Opinions by Laura Lau | StockChase
290
Laura Lau

Senior Portfolio Manager

ON STOCKCHASE SINCE Jun 2009

Sentry Select Capital
The Exchange Tower

290
Laura Lau

Senior Portfolio Manager

ON STOCKCHASE SINCE Jun 2009

Sentry Select Capital
The Exchange Tower


Opinions by Laura Lau


Signal Opinion Expert Chart
N/A
General Market Comment 

December 2, 2013

Markets. Believes we are in a place where we will have a global synchronous expansion.  This should be good for Canada.  Expects long term increase rates to increase. You want to be in plays with more growth.  Consumer discretionary is a good place to be.  Near term, the unemployment numbers are improving in the US.  With Taper talk going from talk to action, she thinks it will actually occur in March at the earliest.  Thinks this has already been factored into the markets.  Crude oil she thinks will hit $90 and be an intermediate bottom.

Markets. Believes we are in a place where we will have a global synchronous expansion.  This should be good for Canada.  Expects long term increase rates to increase. You want to be in plays with more growth.  Consumer discretionary is a good place to be.  Near term, the unemployment numbers are improving in the US.  With Taper talk going from talk to action, she thinks it will actually occur in March at the earliest.  Thinks this has already been factored into the markets.  Crude oil she thinks will hit $90 and be an intermediate bottom.

Unknown
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
BUY
AutoCanada Inc.(ACQ-T) 

December 2, 2013

Mostly western Canada.  Auto dealerships.  SUV purchases greater there and margins are higher so they are in the sweet spot.  Average age of autos is over 10 years and people are starting to buy them again.  Buy private dealerships and cut costs.  They are going to up their acquisitions to 5 per year as well as to go into other dealerships than Chrysler.  They have enough capacity on the balance sheet that they don’t have to go to the market to make an acquisition.  Every quarter they raise their dividend 1 cent.  1.9%

specialty stores

Mostly western Canada.  Auto dealerships.  SUV purchases greater there and margins are higher so they are in the sweet spot.  Average age of autos is over 10 years and people are starting to buy them again.  Buy private dealerships and cut costs.  They are going to up their acquisitions to 5 per year as well as to go into other dealerships than Chrysler.  They have enough capacity on the balance sheet that they don’t have to go to the market to make an acquisition.  Every quarter they raise their dividend 1 cent.  1.9%

specialty stores
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$43.880
Owned Owned
Unknown

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SELL
Atlantic Power Corp.(ATP-T) 

December 2, 2013

Undergoing a strategic review process.  May sell assets, restructure debt, or cut dividend (over 100% still).  Thinks they have to do all three.  It could be dead money.

electrical utilities

Undergoing a strategic review process.  May sell assets, restructure debt, or cut dividend (over 100% still).  Thinks they have to do all three.  It could be dead money.

electrical utilities
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$3.690
Owned Owned
Unknown

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BUY

Things got definitively over hyped.  The new CEO has definitely turned things around.  It is a very cheap stock.  Have been free cash flow positive for the last 3 quarters.

oil/gas

Things got definitively over hyped.  The new CEO has definitely turned things around.  It is a very cheap stock.  Have been free cash flow positive for the last 3 quarters.

oil/gas
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$4.000
Owned Owned
Unknown

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PAST TOP PICK
Baytex Energy Corp(BTE-T) 

December 2, 2013

(Top Pick Nov 8/11, Down 11.29%) Heavy oil differentials have to come down.  This is the time for the biggest differentials and will improve in the summer.  6.25% dividend. 

oil/gas

(Top Pick Nov 8/11, Down 11.29%) Heavy oil differentials have to come down.  This is the time for the biggest differentials and will improve in the summer.  6.25% dividend. 

oil/gas
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$42.080
Owned Owned
Yes

Must be logged in to use chart
BUY
Cameco Corporation(CCO-T) 

December 2, 2013

Has been more interest in uranium recently.  The Russian program shipped last shipment in November.  Japan only has one or two plants working vs. 52 previously.  They are reviewing power plants but haven’t approved them yet.  People are saying this is the bottom.  It is an entry point but will be a trade.

integrated mines

Has been more interest in uranium recently.  The Russian program shipped last shipment in November.  Japan only has one or two plants working vs. 52 previously.  They are reviewing power plants but haven’t approved them yet.  People are saying this is the bottom.  It is an entry point but will be a trade.

integrated mines
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$21.900
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
Chorus Aviation Inc(CHR-T) 

December 2, 2013

The dividend should stay stable but may not increase.  In 2020 the contract is over.  She doesn’t own it because of this cliff risk.

Transportation & Environmental Services

The dividend should stay stable but may not increase.  In 2020 the contract is over.  She doesn’t own it because of this cliff risk.

Transportation & Environmental Services
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$3.820
Owned Owned
No

Must be logged in to use chart
BUY

Large DRIP program causes dilution, but they cancelled the premium drip program.  They pay out 45% of their cash flow.  It is not a big deal as long as people don’t opt out of the DRIP program.  She is comfortable with them because a lot of the old trusts have a much higher all in payout ratio.  They have stopped making acquisition and are now growing production organically.

oil/gas

Large DRIP program causes dilution, but they cancelled the premium drip program.  They pay out 45% of their cash flow.  It is not a big deal as long as people don’t opt out of the DRIP program.  She is comfortable with them because a lot of the old trusts have a much higher all in payout ratio.  They have stopped making acquisition and are now growing production organically.

oil/gas
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$40.020
Owned Owned
Unknown

Must be logged in to use chart
TOP PICK
DH Corporation(DH-T (Dead)) 

December 2, 2013

A huge transformation.  They bought IT systems for small banks.  4.55% dividend.  Thinks there is cross selling opportunities.  Believes there will be multiple expansion as they are recognized by the market.  They are still integrating so they still have to see synergies and cost cutting from this acquisition.  Expects a March dividend increase.

other services

A huge transformation.  They bought IT systems for small banks.  4.55% dividend.  Thinks there is cross selling opportunities.  Believes there will be multiple expansion as they are recognized by the market.  They are still integrating so they still have to see synergies and cost cutting from this acquisition.  Expects a March dividend increase.

other services
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$28.550
Owned Owned
Yes

Must be logged in to use chart
TOP PICK
Enerplus Corp(ERF-T) 

December 2, 2013

The original energy trust.  Quietly transformed themselves over the last couple of years.  They are starting to grow production – 9% this year.  Trades at a multiple discount to everyone else.  5.6% healthy yield.

oil/gas

The original energy trust.  Quietly transformed themselves over the last couple of years.  They are starting to grow production – 9% this year.  Trades at a multiple discount to everyone else.  5.6% healthy yield.

oil/gas
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$19.170
Owned Owned
Yes

Must be logged in to use chart
BUY
Freehold Royalties(FRU-T) 

December 2, 2013

7.6% yield because it is a true royalty trust.  Not a lot of capital to put in to their projects. 

oil/gas

7.6% yield because it is a true royalty trust.  Not a lot of capital to put in to their projects. 

oil/gas
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$22.340
Owned Owned
Unknown

Must be logged in to use chart
BUY
Granite Oil Corp(GXO-T) 

December 2, 2013

Have done a good job finding two big oil pools.  What they need to do now is to grow production and she thinks they can do that.  Balance sheet is good.  She hopes they will get taken out as soon as they prove it out. 

oil/gas

Have done a good job finding two big oil pools.  What they need to do now is to grow production and she thinks they can do that.  Balance sheet is good.  She hopes they will get taken out as soon as they prove it out. 

oil/gas
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$9.140
Owned Owned
Unknown

Must be logged in to use chart
BUY

Oil weighted producer and will do a good job of increasing production next year.  They are going to have a 35% bump in production.  Are going to put some infrastructure in place Feb. or March. 

oil/gas

Oil weighted producer and will do a good job of increasing production next year.  They are going to have a 35% bump in production.  Are going to put some infrastructure in place Feb. or March. 

oil/gas
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$5.940
Owned Owned
Yes

Must be logged in to use chart
BUY

In the last year they have turned the corner.  Operations getting better, debt coming down and it is very cheap.  Thinks they will get some multiple expansion. 

oil/gas

In the last year they have turned the corner.  Operations getting better, debt coming down and it is very cheap.  Thinks they will get some multiple expansion. 

oil/gas
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$6.100
Owned Owned
Unknown

Must be logged in to use chart
TOP PICK
Manulife Financial(MFC-T) 

December 2, 2013

Her call is that long term interest rates go up which will benefit them and they will do so the most of all the Lifecos.  Capital ratios are excellent.  Thinks they can’t increase dividend until end of 2014

insurance

Her call is that long term interest rates go up which will benefit them and they will do so the most of all the Lifecos.  Capital ratios are excellent.  Thinks they can’t increase dividend until end of 2014

insurance
Laura Lau

Senior Portfolio Manager, Sentry Select Capita...

PricePrice
$20.720
Owned Owned
Yes

Must be logged in to use chart
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