Opinions by Mark Grammer | StockChase
656
Mark Grammer

Managing Dir. & Portfolio Manager

ON STOCKCHASE SINCE Sep 2002

Gluskin Sheff & Associates


Opinions by Mark Grammer


Signal Opinion Expert Chart

2017-11-20

TOP PICK
TravelSky Technology Ltd. (0696-HKG)

They are a global distribution system that allows airline reservations.  That market is growing in leaps and bounds in China.  They can’t be competed with by North American systems.  (Analysts’ target: HK$24.58).

Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.000
Owned: Yes

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2017-11-20

TOP PICK
Persol Holdings (Formerly Temp Holdings) co. Ltd. (2181 JP)

There are one and a half offers for every candidate.  You also have women entering into the workforce.  Companies need to hire HR firms.  He expects double digit growth.  They can help you source temporary workers including foreigners.  (Analysts’ target: 2745.).

Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.000
Owned: Yes

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2017-11-20

PAST TOP PICK
Persol Holdings (Formerly Temp Holdings) co. Ltd. (2181 JP)

(A Top Pick Dec 16/16, Up 59%)  He thinks it will continue to be a great performer.  There were two lost decades and he thinks they are exiting the lost decade.  They have great exposure to growth in their economy. 

Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.000
Owned: Yes

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2017-11-20

N/A
A Comment -- General Comments From an Expert 

Market.  The economies around the world are in synchrony and are good.  It has helped the international markets.  The emerging markets have led the ride.  They have been the best performers.  It is partly driven by a strong economy in China.  The big question is what happens in normalization of interest rates and lack of stimulation.  The macroeconomic text books were wrong and have to be re-written after we see what happens in 10 years.  Inflated real estate is a global phenomenon.  Prices are much higher than they have been in the past.  Sweden is a signal of what comes afterwards.  House prices are starting to decline and it will give us a road map as to what happens as housing prices around the world start to decline. 

Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.020
Owned: _N/A

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2017-11-20

COMMENT
A Comment -- General Comments From an Expert 

Oil and gas is an area he does not focus on because his Canadian investors can get it here.  He has only owned TOT-N, which he thinks is the best and number two is RDS.A-N.  Tot-N is fully integrated and has the best growth profile of all the majors in Europe.

Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.020
Owned: Yes

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2017-11-20

BUY
China Mobile Hong Kong (CHL-N)

He thinks it is attractively priced right now and would recommend it.  They have an 80% market share. They are a leader in the world in terms of ecommerce through WeChat usage.  We are starting to see them increasing their dividend.

Telecommunications
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $50.230
Owned: Unknown

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2017-11-20

DON'T BUY
Deutsche Bank AG (DB-N)

It is too complicated for him to invest in.  It is too difficult to analyze.

banks
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $19.170
Owned: No

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2017-11-20

PAST TOP PICK
Diageo PLC (DEO-N)

(A Top Pick Dec 16/16, Up 29%)  Spirits have been very strong.  Demand for scotch has increased.  They have Guinness which is not growing very fast.  China has come back for them.

food processing
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $137.160
Owned: Yes

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2017-11-20

BUY
HSBC Holdings P L C (HSBC-N)

It is a global bank, exposed to China, North America and the UK.  They are doing extraordinarily well in Asia.  They are very well placed for changes in banking in China.  He expects them to do well there.  We will see a new CEO coming in and it will be interesting to see what he does with the bank going forward.  It is a safe investment at these levels.

banks
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $48.340
Owned: No

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2017-11-20

PAST TOP PICK
Intesa Sanpaolo (ISP-BIT)

(A Top Pick Dec 16/16, Up 22%)  He works with a really strong credit team.  He came to the conclusion last year that the banks were in good shape in Europe.  European banks are now fully to over capitalized and can now grow loan demand. 

Financial Services
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.000
Owned: Unknown

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2017-11-20

WEAK BUY
JD.com Inc (JD-Q)

Ecommerce in China.  It is the ‘other’ internet ecommerce stock in China apart from BABA-N.  It is more like a store that has inventory, however.  BABA-N is through consignment.  JD is cheaper.  It is a good business and is leading edge in technology.  He may look at it in the future if it gets cheap enough.  He owns Tencent (TCEHY-5) but not BABA-N.

Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $39.200
Owned: No

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2017-11-20

SPECULATIVE BUY
Lloyds TSB Group PLC (LYG-N)

The BREXIT effect will not have predictable impacts.  He has heard news that May is looking to increase divorce payments.  Until we know how BREXIT will turn out it is hard to say what it will do to the British economy.  This one is trading relatively low to book value.  It is starting to show enough discount to show the BREXIT risk.  It is an interesting investment if you are up to the risk.

banks
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $3.550
Owned: Yes

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2017-11-20

STRONG BUY
Nestles (NSRGY-OTC)

It is his biggest holding.  He attended their investment day, talked to senior management and came away feeling quite confident in their future.  They are very focused on growth. 

food processing
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.001
Owned: Yes

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2017-11-20

DON'T BUY
Nintendo Company Ltd. (NTDOY.PK-OTC)

The stock has had a nice rebound.  The whole gaming space is on fire.  This is becoming a spectator sport.  They have great titles but it is a closed system.  If they ever opened their system you would see the stock double.  They are getting better online.  He is still not convinced.

entertainment services
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $0.010
Owned: Unknown

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2017-11-20

TOP PICK
Novartis AG (NVS-N)

It is a very big company with a pipeline of 13 drugs that are close to approves that could be blockbusters.  They have drugs for heart failure that cardiologists are keen on.  They have an eye care drug.  They have a nice mixture of health care drugs.  Pharma is unloved but that is an opportunity he can see.  (Analysts’ target: $93.00).

biotechnology/pharmaceutical
Mark Grammer

Managing Dir. & Portfolio Manager, Gluskin Sheff & Associates

Price: $83.220
Owned: Yes

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