Opinions by Stan Wong | StockChase
1612
Stan Wong

Director & Portfolio Manager

ON STOCKCHASE SINCE Jun 2009

Private Wealth Management, ScotiaMcleod
675 Cochrane DriveSuite 115Markham, ONL3R 0B8
T: 905-752-1996 F: 905-752-1995 stan.wong@scotiamcleod.com
www.stanwong.com

1612
Stan Wong

Director & Portfolio Manager

ON STOCKCHASE SINCE Jun 2009

Private Wealth Management, ScotiaMcleod
675 Cochrane DriveSuite 115Markham, ONL3R 0B8
T: 905-752-1996 F: 905-752-1995 stan.wong@scotiamcleod.com
www.stanwong.com


Opinions by Stan Wong


Signal Opinion Expert Chart
N/A
General Market Comment 

December 7, 2017

Market. We’ve had a very brief pause in the markets and they’re starting to move up again. There was a little rotation out of technology and it is starting to move up again after a couple of days of moving down. He remains very constructive given that global economic data continues to expand and corporate earnings is accelerating. Expects global economic expansion to run through 2018 and lift global markets to new highs. There are some risks ahead. We are going to see Central Banks tightening throughout 2018, probably twice in Canada and 3 or 4 times in the US. Stock valuations are a little elevated, so we need to see earnings push forward in order to keep markets higher. If we see potential for more geopolitical disruption, that is going to be a risk for the market. Buying the dips is a strategy you want to continue to use. A lot of people are afraid because of the long run without a major correction or even a minor correction, but fear is something never to be trusted.

Market. We’ve had a very brief pause in the markets and they’re starting to move up again. There was a little rotation out of technology and it is starting to move up again after a couple of days of moving down. He remains very constructive given that global economic data continues to expand and corporate earnings is accelerating. Expects global economic expansion to run through 2018 and lift global markets to new highs. There are some risks ahead. We are going to see Central Banks tightening throughout 2018, probably twice in Canada and 3 or 4 times in the US. Stock valuations are a little elevated, so we need to see earnings push forward in order to keep markets higher. If we see potential for more geopolitical disruption, that is going to be a risk for the market. Buying the dips is a strategy you want to continue to use. A lot of people are afraid because of the long run without a major correction or even a minor correction, but fear is something never to be trusted.

Unknown
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$0.020
Owned Owned
_N/A

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COMMENT
Apple(AAPL-Q) 

December 7, 2017

Alphabet (GOOGL-Q) or Apple (AAPL-Q)? He recently sold this. His main concern is that it is primarily a hardware play. You are looking at 62% of revenues coming from the iPhone. The iPhone has been doing well, but that can change on a dime. They have competitors out there. It doesn’t seem anyone is going to overtake them in the near term, but there are some out there who have been doing pretty decently.

electrical/electronic

Alphabet (GOOGL-Q) or Apple (AAPL-Q)? He recently sold this. His main concern is that it is primarily a hardware play. You are looking at 62% of revenues coming from the iPhone. The iPhone has been doing well, but that can change on a dime. They have competitors out there. It doesn’t seem anyone is going to overtake them in the near term, but there are some out there who have been doing pretty decently.

electrical/electronic
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$169.320
Owned Owned
No

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SELL
Allergan PLC.(AGN-N) 

December 7, 2017

Their number 1 product is Botox and their number 2 product is eye drops, and there is some competition coming from generics for their eyedrops drug. Thinks that is what has been hurting the stock recently. When the technicals are working against you where a stock has fallen below the 200-day moving average, and the price is below both the 50 day and 100 day, technically you want to step away.

Consumer Products

Their number 1 product is Botox and their number 2 product is eye drops, and there is some competition coming from generics for their eyedrops drug. Thinks that is what has been hurting the stock recently. When the technicals are working against you where a stock has fallen below the 200-day moving average, and the price is below both the 50 day and 100 day, technically you want to step away.

Consumer Products
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$164.870
Owned Owned
No

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SELL

Hasn’t been one of the leaders in a fiery, hot area in the semiconductor space. He would rather own something like Taiwan Semiconductor (TSM-N) or Applied Materials (AMAT-Q) which has dropped down in the last little while. The valuations are not great compared to some of the other names. He would look to other spaces.

electrical/electronic

Hasn’t been one of the leaders in a fiery, hot area in the semiconductor space. He would rather own something like Taiwan Semiconductor (TSM-N) or Applied Materials (AMAT-Q) which has dropped down in the last little while. The valuations are not great compared to some of the other names. He would look to other spaces.

electrical/electronic
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$10.040
Owned Owned
No

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COMMENT
American Tower(AMT-N) 

December 7, 2017

Has no real estate in his portfolio, but there are going to be a few names that have done well and will probably continue to do so, and this is such a company. All they do is sell cell phone towers. It gives you about a 2% dividend yield, which should be pretty safe and secure.

Telecommunications

Has no real estate in his portfolio, but there are going to be a few names that have done well and will probably continue to do so, and this is such a company. All they do is sell cell phone towers. It gives you about a 2% dividend yield, which should be pretty safe and secure.

Telecommunications
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$144.110
Owned Owned
No

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COMMENT

Trading at around 27X Forward Earnings with a 27% long-term growth rate, giving it a 1X Peg Ratio. This is pretty cheap considering the Tech space they are in. It’s the world’s largest on-line and mobile commerce company measured by GMV growth merchandise volume. They have the largest Internet audience in the world with China of 738 million Internet users.

Trading at around 27X Forward Earnings with a 27% long-term growth rate, giving it a 1X Peg Ratio. This is pretty cheap considering the Tech space they are in. It’s the world’s largest on-line and mobile commerce company measured by GMV growth merchandise volume. They have the largest Internet audience in the world with China of 738 million Internet users.

0
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$174.470
Owned Owned
Yes

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COMMENT
Bank of America(BAC-N) 

December 7, 2017

Sell Toronto Dominion (TD-T) and buy Bank of America (BAC-N)? When you own a name like Toronto Dominion, you are generally getting a steadier name, and you are probably not getting levered up as to what is happening in the US with rising interest rates, etc. TD also gives you a better dividend of 3.3%, versus about 1.6% from Bank of America.

banks

Sell Toronto Dominion (TD-T) and buy Bank of America (BAC-N)? When you own a name like Toronto Dominion, you are generally getting a steadier name, and you are probably not getting levered up as to what is happening in the US with rising interest rates, etc. TD also gives you a better dividend of 3.3%, versus about 1.6% from Bank of America.

banks
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$28.780
Owned Owned
No

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COMMENT
BCE Inc.(BCE-T) 

December 7, 2017

Bell, Telus (T-T) and Rogers (RCI.B-T) has 90% of the market share. Great margins for all of them. We are moving more towards a higher margin business of wireless, and away from a phone that you pick up and dial at home. He likes the space. It is a steady type of area, and you are getting a nice dividend. Dividend yield of 4.85%.

telephone utilities

Bell, Telus (T-T) and Rogers (RCI.B-T) has 90% of the market share. Great margins for all of them. We are moving more towards a higher margin business of wireless, and away from a phone that you pick up and dial at home. He likes the space. It is a steady type of area, and you are getting a nice dividend. Dividend yield of 4.85%.

telephone utilities
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$61.970
Owned Owned
Unknown

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COMMENT
CitiGroup(C-N) 

December 7, 2017

Trading at less than 1X BV, so it’s one of the cheaper US financials. Tax reform and rising interest rates, are going to help banks. Dividend yield of 1.7% is going to go higher. 40% of revenues come from outside of developed markets, and 40% is coming from emerging markets.

insurance

Trading at less than 1X BV, so it’s one of the cheaper US financials. Tax reform and rising interest rates, are going to help banks. Dividend yield of 1.7% is going to go higher. 40% of revenues come from outside of developed markets, and 40% is coming from emerging markets.

insurance
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$74.980
Owned Owned
Yes

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PAST TOP PICK
Celgene Corp(CELG-Q) 

December 7, 2017

(A Top Pick Nov 18/16. Down 16%.) Recently collapsed a bit, but still likes the name. Trading at 12X Forward Earnings with a 19% growth rate. That’s a .63 PEG ratio. They toned down guidance for 2020, and the concern is that they are going to be relying on their top cancer drug. Has been buying shares slowly. A cheap biotech name.

Consumer Products

(A Top Pick Nov 18/16. Down 16%.) Recently collapsed a bit, but still likes the name. Trading at 12X Forward Earnings with a 19% growth rate. That’s a .63 PEG ratio. They toned down guidance for 2020, and the concern is that they are going to be relying on their top cancer drug. Has been buying shares slowly. A cheap biotech name.

Consumer Products
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$102.730
Owned Owned
Yes

Must be logged in to use chart
COMMENT

The chart looks interesting. It’s above the 200-day and the 50-day. It really has been sideways for the last little while. (Leadership in retail has been Dollarama (DOL-T).) This has a 14X earnings with about a 10% growth rate, so you are looking at 1.3X earnings. To him this is neutral. He’s a little concerned about minimum wages moving higher which might hit. He is neutral on the name.

specialty stores

The chart looks interesting. It’s above the 200-day and the 50-day. It really has been sideways for the last little while. (Leadership in retail has been Dollarama (DOL-T).) This has a 14X earnings with about a 10% growth rate, so you are looking at 1.3X earnings. To him this is neutral. He’s a little concerned about minimum wages moving higher which might hit. He is neutral on the name.

specialty stores
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$163.510
Owned Owned
No

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COMMENT
Walt Disney(DIS-N) 

December 7, 2017

Recently sold his holdings. Trading at about 11X EV over EBITDA, slightly above historical averages. It pushed above the 200-day moving average, and is now slightly below that. Has a possible content deal with Fox which would help. That would move towards the idea of Disney streaming their own content with Fox content, to go up against companies like Netflix. Media is supposed to benefit from tax reform, which is why the company probably spiked up a bit. He likes this longer-term, but is waiting for a possible entry point to look at it again. 1.6% dividend yield.

entertainment services

Recently sold his holdings. Trading at about 11X EV over EBITDA, slightly above historical averages. It pushed above the 200-day moving average, and is now slightly below that. Has a possible content deal with Fox which would help. That would move towards the idea of Disney streaming their own content with Fox content, to go up against companies like Netflix. Media is supposed to benefit from tax reform, which is why the company probably spiked up a bit. He likes this longer-term, but is waiting for a possible entry point to look at it again. 1.6% dividend yield.

entertainment services
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$105.260
Owned Owned
No

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TOP PICK
Facebook(FB-Q) 

December 7, 2017

The world’s largest online social network with over 2 billion active monthly users, which is double the 1 billion they had just 5 years ago. Their ecosystem is fantastic with Instagram, Facebook, Messenger and WhatsApp, etc. With the users and the usage time that is happening on Facebook, more so than on any other social network, they’ve got the largest audience, and the most valuable data for advertisers. The ad revenue per user is growing, which means the advertisers are seeing value with what is happening. He’s bought more on the recent pullback. Trading at 24X earnings, which is near its historical lows since the IPO. They’re estimated to grow earnings by 25%. (Analysts’ price target is $213.)

The world’s largest online social network with over 2 billion active monthly users, which is double the 1 billion they had just 5 years ago. Their ecosystem is fantastic with Instagram, Facebook, Messenger and WhatsApp, etc. With the users and the usage time that is happening on Facebook, more so than on any other social network, they’ve got the largest audience, and the most valuable data for advertisers. The ad revenue per user is growing, which means the advertisers are seeing value with what is happening. He’s bought more on the recent pullback. Trading at 24X earnings, which is near its historical lows since the IPO. They’re estimated to grow earnings by 25%. (Analysts’ price target is $213.)

0
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$180.140
Owned Owned
Yes

Must be logged in to use chart
BUY
Alphabet Inc. (A)(GOOGL-Q) 

December 7, 2017

Alphabet (GOOGL-Q) or Apple (AAPL-Q)? He recently sold Apple. He likes this company. It is cheaper in terms of its PE/growth ratio and more diversified in terms of what they are doing. This is in a space that no one is going to enter anytime soon in a major way.

Business Services

Alphabet (GOOGL-Q) or Apple (AAPL-Q)? He recently sold Apple. He likes this company. It is cheaper in terms of its PE/growth ratio and more diversified in terms of what they are doing. This is in a space that no one is going to enter anytime soon in a major way.

Business Services
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$1044.570
Owned Owned
Yes

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BUY

He likes this name. It’s very well diversified with over a 3rd in aerospace and about a 3rd in the home and building technologies with money coming from the safety and productivity. Very well diversified industrial name. Shares are trading at about 20X earnings with just under a 10% growth rate.

mngmnt/diversified

He likes this name. It’s very well diversified with over a 3rd in aerospace and about a 3rd in the home and building technologies with money coming from the safety and productivity. Very well diversified industrial name. Shares are trading at about 20X earnings with just under a 10% growth rate.

mngmnt/diversified
Stan Wong

Director & Portfolio Manager, Private Wealth Manag...

PricePrice
$153.280
Owned Owned
No

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