


Price: $10.180
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 COMMENT iShares MSCI India ETF
INDA-US
Paul Harris, CFA

He doesn’t invest in emerging markets, but his view is that India is certainly a country that is growing at a much higher clip than the rest of the developed world. The one risk is that it is more volatile. If you have a very long-term view, 15-20 years, this is a great thing to own.


Price: $0.000
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 PAST TOP PICK Kraft Heinz Company (merged)
KHC-Q
Paul Harris, CFA

(A Top Pick June 16/16. Up 7%.) What he likes is that Kraft was a much more domestic US business and Heinz was much more global. Expects there will be a lot more Kraft products go through the Heinz network. There is still not a lot of revenue growth, but they are good cost cutters. We need to see revenue growth.


Price: $89.100
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 COMMENT Leon's Furniture
LNF-T
Paul Harris, CFA

The big box furniture business has a huge competitive advantage. They took over the Brick a while ago which is slowly working out. The Cdn$ hurt them a little. Very good operators. Also, owns a lot of the properties they are situated on. Every so often, they build up cash and pay a special dividend.


Price: $17.720
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Yes
2017-06-22 BUY CIBT Education Group INC
MBA-T
Bruce Campbell (2)

It is an interesting business.  They teach English as a second language, but student housing is the big part of their business.  They have a monopoly on the west coast.  They are working on funding for a project in Western Canada.  They are seeing fast growth in the real estate side of things.


Price: $0.790
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 BUY Manulife Financial
MFC-T
Bruce Campbell (2)

(Market Call Minute) It would be one he would add for financial exposure.  He is expecting a turn in financials for an insurance company.  He would go for RY-T for a bank.


Price: $23.580
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 BUY New Flyer Industries Inc.
NFI-T
Bruce Campbell (2)

There is still a lot of room for them to expand and to continue to do well.  They just did an acquisition of a motor coach business and there is still cross selling to come.


Price: $56.070
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 BUY Organigram Holdings
OGI-X
Bruce Campbell (2)

(Market Call Minute) They had all these issues with the recall, but it is probably one of the cheapest ones out there.


Price: $2.270
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 COMMENT Pfizer Inc
PFE-N
Paul Harris, CFA

He prefers something like Johnson & Johnson (JNJ-N) because it protects you. It has a consumer products division, a devices division and a pharmaceutical division, and has done much better than this company over the last little while. This company is more of a pure pharma company. The risk is that they are really counting on their drugs, and if some of them don’t work out, it is much more difficult for them.


Price: $34.060
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
2017-06-22 TOP PICK Patient Home Monitoring
PHM-X
Bruce Campbell (2)

It has been very loved and hated. They had a huge turn-up in their business.  30% organic revenue growth.  They generate cash and the stock is trading at about 6.5 times.  (Analysts’ target: $0.85).


Price: $0.475
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 PAST TOP PICK Pacific Insight Electronics
PIH-T
Bruce Campbell (2)

(Top Pick Jun 30/16, Down 20%) They have great earnings growth, but it is rather lumpy.  As auto dealers need supplies of a certain part they get big orders, and then seems to have a quarter or two where orders drop. They added Tesla to their customer base recently. 


Price: $8.900
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 HOLD Prometic Life Sciences Inc.
PLI-T
Bruce Campbell (2)

They are going to have a lot of catalysts between now and Q1 2018 on their drugs and some of their trials.  He sold it higher up for technical reasons.  He would hold onto it because of the catalysts.


Price: $1.800
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 PAST TOP PICK Potash Corp of Saskatchewan
POT-T
Paul Harris, CFA

(A Top Pick June 16/16. Up 5%.) He sold this when he felt the market was overestimating the price people were going to pay for potash.


Price: $21.860
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 BUY Royal Bank
RY-T
Bruce Campbell (2)

(Market Call Minute) He would buy this for bank exposure as he expects a turn in financials.


Price: $94.020
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 COMMENT Starbucks
SBUX-Q
Paul Harris, CFA

This has built a great franchise, and the franchise is becoming much more global. They are very unique in that they are very open to making changes when it is necessary, not only for their coffee, but also how they treat clients. There is still a lot of opportunity for them to grow globally. A good story.


Price: $59.510
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: Unknown
2017-06-22 BUY Shopify Inc.
SHOP-T
Bruce Campbell (2)

(Market Call Minute) It has a high valuation, but he likes it.


Price: $121.150
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 BUY on WEAKNESS StorageVault Canada
SVI-X
Bruce Campbell (2)

They are really rolling up the self storage market.  He sold it earlier and wishes he had held it.  He would not be surprised at an equity issue at some point.  They have high margins and have the room to grow it organically.  A new issue could cause it to pull back.


Price: $2.710
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 WATCH Spin Master Corp
TOY-T
Bruce Campbell (2)

The quarterly numbers were one thing, but a secondary offering did not go well.  They didn’t sell it all.  They re-priced it and tried to clean it out.  This is a huge Canadian success story.  It broke down from a technical point of view so he sold it.  He is always watching it.


Price: $38.680
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 BUY TransCanada Corp
TRP-T
Paul Harris, CFA

This company and Enbridge (ENB-T), which he owns, are not too dissimilar. Both made very large US acquisitions, and this is where growth comes from for the next while. You could own either as they will both do very well over the next several years. Once they integrate their acquisitions in, you will see much better cash flow growth, but more importantly, you will see their ability to make even bigger acquisitions.


Price: $62.090
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 BUY Tidewater Midstream and Infrastructure Ltd
TWM-X
Bruce Campbell (2)

(Market Call Minute) His pipeline pick, even though it is off the beaten path.


Price: $1.300
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Unknown
2017-06-22 BUY Verizon Communications
VZ-N
Paul Harris, CFA

This is one he would be buying here. You don’t have to worry about the dividend. A lot of the pressure was about them buying the Yahoo position. The other part of this company that is much more difficult is that they are one of the ones that really don’t have that Time Warner aspect of it where everybody wants them to buy something to fill that gap in their portfolio.


Price: $45.420
Subject: NORTH AMERICAN/GLOBAL
Bias: OPTIMISTIC
Owned: No
2017-06-22 WAIT Canopy Growth Corp.
WEED-T
Bruce Campbell (2)

The granddaddy of global cannabis platforms.  Their patient numbers continue to ramp up.  In a few years it will continue to dominate both Canada and International players.  He would add it back.  You need to hear more back about how this stuff will be sold.  When they form a base he would add it up to a full position going into the fall.


Price: $8.560
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: No
2017-06-22 TOP PICK Westport Fuel Systems Inc
WPRT-T
Bruce Campbell (2)

Clean burning heavy engines. They were a market darling 10 years ago. We are now actually seeing the progression to cleaner fuels such as natural gas. They have a joint venture with Cummins. They also have components. They have sold off non-core businesses.  (Analysts’ target: $3.00).


Price: $2.980
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-22 PAST TOP PICK Sleep Country Canada Holdings
ZZZ-T
Bruce Campbell (2)

(Top Pick Jun 30/16, Up 75%) They continued to execute very well and have grown business at the stores and got into accessories where they drive more business at a higher margin.  Now they moved up because of recent announcements by Sears.


Price: $41.070
Subject: CANADIAN & CANNABIS STOCKS
Bias: BULLISH
Owned: Yes
2017-06-21 N/A A Comment -- General Comments From an Expert
A Commentary
Andy Nasr

Market. He still likes the look of the US market, but is seeing opportunities elsewhere. If he had to characterize the 1st half of this year, he would sum it up by saying less is more. There has been less likelihood of fiscal reform in the US, which has been overshadowed by an improvement in corporate profitability that has helped US equities. In Europe, political risks have diminished, and there has been an improvement in fundamentals, which has probably helped European equities. The decline in interest rates and low volatility this just screams for diversification. As the year progresses, there is likelihood that volatility increases, and you’ll start to see the correlation between some asset classes deteriorate, which means you want more broad-based exposure. He is overweight equities relative to fixed income, and is seeing some opportunities in the US, but there is probably more capital appreciation potential in continental Europe, where things are getting a lot better.


Price: $0.020
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: _N/A
2017-06-21 COMMENT A Comment -- General Comments From an Expert
A Commentary
Andy Nasr

Which pipelines should be held, and which should be sold? Not knowing which ones you own, he would suggest keeping the Kinder IPO along with TransCanada (TRP-T) and Enbridge (ENB-T). He wouldn’t hesitate to add to Pembina (PPL-T) and Alta gas (ALA-T).


Price: $0.020
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Unknown
2017-06-21 N/A A Comment -- General Comments From an Expert
A Commentary
Gordon Reid

Market. The average investor tends to concentrate on the P of the P/E. They are really interested in price and believe that if the price goes up it is good, but if it goes down it is bad. That is not the way real life works. People tend to judge the company, but are not equipped to analyse the depths that the professionals do. They spend too much time looking at macro issues, trying to figure out whether politics or policy is going to have a bad effect on their holdings. Politicians come and go. Companies and stock prices are driven by the abilities of companies and management to drive earnings, revenues and cash flow.


Price: $0.020
Subject: US EQUITIES
Bias: UNKNOWN
Owned: _N/A
2017-06-21 HOLD Apple
AAPL-Q
Gordon Reid

People have been saying that the Apple phone is going to fail for as long as he can remember. This has done very, very well for his clients. He has trimmed his holdings 8 times. A 3rd of their market capitalization is in cash. The iPhone 8 is the 10th anniversary of the iPhone. They are putting a lot of money behind R&D, and he thinks there are some good things that are going to come out. There is a 93% loyalty rate amongst Apple buyers.


Price: $145.870
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-06-21 DON'T BUY AbbVie Inc.
ABBV-N
Gordon Reid

(Market Call Minute.) The spinoff from Abbott Labs (ABT-N). What makes him hesitate about this is that it is more of a 1 product company with their Humira drug. It represents about 65% of their total revenue, so that presents risks.


Price: $71.340
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-06-21 COMMENT Artis Real Estate Investment Trust
AX.UN-T
Andy Nasr

Has a very small position in this, and wouldn’t be one of his Top picks right now. They are somewhat challenged in that they derive about 13% of their Net Operating Income from offices in Calgary. We are going to see a significant increase in office supply, with a good chunk happening in Calgary. Rents are trending lower which is bad news for this company. Feels the dividend should be relatively sustainable, and he can’t foresee any balance sheet issues. If you want a yield with a little more risk associated to it, you could hold onto this.


Price: $13.160
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2017-06-21 COMMENT Bank of America
BAC-N
Andy Nasr

Toronto Dominion (TD-T) or Bank of America (BAC-N)? Not one of his favourite US banks. He would rather own J.P. Morgan (JPM-N) or Wells Fargo (WFC-N). This is amongst the most sensitive US banks to fluctuations in interest rates.


Price: $23.130
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2017-06-21 COMMENT Bank of America
BAC-N
Gordon Reid

Longer-term, this has more upside. It had a very sharp rise from early November. A lot of the banks have gone up on the Trump trade and then back down. This hasn’t come right back down, because it is more of a valuation play than the pure growth play. Wait for the yield curve to steepen.


Price: $23.130
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-06-21 PAST TOP PICK CitiGroup
C-N
Gordon Reid

(A Top Pick June 15/16. Up 54%.) He knew that sooner or later the Fed was going to do an about-face and start to tighten, which would help the banks.


Price: $63.830
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-06-21 TOP PICK Capgemini
CAP-FP
Andy Nasr

This is a consulting company, not too dissimilar from IBM and CGI. Located in Europe. They will really benefit from the migration to the Cloud proliferation of data. There is more information needed to be stored, analysed, and eventually consumed. Because this is domiciled in Europe with relatively decent market share, you should see a bit of an uplift as a result of BREXIT. If a company decides to relocate, or eventually they don’t want to deal with political risk or regulatory headaches, they’ll want to migrate more to the Cloud. Dividend yield of 1.6%. (Analysts’ price target is €106.)


Price: $0.000
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2017-06-21 COMMENT Canadian Apartment Properties
CAR.UN-T
Andy Nasr

Apartment REITs? Apartment REITs are very defensive. If the economy slows down, it actually increases the demand for low income housing, which is what these apartments are. If you see the Canadian economy decline or slip into a recession, you’ll probably see more people migrate into apartments that rent out for a lot less than what it would cost you for a house or a condo. This one has been very well-managed and have spent a lot of money reinvesting back into properties. That has allowed them to affect an increase in rents above the guideline increases that is allowed in Ontario.


Price: $33.510
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Unknown
2017-06-21 PAST TOP PICK CCL Industries (B)
CCL.B-T
Andy Nasr

(A Top Pick March 30/16. Up 36%.) Manufactures labels, packaging for US consumer package good companies. They’ve integrated their acquisition and have got a lot of synergies out of it. A great name to own.


Price: $66.210
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2017-06-21 COMMENT CT Real Estate Invest Trust
CRT.UN-T
Andy Nasr

This is probably the safer way to get a little bit of income into your portfolio without having to take on a lot of volatility. His only concern is that, given that it is a very well capitalized company, if Canadian Tire is going to be a going concern over the course of the next 10-15 years. This is probably a good opportunity to get yield and have a little bit of upside.


Price: $14.630
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2017-06-21 COMMENT Chartwell Seniors Housing
CSH.UN-T
Andy Nasr

The number of people globally, over 65 years of age, will probably double over the next 20-25 years. That increase will result in more demand for retirement housing. This company should really benefit, provided you don’t see a material increase in supply. Not particularly cheap and is probably fairly valued here. Senior Housing is probably amongst the most operationally intensive asset class in commercial real estate. Great management team. He would probably look elsewhere. Dividend yield of 3.6%.


Price: $15.840
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2017-06-21 COMMENT Canadian Tire Corporation Ltd. (A)
CTC.A-T
Andy Nasr

He has no retail exposure in Canada, other than Loblaws (L-T), which has been challenged. He isn’t worried about a Canadian recession; however, doesn’t think there is very good, long term, secular growth underpinning a lot of Canadian retailers, including this one. There are headwinds, including increases in e-commerce penetration, which they have done a pretty good job of staving off. If consumption, household formation and homeownership starts to turn, that could have more of a negative impact on companies like this.


Price: $147.180
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2017-06-21 COMMENT Cominar Real Estate Inv Tr
CUF.UN-T
Andy Nasr

Not one of his favourites. They had done historically well of growing through development. It was family owned, which spent a lot of money buying properties, and then went on a huge acquisition binge a few years ago. As a result, they probably overpaid. Tried to diversify out of Québec. Operationally, things haven’t gone their way. You probably have better risk/reward in other REITs. Dividend yield of 11%+, which would worry him.


Price: $12.800
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2017-06-21 TOP PICK CVS Health Corp
CVS-N
Gordon Reid

One reason he likes this is that it is out of favour. We always have to gravitate to things that will do well in the future as opposed to what has done well in the past. This is a combination of CVS the drugstore and Caremark, a pharmacy benefits manager. They sell over 1 billion prescriptions a year and have over 10,000 locations in the US. As it stays out of favour, it gets more and more compelling from a valuation standpoint. Based on next year’s expectations of earnings, it is trading at a little over 12X earnings, well below the market multiple. Dividend yield of 2.5%. (Analysts’ price target is $88.)


Price: $78.160
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-06-21 SELL Walt Disney
DIS-N
Gordon Reid

This has been a tough Hold for people. It has gone sideways for about 2.5 years. Their major franchise is their TV network of ABC and ESPN. The fear is that there is going to be severe cord cutting and the “skinny bundle” is going to appear. This has led to the multiple falling because people don’t have as much confidence in the long-term prospects of the earnings growth. Their other franchises are doing extremely well. Currently it is trading at about 15.5-16 times earnings, below the market multiple. He would suggest you move on. There are lots of fish in the sea.


Price: $104.800
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-06-21 TOP PICK Masonite International Corp
DOOR-N
Gordon Reid

Makes exterior and interior residential and commercial doors. They are in 65 countries around the world. If you are a believer in the increasing home ownership globally, and in the US in particular, and household formations improving and increasing, this company should do well. Their margins are improving, which is always a good thing. (Analysts’ price target is $85.)


Price: $73.200
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-06-21 BUY Enbridge
ENB-T
Andy Nasr

Sell TransCanada (TRP-T) and move into Enbridge (ENB-T)? He would keep TransCanada as well as buying into this one. You can’t really go wrong with both. This has $30 billion of secured projects, so should be able to sustain mid-single digit dividend growth to high-single digit dividend growth during the next few years. Their capital requirements are relatively minimal. The stock price has declined along with the price of oil. This pipeline transports about 30% of the oil in North America and account for about two thirds of the transportation from oil origination in Canada to the US.


Price: $50.610
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2017-06-21 COMMENT First Capital Realty
FCR-T
Andy Nasr

A very well-capitalized Real Estate Operating Company, with a lot of retail properties across Canada. Focused in urban major city centres and are buying up real estate in good locations, in close proximity to where people live, which benefits from a combination of an increase in population growth and an increase in incomes. About 20% of properties are anchored by grocery stores. Has a good development pipeline and an exceptional balance sheet. 70% of assets are unencumbered, which gives a lot of flexibility in the event of higher rates or an economic downturn. Dividend yield of 4.1%.


Price: $20.840
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2017-06-21 COMMENT Financial 15 Split Corp
FTN-T
Andy Nasr

Not a fan of split shares and doesn’t think they are an adequate substitute for GICs or bonds. Their make up is a little convoluted in that there is a Capital Share and a Preferred Share. Effectively all the dividends that come out of the Capital Share get thrown into the Preferred Share. If all those companies don’t do very well, the dividends get cut and the preferred share dividend is susceptible to getting cut as well.


Price: $10.430
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: No
2017-06-21 PAST TOP PICK Fortis Inc.
FTS-T
Andy Nasr

(A Top Pick March 30/16. Up 18%.) A very high-quality utility. By putting this in your portfolio, you are actually getting a very defensive business. Recently made a large acquisition in the US, which should be accretive to earnings. Cash flow growth should continue to materialize, especially given that a lot of its earnings come from regulated utilities. Thinks there is still 10%-15% upside in the name.


Price: $45.730
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
2017-06-21 COMMENT General Electric
GE-N
Gordon Reid

Often what happens when a new regime comes in, they tend to throw the kitchen sink in with the next earnings report, and get rid of anything that is bad. He suspects that will happen. Their estimates of cash flow and earnings were high, and were not going to be able to achieve them. Longer-term, this is constructive.


Price: $27.780
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-06-21 COMMENT Gilead Sciences Inc.
GILD-Q
Gordon Reid

(Market Call Minute.) Pretty much a one product company treating hepatitis C. Sales are falling and the price is being challenged. The good news is that they have a huge cache of cash, 30%.


Price: $67.500
Subject: US EQUITIES
Bias: UNKNOWN
Owned: No
2017-06-21 BUY Alphabet Inc. (A)
GOOGL-Q
Gordon Reid

(Market Call Minute.) A fantastic franchise. They continue to grow revenue using cash flow into the 20% range. They are monetizing areas that they weren’t years ago.


Price: $978.590
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Yes
2017-06-21 COMMENT Granite REIT
GRT.UN-T
Andy Nasr

This has gone through a transition. It had significant exposure to Magna (MG-T) being a dominant tenant, accounting for about 80% of its NOI, which is still the case. Since 2011-2012, they’ve only done a couple of acquisitions, totaling about $100 million, which is unfortunate, because they have a very well capitalized balance sheet. That urged a couple of activist shareholders to suggest a new board and new management was needed, which pushed the stock price up significantly. If they use their balance sheet, it is debatable what their NAV will be, because you aren’t sure what they are going to buy. He would prefer other industrial REITs at this time.


Price: $51.850
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Unknown
2017-06-21 DON'T BUY JP Morgan Chase & Co
JPM-N
Gordon Reid

(Market Call Minute.) This has done a very good job. They came through 2008 as one of the best of the banks. A higher multiple bank, trading at 1.4X BV. He would probably go with some of the other banks instead.


Price: $87.120
Subject: US EQUITIES
Bias: UNKNOWN
Owned: Unknown
2017-06-21 TOP PICK Liberty Global PLC
LILAC-OTC
Andy Nasr

A cable and mobile phone company, with dominant market share in a lot of Caribbean regions and Latin America. Trading at a very, very deep discount to what he thinks represents fair value. Mobile or broadband penetration in those regions is below 40%-50% in many cases. As network coverage improves, companies like this will really start to bank and mint cash flow. This is controlled by Liberty Global which historically has done a tremendous job of allocating capital and consolidating businesses.


Price: $0.000
Subject: REITS, GLOBAL & MACRO STRATEGY
Bias: UNKNOWN
Owned: Yes
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