Tricon Capital Group

TCN-T

A very solid company. The announced a major acquisition and since then the stock is down about 10%. They bought 23 multi-family buildings. He thinks they are trying to expand their model from single-family to multi-family units. At this level, it is less than 10 times earnings and the yield is 2%. He would be a buyer here.

(A Top Pick Apr 26/18, Up 8%) They have exposure to the US residential market and pay a good dividend. They have an asset management group that generates good cash flow. He thinks the market is undervaluing this.

Well-run with many assets in America, making single-family rentals (they're a leader in this). They just acquired into multi-family units to diversify. The stock has gone sideways in recent years, but trading at a reasonable discount to NAV and pays a 2.5% dividend. A good idea to own a stable real estate stock during volatility.

It dropped back recently but we got down to $9.33 and are almost at $11, a pretty good move off the bottom. The 200 day moving average is coming through here and the market likes that. His concern is that interest rates may rise again and this is the first place it would impact. If it breaks $10.52 then he knows there is something more happening in real estate and it is not just this one.

(A Top Pick Dec 05/18, Up 14%) They institutionalized single family homes in Canada. They seem to beat their peers every single quarter. They are poised to continue this kind of growth from here. It is a buy.

He still likes it. The valuation last time was ridiculous and now it is just cheap. Its peers on the US side are trading at NAV and TCN-T is at a 12% discount to NAV and he sees 12-15% growth in NAV this year. (Analysts’ price target is $13.80)

He tried trading this, but missed it. This is rangebound between $9.75-11.70. Right now it's at the top. Doesn't know if it will break higher. It will break on really exciting news, and volume will give you a clue.

He follows it closely. They made a lot of money from distress housing in the States after 2008. They pay a reasonable dividend. But TCN has gone nowhere, because US housing hasn't gone anywhere either. People are still burnt from the Recession.

This is single family home rentals in the US. They have 17,000 of these. This is a well oiled machine delivering asset value. Their earnings are messy partly due to appreciation of properties in the US. A great way to participate in real estate. Yield = 2.51% (Analysts’ price target is $13.69)

A US real estate management company. They have concentrated on residential US assets. It is not very well known. He likes the potential and thinks it is quite viable.

His analyst met with them yesterday and it made him feel very bullish. Operationally they have been very strong. They added to their holding a few weeks ago. He thinks it could get back to $12 soon. The multiples are improving the value in his eyes and thinks the market will reward them. Rental rates have been increasing in the US -- especially in the sunbelt.

This is a great entry point. A play on the US single-family real estate market. They earn profits on their own property and management fees on the properties they manage. It trades at under 10 times earnings and pays a US dollar dividend.

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)

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)