Stock Opinions by Michael Decter - Stockchase Experts
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Michael Decter

On Stockchase since : Nov 2006

President & CEO at Lawrence Decter Investment Counsel

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Stock Opinions by Michael Decter - Stockchase Experts

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COMMENT
General Market Comment 

April 15, 2019

The Alberta election is tomorrow and we have a shortened trading week due to Easter. It looks like the Conservatives will win in Alberta, but Notley did an admirable job running the province. We'll see conservative premieres across Canada lobby Trudeau to build pipelines. He's positive about the Canadian economy, certainly compared to last December. He wasn't surprised by the sharp recovery. Now, it's uncertain: are we in a slow-growth economy or tiptoeing to recession? The answer: nobody knows....JP Morgan is more of a barometer for the US economy than Goldman Sachs...He expects Canadian bank earnings will be good, despite what an American short-seller thinks. The Canadian housing bubble has softened already, especially in Vancouver. Banks and financials are steady and safe. If you can take more risk, buy during market pullbacks.
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The Alberta election is tomorrow and we have a shortened trading week due to Easter. It looks like the Conservatives will win in Alberta, but Notley did an admirable job running the province. We'll see conservative premieres across Canada lobby Trudeau to build pipelines. He's positive about the Canadian economy, certainly compared to last December. He wasn't surprised by the sharp recovery. Now, it's uncertain: are we in a slow-growth economy or tiptoeing to recession? The answer: nobody knows....JP Morgan is more of a barometer for the US economy than Goldman Sachs...He expects Canadian bank earnings will be good, despite what an American short-seller thinks. The Canadian housing bubble has softened already, especially in Vancouver. Banks and financials are steady and safe. If you can take more risk, buy during market pullbacks.
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$0.000
Owned Owned
Unknown

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BUY
Manulife Financial(MFC-T) 

April 15, 2019

The court ruled in MFC's favour and is now in the past. They just did an executive shake-up. He thinks MFC is going in the right direction, but keep an eye on it. Interest rates are pretty good now for the insurers. MFC has done a good job using automation to reduce costs.
insurance
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The court ruled in MFC's favour and is now in the past. They just did an executive shake-up. He thinks MFC is going in the right direction, but keep an eye on it. Interest rates are pretty good now for the insurers. MFC has done a good job using automation to reduce costs.
insurance
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$24.300
Owned Owned
Unknown

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BUY on WEAKNESS
CEO Linton has done a brilliant job to build this company. Now, what is Canopy really worth per share? Who knows? There aren't good metrics developed yet for this sector. Linton is the rock star in this space. Don't buy on new highs, but wait. He has owned this and done well. Expect volatility--it'll keep you up at wait. Don't invest more than 5% of your portfolio in this. You can trade the volatility in this stock.
agriculture
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CEO Linton has done a brilliant job to build this company. Now, what is Canopy really worth per share? Who knows? There aren't good metrics developed yet for this sector. Linton is the rock star in this space. Don't buy on new highs, but wait. He has owned this and done well. Expect volatility--it'll keep you up at wait. Don't invest more than 5% of your portfolio in this. You can trade the volatility in this stock.
agriculture
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$54.400
Owned Owned
No

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BUY
Inter Pipeline(IPL-T) 

April 15, 2019

It was his largest holding, then got out of it when it ran up too high. Their strength was always having major take-or-pay contracts to take oil out of the oil sands, from where he expects more oil production. He also likes IPL because they're trying to build in pipeline-friendly areas, namely north-south in Alberta and not east-west to BC which opposes pipelines. They probably have a sustainable dividend. They've bought storage in the Danish to diversify and not be dependent on Canada. This will be a bumpy ride until the Transmountain pipeline is built, and this won't happen until there's a change in Ottawa.
oil pipelines
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It was his largest holding, then got out of it when it ran up too high. Their strength was always having major take-or-pay contracts to take oil out of the oil sands, from where he expects more oil production. He also likes IPL because they're trying to build in pipeline-friendly areas, namely north-south in Alberta and not east-west to BC which opposes pipelines. They probably have a sustainable dividend. They've bought storage in the Danish to diversify and not be dependent on Canada. This will be a bumpy ride until the Transmountain pipeline is built, and this won't happen until there's a change in Ottawa.
oil pipelines
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$22.330
Owned Owned
Yes

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BUY
Toronto Dominion(TD-T) 

April 15, 2019

After missing its first quarter, can TD still meet its 2019 target of $83? A big, long holding for him. TD is truly a North American bank, dependent on both economies. Doesn't know if TD will hit $83 this year, but if they don't, he's not worried.
banks
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After missing its first quarter, can TD still meet its 2019 target of $83? A big, long holding for him. TD is truly a North American bank, dependent on both economies. Doesn't know if TD will hit $83 this year, but if they don't, he's not worried.
banks
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$74.860
Owned Owned
Yes

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BUY
All Brookfield stocks are good--you can buy more than one of them. There's one recent issue though: they bought an elephant of a building from Jared Kushner in New York--was it a good investment or is Brookfield cozying up to Kushner? Then again, BPY can't be hurt from any single building they buy.
REAL ESTATE
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All Brookfield stocks are good--you can buy more than one of them. There's one recent issue though: they bought an elephant of a building from Jared Kushner in New York--was it a good investment or is Brookfield cozying up to Kushner? Then again, BPY can't be hurt from any single building they buy.
REAL ESTATE
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$28.260
Owned Owned
Yes

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BUY
BAM vs. Onex They're very different companies. BAM has moved from infrastructure to being more private equity; it's larger than Onex. Onex just bought Gluskin and Sheff, branching into a new direction. You can do well owning both; buy 50/50 in them. He can't favour one over the other.
management/diversified
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BAM vs. Onex They're very different companies. BAM has moved from infrastructure to being more private equity; it's larger than Onex. Onex just bought Gluskin and Sheff, branching into a new direction. You can do well owning both; buy 50/50 in them. He can't favour one over the other.
management/diversified
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$64.210
Owned Owned
Yes

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BUY
Onex Corp(ONEX-T) 

April 15, 2019

BAM.A vs. Onex They're very different companies. BAM has moved from infrastructure to being more private equity; it's larger than Onex. Onex just bought Gluskin and Sheff, branching into a new direction. You can do well owning both; buy 50/50 in them. He can't favour one over the other.
mngmnt/diversified
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BAM.A vs. Onex They're very different companies. BAM has moved from infrastructure to being more private equity; it's larger than Onex. Onex just bought Gluskin and Sheff, branching into a new direction. You can do well owning both; buy 50/50 in them. He can't favour one over the other.
mngmnt/diversified
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$78.220
Owned Owned
Unknown

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PAST TOP PICK
(A Top Pick Oct 16/18, Up 3%) Got hammered in December but has recovered well. It's the best American bank. Its peers have disappointed him. Can't go wrong with it.
Financial Services
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(A Top Pick Oct 16/18, Up 3%) Got hammered in December but has recovered well. It's the best American bank. Its peers have disappointed him. Can't go wrong with it.
Financial Services
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$109.940
Owned Owned
Yes

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PAST TOP PICK
Parkland Fuel Corp(PKI-T) 

April 15, 2019

(A Top Pick Oct 16/18, Down 13%) He's holding to hold it, but he picked it when PKI was at its peak. He thinks it'll reach new highs. It's not exposed to price risk on oil; rather, it's an oil distributor, a retail play.
merchandising/lodging
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(A Top Pick Oct 16/18, Down 13%) He's holding to hold it, but he picked it when PKI was at its peak. He thinks it'll reach new highs. It's not exposed to price risk on oil; rather, it's an oil distributor, a retail play.
merchandising/lodging
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$40.250
Owned Owned
Yes

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PAST TOP PICK
Analog Devices(ADI-Q) 

April 15, 2019

(A Top Pick Oct 16/18, Up 33%) It had a great run and got oversold. He bought it at the right time.
electrical/electronic
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(A Top Pick Oct 16/18, Up 33%) It had a great run and got oversold. He bought it at the right time.
electrical/electronic
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$112.940
Owned Owned
Yes

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BUY
Descartes(DSG-T) 

April 15, 2019

It's done great for him for the past 5 years. This is a consolidator--when they buy something, it makes the company stronger, adding a deeper dynamic and profit. DSG is buying more shipping to add to their cross-border processing business. Also, they're expanding geographically, now in Australia. They do 2-3 acqusitions a year. It's become quietly a strong company worth holding for the long haul.
computer software/processing
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It's done great for him for the past 5 years. This is a consolidator--when they buy something, it makes the company stronger, adding a deeper dynamic and profit. DSG is buying more shipping to add to their cross-border processing business. Also, they're expanding geographically, now in Australia. They do 2-3 acqusitions a year. It's become quietly a strong company worth holding for the long haul.
computer software/processing
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$50.410
Owned Owned
Yes

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WEAK BUY
He owns more of AQN. The companies in this space are pricey, because investors are moving away from fossil fuels and buying these renewables. Yes, these stocks can get pricey, so don't buy at the top and buy more than one like AQN or BLX, which are better than NPI.
Utilities
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He owns more of AQN. The companies in this space are pricey, because investors are moving away from fossil fuels and buying these renewables. Yes, these stocks can get pricey, so don't buy at the top and buy more than one like AQN or BLX, which are better than NPI.
Utilities
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$23.790
Owned Owned
Yes

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BUY
Akumin Inc.(AKU.U-T) 

April 15, 2019

A longtime favourite of his. AKU is a consolidator of imaging centres (x-rays, CAT scans, MRIs) at outpatient centres. There are bigger competitors, but they're trading at a higher 9x multiple than AKU. AKU trades around 8x. Today's acquisition was at 7x and addeds $30 million more EBITDA. There's still lots of consolidation to go in the U.S. So AKU can keep buying. Lots of runway ahead.
medical services
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A longtime favourite of his. AKU is a consolidator of imaging centres (x-rays, CAT scans, MRIs) at outpatient centres. There are bigger competitors, but they're trading at a higher 9x multiple than AKU. AKU trades around 8x. Today's acquisition was at 7x and addeds $30 million more EBITDA. There's still lots of consolidation to go in the U.S. So AKU can keep buying. Lots of runway ahead.
medical services
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Michael Decter

President , Lawrence Decter Inve...

Price Price
$3.950
Owned Owned
Yes

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BUY
MEG Energy Corp(MEG-T) 

April 15, 2019

He's trimmed his energy holdings to 5%, but is now buying back because energy is coming back. MEG is his top choice here and bought some last week. MEG is the most undervalued Canadian energy stock. Oil though can be volatile.
oil/gas
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He's trimmed his energy holdings to 5%, but is now buying back because energy is coming back. MEG is his top choice here and bought some last week. MEG is the most undervalued Canadian energy stock. Oil though can be volatile.
oil/gas
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0 comments
Michael Decter

President , Lawrence Decter Inve...

Price Price
$6.140
Owned Owned
Yes

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