MCAN Mortgage Corp

MKP-T

Analysis and Opinions about MKP-T

Signal
Opinion
Expert
COMMENT
COMMENT
December 22, 2016

Basically paying out all of its income as dividend, so you are not going to get growth, just dividend. Thinks the dividend is relatively safe as long as the Canadian housing market holds up. If you like growth in the sector, he likes Equity Financial (EQI-T). Their lending book growth was something like 178% last quarter.

MCAN Mortgage Corp (MKP-T)
December 22, 2016

Basically paying out all of its income as dividend, so you are not going to get growth, just dividend. Thinks the dividend is relatively safe as long as the Canadian housing market holds up. If you like growth in the sector, he likes Equity Financial (EQI-T). Their lending book growth was something like 178% last quarter.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$14.400
Owned
Unknown
SELL STRENGTH
SELL STRENGTH
December 29, 2014

With Mortgage companies, you should receive a safer income stream as interest rates rise. It is a yield-only vehicle. If the stock moves up, trim down.

MCAN Mortgage Corp (MKP-T)
December 29, 2014

With Mortgage companies, you should receive a safer income stream as interest rates rise. It is a yield-only vehicle. If the stock moves up, trim down.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$14.240
Owned
Unknown
COMMENT
COMMENT
December 22, 2014

Has a small short position as part of a basket that is against his biggest Long Equity Financial Holdings (EQI-T) (?) in that sector. He is short this because it is one of the few publicly traded mortgage companies originators that has some pretty significant Western Canadian exposure, which will act as a bit of a headwind. Trading at close to 2X BV, whereas the company that he likes better is trading below its BV. 7.8% dividend yield is safe as long as the real estate market in Canada holds up and interest rates stay low. At some point we are going to see residential real estate in Canada roll over, and certainly in areas that are going to be hit by the decline in energy.

MCAN Mortgage Corp (MKP-T)
December 22, 2014

Has a small short position as part of a basket that is against his biggest Long Equity Financial Holdings (EQI-T) (?) in that sector. He is short this because it is one of the few publicly traded mortgage companies originators that has some pretty significant Western Canadian exposure, which will act as a bit of a headwind. Trading at close to 2X BV, whereas the company that he likes better is trading below its BV. 7.8% dividend yield is safe as long as the real estate market in Canada holds up and interest rates stay low. At some point we are going to see residential real estate in Canada roll over, and certainly in areas that are going to be hit by the decline in energy.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$14.400
Owned
Yes
COMMENT
COMMENT
January 15, 2014

Mortgage investment company. When he got concerned as to where interest rates were going, he moved out of this. Longer-term it is a great vehicle for yield but there is probably not a lot of growth. As rates ratchet up or ratchet down, their yields will move up and down.

MCAN Mortgage Corp (MKP-T)
January 15, 2014

Mortgage investment company. When he got concerned as to where interest rates were going, he moved out of this. Longer-term it is a great vehicle for yield but there is probably not a lot of growth. As rates ratchet up or ratchet down, their yields will move up and down.

Bruce Campbell (2)
President & Portfolio Manager, Stone Castle Investment Management Inc.
Price
$13.190
Owned
No
PAST TOP PICK
PAST TOP PICK
December 27, 2013

(A Top Pick Dec 28/12. Down 1.56%.) 3 Shorts. He is now layering this trade back on now because the spike in rates in May through August pulled forward demand in the housing market.

MCAN Mortgage Corp (MKP-T)
December 27, 2013

(A Top Pick Dec 28/12. Down 1.56%.) 3 Shorts. He is now layering this trade back on now because the spike in rates in May through August pulled forward demand in the housing market.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$12.900
Owned
Yes
BUY
BUY
October 18, 2013

Pay out all their profitability every year. Stock had a little bit of a sell off but it was not anything significant. A timely buy.

MCAN Mortgage Corp (MKP-T)
October 18, 2013

Pay out all their profitability every year. Stock had a little bit of a sell off but it was not anything significant. A timely buy.

Jason Donville
President & CEO, Donville Kent Asset Management
Price
$12.410
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
September 30, 2013

(Top Pick Sept 27/12, Up 1.24%) SHORT. He was early in his call. We saw re-accelerating sales over the last three months. He saw some increase in their loan write-offs in the last few months.

MCAN Mortgage Corp (MKP-T)
September 30, 2013

(Top Pick Sept 27/12, Up 1.24%) SHORT. He was early in his call. We saw re-accelerating sales over the last three months. He saw some increase in their loan write-offs in the last few months.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$12.400
Owned
Yes
COMMENT
COMMENT
August 22, 2013

Good company and there has probably been an overreaction to a slightly disappointing quarter or something like that. Insiders are buying which is a good sign. 8.9% dividend yield.

Good company and there has probably been an overreaction to a slightly disappointing quarter or something like that. Insiders are buying which is a good sign. 8.9% dividend yield.

Jason Donville
President & CEO, Donville Kent Asset Management
Price
$12.650
Owned
Unknown
BUY
BUY
April 3, 2013

(Market Call Minute.) Interesting company. Just did an acquisition of Exceed Mortgage Corp. the nice thing about it is that if you want dividend income, they have a yield of around 10%.

(Market Call Minute.) Interesting company. Just did an acquisition of Exceed Mortgage Corp. the nice thing about it is that if you want dividend income, they have a yield of around 10%.

Jason Donville
President & CEO, Donville Kent Asset Management
Price
$14.800
Owned
Unknown
COMMENT
COMMENT
January 8, 2013

Mortgage Investment Corporation (or a MIC) and to qualify, they have to pay out all their profits each year so they don’t retain any of their profits. You don’t get any growth in retained earnings. 7.9% yield is all you get. Really like buying a high-yield bond. He is shooting for more than 8% for his clients..

Mortgage Investment Corporation (or a MIC) and to qualify, they have to pay out all their profits each year so they don’t retain any of their profits. You don’t get any growth in retained earnings. 7.9% yield is all you get. Really like buying a high-yield bond. He is shooting for more than 8% for his clients..

Jason Donville
President & CEO, Donville Kent Asset Management
Price
$14.250
Owned
No
TOP PICK
TOP PICK
December 28, 2012

Shorting Canadian housing with Home Capital Group (HCG-T,) and Genworth MI Canada (MIC-T). Is a little bit early but he has seen the housing bubble build and believes it has now peaked and is now on the downside. If right and Canadian housing prices fall 20%-30% over the next 2 years, then these companies are not going to just be at risk of earnings but also at risk of solvency.

MCAN Mortgage Corp (MKP-T)
December 28, 2012

Shorting Canadian housing with Home Capital Group (HCG-T,) and Genworth MI Canada (MIC-T). Is a little bit early but he has seen the housing bubble build and believes it has now peaked and is now on the downside. If right and Canadian housing prices fall 20%-30% over the next 2 years, then these companies are not going to just be at risk of earnings but also at risk of solvency.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$14.090
Owned
Yes
HOLD
HOLD
October 3, 2012

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

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

Jason Donville
President & CEO, Donville Kent Asset Management
Price
$13.700
Owned
No
TOP PICK
TOP PICK
September 27, 2012

(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.

MCAN Mortgage Corp (MKP-T)
September 27, 2012

(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.

James Hodgins
Chief Investment Officer, Curvature Hedge Strategies
Price
$13.700
Owned
Yes
BUY
BUY
July 18, 2011
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.
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.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$14.320
Owned
Yes
COMMENT
COMMENT
July 15, 2011
A momentum play, near all time high. Not his kind of company though.
A momentum play, near all time high. Not his kind of company though.
Benj Gallander
President, Contra the Heard Investment Letter
Price
$14.490
Owned
Unknown
BUY
BUY
June 29, 2010
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.
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.
Jason Donville
President & CEO, Donville Kent Asset Management
Price
$12.510
Owned
Unknown
BUY
BUY
March 23, 2010
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.
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.
Jason Donville
President & CEO, Donville Kent Asset Management
Price
$12.000
Owned
Unknown
BUY
BUY
October 16, 2009
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.
MCAN Mortgage Corp (MKP-T)
October 16, 2009
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.
Jason Donville
President & CEO, Donville Kent Asset Management
Price
$12.160
Owned
Unknown
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