Alexander MacDonald Bank of Nova Scotia BNS-T TOP PICK Nov 14, 2024

This is the one of the group that looks really interesting to him. Its US acquisition didn't look too good right off the bad, but could end up being pretty good. Has already taken the worst hits on Latin exposure. If you were to add one Canadian bank, this would be at the top of the list.

He owns it in the income growth fund for the longer term. It is the highest yielding of the big banks. It is a turn-around play with the new CEO and now has a stronger focus. There has been a strong recovery for all banks since the spring.

Using profits from TD to buy this one. Pretty confident in its turnaround potential. New CEO created doubt because he wasn't a banker, but he's great and doing a wonderful job. Highest yield at 6%, increased recently.

Prefers Canadian banks for their dividends. For instance, BNS is undervalued and pays a high dividend and trades at a low PE. There's room for the PE to expand. People buy foreign banks for the dividend, but you have to pay a withholding tax.

Please see the previous response to Royal Bank for general banking comments. BNS is more internationally focused than the other banks and has a Latin America focus which is increasing from a an economic standpoint. It has a good yield and will do well long term along with other banks.

Least reliable among its peers. Struggling with business model. Architect of its woes was previous management. Now a show-me story. Dividend growth and total return don't match banks he already owns.

Breakouts are good, and they typically last for a while. Based on the recent quick move, you can expect a pullback. 

Looking at the 5-year chart, could meet some resistance at the $95 high of early 2022. But there isn't a big wall. Look back from late 2022 to mid-2024, there was a wall of around $70. One point in history is going to cause some resistance, but it's not as bad as multiple tests that can cause significant resistance.

Really likes new management. Changes are finally being reflected in the price. Most diversified of the Big 6. Now has foothold in US market via KEY to promote further growth. International appeal. Capital ratio went up, which is great. More growth and appreciation ahead. Nice dividend yield.

Investment in KEY is just that, an investment, not control. That's not a positive. Look elsewhere. Prefers TD or RY. 

Prefers this one and remaining peers today to RY, just on valuation. Though RY is the best bank in Canada, this name trades at a far better multiple.