This week’s new 52-week highs and lows … (Jan 23-29)

Opinion about ASR-T: The 3rd largest holding in his portfolio. They have seen the mines in Turkey and were impressed. The area is a danger zone with recent fighting and the stock has taken a hit. The mine is far enough away from the fighting so he thinks it will not be impacted. He paid…

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 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 GXS-X: Doesn’t particularly like the deposit. Very speculative. It’s all over the map. There are safer names out there.

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 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 QTA-X: Good management team. A little expensive at this price, relative to the state of the project. Would nibble away on any weakness. Be patient.

Opinion about SGN-X: It's a 10 cent stock, when even the big companies aren't doing well. If you like it, sure go ahead. But there's nothing he can add.

Opinion about DPM-T: Dundee is nowhere as large as Barrick, Franco Nevada or Agnico Eagle, which comprise a third of the Canadian materials sector, but it has outperformed it so far in 2024. Dundee shares have rallied 8.5% in this time period while Barrick is down over 16%. Also, Dundee holds more potential upside. Consensus…

Opinion about FNV-T: Gold's done well. She typically doesn't invest in commodity sectors. If you want gold exposure, one preference has always been FNV because of its royalty structure. This means you don't have to worry too much about operating costs of the underlying mine. Performed very well long-term over the cycle.

Opinion about WDO-T: Stockchase Research Editor: Michael O'Reilly WDO is a high-grade gold miner operating facilities in Ontario and Quebec.  Production in Quebec is ramping up as deep zone work is exploited -- creating a near doubling of production there.  Strong cash flow is allowing the company to aggressively retire debt while still seeing cash…

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 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 CAE-T: (A Top Pick Feb 05/24, Up 34%) Earnings good, guidance disappointed. But she takes a long-term view. One of the few stocks she owns with no dividend. Checked the boxes of recurring revenues, stable business. Still a pilot shortage in NA, geopolitical risks favour the defense segment.

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 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 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 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 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 SUM-T: (A Top Pick Jun 14/18, Up 59%) It is another example of an undervalued tech company in Canada. It was taken out by MS-N just over a month ago.

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 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 KMP.UN-T: Reports on November 5. Now trading at an interesting level, over 15% discount to NAV. Fallen perhaps because of announcement on immigration being curtailed. 60% of portfolio in Atlantic Canada, actively diversifying in Ontario and BC. Likes that 44% of assets are not subject to rent control. Expecting results to be good.…

Opinion about NVU.UN-T: It is a subject of a takeover and you might consider holding it until the close of the take out transaction. You could also move to another apartment REIT. Your upside is capped from here with NVU.UN-T.

Opinion about NXR.UN-T: Pretty good job transitioning to pure-play industrial, but some worry about capital allocation. Trades at a higher discount than peers. He wants more liquidity and concentrated in key markets. Better risk/reward in larger entities with more liquidity. See his Top Picks.

Opinion about CHP.UN-T: CHP.UN vs. CAR.UN CHP.UN is far more defensive. Great portfolio, with about 20% in industrial warehouse space (a sector he's quite bullish on). If you want defense, this is your better bet.With CAR.UN, you have to think about affordability and how defensive is the tenant base and the cashflow from that base.…

Opinion about EFH-T: Involved in nonstandard automobile/motorcycle insurance as well as home insurance. BV of around $14.37 but Tangible Book is $13.50. No debt. Overly capitalized by over $35 million. Stable management. Basically Canadian, but their big driver is Europe. 25%-30% growth. Will probably earn about $1.30 next year. Have an option of putting in…

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 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 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 CRON-T: It got stuck above $30 and is now building a nice base. He likes this.

Opinion about EMP.A-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 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 QSR-T: (A Top Pick May 02/24, Down 4%)Reports tomorrow. Trades at 20x EBIT over EBITDA, about normal. Shares are below a declining 200-day MA, but still above 200-week MA. Rising input costs of labour and commodities, as well as competition, have really held shares back. Question of saturation in Canada. Challenge to scale…

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 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 BCE-T: Does dividend cut make this a buy? Yield is now 5.8%, so still a decent yield. Won't be any dividend growth. Now more transparency on payout ratio, and partnership with PSP on Ziply eases financial burden. Could be a valuation gap up. A buy today is not for a short-term pop in…

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 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 ROI-X: The business allows a USB device to reach into a database. Many of the clients were US military and security agencies. A recent acquisition gives them good forward prospects.

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 AQN-T: Working to transition to a pure-play utility, still holding onto small (3%) renewable hydro assets. New CEO and management team doing good job so far. Most utilities are in the US, with staggered and ongoing rate reset price increases. Likes it.

Opinion about EMA-T: (A Top Pick Feb 05/24, Up 34%) Largest distribution utility is in Florida, where population growth has soared since pandemic. Regulator in Florida is easy to deal with. Diversified. Benefits from a risk-off mentality in the market.

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 PEY-T: Has good exposure to nat gas; he's a nat gas bull. They bought a fine company last year just as they smartly hedged natural gas. So, there's upside ahead. Pays a sustainable 6.9% dividend yield, which he expects to rise in June 2026 possibly to 8%.

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 ZAR-T: This had been on his Short List of about 10 companies. There is absolutely nothing wrong with it. He thinks you could get an 8%-10% rate of return. It just didn’t seem to have that key catalyst driver that could make it exciting. (See Top Picks.)

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 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 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 AMZ-X: (Past top pick March 6, 2018, Down 57%) When he bought it, he was interested in their copper play in Mexico. Since then, they had a big investment from Newcrest Mining. AMX has split into two companies, including Azucar. AMX is now the prospect generator. He owns them both. That transaction took…

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

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 TTD-X: They discovered dramatic interest in 3D printing in education. These guys specialize in education.

Opinion about GSR-X: Newmont took a position last year and surprised many at PDAC. Newmont is doing a joint venture on Goldstrike's Plateau property in the Yukon at a 90+% premium. Newmont is active and keen.

Opinion about SGI-X: They had a lousy quarter. The stock is too cheap now. A small market cap company--caveat. There's a lot of exploration upside. Their earlier quarters beat expectations. They're in the penalty box, but they will recover.

Opinion about DNT-T: Their deposit in Peru looks very attractive. It's large and has good grade. There is a significant amount of oxide material. A lot of upside potential.

Opinion about NCP-T: A small, very speculative land holder in Canada. Higher nickel prices may push this stock higher

Opinion about SHLE-T: One of his favourites. Has come off with rest of energy services names. Came off on tariff concerns, has applied for an exemption. Extremely cheap at 2x EBITDA. Strategic and highly profitable asset, could be takeover target.

Opinion about DWS-X: Canadian wine has big tailwinds, including Premier Ford's cash rebate that began last year which is putting cash into Ontario wineries. Also, retail outlets in Ontario are opening up. Volumes are surging. The Buy Canadian movement has a lesser impact. Removing interprovincial barriers will help. Many tailwinds now and this will raise…

Opinion about RYU-X: He would like to see a couple of good quarters out from them. It is thinly traded. You have to be prepared to watch it quarter by quarter.

Opinion about JTR-X: Doesn't know this company. Loves the space. Names with a good name, like "green" move well. They produce organic foods, and people are looking to eat healthier. Fancy name. Fancy products.

Opinion about PTG-T: Payout ratio is 56%. Sales are declining by 25% and earnings have fallen by 67%. He would be cautious and would look elsewhere. Yield 13%

Opinion about ASP-T: Good company. In some interesting spaces in terms of hormonal stuff. They are on the search for a Viagra for women. The numbers into 2016 are looking pretty good. He wants to see one or 2 more quarters, but if they keep doing things the way they are, it is a name…

Opinion about ATRL-T: Very strong portfolio of engineering and design and consulting. Plays into infrastructure, energy, and environment. Focus on nuclear will be important, with 15% of revenue coming from there. If Hwy 407 were sold at a good price, would be a catalyst to create value (but he wouldn't buy something just because there…

Opinion about HGD-T: Where you talk about a bear or bull ETF that is levered, they have no future. You are supposed to trade them on a day to day basis or possible a weekly basis. They are guaranteed to lose over the long term because of the way the gains are translated over night.…