168

Tricon Capital Group (TCN-T)

ON STOCKCHASE SINCE Feb 2011

REAL ESTATE

Tricon Capital Group
TCN-T

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Signal	Opinion	Expert
TOP PICK	Tricon Capital Group(TCN-T) December 5, 2018 They offer technology services into real estate management. Trades at a big discount to NAV, which he feels will also grow strongly going forward. A slowdown in real estate building is a good sign that more people are considering renting. Yield 3%. (Analysts’ price target is $13.86) REAL ESTATE 0 0 0 0 0 0 comments	They offer technology services into real estate management. Trades at a big discount to NAV, which he feels will also grow strongly going forward. A slowdown in real estate building is a good sign that more people are considering renting. Yield 3%. (Analysts’ price target is $13.86) REAL ESTATE 0 0 0 0 0 0 comments Joshua Varghese Portfolio , Signature Global Ass... Price $10.170 Owned Yes

HOLD	Tricon Capital Group(TCN-T) November 28, 2018 He sold this about 2 years ago. As the US housing market recovered this had done well. Now that US housing is slowing and US interest rates may be near 5-6%, he thinks this could further impact demand. He likes the yield and thinks it would continue to be a hold. (Analysts’ price target is $13.86) REAL ESTATE 0 0 0 0 0 0 comments	He sold this about 2 years ago. As the US housing market recovered this had done well. Now that US housing is slowing and US interest rates may be near 5-6%, he thinks this could further impact demand. He likes the yield and thinks it would continue to be a hold. (Analysts’ price target is $13.86) REAL ESTATE 0 0 0 0 0 0 comments Bryden Teich Portfolio , Avenue Investment Ma... Price $10.330 Owned No
PAST TOP PICK	Tricon Capital Group(TCN-T) September 10, 2018 (A Top Pick Oct 27/17, Up 6%) It is an excellent company, getting into US single family rental. The long term outlook is good but definitely interest rates impacted calculating the net asset value. REAL ESTATE 0 0 0 0 0 0 comments	(A Top Pick Oct 27/17, Up 6%) It is an excellent company, getting into US single family rental. The long term outlook is good but definitely interest rates impacted calculating the net asset value. REAL ESTATE 0 0 0 0 0 0 comments Colin Stewart CEO & Port, JC Clark Investments... Price $11.120 Owned No
COMMENT	Tricon Capital Group(TCN-T) August 17, 2018 They’ve diversified. Underlying dynamics for this asset class are more positive than the homebuilders. But if rates go up, their profitability gets tougher. A low valuation way to play the US housing market, but he feels this is close to turning over. REAL ESTATE 0 0 0 0 0 0 comments	They’ve diversified. Underlying dynamics for this asset class are more positive than the homebuilders. But if rates go up, their profitability gets tougher. A low valuation way to play the US housing market, but he feels this is close to turning over. REAL ESTATE 0 0 0 0 0 0 comments Bryden Teich Portfolio , Avenue Investment Ma... Price $11.780 Owned No
BUY	Tricon Capital Group(TCN-T) August 16, 2018 A frustrating stock in some respects, but run by astute managers. They operate U.S. single-family homes and have used technology in association with their real estate projects. They're a long-term real estate manager that manages single-family homes. There's no catalyst that'll propel it tomorrow, but it's solid long-term. REAL ESTATE 0 0 0 0 0 0 comments	A frustrating stock in some respects, but run by astute managers. They operate U.S. single-family homes and have used technology in association with their real estate projects. They're a long-term real estate manager that manages single-family homes. There's no catalyst that'll propel it tomorrow, but it's solid long-term. REAL ESTATE 0 0 0 0 0 0 comments Joshua Varghese Portfolio , Signature Global Ass... Price $11.760 Owned Unknown
BUY	Tricon Capital Group(TCN-T) August 10, 2018 He has been following this one closely since the IPO at $6. They have evolved the company into a landed home building community, building master community centres, particularly in the sunbelt of the US. They are operating about 17,000 family homes. Recent earnings were positive. The market has not yet really appreciated the true value of this stock and it trades at a 15% discount to its NAV. It has struggled getting through $12, so will be watching to see if it can get to $14 soon. REAL ESTATE 0 0 0 0 0 0 comments	He has been following this one closely since the IPO at $6. They have evolved the company into a landed home building community, building master community centres, particularly in the sunbelt of the US. They are operating about 17,000 family homes. Recent earnings were positive. The market has not yet really appreciated the true value of this stock and it trades at a 15% discount to its NAV. It has struggled getting through $12, so will be watching to see if it can get to $14 soon. REAL ESTATE 0 0 0 0 0 0 comments Mike Archibald Associate , AGF Investments... Price $11.540 Owned Yes
PAST TOP PICK	Tricon Capital Group(TCN-T) June 19, 2018 (A Top Pick May 29/2017, Down 3%) Exited a few months back. Healthy business, but asset purchase 9 months ago, US single family housing portfolio. One risk is that it's valued on a cap rate basis, so rising interest rates will hurt the perceived value of the assets. Well-run business. If it pulled back, they'd consider re-entering it. REAL ESTATE 0 0 0 0 0 0 comments	(A Top Pick May 29/2017, Down 3%) Exited a few months back. Healthy business, but asset purchase 9 months ago, US single family housing portfolio. One risk is that it's valued on a cap rate basis, so rising interest rates will hurt the perceived value of the assets. Well-run business. If it pulled back, they'd consider re-entering it. REAL ESTATE 0 0 0 0 0 0 comments Colin Stewart CEO & Port, JC Clark Investments... Price $10.560 Owned No
HOLD	Tricon Capital Group(TCN-T) June 13, 2018 This stock is starting to recover and has reported a couple of improving quarterly earnings. He owns it, but is a little worried when it did not rally on the recent reports. They have an investor day coming up and hopes they will alleviate investor fears. REAL ESTATE 0 0 0 0 0 0 comments	This stock is starting to recover and has reported a couple of improving quarterly earnings. He owns it, but is a little worried when it did not rally on the recent reports. They have an investor day coming up and hopes they will alleviate investor fears. REAL ESTATE 0 0 0 0 0 0 comments Peter Imhof Vice Presi, AGF Investments Inc... Price $10.870 Owned Yes
TOP PICK	Tricon Capital Group(TCN-T) June 5, 2018 An asset manager in real estate, selling land to home builders. They also offer single-family rentals. They are strong in the U.S. sunbelt, and just made a good acquisition. Strong demographics. (Analysts' price target: $12.95) REAL ESTATE 0 0 0 0 0 0 comments	An asset manager in real estate, selling land to home builders. They also offer single-family rentals. They are strong in the U.S. sunbelt, and just made a good acquisition. Strong demographics. (Analysts' price target: $12.95) REAL ESTATE 0 0 0 0 0 0 comments William Chin Portfolio , Caldwell Investment ... Price $10.800 Owned Yes
SPECULATIVE BUY	Tricon Capital Group(TCN-T) May 15, 2018 This trades very cheap but he is concerned about interest rates. He likes the stock at this price but would hedge it by shorting similar companies that are less cheap. REAL ESTATE 0 0 0 0 0 0 comments	This trades very cheap but he is concerned about interest rates. He likes the stock at this price but would hedge it by shorting similar companies that are less cheap. REAL ESTATE 0 0 0 0 0 0 comments James Hodgins Chief Inve, Curvature Hedge Stra... Price $10.100 Owned No
DON'T BUY	Tricon Capital Group(TCN-T) May 11, 2018 They had own it a couple of years ago. Not currently. They did a good job buying undervalued houses in the southeastern US after the financial crisis. They took profits. He thinks it is too late in the cycle for this name. REAL ESTATE 0 0 0 0 0 0 comments	They had own it a couple of years ago. Not currently. They did a good job buying undervalued houses in the southeastern US after the financial crisis. They took profits. He thinks it is too late in the cycle for this name. REAL ESTATE 0 0 0 0 0 0 comments Bryden Teich Portfolio , Avenue Investment Ma... Price $10.080 Owned No
TOP PICK	Tricon Capital Group(TCN-T) May 9, 2018 Three segments: single-family rental homes; buy large plots of land, develop and sell them; develop and rent luxury apartment buildings. They're exposed to strong-growth areas like the Sunbelt states (FLA, TX, CA) which is growing faster than the rest of the U.S. Continues to trade at a discount to its NAV--the market isn't paying attention to their success. (Analysts' price target $13.18) REAL ESTATE 0 0 0 0 0 0 comments	Three segments: single-family rental homes; buy large plots of land, develop and sell them; develop and rent luxury apartment buildings. They're exposed to strong-growth areas like the Sunbelt states (FLA, TX, CA) which is growing faster than the rest of the U.S. Continues to trade at a discount to its NAV--the market isn't paying attention to their success. (Analysts' price target $13.18) REAL ESTATE 0 0 0 0 0 0 comments Mario Mainelli, Portfolio , Caldwell Investment ... Price $10.020 Owned Yes
TOP PICK	Tricon Capital Group(TCN-T) April 26, 2018 They have a real estate investment function but he owns it for their single family homes. It is homes in the southern US and they just refinanced their debt. They are in the sweet spot. They are where there is job growth and that is where rents go up. (Analysts’ target: $13.18). REAL ESTATE 0 0 0 0 0 0 comments	They have a real estate investment function but he owns it for their single family homes. It is homes in the southern US and they just refinanced their debt. They are in the sweet spot. They are where there is job growth and that is where rents go up. (Analysts’ target: $13.18). REAL ESTATE 0 0 0 0 0 0 comments Lyle Stein Sr. Portfo, Vestcap Investment M... Price $10.010 Owned Yes
WEAK BUY	Tricon Capital Group(TCN-T) April 6, 2018 They have had some strong numbers and he likes the accretive nature of recent acquisitions. It has a complex story and this may lead into why the multiples are not as good as others. REAL ESTATE 0 0 0 0 0 0 comments	They have had some strong numbers and he likes the accretive nature of recent acquisitions. It has a complex story and this may lead into why the multiples are not as good as others. REAL ESTATE 0 0 0 0 0 0 comments Peter Imhof Vice Presi, AGF Investments Inc... Price $9.970 Owned Yes
DON'T BUY	Tricon Capital Group(TCN-T) April 5, 2018 He has a short on this. Poor momentum, high stock volatility. It scores one of the worst on price momentum. There is not a compelling value argument. He needs to see cash flows come back to the sector. REAL ESTATE 0 0 0 0 0 0 comments	He has a short on this. Poor momentum, high stock volatility. It scores one of the worst on price momentum. There is not a compelling value argument. He needs to see cash flows come back to the sector. REAL ESTATE 0 0 0 0 0 0 comments Jason Mann CIO & Co-F, Edgehill Patners... Price $10.180 Owned Yes

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