Opinions by Christine Poole | StockChase
2276
Christine Poole

CEO & Managing Director

ON STOCKCHASE SINCE Jul 2009

GlobeInvest Capital Management

2276
Christine Poole

CEO & Managing Director

ON STOCKCHASE SINCE Jul 2009

GlobeInvest Capital Management


Opinions by Christine Poole


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General Market Comment 

December 12, 2017

Economy. This economic expansion has been slow. We are in the 8th year of a recovery. The US economy bottomed in Q3 of 2009, and the cumulative GDP growth is 19%, whereas the historical average is 26%, so there is still a lot of headway. We are only getting 2.5% GDP growth and in the 8th year of recovery, and when you think of all the accommodation the Fed has put into the system, we are in an environment where we will be lower for longer. Now we are getting other economies, the euro zone, Japan, China and emerging markets kicking in, which is helping the global economy. The Canadian market has really lagged, particularly since the composition of the TSX includes a heavy weighting of energy and mining.

Economy. This economic expansion has been slow. We are in the 8th year of a recovery. The US economy bottomed in Q3 of 2009, and the cumulative GDP growth is 19%, whereas the historical average is 26%, so there is still a lot of headway. We are only getting 2.5% GDP growth and in the 8th year of recovery, and when you think of all the accommodation the Fed has put into the system, we are in an environment where we will be lower for longer. Now we are getting other economies, the euro zone, Japan, China and emerging markets kicking in, which is helping the global economy. The Canadian market has really lagged, particularly since the composition of the TSX includes a heavy weighting of energy and mining.

Unknown
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$0.020
Owned Owned
Unknown

Must be logged in to use chart
HOLD
Apple(AAPL-Q) 

December 12, 2017

(Market Call Minute.) If you own this, continue holding as you will get the refresh cycle with their new phones. It has a lot of cash. Going forward, she wants to see more innovation.

electrical/electronic

(Market Call Minute.) If you own this, continue holding as you will get the refresh cycle with their new phones. It has a lot of cash. Going forward, she wants to see more innovation.

electrical/electronic
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$171.700
Owned Owned
No

Must be logged in to use chart
BUY
Altagas Ltd(ALA-T) 

December 12, 2017

Alta Gas (ALA-T) or Inter Pipeline (IPL-T)? This has a US acquisition which is expected to close next year that provides an attractive yield. She doesn't have a bias towards one or the other, and you can do either one.

oil/gas

Alta Gas (ALA-T) or Inter Pipeline (IPL-T)? This has a US acquisition which is expected to close next year that provides an attractive yield. She doesn't have a bias towards one or the other, and you can do either one.

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$28.840
Owned Owned
Yes

Must be logged in to use chart
COMMENT

Prefers the parent, Brookfield Asset Management, which is where she has her exposure. It gives you a more diversified holding. Management has a long-term view on malls and retail. High quality malls will always have a place. This would be a good long-term investment.

REAL ESTATE

Prefers the parent, Brookfield Asset Management, which is where she has her exposure. It gives you a more diversified holding. Management has a long-term view on malls and retail. High quality malls will always have a place. This would be a good long-term investment.

REAL ESTATE
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$27.690
Owned Owned
No

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COMMENT
Baytex Energy Corp(BTE-T) 

December 12, 2017

Despite the fact that we see WTI up to $57 and Brent over $60, the Canadian producers are not reflecting those price levels. In fact, the differential has widened. A lot of Canadian energy producers are down, and she doesn't have a lot of exposure. Feels this one is more highly levered than some of the others. She would rather own a very low-cost producer with a very strong balance sheet.

oil/gas

Despite the fact that we see WTI up to $57 and Brent over $60, the Canadian producers are not reflecting those price levels. In fact, the differential has widened. A lot of Canadian energy producers are down, and she doesn't have a lot of exposure. Feels this one is more highly levered than some of the others. She would rather own a very low-cost producer with a very strong balance sheet.

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$3.870
Owned Owned
No

Must be logged in to use chart
COMMENT

Doesn't follow this closely. It owns a lot of apartment buildings, particularly in areas like Metropolitan Toronto, where the housing market is relatively tight. Very steady cash flow streams. They get rate increases every year, so it's a relatively defensive type of investment. A good candidate if looking for yield and a defence of cash flow. Dividend yield of 3.5%.

investment companies/funds

Doesn't follow this closely. It owns a lot of apartment buildings, particularly in areas like Metropolitan Toronto, where the housing market is relatively tight. Very steady cash flow streams. They get rate increases every year, so it's a relatively defensive type of investment. A good candidate if looking for yield and a defence of cash flow. Dividend yield of 3.5%.

investment companies/funds
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$37.100
Owned Owned
No

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HOLD
CCL Industries (B)(CCL.B-T) 

December 12, 2017

(Market Call Minute.) She would continue holding. It’s a bit expensive, so she wouldn't buy it.

packaging/containers

(Market Call Minute.) She would continue holding. It’s a bit expensive, so she wouldn't buy it.

packaging/containers
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$59.400
Owned Owned
No

Must be logged in to use chart
DON'T BUY

Although it has had a huge dip, her preference would be to stay away and wait, because when you get to levels like this, there is a question about sustainability of the dividend. Distribution channels are changing, so they are kind of in a changing landscape.

entertainment services

Although it has had a huge dip, her preference would be to stay away and wait, because when you get to levels like this, there is a question about sustainability of the dividend. Distribution channels are changing, so they are kind of in a changing landscape.

entertainment services
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$11.740
Owned Owned
No

Must be logged in to use chart
TOP PICK

This is a demographic play. The stock hasn't done too much in the past 3-6 months where we have seen the overall market rally. Just did an equity issue at $15.20, to retire some debt as well as to fund an Alberta acquisition. Dividend yield of 3.7%. This is the largest Canadian operator in seniors housing. Very good operators and have a good pipeline of organic projects as well as some of their M&A. (Analysts' price target is $17.)

property mngmnt/investment

This is a demographic play. The stock hasn't done too much in the past 3-6 months where we have seen the overall market rally. Just did an equity issue at $15.20, to retire some debt as well as to fund an Alberta acquisition. Dividend yield of 3.7%. This is the largest Canadian operator in seniors housing. Very good operators and have a good pipeline of organic projects as well as some of their M&A. (Analysts' price target is $17.)

property mngmnt/investment
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$15.760
Owned Owned
Yes

Must be logged in to use chart
COMMENT
Enbridge(ENB-T) 

December 12, 2017

Inter Pipeline (IPL-T) or Enbridge (ENB-T)? If she had to choose between one or the other, her preference would be this. It has been held back by the uncertainty of the financing of their capital program and that has now been alleviated. Also, they are more diversified getting into natural gas.

oil/gas pipelines

Inter Pipeline (IPL-T) or Enbridge (ENB-T)? If she had to choose between one or the other, her preference would be this. It has been held back by the uncertainty of the financing of their capital program and that has now been alleviated. Also, they are more diversified getting into natural gas.

oil/gas pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$49.330
Owned Owned
Unknown

Must be logged in to use chart
TOP PICK
Enbridge(ENB-T) 

December 12, 2017

She likes the Spectra acquisition they did as it diversified them into the US and international gas. They issued $1.5 billion in a new equity issue amongst 3 private institutions, so the overhang on their funding requirements has been alleviated. Dividend yield of 5.4%, and have confirmed dividend growth of 10% annually to 2020. (Analysts' price target is $60.)

oil/gas pipelines

She likes the Spectra acquisition they did as it diversified them into the US and international gas. They issued $1.5 billion in a new equity issue amongst 3 private institutions, so the overhang on their funding requirements has been alleviated. Dividend yield of 5.4%, and have confirmed dividend growth of 10% annually to 2020. (Analysts' price target is $60.)

oil/gas pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$49.330
Owned Owned
Yes

Must be logged in to use chart
COMMENT

She likes the group, but doesn't own this. They recently did an equity issue to alleviate funding concerns over the next few years, as they have a big capital spending program. Provides a very attractive yield of 7%, which she feels is safe. Prefers the parent Enbridge (ENB-T). (See Top Picks.)

oil/gas

She likes the group, but doesn't own this. They recently did an equity issue to alleviate funding concerns over the next few years, as they have a big capital spending program. Provides a very attractive yield of 7%, which she feels is safe. Prefers the parent Enbridge (ENB-T). (See Top Picks.)

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$29.420
Owned Owned
No

Must be logged in to use chart
COMMENT
Facebook(FB-Q) 

December 12, 2017

Which of the FANG stocks do you least prefer? She probably wouldn't sell any. Would look at the valuation levels to see which were the most onerous and possibly trim back on the one that is the most elevated. Facebook (FB-Q) is probably the one most richly valued.

Which of the FANG stocks do you least prefer? She probably wouldn't sell any. Would look at the valuation levels to see which were the most onerous and possibly trim back on the one that is the most elevated. Facebook (FB-Q) is probably the one most richly valued.

0
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$176.960
Owned Owned
Unknown

Must be logged in to use chart
DON'T BUY
Goldcorp Inc(G-T) 

December 12, 2017

(Market Call Minute.) Has very little gold exposure. Gold prices have been very weak, and she doesn't see any urgency to get into this. She is not adding to her position or buying for new accounts right now.

precious metals

(Market Call Minute.) Has very little gold exposure. Gold prices have been very weak, and she doesn't see any urgency to get into this. She is not adding to her position or buying for new accounts right now.

precious metals
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$15.160
Owned Owned
Yes

Must be logged in to use chart
COMMENT
General Electric(GE-N) 

December 12, 2017

Hold or Sell? This has probably bottomed now, given that the new CEO has come in. He cut the dividend quite dramatically, and intends to sell more assets. Their core power business is not doing very well and will take a number of years to rectify. If you are a very long-term investor, and have ridden out the pain, it likely has bottomed and things can only get better going forward. Prefers United Technologies (UTX-N).

electrical/electronic

Hold or Sell? This has probably bottomed now, given that the new CEO has come in. He cut the dividend quite dramatically, and intends to sell more assets. Their core power business is not doing very well and will take a number of years to rectify. If you are a very long-term investor, and have ridden out the pain, it likely has bottomed and things can only get better going forward. Prefers United Technologies (UTX-N).

electrical/electronic
Christine Poole

CEO & Managing Director, GlobeInvest Capital ...

PricePrice
$17.910
Owned Owned
No

Must be logged in to use chart
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