Opinions by Lyle Stein | StockChase
747
Lyle Stein

Sr. Portfolio & Managing Director

ON STOCKCHASE SINCE Mar 2008

Vestcap Investment Management


Opinions by Lyle Stein



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2017-09-26

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

Market.He is seeing cracks in the Trump scenario. A lot of things we were expecting such as lower taxes and increased infrastructure spending didn’t happen. The only thing that we kind of got was a move to reduce regulatory red tape in Washington. As investors, we are not as aware of the risks as we should be. There has been a real complacency. Last week, the S&P 500 had the least volatility it has had in 45 years. On average, earnings came in okay, not as good as expected 12 months ago in terms of growth, but were okay. However, if you missed, you got nailed. In this kind of environment, he wants to have a little more cash than usual, to buy those kinds of dips. We haven’t had a correction though. This market has gone on so long without having a material correction.

Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $0.020
Owned: _N/A

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2017-09-26

COMMENT
Altagas Ltd (ALA-T)

This has gone through a pretty brutal year. He owns this in certain accounts for the income. Pays a 7.2% yield, and that dividend is safe. They have power plants in California that they need to get contracts for, which is a bit of an overhang. But then they made the GWL acquisition, a gas distributor on the east coast. It is going to take time to settle. The stock went down on no news, which is an interesting signal, physically saying that Selling is done. That is an interesting time to pick up the stock. You are getting paid while you wait.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $28.870
Owned: Yes

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2017-09-26

COMMENT
BCE Inc. (BCE-T)

A good dividend growth story. Well-managed from the perspective that it generates cash to the owners. They are very good to their shareholders. He would attribute the last $5 decline more to the fear of rising interest rates than anything specifically material to the company. Close to a 5% dividend yield is pretty darned good.

telephone utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $57.980
Owned: Yes

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2017-09-26

TOP PICK
Cineplex Inc (CGX-T)

He likes to look at contrarian opportunities. This is a monopoly movie distribution business in Canada. It had a lousy quarter, and is going to have a lousy quarter coming up. He looks at this like a commodity. Movie cycles come and go. There is good hope on the screen looking forward. It has become a wonderful value opportunity to buy a depressed stock. Dividend yield of 4.4%. (Analysts’ price target is $48.)

other services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $38.010
Owned: Yes

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2017-09-26

COMMENT
Clearwater Seafoods Inc.  (CLR-T)

Prefers High Liner (HLF-T) because of protein and the ability to get protein to market. Also, it is a bit of a currency play.

Financial Services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $9.000
Owned: No

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2017-09-26

COMMENT
Canadian Natural Rsrcs (CNQ-T)

Recently sold this as he trimmed oil stocks. He likes the company and its management. They are buying assets at what he thinks are cheap prices from distressed sellers. Likes the way it’s managed and the exposure they have. A well-run company, but he is a little concerned about the oil patch today. Prefers PrairieSky Royalty (PSK-T) which doesn’t have any operational risks.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $42.070
Owned: No

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2017-09-26

COMMENT
Encana Corp (ECA-T)

Got hurt in the oil/gas downturn, because they made asset acquisitions at high prices. The assets are working, which is the good news side, but had to do a lot of house cleaning. He just wants to avoid bad balance sheets.

oil/gas
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $14.290
Owned: No

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2017-09-26

TOP PICK
Enbridge (ENB-T)

This has a dividend yield of 4.8%, the highest it has been since 2001. It got punished with the oil sector, and because of all the politics involved. This is a growth business. They are going to grow the dividend at double digits for the next couple of years, and thinks it can continue to grow at double digits beyond that. (Analysts’ price target is $62.)

oil/gas pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $50.940
Owned: Yes

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2017-09-26

COMMENT
iShares Cdn Financial Monthly Income ETF (FIE-T)

How do you get your income? A nice way to get it is to own a monthly income ETF, you have to pay a fee for that. The issue is, do you buy your bank shares directly or own a bank ETF, and pay the manager 45 or 50 basis points to have the privilege of getting monthly checks. If you don’t have a lot of capital and you still need it, then it may be a better way than buying individual bank shares.

E.T.F.'s
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $7.230
Owned: Unknown

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2017-09-26

WAIT
Freshii Inc (FRII-T)

Slashed its store opening forecast and the shares fell 35%. This hasn’t been seasoned enough to test the mettle of the management team. He would wait to see.

food services
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $5.750
Owned: No

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2017-09-26

PAST TOP PICK
Goldcorp Inc (G-T)

(A Top Pick Nov 30/16. Down 10%.) Gold is up, but this stock isn’t. They changed the CEO 1.5 years ago, and he made changes. Feels it is now a “show me” stock. He sold his holdings.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $15.920
Owned: No

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2017-09-26

BUY
Hudbay Minerals Inc. (HBM-T)

This has zinc and copper. The stock hit $11.50 and then came down. Did an issue at $10, which he thinks caught the street by surprise. This is a good time to own this. In commodities, he prefers base metals to gold stocks, etc. The best way to do this is to buy this company.

precious metals
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $8.730
Owned: Unknown

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2017-09-26

COMMENT
Inter Pipeline (IPL-T)

Likes this, but likes others better. He likes the area because it has been forgotten. Energy is probably putting in a bottom. We’ve seen a lot of selling pressure in the oil patch, and thinks all midstream type players should do okay. Dividend yield of 6.5%. (See Top Picks.)

oil pipelines
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $24.960
Owned: No

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2017-09-26

COMMENT
Linamar Corp (LNR-T)

Auto parts have climbed a wall of worry. Everybody was waiting for the auto cycle to end, to roll over from 17.5 million and go down to 16 million, which it appears to be doing. However, these stocks haven’t done anything, they just continue to make money. Generates lots and lots of cash. The multiple has gone from a very low level to a still cheap basis, because of fears. You want to buy a stock when everybody is afraid. As long as they keep spinning cash, it’s a wonderful business to own. He wouldn’t be adding to new clients accounts today.

transportation equip & components
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $74.350
Owned: No

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2017-09-26

PAST TOP PICK
Northland Power Inc (NPI-T)

(A Top Pick Nov 30/16. Up 11%.) He still likes this. They are in the electric generation business. A year ago, they were just finishing up the first project. Now they’ve finished the construction of the last turbine, and it should be in full operation by the end of this year. For the next 10-15 years, they’ll just be spinning cash. Thinks they’ll raise the distribution in 2018. A well-run company.

Utilities
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $23.350
Owned: Yes

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