This week’s new 52-week highs and lows… (Jan 16-22)

Opinion about AP.UN-T: Really likes. Only part of the office space that's any good is luxury. For example, high end in New York is booming. Allied owns buildings that are top level and edgy. Huge conglomerate, giving tenants lots of choice. Unique position. Wonderful development opportunities.Good business, solid financials, great properties, stock's cheap. Dividend's not…

Opinion about CRR.UN-T: Looks quite good. Probably a good place to step in. The $13.50 level has had a lot of touches and a lot of support. Buy part now, see what happens. If it starts to accelerate from $13.50, buy more -- it's acceptable to pay more for something.

Opinion about DIR.UN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Cash flow per unit was 26c, matching estimates. Revenue $121.4M, slightly better than estimates. EBITDA of $91.5M, 7% ahead of estimates. Cash flow per unit increased 5.8% year over year. NOI rose 3.1%. Net rental income increased 6.8%. Total assets were stable…

Opinion about GRT.UN-T: (A Top Pick Apr 16/24, Down 6%) 26% of net operating income is from MG, so being impacted by tariffs. He calls this a second-derivative target of tariffs. Shares are trading as though MG is going to move its operations to the US, but he doesn't think it's equipped to do so.

Opinion about HR.UN-T: Would recommend holding. Majority of portfolio in sunbelt states like Arizona and Texas. Would expect income to increase as more people move to warmer Southern areas. Good balance sheet that allows company to maintain dividend payouts. Expecting better times for company ahead. 

Opinion about IIP.UN-T: Owns shares in business. Current share price a very good time to buy. Would recommend being patient, and holding for the long term. 

Opinion about SMU.UN-T: (A Top Pick Sep 28/22, Up 45%) Got taken out. Traded at a 25% discount in a sector that was in high demand.

Opinion about TF-T: (A Top Pick Sep 08/23, Up 14%) Last year was hard on this company with interest rates having moved way up so quickly. It is in the short term mortgage market business. Property prices are coming down. It still pays a 9% dividend and is trading at a 10% discount to its…

Opinion about SRU.UN-T: Very defensive income profile. Main anchor is WMT, and the flipside of that stability means internal rent growth is quite low. Not a lot of earnings growth. Attractive yield in low 7% range, but high payout ratio. Better retail opportunities elsewhere.

Opinion about ACR.UN-T: A portfolio of US properties. It also has some interesting properties around the DVP area in Toronto. The CEO is one of the few people that not only knows how to buy, but also how to sell. Thinks that at some point, he will sell the entire company if he can, or…

Opinion about ATP-T: They generate electivity and sell it. As we move in this direction this company will have a foothold and niche. It is a capital intensive business and interest rates rising will be a problem.

Opinion about INE-T: This is how he'd play the renewable energy trade. Thinks rates will go higher next year, which makes him cautious. If that's the case for rates, a lot of the bond proxies like utilities and REITs are going to come under pressure. A bit more upside potential, but for a trade.

Opinion about BDGI-T: In an excellent position. Most operations are in US. Business is really booming. US election gave management clarity on how to allocate capital. Despite tariff concerns, what they're making is long-term, critical investments. If it stays cheap, possible takeout by private equity or a strategic acquisition.

Opinion about CMH-T: (A Top Pick July 3/15. Down 43.04%.) Sold his holdings at around $5.50, and lost money. Their business continues to grow, and this is one that he continues to watch. There is lots of promise here.

Opinion about WCN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research WCN continues to chug along nicely. Valuation is high at 36X earnings now, but investors are willing to pay up for reliability. Growth has been very steady and decent growth is very much expected over the next two years. The balance sheet…

Opinion about DR-T: Has pulled back a lot. It holds US medical property. It has suffered inflationary pressures, but will diminish in 2023 and the stock will recover. Don't sell it in the current Dutch auction.

Opinion about ENB-T: (A Top Pick Apr 30/24, Up 38%) We now have a gateway to Asia. With tariffs, Canadian energy will not be welcome in the US. Integrated nature of its pipelines make it a long-term asset with growth capabilities that will reward shareholders well. Buy when it goes on sale, trim any gains.…

Opinion about PTU-X: Junior company that is basically raising money to explore for uranium. Sometimes takes years to find a deposit. Have to be patient. Some interesting prospects in the Athabascan basin. Pretty strong drill program for the first half of 2008. On negative days, you could pick some up for a short-term trade.(Buy uranium…

Opinion about MRU-T: The ultimate winner in inflation. Tough business, low margins, competitive. He owns COST. Loblaw is well run, as are MRU and EMP.A

Opinion about FOOD-T: (A Top Pick Apr 28/21, Down 67.4%) Are building online grocery sales now. When he recommended it, he expected another leg up--and shares rose last summer on good numbers. But he sold this around $10 because he was concerned the company was no longer focusing on meal kits and was spending a…

Opinion about NIF.UN-T: There is no dividend. Sales are up but earnings are less negative rather than positive. Earnings growth forecast for this year is zero.

Opinion about PGM-X: $2.25 price target. Growing pains starting up a mine. He'd be averaging down. Issues always signal a really good entry point at cheap valuations. Have to be patient. This wouldn't be his only holding; he'd own it amongst at least 5-10 companies.

Opinion about VIT-X: They just partnered with a private equity group. The company is now 45% owned by private equity. They completed their first pour in the Yukon and are moving towards commercial production. The problem is the private equity partner will have a lot of say in the operations. This will keep him out…

Opinion about KL-T: (A Top Pick Feb 25/21, Up 15.3%)Stockchase Research Editor: Michael O’Reilly With the recent completed acquisition by AEM now official, we now consider this position closed. When combined with the previous recommendation to cover half the position, this results in a net investment gain of 22%.

Opinion about SIL-T: (A Top Pick Jul 14/23, Up 51%) Company has increased share price since recommendation. However room left to grow. Mine continues to grow. Believes upside still left in the stock. 

Opinion about QBR.B-T: (A Top Pick Jan 23/24, Up 3%) Benefiting from the Freedom Mobile purchase. Able to expand in Ontario and Western Canada without deploying too much capex. Very high ROE and free cashflow, allowing them to lower debt and obtain investment-grade rating on bonds. Aggressively buying back shares. Best-performing telecom stock this year.

Opinion about RCI.B-T: No issue with defaulting on bonds from any of the big 3 telcos. For the equity side: not a lot of growth, price competition, CRTC always making new rules. 

Opinion about GIB.A-T: Global operations; with Canada representing ~15% of revenue, US ~30%, 44-45% in Europe and UK. Outsourcing (~55% of the business) has long-term contracts, so that's defensive and not as cyclical. Consulting side tends to be more economically sensitive. Stock's pulled back ~17% from highs in February. About 14% of revenue is from doing…

Opinion about CBX-X: It is a greener form of cement. They use a lighter form of concrete to be a base, instead of Styrofoam. The product is fairly new but well received so far. They will probably look at making acquisitions.

Opinion about EGL-T: He stayed away because they went to the states to make acquisitions. He did not know why the Americans would not already take these assets. He stays away from it.

Opinion about BXE-T: Debt concerns? BXE took bankruptcy protection when debt became too much. There is no equity value in it any longer. Companies that have debt that matures in 2020 or 2021 will have issues. He sees no issues with BIR or TVE on this topic. The new Federal relief program for large companies…

Opinion about SGY-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research SGY is quite small at $510M, but the stock is very cheap. With a 10% dividend, a buyer (or privatization) could eliminate the dividend and use internal cash flow to pay for the whole company in about three years. But, that doesn't…

Opinion about NFI-T: Competition has withered away. Pays no dividend. He's held this through some tough periods. The problem with a seat suppliers seems to be resolved. Huge backlog. They can withstand tariffs. If they deliver some buses in Q2, 3 and 4, the stock will look good in 12 months. (Analysts’ price target is…

Opinion about TV-T: The biggest independent zinc producer has had its ups and downs. The new CEO has to navigate 2020, which was tough. Zinc prices have jumped to US$1.25/lb. TV's cost structure is based on $1.10-1.15. TV trades at a deep discount. Zinc doesn't capture the imagination like copper or nickel, though. Zinc prices…

Opinion about BTR-X: It looks interesting, but is too small for his funds. It has under-performed for the past few years. They are in the right place at the right time, but we need to see some good drill results soon.

Opinion about FCC-X: Cobalt is attractive but this is not a cheap producer, because they're in Canada and not Russia or Congo.

Opinion about ORE-X: In Western Africa, this miner is looking for funding. It is not the exciting part of the cycle as they are in the de-risking mode. Investors are looking for projects that double resources. Institutional investors are not yet stepping in the space.

Opinion about REX-X: (Top Pick Jul 13/11, Down 8.69%) Funding issue. Venture is down about 38%. Exploration companies have come off the most. Smaller company that didn’t have a lot of cash. Two days ago they came up with a huge whole with 1.3 grams. If you have a long-term perspective, wait until they do…

Opinion about CNL-T: A large continental deposit, but there are political problems in Colombia. Are also concerns over cost overruns, can be managed. Worth buying overall.

Opinion about ELD-T: (A Top Pick Dec 13/22, Up 19.2%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with ELD has triggered its stop at $13.50.  To remain disciplined, we recommend covering the position at this time.  This will result in a net investment gain of 19%, when combined with our previous recommendations.  

Opinion about MUX-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research MUX is a 'love it or hate it' stock. Mr. McEwen has his fans, and his not fans. He is an aggressive CEO, and has grown via acquisition. He had good success decades ago, not so much since. He owns 15% of…

Opinion about EGD-X: Been a nice success story. His opinion is that the commodity cycle has really played out here.

Opinion about CGG-T: Listed in Canada but operations are in the far east. Is cautious because of high debt and accounting is weird. If you are betting gold will go a lot higher it is a pretty decent bet but if not it can decline a lot.

Opinion about GQM-T: Has an old mine outside of Los Angeles that was run in the 1930s. Closed down during the Second World War and they are doing open pit mining in the area. Has some issues, but at these gold prices, it will probably start to work again. Under followed. Highly speculative.

Opinion about ROXG-T: (A Top Pick Dec 15/20, Up 12%) Taken over. He got out when the deal was announced, as the acquirer wasn't somewhere he wanted to put his money.

Opinion about MPVD-T: Sees no change to the dividend theory. The 3 Irish business millionaires actually control the company and are holding it long-term for the dividends. The company has some costs going on disadvantaging it. The diamond sector itself has not produced really stellar performance. This is a “wait and see”.

Opinion about AUN-X: Has been a bit of a disaster. Mine in Texas is not going ahead, resource was not properly done. The reserves are not what they expected.

Opinion about JDN-X: Likes this company. Chinese have taken a 20% interest which is significant. Also have a good play in Northern B.C.

Opinion about MAXR-T: (A Top Pick Oct 07/20, Down 7%) Not long after making the recommendation the stock benefited from a lot of ETF buying. They exited on the strong buying on a much higher gain. Since then, the ETF buying has evaporated and the stock price has come back down.

Opinion about NCI-X: IT services. Like a "baby" GIB.A. Based in Toronto, but provides services mainly in the Middle East and mostly in Saudi Arabia. Diversified customer base. Sub-$100M market cap. Growing topline extremely fast, profitable, nice balance sheet. No dividend.He likes to come on the show and sometimes present a name that investors haven't…

Opinion about GS-T: Owned it a few years ago and cut his losses. Now, cut your losses. This business is struggling as an asset manager, specifically to retain and attract new clients. Also, their key managers, including the CEO, have been leaving. They won't generate much in performance fees, which has been an attraction for…

Opinion about SAT-X: They have a fair bit of cash in the bank. Being a smaller company it suffers more from pirated content on the Internet. It was a really well run company. They had a lot of cash in the bank.