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

2017-05-25

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

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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

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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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