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: AEM, WPM and FNV need to be in every single precious metals portfolio.

Opinion about WDO-T: (A Top Pick Apr 29/25, Up 19.4%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with WDO has achieved its target at $20.  To remain disciplined, we recommend covering half the position at this time and maintaining the stop at $16.

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 Yesterday, Bloomberg posted an article noting it may ultimately cost more to address a high-temperature event at WCN's Chiquita Canyon Landfill than previously thought. The company has budgeted for $100M to $150M in remediation costs this year but Bloomberg said it may…

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: Mostly grocery-anchored retail, and the whole sector's in good shape. Captive to Sobey's; inherent conflict of interest where the biggest shareholder owns the biggest tenant and doesn't want rents raised. So he prefers the independent REITs.

Opinion about AP.UN-T: Office buildings. Big yield, and he thinks they'll be able to keep paying it. Most buildings are in Toronto, with vacancy at 20%. Long time before it can raise rents again.

Opinion about DIR.UN-T: Portfolio is half in Canada, half in Europe. Europe doesn't have a lot of population growth, but the real estate is in dense cities and hard to replace. Fundamentals for industrial real estate in Canada are terrific, as there's still lots of room to grow in adoption of e-commerce. As well, Canada's…

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: Main tenant is WMT, which is a blessing and a curse. WMT drives a lot of traffic and attracts a lot of tenants, and it has great credit. But WMT has locked in low rents for a long time, though rents can be raised for the other tenants. Not as much growth…

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: Unique feature of large bays and international tenants, rather than smaller businesses. Europe, US, and Canada. Under extra pressure because of leases to MG; he sees no real risk there, as MG is very well run with low debt, actual exposure is ~3%. Industrial market has been punished unreasonably, good value for…

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: Very well managed. Company size is in the top 5. Originally focused on the Maritimes, which has seen a lot of population inflows. Expanding into other markets in Ontario such as Kitchener-Waterloo. Likes that they're experienced developers, always improving. Energy-efficient, new construction. Not facing high-rent pressures of others.

Opinion about NVU.UN-T: Unique. Core of the portfolio is in northern Canada. A lot of the leases are pseudo-government leases for government employees. Debt is a bit too high, but the core income will help de-lever over time.

Opinion about NXR.UN-T: Industrial properties in Western Canada, London, and Montreal. Not quite big enough for the index, but it's close. Some really good assets. If they can just get over the hump to the $1-1.5B market cap, then this could become an in-favour REIT with institutions. Thinks they can do it if they can…

Opinion about CHP.UN-T: Grocery-anchored retail, and a big industrial portfolio. Core retail has been a great sector, with almost no new construction but the population keeps growing. Landlords really have the advantage over tenants right now, growing rents rapidly. 

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: Hostile takeover. Diversified REIT that doesn't work very well anymore, as it tends to trade at the multiple of the least-liked sector it owns, and it has a lot of office. If you own, hold on, as today's press release indicated interest from multiple parties (and so a higher bid may come…

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: She's nervous about the consumer, particularly in Canada. Highly indebted consumer is being more cautious on discretionary spending. If it were just Tim's, she'd be OK with it because she likes the trade-down economics. Burger King is still closing stores, lots of competition and margin pressure.

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: All telcos have been facing highly competitive pricing environment, slowing immigration targets, and lots of infrastructure capex. Better payout ratio, as it didn't raise dividends as much as others. So the dividend is safe. Debt issue from MLSE deal; sports assets are valuable, but not necessarily cashflow positive.

Opinion about BCE-T: (A Top Pick Jun 10/24, Down 24%) This pick was before the sale of MLSE to Rogers and before the acquisition of Ziply. The yield was 10%, over the worst of fibre capex, and lower interest rates would help. She figured it had so many assets, that any of them could be…

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: Does fluctuate a bit with the price of oil, but not as much as a producer. Attractive income name. Federal government's infrastructure plan would be positive for pipelines, albeit a few years away. Yield is close to 6%, and the dividend increases every year.

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: Sold off renewables (still owns some hydro), transitioning to pure-play utility. Stock was up 10% after last month's investor day, so it appears that investors believe in its back-to-basics strategy. Up 20% YTD, outperforming others. Demand for energy continues to increase. This company isn't going anywhere, and it has the best valuation…

Opinion about EMA-T: Big acquisition a year ago increased presence in US, and that will be its growth driver. It's fine as an income stock, with a nice yield. But see her Top Picks.

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: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The stock is exceptionally cheap at 4X earnings but that has not prevented a 13% YTD decline. The balance sheet is a bit levered but nothing too concerning. Insiders own 14% and have been net buyers in 2025. It's interesting, but very…

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.…