Opinions by Peter Imhof | StockChase
698
Peter Imhof

Vice President & Portfolio Manager

ON STOCKCHASE SINCE Jan 2008

AGF Investments Inc


Opinions by Peter Imhof


Signal Opinion Expert Chart

2017-09-28

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

Markets.  If you look at Canada, we are trading at quite a discount to the US.  If you look at the Copper price, and oil price, over the last number of months they are starting to move up.  In 6 of the last 7 years small caps have underperformed.  These sectors should start to do better.  A lot of bigger energy names got added to the small cap index.  They will probably start to move their weights up. 

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: _N/A

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2017-09-28

WATCH
AGT Food & Ingredients (AGT-T)

He just started to realize that quarter after quarter they were starting to miss and debt levels were quite high.  Fairfax lent them quite a bit of money.  It is like Warren Buffet taking part of the company on the cheap.  He exited about 9 months ago.  He is watching for revenues to come up.

agriculture
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $24.470
Owned: No

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2017-09-28

WATCH
Aphria Inc (APH-T)

This is the only play he has ever owned in the Marijuana space.   He did extremely well on it but before all the hype about it.  The market caps are now so large and not spinning off much cash flow so it is hard for him to justify them.  He likes the management and they are one of the low cost producers.  He stays away because of valuations. 

agriculture
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $6.860
Owned: No

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2017-09-28

DON'T BUY
Avigilon Corp (AVO-T)

The CEO runs it like a private company.  It is hard for him if he is not aligned with the CEO.  The stock has done alright on a longer term chart.  But he will not invest in it.

INDUSTRIAL PRODUCTS
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $17.820
Owned: No

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2017-09-28

BUY
Grande West Transportation Group (BUS-X)

He took the majority of a recent financing.  They are just starting to ramp up and are now earnings positive.  Their backlog should keep them busy for the next couple of quarters. 

Transportation
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.750
Owned: Yes

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2017-09-28

WEAK BUY
Clearwater Seafoods Inc.  (CLR-T)

He exited about 5 months or so ago.  They pretty much had 100% of the quotas in Canadian in these shell fish.  The last couple of quarters were half decent for them but the last few years were choppy.  It is coming down to a valuation that makes more sense.

Financial Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $9.180
Owned: No

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2017-09-28

SELL
CRH Medical Corp. (CRH-T)

He exited this story.  He was a big bull.  It came back for stock specific stories.  Multiple compression resulted from short reports. 

biotechnology/pharmaceutical
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.890
Owned: No

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2017-09-28

WAIT
Diversified Royalty Corp. (DIV-T)

It has had a really big run here. It was falling and then they signed with Air Miles. Now their payout ratio is not above 100% like it was. They may sign another deal by year end and that would cover off their dividend. He likes the management team but he is not sure theres much more upward room left, unless they sign another deal. Some analysts are calling for $3.75-$4. There's strength and the fundamentals are looking good, but he thinks its more fairly priced now than it was a couple months ago.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.100
Owned: Yes

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2017-09-28

HOLD
Diamcor Mining Inc. (DMI-X)

South African mining.  It has been quite disappointing.  They had a hiccup in their production.  He still owns it.  They have been finding larger karats but have had a bit of a water issue.  You need to continue to hold it. 

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.590
Owned: Yes

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2017-09-28

COMMENT
Freshii Inc (FRII-T)

Disappointed with recent results and guided down store openings. There hasn't been many successful IPOs in Canada in the last few years. They didn't have enough visibility in what was coming in the first few quarters to build a strong shareholder base and keep IPO shares price up.

food services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $5.600
Owned: Unknown

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2017-09-28

BUY
Firan Technology Group Corp. (FTG-T)

It has done extremely well since he last recommended it.  They made some management changes but he still likes it.  There are more and more planes being ordered.  It is fairly cheap but there is not a lot of liquidity to it.  It still looks cheap.  He thinks they will come out with better quarters. 

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.390
Owned: Yes

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2017-09-28

BUY
Gear Energy (GXE-T)

It is a small position for him.  It is heavier oil and has not kept up with other names.  It is under the radar.  He is quite impressed with their production ramp up and netbacks.  People are hesitant to move down to these microcap names.  It looks cheap.  The oil price has moved up but this stock has not.  He would buy.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.790
Owned: Yes

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2017-09-28

WATCH
Impact Silver Corp. (IPT-X)

It has come off over the last couple of weeks.  A lot of people were playing it as a materials stock.  The last couple of quarters were not that strong.  There have been some increases in costs.  The next couple of quarters should not be that strong.  He is going to take a closer look at it if it comes down a little further. 

precious metals
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.330
Owned: No

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2017-09-28

PAST TOP PICK
Milestone Apartment REIT (MST.UN-T (Dead))

(Top Pick Dec 20/16, Up 18%) He did not want them to get taken over.  He thought there was more growth left.  You would have got more upside over a couple of years. 

REAL ESTATE
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $22.150
Owned: No

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2017-09-28

HOLD
NYX Gaming Group Ltd (NYX-X)

It has been doing well lately.  There as a takeover bid for it at 105% premium.  He owns a lot of it.  He has not sold yet .  He prefers to hold on to it.  He will still get a little bit if he holds it and someone else may come in to bid higher.  He would rather hold it.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.360
Owned: Yes

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2017-09-28

DON'T BUY
Pengrowth Energy (PGF-T)

The last few days it has moved.  This is not one he is invested in because of the debt load.  They are trying to rectify this.  He prefers other companies with higher netbacks.  There are better opportunities for a highly levered oil company. 

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.300
Owned: No

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2017-09-28

BUY
Photon Control (PHO-X)

They have a great balance sheet, with 25% of market cap in cash and their margins continue to increase.  He sees some follow on.  Their recent management changes will benefit them.  They have a pristine balance sheet.  There is a lot of upside and the downside is limited.

electrical/electronic
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.510
Owned: Unknown

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2017-09-28

BUY on WEAKNESS
Pivot Technology Solutions Inc. (PTG-T)

This is a micro cap stock and the company has slim margins.  It has done well.  You get a lot of leverage if margins do move up.  It is a bit small for him.  He wants to wait for a few quarters and see if they get their margins up.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.590
Owned: No

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2017-09-28

BUY
Parex Resources Inc. (PXT-T)

It is one of his favourite oil names and is in his top ten.  It came off over a 4 week period and has moved up.  They want to get to 50k BOE per day over the next 5 years.  He can sleep well at night even though it is in Columbia.  It is one of the goto names in Columbia from Canada. 

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $15.040
Owned: Yes

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2017-09-28

WAIT
StorageVault Canada (SVI-X)

He likes the story.  It has come off.  He is looking at adding to it.  It is not cheap but it is the only way to play storage in Canada.  He thinks it will consolidate here.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.150
Owned: Yes

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2017-09-28

PAST TOP PICK
Tahoe Resources (THO-T)

(Top Pick Dec 20/16, Down 44%)  He thought he was picking it up near the bottom.  It is geopolitical issues.  It is a difficult environment there now and he exited but may take another look at it. 

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $6.420
Owned: No

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2017-09-28

TOP PICK
Spin Master Corp (TOY-T)

One of Canada’s great success stories.  Management owns a huge chunk of it.  They recently came out with a high quarter.  They were up 42% in Q1.  The next 6 months or so will have them beating expectations.  (Analysts’ target: $52.00).

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $46.570
Owned: Yes

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2017-09-28

BUY
Trevali Mining Corp (TV-T)

It has done well.  This is the pure play.  He bought it in a smaller fund of his.  He likes it but it will be quite volatile.  This is the one way to play zinc.

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.420
Owned: Yes

Must be logged in to use chart

2017-09-28

TOP PICK
Tamarack Valley Energy (TVE-T)

There were in the penalty box for quite some time.  They did not structure their acquisition very well.  It is now going better than they expected.  He really likes that they are in a similar play to another that is perfecting the play in Alberta.  The market is not rewarding them for this at present.  He thinks they will beat expectations.  (Analysts’ target: $3.75).

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.850
Owned: Yes

Must be logged in to use chart

2017-09-28

BUY
Whitecap Resources (WCP-T)

He likes this one.  It is not in his top 5 but the management team has done a good job.  They have good production growth.  He would buy at these prices.

Oil and Gas (Integrated Oils)
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $9.730
Owned: Yes

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2017-09-28

TOP PICK
WPT Industrial REIT (WIR.U-T)

It pays a nice dividend (5.6%).  It is close to hitting new highs.  Amazon is one of their clients – the 7th largest.  Most analysts like it.  It does not trade a lot because it is heavily owned by insiders.  It could play out quite well over the next few years.  (Analysts ’target: $14.00).

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $13.400
Owned: Yes

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2017-09-28

PAST TOP PICK
Yangarra Resources (YGR-T)

(Top Pick Dec 20/16, Up 101%)  Their net backs are about the largest in the industry.  They have beaten guidance and all the analysts have moved their numbers up.  They are the fastest growing small cap company.  If we get a lift in oil prices it will go up even higher.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.890
Owned: No

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2017-05-25

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

Market. This is the weak period seasonally where liquidity dries up. You want to make sure you have very high conviction in the small caps you own during this period. He has a little more cash than what he would usually have. Although cautious because of the seasonality, long term he is bullish.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2017-05-25

COMMENT
AcuityAds Inc (AT-X)

This has done well. Originally, he had thought it was a concept stock, but they’ve proved their concept is working. He is not ready to invest yet.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $4.140
Owned: No

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2017-05-25

COMMENT
Grande West Transportation Group (BUS-X)

He really likes the story. Their backlog for 2018 looks very strong, and the stock has moved up quite a bit. They just have to execute on all their orders, and you will be able to see how they do over the next several quarters.

Transportation
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.950
Owned: Yes

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2017-05-25

COMMENT
CRH Medical Corp. (CRH-T)

This got up to $11-$12, where he thought it was a little ahead of itself. Markets were jittery and someone came out with a Short report, so a lot of Shorts piled on and the stock came off quite a bit. At the current value of around $8, it looks half decent. He is comfortable with management.

biotechnology/pharmaceutical
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $8.050
Owned: Yes

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2017-05-25

COMMENT
Ceapro Inc. (CZO-X)

A very high margin business. They do beta glucan that goes into Burt’s Bees, Aveeno etc. It is extracted from oats. This is a small component of a number of their products, but margins are very high. They were getting orders from a few companies in China, which ramped up their earnings. The last quarter wasn’t great. He still likes the company. It is going to be bumpy in terms of earnings.

Healthcare
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.020
Owned: Yes

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2017-05-25

DON'T BUY
DHX Media (DHX.B-T)

Just made a large acquisition of Strawberry Shortcake and Peanuts. In the last while, there has not been a lot of positive cash flow from the properties they have. A lot of their properties are older and are not the hottest, so they are trying to rejuvenate them. He is staying on the sidelines.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $6.020
Owned: No

Must be logged in to use chart

2017-05-25

COMMENT
Diversified Royalty Corp. (DIV-T)

Payout ratio is more than 100%, but they sold one of their Alberta assets. They are looking to redeploy that cash from that, but for now they’re going to pay a little bit more than their actual cash flow numbers. Their dividend is quite high at about 8.5%, so people are worried about that. If you break up this company, you could get close to $3.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.630
Owned: Yes

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2017-05-25

COMMENT
Diamcor Mining Inc. (DMI-X)

Would have expected them to be cash flow positive this past quarter, but they weren’t, but are ramping up nicely. However, rough diamond prices have come off quite a bit. This is a very, very cheap stock. He really likes the capital structure, it is only about $50 million market cap. Thinks they will start to ramp up and will start to see some cash flow and earnings. He is still quite bullish on this.

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.990
Owned: Yes

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2017-05-25

PAST TOP PICK
Espial Group (ESP-T)

(A Top Pick May 12/16. Up 20%.) This has been in the news with a hedge fund trying to replace some people on the board. Feels there needs to be changes. The market cap is about 45% in cash. They have 2 companies that make up the majority of their revenue. He is hoping they can bring on some new customers.

Business Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.490
Owned: Yes

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2017-05-25

DON'T BUY
Flyht Aerospace Solutions (FLY-X)

This is trying to improve black box flight recorder technology. Looking at the long-term chart, they haven’t gained a lot of traction. He doesn’t like to invest on hope, but prefers to see some results for several quarters first. This seems more like a lottery ticket.

Transportation
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.240
Owned: No

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2017-05-25

PAST TOP PICK
Firan Technology Group Corp. (FTG-T)

(A Top Pick May 12/16. Up 70%.) Electronic circuit boards and display equipment. It looks like they are going to put up some good earnings this year. In 2018 they’ll be able to earn $.40 or so. The problem is, there is not much liquidity to it.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $4.200
Owned: Yes

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2017-05-25

COMMENT
Knight Therapeutics (GUD-T)

This is more of a cash shell, but also has some products. Excellent management team. One thing; this trades above cash, and he likes to trade at a discount to cash.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $9.960
Owned: No

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2017-05-25

HOLD
Intrinsyc Software Inc (ITC-T)

A technology play and he doesn’t know the story well. It looks like they were putting up some very good earning numbers for several quarters in a row, however the recent quarter was not very strong. There may be some weakness in the coming quarter, but it looks like the back half of the year will be coming on strong because of some new customers.

computer software/processing
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.020
Owned: No

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2017-05-25

COMMENT
Lite Access Technologies (LTE-X)

They are doing distinctive infrastructure, where they are digging trenches to get that last mile to the home. They are doing this in the UK, and have a large contract with one company. He really likes the story, but is waiting to see some revenues and earnings drop to the bottom line over the next few quarters. Has a small position, waiting to see if they can improve their concept out over the next couple of quarters.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.410
Owned: Yes

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2017-05-25

HOLD
Magellan Aerospa (MAL-T)

He really likes this company. The multiple is very low. When he recommended it in the past, it was about 10X earnings. You only have to get a couple of multiple readings above that to get a much, much higher stock price. Last quarter wasn’t great, but thinks the cash flow generation is still there. The problem is that it is very illiquid, so for individuals it is a good one to own, but for institutions it is difficult.

transportation equip & components
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $21.000
Owned: No

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2017-05-25

TOP PICK
Photon Control (PHO-X)

A technology company that works in the semiconductor space doing etching. (Only 1 analyst follows.) Has a pristine balance sheet. 25% of the market cap is in cash. Has a good backlog over the next number of quarters. Reporting in about a week or so, and expects them to have an all-time record of top line revenue. (Analysts’ price target is $2.)

electrical/electronic
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.400
Owned: Yes

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2017-05-25

DON'T BUY
Painted Pony Energy (PONY-T)

When companies tell us they have great assets, and then go out and buy something else, he wonders why they have to do that. The company is in the penalty box.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $5.260
Owned: Unknown

Must be logged in to use chart

2017-05-25

PAST TOP PICK
Parex Resources Inc. (PXT-T)

(A Top Pick May 12/16. Up 22%.) He really likes management. Started out, 5-6 years ago, with 5000 BOE of production. In the recent quarter, they produced 32,500 and their NETBACKS increased quite a bit. There have been 8 consecutive quarters where their transportation costs have gone down. It is one of the only oil/gas companies that has cash on the balance sheet. They increase their production through cash flows, which is a great indication of how they’ve been able to build the NAV. He still likes this.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $16.460
Owned: Yes

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2017-05-25

COMMENT
Quarterhill Inc (QTRH-T)

This still has its patent litigation, but has now deployed some capital into buying a couple of other companies. It is going to become a holding company. Recently bought International Road Dynamics and one other company. Thinks they are trying to transform the company, so there will probably be a turnover in terms of shareholders. There will probably be a discount to the sum of its parts.

electrical/electronic
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.880
Owned: Unknown

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2017-05-25

COMMENT
Real Matters Inc. (REAL-T)

This does mortgage appraisal, with 90% of revenues coming from the US. They’ve done a great job in terms of signing up a lot of the larger US banks. They just went public this month. He really likes the story. If you have a long-term perspective, he thinks the company is going to do extremely well. You just have to be patient in terms of them getting market share.

Financial Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $12.850
Owned: Yes

Must be logged in to use chart

2017-05-25

TOP PICK
Pure Multi-Family REIT LP (RUF.U-X)

A multifamily REIT of Class A rentals in the US in the Sunbelt. The majority of assets are in Texas, one of the fastest-growing states in the US. Rental prices have been going up. Recently announced a couple of acquisitions in Arizona. Good management. Dividend yield of 5.4%. (Analysts’ price target is $7.25.)

REAL ESTATE
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $7.050
Owned: Yes

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2017-05-25

DON'T BUY
Sherritt International Corp. (S-T)

Hasn’t followed this closely over the past couple of months, but did do a lot of work on it 6 months ago. Had a lot of debt they were trying to get rid of, at which time the multiple would expand. That has happened, but the stock really didn’t react the way people expected. He would stay on the sidelines.

integrated mines
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.800
Owned: No

Must be logged in to use chart

2017-05-25

COMMENT
Savaria Corp (SIS-T)

He likes the story. They do chair lifts, etc. for people who want to stay in their homes. The multiple is getting quite stretched. Raised some money and then did an acquisition. Thinks the acquisition is going to be highly accretive and make it a much bigger company. Likes management.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $16.840
Owned: Yes

Must be logged in to use chart

2017-05-25

COMMENT
Spartan Energy Corp (SPE-T)

This was a market darling for quite a while. All the energy names have come down quite a bit. This company is still performing well in terms of their net back. He was buying this below $3.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.230
Owned: Yes

Must be logged in to use chart

2017-05-25

COMMENT
Trevali Mining Corp (TV-T)

One of the only pure play zinc producers. He doesn’t like some of the assets. Thinks they had some problems in this recent quarter. He does like the story, but would be looking for a lower entry point. Zinc can be very volatile and very niche. You have to have a long-term belief in the price of zinc. He would like it at around $1.05 or so.

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.180
Owned: No

Must be logged in to use chart

2017-05-25

TOP PICK
Yangarra Resources (YGR-T)

The company was producing 2900 BOE’s in December, which went to 4000 in February. They are now producing 6000. Even though the stock has gone up a ton, the valuation has remained the same because cash flow generation and production has gone up as much, if not more, than the valuation. In the last quarter, they recorded $.13 in cash flow, which is up 200%, versus last year. Probably going to do $.55 in cash flow this year, so it is still not expensive. (Analysts’ price target is $4.)

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.310
Owned: Yes

Must be logged in to use chart

2017-02-28

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

Market. The market is almost flat year to date. We had a big move at the end of the year after the US election. He has seen a lot of good earnings come through that has just reported, so there is good visibility on a lot of companies. You have to be more of a stock picker in this environment. Good correlations have broken down, but that is the type of manager he is and where he has historically been able to perform.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2017-02-28

COMMENT
A Comment -- General Comments From an Expert 

Stocks that will do well in US defence spending? He doesn’t follow the US market closely, but for Canada there is CAE (CAE-T) that will benefit from larger defence spending. Also, Top Picks will include a stock that has a portion of their business in US defence spending. Sometimes these stocks move ahead of the news, so sometimes it is good to sell into the news and wait for a pullback. The spending doesn’t happen for a while, so it will take a while for you to see it in earnings.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: Unknown

Must be logged in to use chart

2017-02-28

COMMENT
AutoCanada Inc. (ACQ-T)

The stock did extremely well, and then they did a financing and the stock came off. Oil prices had come off and most of their dealerships were in Alberta. They’ve been consolidating quite a bit. Has traded sideways for about 1.5 years. When things start to come back, these guys will garner a higher multiple. Also, they are the only way to play the auto dealership sector in Canada.

specialty stores
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $22.970
Owned: Yes

Must be logged in to use chart

2017-02-28

COMMENT
Brick Brewing Company Ltd. (BRB-T)

What normally happens with the smaller brewers is that they get taken out. He likes the company, but doesn’t follow it closely. A good story with good earnings growth.

breweries/beverages
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.900
Owned: No

Must be logged in to use chart

2017-02-28

TOP PICK
Grande West Transportation Group (BUS-X)

They make smaller buses, relative to New Flyer (NFI-T). It will probably be his “go to” name over the next couple of years. Thinks they are at an inflection point where they have over 240 buses in backlog. Have just started to ramp up in terms of production, and thinks Q1 will be a good quarter. Has a huge advantage over everybody else. It is more cost efficient for people to buy these buses, because if you look at the 40 foot buses that are out there, they are driving around fairly empty after peak hours. The US is spending a lot more money in this area in terms of municipalities. Probably going to earn $.10 this year, and maybe $.15 in 2018, and will probably trade at around 14X next year’s earnings, but earnings are going to be extremely strong. (Analysts’ price target is $2.25.)

Transportation
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.400
Owned: Yes

Must be logged in to use chart

2017-02-28

PAST TOP PICK
Boyd Group Income Fund (BYD.UN-T)

(A Top Pick Jan 8/16. Up 42%.) A great company. They’ve done a great job in terms of same store sales growth. Management is A+ and he has the utmost confidence in them. Stock is not trading at a low multiple, but over the last 5 years their EPS growth has grown by 25% compounded annually. They’ve done a very good job and there is still a lot of consolidation going on in the US. They are still talking about a lot of growth over the next couple of years.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $86.270
Owned: Yes

Must be logged in to use chart

2017-02-28

COMMENT
Clearwater Seafoods Inc.  (CLR-T)

Has a small position. The last couple of quarters have not been very good, and the visibility for the next couple of quarters doesn’t look too good either. There are so many names to buy in the small-cap area, that he would prefer other places. Long-term, he likes this area.

Financial Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $10.570
Owned: Yes

Must be logged in to use chart

2017-02-28

HOLD
CRH Medical Corp. (CRH-T)

Involved with gastrointestinal, and they work with anesthesia to provide for colonoscopies, etc. They’ve been trying to consolidate the market. Just reported a blowout quarter and the stock moved up quite a bit. Management has done a great job of under promising and over delivering.

biotechnology/pharmaceutical
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $9.190
Owned: Yes

Must be logged in to use chart

2017-02-28

COMMENT
Ceapro Inc. (CZO-X)

They extract beta gluten from oats. Have had some very good earnings growth over the last year. Thinks the stock will continue to do well. They are going to expand their plant which should be coming on soon. He still likes this.

Healthcare
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.590
Owned: Yes

Must be logged in to use chart

2017-02-28

COMMENT
DHX Media (DHX.B-T)

Just met with them 2 weeks ago after they came out with disappointing earnings. The stock came down by 10% or more after that. They are not showing the cash flow that people want to see. Haven’t had any big hits. Other companies have done a really good job in creating some new shows, and garnering a lot of revenue from the toy business.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $5.820
Owned: No

Must be logged in to use chart

2017-02-28

HOLD
Diversified Royalty Corp. (DIV-T)

Pretty steady right now because they sold one of their assets and have a lot of cash on the balance sheet. They are looking for other things to deploy their capital. They own Mr. Lube which has been consistently growing through the years, as well as Sutton Real Estate. Feels comfortable with this, and it is just a matter of what they are going to deploy their capital in. Has a nice yield of 8.7%.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.570
Owned: Yes

Must be logged in to use chart

2017-02-28

COMMENT
Diamcor Mining Inc. (DMI-X)

Has a diamond project in South Africa. They are starting to ramp up production. This stock is very underfollowed. Market cap is only about $50 million. There is no analyst that follows this right now, but there is a possibility they could earn between $.20 and $.40 in earnings this year, and the stock is only a little over $1. Thinks this will be a good stock over the next few years.

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.090
Owned: Yes

Must be logged in to use chart

2017-02-28

COMMENT
Espial Group (ESP-T)

They are trying to defend cable companies from OTT (Over the Top) markets. With their set-top boxes software, they tried to make it look more like Apple TV so it is easier to use. Just reported a very big quarter. The business is doing fairly well and the stock is very cheap. About 50% of the market cap is in cash. He is waiting for deployment of a couple of the contracts that they’ve signed, and hopefully will see it coming in the next few quarters.

Business Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.370
Owned: Yes

Must be logged in to use chart

2017-02-28

COMMENT
Firan Technology Group Corp. (FTG-T)

This does circuit boards for aerospace. Market cap is only around $80 million or so. They’ve put up some very good numbers in terms of earnings. Made an acquisition about a year ago, and you are going to start to see the costs and synergies with that acquisition as they get the capital and utilization up. He still likes the story.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.950
Owned: Yes

Must be logged in to use chart

2017-02-28

HOLD
Imvescor Restaurant Group (IRG-T)

This is in the restaurant business out East. He met them and it looked like they were revamping a lot of the restaurants and that the margins increased. It looks like they have done a good job.

Financial Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.340
Owned: No

Must be logged in to use chart

2017-02-28

COMMENT
Kinaxis Inc (KXS-T)

This has been a great story. They have done nothing, but under promise and over deliver. Fairly expensive, but they continue to deliver on the bottom line. They’ve gained a lot of new contracts in terms of the larger companies. At some point, this might get taken out because they are taking a lot of business from competition.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $72.380
Owned: Unknown

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2017-02-28

TOP PICK
Magellan Aerospa (MAL-T)

Manufactures components for Airbus and Boeing. Trading at 11X trailing earnings and 10X forward earnings. They’ve done an incredible job. At some point, maybe they buy something, and then they can add some liquidity. A good balance sheet. They’ve grown the earnings at 24% over the last few years. Dividend yield of 1.5%. (Analysts’ price target is $23.25.)

transportation equip & components
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $17.830
Owned: Yes

Must be logged in to use chart

2017-02-28

SELL
Merus Labs International (MSL-T (Dead))

Sold his holdings at around $2 about 1.5 years ago. The whole sector was extremely hot, and then they all came down at the same time. This company hasn’t hit any of its targets. Has stayed away from this whole sector because there has been too much regulatory stuff. If you own, this might be a chance to get out.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.140
Owned: No

Must be logged in to use chart

2017-02-28

PAST TOP PICK
Milestone Apartment REIT (MST.UN-T (Dead))

(A Top Pick Jan 8/16. Up 52%.) There has been a proxy contest with this and he thinks a lot of the large shareholders are against this being taken out from Starwood.

REAL ESTATE
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $21.660
Owned: Yes

Must be logged in to use chart

2017-02-28

BUY on WEAKNESS
Precision Drilling (PD-T)

This and the other service names within the oil/gas sector have been quite volatile. It is really hard to dissect, in terms of earnings and giving them a multiple. He would be looking to buy this if it got down to around $6.40. He is bullish on the energy sector overall and thinks that in the next couple of quarters, the companies will come out with much better results versus last year.

oil/gas field services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $6.790
Owned: Yes

Must be logged in to use chart

2017-02-28

BUY
Quarterhill Inc (QTRH-T)

Just put up a massive quarter that beat everybody’s expectation, and the stock moved up quite a bit. When you look at it on any metric, it looks super cheap. Trading at $2.35 and they have $1 a share in cash. Will probably do $40-$50 million in cash flow this year, but will probably be lumpy. Beat expectations by quite a bit this quarter, but three quarters ago they missed expectations. It depends on when deals get signed. He feels comfortable with this. Has a great balance sheet. He wouldn’t hesitate to buy this here, especially on a quarter where they miss.

electrical/electronic
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.370
Owned: Yes

Must be logged in to use chart

2017-02-28

HOLD
Savaria Corp (SIS-T)

Manufactures lifts, etc. for homes for people with disabilities. Has traded sideways for a while, but earnings have been very strong, and the demographics are great. Thinks they are looking to make acquisitions and put them together with what they already have, creating synergies to increase margins. Feels the margin profile is going to go up over the next couple of years. Not extremely cheap, but this is because they have been able to grow earnings rapidly over the last couple of years.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $10.690
Owned: Yes

Must be logged in to use chart

2017-02-28

PAST TOP PICK
Skechers USA Inc. (SKX-N)

(A Top Pick Jan 8/16. Down 3%.) Had thought this was a real GARP story, and the stock looked very cheap at the time. They had very good earnings growth, however, they stumbled on a couple of quarters and the stock really took a hit. This last quarter was better than expected. He exited this.

misc consumer products
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $25.670
Owned: No

Must be logged in to use chart

2017-02-28

COMMENT
Spartan Energy Corp (SPE-T)

Started to build a position after the stock broke down through $3. A premier company that has always garnered high multiples. There were a lot of US holders in a bunch of these names, and because of fears of a border tax, they decided to exit. This is not inexpensive, but is a lot less expensive than it once was. Good growth and very good netbacks, and he is trying to build a bit of a position.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.790
Owned: Yes

Must be logged in to use chart

2017-02-28

COMMENT
Spin Master Corp (TOY-T)

A great Canadian company. Had a huge hit with Hatchimals over Christmas, and are building off of that going into the new year. Their earnings growth is there. The multiple is not cheap.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $35.290
Owned: No

Must be logged in to use chart

2017-02-28

COMMENT
Tamarack Valley Energy (TVE-T)

This is by far the cheapest of his oil/gas holdings and he really likes it. There is a bit of an overhang, because they made an acquisition, which gave them a lot of stock, and there has been some selling going on. This is probably the right time to start a position in some of these names. This is extremely cheap at today’s prices.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.960
Owned: Yes

Must be logged in to use chart

2017-02-28

TOP PICK
Yangarra Resources (YGR-T)

A small Alberta producer that was producing around 2900 BOE’s at the end of last year, and are now producing about 4500. They have a couple of well results that should be coming out over the next couple of months or so. They’ll be giving an update on March 15. Probably the highest growth small-cap oil/gas play in Canada with very high netbacks. This could become a 9000-10,000 BOE’s a day producer over the next year or so. Extremely good growth. A possible takeover target. (Analysts’ price target is $3.50.)

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.510
Owned: Yes

Must be logged in to use chart

2016-12-20

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

Markets.  This year small caps in Canada have outperformed for the first time in years.  A lot of golds got moved up and out of small cap indexes.  A lot of managers didn’t own gold earlier in the year.  He tries to pick the best stocks in each sector and to have a well diversified portfolio.  It has a lot of sector rotation recently. 

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2016-12-20

WATCH
A Comment -- General Comments From an Expert 

Marijuana.  He bought one stock (APH-X) and did extremely well.  He does not understand the valuations on these stocks now.  It is a tough industry right now because the stocks are all going up and the multiples are extremely high.  This is not the time to get in but APH-X would be the one he likes best.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: No

Must be logged in to use chart

2016-12-20

COMMENT
Air Canada (AC-T)

Airlines are so volatile.  He played it around $7.50 and made around 20% on it.  It looks cheap and always does but the fundamentals are very strong.  The balance sheet is getting better and a lot of capacity has been brought on.

Transportation
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $14.210
Owned: Unknown

Must be logged in to use chart

2016-12-20

DON'T BUY
Avigilon Corp (AVO-T)

This has been a letdown.  He has stayed away from it.  It is hard to get a grasp on what they are doing.  He likes the technology and the fundamentals.  It is very lumpy.  He needs to feel comfortable with management teams running these things.  He is not getting a clear vision on how they are going to build the business. 

INDUSTRIAL PRODUCTS
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $12.380
Owned: No

Must be logged in to use chart

2016-12-20

WATCH
Cott Corp (BCB-T)

Now they moved into more water and they still have juices.  He thinks they will try to exit that part of the business.  It ran up to close to $22 and now it seems to go down every single day.  He thinks there is a seller out there.  They made acquisitions with debt.  It is not at a high multiple so he might take a look at it.  It looks interesting at these prices.

food processing
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $15.120
Owned: No

Must be logged in to use chart

2016-12-20

HOLD
Airboss of America (BOS-T)

It looks cheap here.  It might be a value trap because the last couple of quarters have not been good.  He is not adding but has not sold.  He hopes things will start to turn in the next couple of quarters.

transportation equip & components
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $11.510
Owned: Yes

Must be logged in to use chart

2016-12-20

HOLD
Clearwater Seafoods Inc.  (CLR-T)

The last couple of quarters have not been good for the company.  He does not think they will come out with stellar quarters.  $10 might be a floor on the stock.  He would continue to hold it but there are head winds in the short term.

Financial Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $10.830
Owned: Unknown

Must be logged in to use chart

2016-12-20

BUY
CRH Medical Corp. (CRH-T)

It is a buy or a hold.  He is one of the largest holders.  This has been a top pick of his.  It is a health care company, the top performing one in Canada this year.  They did a very good job at increasing their earnings.  Last quarter the stock took off.  A lot more small cap managers are looking at it now.  He likes the management team from a previous company.

biotechnology/pharmaceutical
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $7.060
Owned: Yes

Must be logged in to use chart

2016-12-20

BUY
Ceapro Inc. (CZO-X)

He is one of the largest holders of the stock.  It came off because they did an issue.  They make chemicals that would go into a lot of P&G products.  The stock has been moving up in the last few days on a lot of volume.  There is still no analyst coverage.  He is comfortable with the story and thinks the next couple of quarters will show more strength.

Healthcare
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.420
Owned: Yes

Must be logged in to use chart

2016-12-20

PAST TOP PICK
Espial Group (ESP-T)

(Top Pick May 12/16, Up 1.44%) There was controversy with a contract they had with Rogers.  They rolled out with a couple of other companies.  The upside is quite strong and you will start to see other deals.  It is a way to play the defense against cord cutting.

Business Services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.020
Owned: Yes

Must be logged in to use chart

2016-12-20

PAST TOP PICK
Firan Technology Group Corp. (FTG-T)

(Top Pick May 12/16, Up 49.16%) They have good visibility.  Now there are a few people covering it.  Earnings were up over 20% last quarter.  They made an acquisition and so now can ramp up their manufacturing.  It is still very small and they have one very large shareholder.  He thinks it will continue to do well.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $3.600
Owned: Yes

Must be logged in to use chart

2016-12-20

WATCH
Intrinsyc Software Inc (ITC-T)

The stock price has been moving up.  The earnings have been coming through.  He still has to do more work on it.  It is a technology company.  It looks like the earnings growth is there.  There is no analyst that follows it at present.

computer software/processing
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.070
Owned: No

Must be logged in to use chart

2016-12-20

BUY
Kinaxis Inc (KXS-T)

One of his favourite companies.  They are on the cutting edge.  He got involved in the IPO and did extremely well.  The multiple is not cheap but the growth is very good.  It came off and then he added to it.  It is his second largest technology weight.  They have a lot of recurring revenue.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $64.130
Owned: Yes

Must be logged in to use chart

2016-12-20

DON'T BUY
Merus Labs International (MSL-T (Dead))

There has been no good news in the last couple of quarters.  He got out when he saw no growth coming through.  Regulatory things going on in Europe have hurt them.  This is not one of the top twenty names you want to own.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.960
Owned: No

Must be logged in to use chart

2016-12-20

TOP PICK
Milestone Apartment REIT (MST.UN-T (Dead))

54% of their properties are in Texas and the rest in Florida.  They just announced an increase in their distribution that takes effect in January.  All these stocks have come off so he is accumulating more of this one.  He likes the management team as they keep beating his expectations.  They will continue to do well and may get bought out.  They pay their distributions in US$.  It is one of his larger positions.  (Analysts’ Target: $22.15).

REAL ESTATE
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $17.950
Owned: Yes

Must be logged in to use chart

2016-12-20

WATCH
NYX Gaming Group Ltd (NYX-X)

The whole sector has been soft over the last year and a half, then there was bad news today.  The problem is sentiment overall.  Their costs are up and it is hard to know why.  He has a very small position.  Don’t add to it but keep an eye on it.  There may be tax loss selling and a bounce into January.  He would like to see fundamentals improve.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.360
Owned: Yes

Must be logged in to use chart

2016-12-20

BUY
Precision Drilling (PD-T)

This stock has done well over the last 6 months.  The stock has moved up when they have not come out with great results.  People are anticipating something.  It is quite liquid so it is easier to trade.  He likes to hold things for about 3 years.  The recovery in the energy sector will benefit them.

oil/gas field services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $7.440
Owned: Yes

Must be logged in to use chart

2016-12-20

DON'T BUY
Prometic Life Sciences Inc. (PLI-T)

It has been an ‘avoid’ story.  He does not buy a company that is not making money.  He has been waiting for it to come down and was surprised how big it has gotten.  They had some slipups in the last couple of quarters. 

biotechnology/pharmaceutical
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.660
Owned: Unknown

Must be logged in to use chart

2016-12-20

PAST TOP PICK
Parex Resources Inc. (PXT-T)

(Top Pick May 12/16, Up 28.05%) It is a premier oil and gas play, in Columbia.  It is one of the only ones that is not levered so you don’t get as much torque.  He loves the story and it is his second largest holding.  Now is the time to hold it because they have a lot of drilling results coming out.  He expects production to continue to grow.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $17.200
Owned: Yes

Must be logged in to use chart

2016-12-20

BUY
Secure Energy Services (SES-T)

They will benefit from more activity in the oil patch.  He likes the management team.  It has a good balance sheet.  It is one of his favourite names and he owns a lot of it.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $11.240
Owned: Yes

Must be logged in to use chart

2016-12-20

HOLD
Stella-Jones Inc. (SJ-T)

It has been a good performer over the last 6 years.  He does not know the recent quarters but they have a good business model.  He likes the management team.  They own the majority of the industry.

misc industrial products
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $43.600
Owned: Unknown

Must be logged in to use chart

2016-12-20

DON'T BUY
Sandvine Corp. (SVC-T (Dead))

Technology play.  They have been quite disappointing in terms of the last couple of quarters.  They have a very good balance sheet, so half the market cap is in cash.  It trades in a range.  Fundamentally they have not been able to hit their targets.  It is a very lumpy business.  You might be able to make a trade in this one.

computer software/processing
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.680
Owned: No

Must be logged in to use chart

2016-12-20

BUY
StorageVault Canada (SVI-X)

This is a really good story.  It is too illiquid for him to buy in his fund.  It has moved up.  They did an issue.  He would not be selling it here.  It is good for individuals.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.340
Owned: Unknown

Must be logged in to use chart

2016-12-20

TOP PICK
Tahoe Resources (THO-T)

This is *almost* like catching a falling knife.  Their silver and gold production costs are very low.  Silver prices won’t fall much below where they are now.  The risk / reward ratio is quite enticing.  (Analysts’ Target: $21.79).

Mining
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $11.500
Owned: Yes

Must be logged in to use chart

2016-12-20

SELL
TSO3 Inc (TOS-T)

They have done well this year and then came off recently.  He bought some at a warrant expiry and then exited some time later.  He thought there was not enough visibility. 

medical services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.550
Owned: No

Must be logged in to use chart

2016-12-20

BUY
Spin Master Corp (TOY-T)

Their toys are the hardest things to get.  They are a success company, but no one really knows them.  They had some huge successes.  The multiple is not low but the growth is quite strong over the next couple of years.  It is the blockbuster toy of this year.

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $38.700
Owned: Unknown

Must be logged in to use chart

2016-12-20

TOP PICK
Yangarra Resources (YGR-T)

It is a very small market cap. He saw recent results from a well that were very good.  Other wells being drilled now could have the same test rate as the first.  He thinks they will blow through their numbers even if oil prices stay where they are.  They have a reserve report coming out in February.  He is one of the largest holders of this stock and has held it for a long time.  The increase in cash flow will catapult this one much higher.  (Analysts’ Target: $1.73).

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.890
Owned: Yes

Must be logged in to use chart

2016-09-29

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

Markets.  This is the first year in 5 that small caps have outperformed.  He expects that to continue throughout the rest of the year.  There is more of a sector rotation and more into small caps than large.  Mining stocks have done extremely well.  Small and mid-cap energy stocks are outperforming the large.  In Canada there are more small and medium cap companies that are in the oil space than elsewhere.  People are looking for more outside of resources as well. 

Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $0.020
Owned: _N/A

Must be logged in to use chart

2016-09-29

BUY on WEAKNESS
AGT Food & Ingredients (AGT-T)

A long term holding for him.  People are looking for other sources of protein besides red meat.  Chickpeas and Lentils.  They did a good job of growing their earnings.  The macro environment is good for them and operationally they are doing well.  He would feel comfortable holding it for the next few years.

agriculture
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $37.970
Owned: Yes

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2016-09-29

SELL
Aecon Group Inc (ARE-T)

They are probably one of the only construction companies that have done well.  He finished selling it about 4 months ago because after they do well for a while they eventually misprice a contract.  So he exited.  The management team did a very good job. 

contractors
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $17.830
Owned: No

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2016-09-29

BUY
Bird Construction Income Fund (BDT-T)

This is the one he would be looking closely at here.  Their balance sheet is quite good.  Risk reward looks pretty good.  It is great for individuals, but it does not trade a lot so holds him back as an institutional investor.

REAL ESTATE
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $11.310
Owned: No

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2016-09-29

PAST TOP PICK
Boyd Group Income Fund (BYD.UN-T)

(Top Pick Jan 8/16, Up 34.31%) They have gotten bigger.  He has had a history with these guys.  He has not sold a share.  Same store sales growth is up 5%.  It is one of his top ten holdings.  There is a lot of running room for them.  They are continuing to make acquisitions and can continue to grow.  It is one of the A+ management teams in North America.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $81.650
Owned: Yes

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2016-09-29

COMMENT
Canacol Energy Ltd. (CNE-T)

He used to own it.  He moved to another.  They got into trouble with oil prices, but have not gotten out of it.  It is smaller cap.  Reducing tax rates in Colombia would be beneficial to them.

oil/gas
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $4.310
Owned: No

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2016-09-29

HOLD
CRH Medical Corp. (CRH-T)

He really likes the management team.  He continues to hold it although the whole healthcare sector has been under scrutiny.  Their earnings have grown as they made tuck-in acquisitions.  They recently did some marketing.  Over the next couple of years earnings estimates should go up.

biotechnology/pharmaceutical
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $5.110
Owned: Yes

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2016-09-29

BUY
Canwel Building Materials Ltd. (CWX-T)

He likes this story.  He used to own some.  He sold because it had done well.  He is not buying it because he has so many housing related stories.  But he likes it.  He would continue to hold it.

wholesale distributors
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $6.680
Owned: No

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2016-09-29

SELL
Concordia International Corp (CXR-T)

He prefers to cut losses because of the amount of debt on the books.  When you get into trouble you still have to fund all that debt.  He doesn’t see the company coming back.  Cut your losses.

Pharma & Healthcare
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $7.120
Owned: Unknown

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2016-09-29

TOP PICK
Ceapro Inc. (CZO-X)

They extract beta glucan from oats.  It is supposed to be anti-aging, healing and goes into their products.  They have ramped up earnings tremendously over the last few quarters.  They just opened a new facility that can do 10 times the production.

Healthcare
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $1.840
Owned: Yes

Must be logged in to use chart

2016-09-29

WAIT
Dominion Diamond (DDC-T)

This company has underperformed, but has a great balance sheet.  He tried to buy, but did not get his price.  The next quarter is probably not going to be that good for them and there may be tax loss selling.  Look to get in at the $11 range.

precious metals
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $10.490
Owned: No

Must be logged in to use chart

2016-09-29

DON'T BUY
DHX Media (DHX.B-T)

He has not been involved for the last couple of years.  They recently came out with numbers.  Their cash flow growth was not there.  Stay away from this one.  Cap-X is likely to go up as they build a studio.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $6.950
Owned: No

Must be logged in to use chart

2016-09-29

BUY
Diversified Royalty Corp. (DIV-T)

They just sold off an asset and got a huge amount of cash so their payout ratio, although over a 100 percent is okay.  He feels the dividend is safe.  He likes the management team.  It has been a tough environment for them with assets in Alberta.

other services
Peter Imhof

Vice President & Portfolio Manager, AGF Investments Inc

Price: $2.370
Owned: Yes

Must be logged in to use chart
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