MCAN Mortgage Corp (MKP.TO) Buy, Sell or Hold

MCAN Mortgage Corp (MKP.TO)

22.35

+0.29 (1.31%)

as of Nov 2, 2026, 9:00:00 pm Market Closed.

65 watching

HOLD

Loan to values are quite conservative because of Canadian laws. There is headline risk. Stick with it but don't add to it. Prefers HCG-T

TOP PICK

(A SHORT) Primarily subprime mortgage lender almost solely focused on single-family housing. Looking at the housing market data starting with Vancouver and the Toronto condo market, which is now spreading into single-family market elsewhere, you are seeing sales down and listings up. Looks like Phoenix and Florida circa 2006 to him. You are going to start to see inventory build dramatically over the next 6 months and then you start to see prices really fall. Thinks there is 20%-30% downside.

BUY

Has about $250 million of market cap but nobody covers it. About 68% payout ratio. Lends to people who do not qualify for their own private mortgages as well as host construction. Good spread of about 7%. Low payout ratio. Yield of well over 7% and give an extra bonus at the end of the year if they've done well.

COMMENT

A momentum play, near all time high. Not his kind of company though.

BUY

Well run company. Bought a lot of mortgage portfolios last year and did very well, but will not quite as well this year. They are like an income trust in that they have to pay out 100% of their profits. Won’t get a huge growth in the company. Usually have a top-up dividend in the 4th quarter. Solid company.

BUY

A good solid buy. They bought distressed portfolios. Had 6 or 7 profitable quarters that were exaggeratedly good. It’s at a good level now.

BUY

Mortgages. This is in a unique category in the Canadian tax code and have to dividend out 100% of their profits but are not taxed as income trust. Their status does not change in 2011. 8.2% dividend yield, which will probably be topped up at the end of the year.

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MCAN Mortgage Corp (MKP.TO)