Opinions
William Chin
Stuart Olson Inc
SOX-T
DON'T BUY
Jan 21, 2020
Moving up recently a lot Engineering firm in oil. The down channel looks like it won't stop anytime soon. For him to enter, this needs to build a base. He'd watch this to see if a base forms in six months.
$2.140
Stock price when the opinion was issued
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They lost some money. Revenues will fall in Q1 and maybe also Q2 that could extend the loss, but they expect revenues this year to be higher than in 2018. He likes managerment. They've paid a dividend of 12 cents for 31 straight quarters until they cut it. Activist investors are looking to see SOX sold. (Analysts’ price target is $5.10)
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He has owned this a long time. They cut the dividend by half and then eliminated it. This killed the stock price. The cut will save $14 million in cash flow. They have cut staff and they are getting hurt by events in the energy sector. They have $1.6 billion in back log and refinanced their debt. This could be a 10-bagger, or it could go bankrupt. Yield 0% (Analysts’ price target is $1.73)
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He bought in when the dividend was over 9%, only to see them eliminate it and the stock got killed. Their revenues are going down, but he has faith as the management team is looking to make it lean and mean. Their backlog has gone up. They are not out of the woods and could see this going into double-digits in price. Yield 0% (Analysts’ price target is $1.74)
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COMMENT
In the construction space his favorite is WSP Global. SOX is similar and he thinks they may be a value trap as there is some concerns about the dividend, the strength of the balance sheet and their ties to the energy sector.
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