Opinions by Christine Poole | StockChase
2245
Christine Poole

CEO & Managing Director

ON STOCKCHASE SINCE Jul 2009

GlobeInvest Capital Management


Opinions by Christine Poole



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2017-11-10

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

Markets. Earnings have been decent, but it needs to go on being strong to propel stocks higher. Third-quarter US earnings have been reported and are almost complete now. They came in better than the expected 5%. Coming in around 8%-9%. Indices are trading above historical averages, so she is not expecting any more multiple expansion to keep markets going higher. They really need that profit growth to keep going up.

Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $0.020
Owned: _N/A

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2017-11-10

COMMENT
Aurora Cannabis (ACB-T)

A market cap well above $1.5 billion, but only $8 million in sales, so valuation has a real disconnect. A lot of these stocks move on news or momentum, not necessarily on the underlying financials.

Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $4.640
Owned: No

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2017-11-10

COMMENT
Agrium (AGU-T)

They are targeting the 4th quarter to complete their merger with Potash (POT-T). The new company is going to be called Nutrient.

chemicals
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $135.500
Owned: Unknown

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2017-11-10

COMMENT
Algonquin Power & Utilities Corp (AQN-T)

Canadian utility companies seem to be making acquisitions for growth. She owns this in some of her utility accounts. Utilities are focused on renewables, which is a positive. A nice trend for the future. They recently made a $500 million equity issue, which is why the stock pulled back, as they usually do an issue below the market price. Longer-term, this is an attractive investment and offers an attractive dividend yield.

electrical utilities
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $13.320
Owned: Yes

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2017-11-10

COMMENT
BCE Inc. (BCE-T)

She’s used both this and Telus (T-T) as income stocks. Both have an attractive yield, close to 4.5%-5%. They generate a lot of cash flow, so will typically increase their dividend at a modest pace each year. They’ve done relatively well. She doesn’t expect a lot of capital appreciation, maybe 5% from here at best, plus the yield. Uses these for defensive and income purposes.

telephone utilities
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $61.170
Owned: Yes

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2017-11-10

COMMENT
Baytex Energy Corp (BTE-T)

Has very low energy weightings in her portfolios. Even though energy prices have risen, there is not a lot of visibility in what may play out in the next 6-12 months. This is more levered than the other companies. She wants a very strong balance sheet. 

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $4.180
Owned: No

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2017-11-10

TOP PICK
Cineplex Inc (CGX-T)

Has lost altitude, partly because of Hollywood’s bad products. Is the decline in attendance systemic or cyclical? She thinks it is cyclical. They’ve put in initiatives to diversify away from the box office, including growing its digital media business, eSports franchise, and opening Rec Room restaurants. Dividend yield of 4.7%. (Analysts’ price target is $44.50.)

other services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $36.500
Owned: Yes

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2017-11-10

COMMENT
Corus Entertainment (B) (CJR.B-T)

This bought the media assets from Shaw, and media is going through a lot of changes. Content is important. She is not enticed to go into this space other than her holdings of Disney (DIS-N). 9.6% dividend yield is quite high, at any time it goes above 6%-7%, you have to start looking at the cash flow performance of the company and how sustainable it is for the long-term.

entertainment services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $11.660
Owned: No

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2017-11-10

PAST TOP PICK
Chartwell Seniors Housing (CSH.UN-T)

(A Top Pick Nov 15/16. Up 12%.) Just reported this morning and had good numbers and improvement in their Net Operating Income. She likes Senior Housing where the demographics work in your favour. Sold all their US assets a few years ago, and invests solely in Canada now.

property mngmnt/investment
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $15.860
Owned: Yes

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2017-11-10

COMMENT
CVS Health Corp (CVS-N)

She is going to continue holding this, even though Amazon (AMZN-Q) may enter the mail order drug delivery space. Feels they are well positioned. They have the infrastructure and their PBM service, so can compete if they have to. The multiple has really contracted, trading at about 12X forward earnings. There are rumours that CVS may buy a health insurance company, possibly Aetna, which has caused the stock to pull back. They are virtually integrating in that whole chain, and will eventually derive more scripts and more services into their retail network, which will help lower overall hospital costs.

specialty stores
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $70.990
Owned: Yes

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2017-11-10

HOLD
DowDuPont Inc. (DWDP-N)

On her watch list. The investment thesis is that eventually they plan to spin out various operating divisions. The hope is that the sum of the parts is greater than the total. A cyclical name, so in an environment where you are seeing improving economic fundamentals, that is a positive. Has done relatively well and the pullback was maybe just for valuation measures.

chemicals
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $69.970
Owned: No

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2017-11-10

COMMENT
Enbridge (ENB-T)

Hitting new multiyear lows. When they recently reported 3rd quarter earnings, they were asked about their dividend policy, where they had indicated they can grow their dividend 10%-12% annually to 2024. That’s been their stance for a number of quarters. The company said they were finalizing plans and would be addressing this at their investors day mid December. Feels this affected the stock. The market does not like uncertainty.

oil/gas pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $46.290
Owned: Yes

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2017-11-10

TOP PICK
CGI Group (A) (GIB.A-T)

About half their revenue comes from outsourcing on long-term contracts, which are reoccurring, and the other half is systems integration consulting contracts. They are well positioned on the technology trends, with everybody having to develop a digital platform and automate processes for artificial intelligence. Companies are having to look at their legacy technology systems, and upgrade to make them more digital, online. When you do that, you are inviting customers and the world onto your website, which means cyber Security is another issue. This company has solutions to address all these metrics. Very global with about 50% from Europe, 30% in the US and the balance in Canada and Asia. (Analysts’ price target is $74.)

consulting
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $67.650
Owned: Yes

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2017-11-10

PAST TOP PICK
Alphabet Inc. (A) (GOOGL-Q)

(A Top Pick Nov 15/16. Up 35%.) The valuation is not as attractive as it was a year ago. They’re executing well. Have had over 20% revenue growth for 21 consecutive quarters. Has a lot of cash overseas, which will be a benefit if the whole US tax reform comes in for repatriation of foreign taxes.

Business Services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $1044.150
Owned: Yes

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2017-11-10

PAST TOP PICK
Home Depot (HD-N)

(A Top Pick Nov 15/16. Up 35%.) This was made on the play of improving GDP growth in the US, and improving housing. There is a shortage of inventory in the US housing market, so many people are opting to stay in their existing home, and to upgrade and renovate.

specialty stores
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $164.110
Owned: Yes

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2017-11-10

BUY
Inter Pipeline (IPL-T)

Increased their dividend by about 3.5%. Their results were fine, but have to make a decision on the big $3.1 billion petrol/chemical facility. They want to secure long-term “take or pay” contracts before building it, which will decrease exposure to the commodity price. If you didn’t own this, this would be a chance to build a position. The dividend yield is over 6%.

oil pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $26.110
Owned: Yes

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2017-11-10

HOLD
JP Morgan Chase & Co (JPM-N)

Sell and move into Bank of America (BAC-N)? Both are a play on the US economy and capital markets. Of the 2, she would tend to stick with J.P. Morgan, which she feels has a better management team in place. Both will participate if markets continue to do well.

Financial Services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $97.510
Owned: Unknown

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2017-11-10

TOP PICK
Mondelez International (MDLZ-Q)

A global leading snacks company. 40% is in emerging markets. They are in chocolates, biscuits and candy. It has pulled back from prior years, because emerging markets economies have not been doing as well. Things are starting to improve. They have a program in place to improve margins and thinks the volume growth will start to improve. Dividend yield of 2.1%. (Analysts’ price target is $48.00.)

Consumer Products
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $41.950
Owned: Yes

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2017-11-10

COMMENT
Manulife Financial (MFC-T)

Sun Life (SLF-T) or Manulife (MFC-T)? In a slowly rising interest rate environment, both banks and lifecos will benefit, and you want to have representation in both groups. She owns 3 banks and 1 lifeco. Both have done well. This one was lagging, but has now played a bit of catch-up. Both just reported good results. Her preference would be this because she likes their Asian exposure, which will be a faster growth market.

insurance
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $26.910
Owned: Yes

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2017-11-10

PARTIAL SELL
Methanex Corp (MX-T)

Take some profits or is there more room to run? The commodity is methanol and this is the leading producer. It is somewhat cyclical. The stock has done well. In a market pullback, concerns about economic growth, etc. the stock will likely pull back. She wouldn’t see any problems in taking some money off the table now.

chemicals
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $65.450
Owned: No

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2017-11-10

BUY
New Flyer Industries Inc. (NFI-T)

This is on her watch list. They have 2 divisions, bus manufacturing and an aftermarket business. Just reported, and the aftermarket business was soft, so the stock pulled back. They are well positioned, so on this pullback, you could add to your holdings.

income trust
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $50.020
Owned: No

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2017-11-10

COMMENT
Saputo Inc. (SAP-T)

A cheese/dairy processor. Just announced another acquisition in Australia. Good operators. The stock has done relatively well, but always trades at a premium valuation. It’s a consolidator, as there is not a lot of organic growth. Doesn’t see any compelling reason to own the industry. Other industries have more attractive growth rates. Dividend yield of 1.5%.

food processing
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $43.960
Owned: No

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2017-11-10

COMMENT
Sun Life Financial Inc (SLF-T)

Sun Life (SLF-T) or Manulife (MFC-T)? In a slowly rising interest rate environment, both banks and lifecos will benefit, and you want to have representation in both groups. She owns 3 banks and 1 lifeco. Both have done well but her preference would be Manulife because of their Asian exposure.

insurance
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $49.290
Owned: No

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2017-11-10

HOLD
Xylem Inc. (XYL-N)

Based out of the US. They do water transportation, treatment and tests. There are not a lot of companies that focus in this space. She still likes it. The stock has done well, so the valuation is not as attractive as when she had purchased this in January. Emerging markets are about 20% of revenues and they are still building out their water infrastructures. In developed markets the water infrastructure is very old and needs to be updated.

environmental
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $66.250
Owned: Yes

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2017-10-11

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

Market. We have synchronized global growth and low interest rates. The MIS increased its outlook for global economic growth. It was 3.2% in 2016, and has been upgraded to 3.6% for this year and 3.8% for 2018. The US and Canadian Central Banks have started to raise rates, and it looks like the UK may be the third. There is little inflationary pressure, so she doesn’t expect interest rate increases will be very rapid and will be well telegraphed. She likes financials generally, because a rising interest rate environment will help their margins, and improving economies will help their business.

Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $0.020
Owned: _N/A

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2017-10-11

BUY
A Comment -- General Comments From an Expert 

Canadian Banks? She likes Canadian banks as a group. They’ve picked up in performance in the last few months, because they were flat, up until a few months ago. In this environment of an improving Canadian economy, it looks like energy problems are largely behind us and a rising interest rate environment is good for the banks. Forward P/E ratios are slightly above the 10-year historical averages, as is P/BV, another important valuation metric, where they are slightly below. They can kind of grow that mid-single digit 5%-7% earnings growth. All the banks have committed to a target payout ratio of 40%-50%. She owns Toronto Dominion (TD-T), Royal (RY-T) and Bank of Montréal (BMO-T), which all have US exposure which will be beneficial in a growing US economy.  She also owns Bank of Nova Scotia (BNS-T) which is in a higher growth area.

Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $0.020
Owned: Unknown

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2017-10-11

HOLD
Algonquin Power & Utilities Corp (AQN-T)

A good, long term investment. The yield is very attractive. If there is a spike in interest rates, all yields in utilities will pull back. The company has done well.

electrical utilities
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $13.610
Owned: Yes

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2017-10-11

PARTIAL SELL
Alimentation Couche-Tard (B) (ATD.B-T)

This has done very well. Growth through acquisitions. They’ve benefited from a lot of big oil companies getting out of retail. Have also bought assets overseas. They tend to integrate assets quite well. Because they are gas stations, there is a question about traffic weakening or electric cars, and what is going to happen to gas stations. Expects the company will make some moves to address that. The stock has never been priced inexpensively, and the multiple is quite full. If you’ve done well on this, it probably would be prudent to take some money off the table.

food stores
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $58.940
Owned: Unknown

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2017-10-11

COMMENT
Brookfield Infrastucture Partners (BIP.UN-T)

Inter Pipeline (IPL-T) or Brookfield Infrastructure Partners (BIP.UN-T)? She would encourage Canadians to look outside of Canada, so Brookfield Infrastructure would probably offer more opportunities. Also, there is not as much exposure to crude oil prices as Inter Pipeline would have.

INDUSTRIAL PRODUCTS
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $53.760
Owned: Unknown

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2017-10-11

COMMENT
CCL Industries (B) (CCL.B-T)

This grows by acquisitions as well as some organic growth. A relatively well managed company. A lot of their earnings come from outside of Canada. This is one she watches, but it always trades at a premium. Would take a closer look if there was a pullback in the stock.

packaging/containers
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $63.940
Owned: No

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2017-10-11

PARTIAL BUY
Cineplex Inc (CGX-T)

Fell back on a weak quarter because of a weak slate of movies. The next quarter will also be weak. For new clients, she buys a half a position, and slowly eases into it. There is nothing structurally wrong with the company, so doesn’t think the stock price will drop much further. It always trades at a premium to its US peers because of the large market share they have in Canada, over 80%. They have other revenue streams that are diversifying and growing, such as their rec rooms which have been doing quite well. Bringing E gaming into their theatres, and that sport seems to be gaining momentum. In a few years, those extras will make them less reliant on the movie slate.

other services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $38.650
Owned: Yes

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2017-10-11

HOLD
Canadian Natural Rsrcs (CNQ-T)

A name she would potentially add to her portfolios if she wanted to increase her energy exposures. There is very little visibility in the next 12 months, because everyone is questioning if oil prices are going to move up. This one has held up relatively better than most of the producers.

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $41.500
Owned: No

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2017-10-11

DON'T BUY
Concordia International Corp (CXR-T)

She wouldn’t be buying this now, even though the stock price has come down dramatically from what it was a few years ago. This has only been public for about 4-5 years, and they’ve been buying assets. There is a lot of pricing pressure on the drugs they bought and paid a lot for. Has a lot of debt on their balance sheet. Debt to Enterprise EBITDA is over 11X. There is a big question as to how they are going to repay the debt when it comes due. Based on what they have now, it doesn’t seem sufficient.

Pharma & Healthcare
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $1.490
Owned: No

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2017-10-11

BUY
Walt Disney (DIS-N)

She is buying this for her new clients. The media sector as a whole has had an overhang, in terms of how people are consuming media and how it is going to be priced going forward. What they have going for them is their content and the type of content. ESPN is a big overhang, because people are streaming and not buying the big cable packages. Sports is a type of medium that people generally want to watch live. They announced they’re going to launch a consumer product for ESPN next year. Eventually they see it as a “pick and pay” where you can choose specific shows. They’ve also announced a consumer product for 2019 for their Disney content. For a long-term investment, this is an attractive entry point.

entertainment services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $98.550
Owned: Yes

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2017-10-11

PAST TOP PICK
Enbridge (ENB-T)

(A Top Pick Oct 12/16. Down 6%.) Hadn’t done as well as expected. It is a pipeline stock and is interest sensitive. Rising interest rates have worked against all interest sensitive stocks. In the last few months, anything energy related had investors backing away, which hit the pipelines. They also have the Line 3 replacement in their backlog, and still have to get Minnesota’s regulatory approval. In a slowly rising rate environment this is quite attractive, and you are getting paid to wait. She would still be a buyer.

oil/gas pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $51.980
Owned: Yes

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2017-10-11

HOLD
Enbridge Income Fund Holdings (ENF-T)

This contains Enbridge’s (ENB-T) mainline assets. There is probably less growth than there is in Enbridge the parent, but the yield is higher. Thinks the dividend is safe, but there is probably less growth. Dividend yield of 6.4%.

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $32.210
Owned: Unknown

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2017-10-11

PAST TOP PICK
Fortis Inc. (FTS-T)

(A Top Pick Oct 12/16. Up 14%.) An electric utility, so it is insulated from commodity exposure. She likes the US acquisition they did, which really expanded their presence in the US. 60% of earnings will be coming from the US. They’ve indicated they can increase their dividend by 6% annually until 2021.

electrical utilities
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $45.460
Owned: Yes

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2017-10-11

HOLD
General Electric (GE-N)

This has lagged the market and its industrial peers. They have gone through a lot of change, getting out of their financial services in order to grow their industrial segment. Have a new CEO and there will be a new CFO coming in. Earnings target for next year was set by the previous CEO, but that is probably not going to be made and the stock has been coming up. The dividend yield is over 4%. Even high quality industrial companies tend to have a yield of around 2.5%, so the company may reset the dividend.

electrical/electronic
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $23.070
Owned: No

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2017-10-11

HOLD
Home Depot (HD-N)

This will benefit from hurricane reconstruction, but that is short-term temporary. The reason to own is because of the GDP growth in the US and the increasing household formations. Over two thirds of existing housing is over 30 years old, which is positive for renovators. Also, household turnovers and employment levels are improving. New housing inventory is very low in the US, so more people are choosing to stay in existing homes, and to renovate and upgrade. The one retail sector that has been relatively insulated from Amazon (AMZN-Q). Wait for a pullback.

specialty stores
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $165.250
Owned: Yes

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2017-10-11

HOLD
Intel (INTC-Q)

Pays a pretty attractive yield. Has a lot of cash. Transitioning from their PC related end markets to higher growth markets. Semiconductors generally have done quite well. With improving economies, it is probably a relatively safe holding. Dividend yield of about 2.7%.

electrical/electronic
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $39.300
Owned: Unknown

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2017-10-11

COMMENT
Inter Pipeline (IPL-T)

Inter Pipeline (IPL-T) or Brookfield Infrastructure Partners (BIP.UN-T)? This is primarily all Canadian although they have some assets in Europe. She would encourage Canadians to look outside of Canada, So Brookfield Infrastructure would probably offer more opportunities. She likes them both and they both provide attractive yields.

oil pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $25.960
Owned: Yes

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2017-10-11

TOP PICK
Johnson & Johnson (JNJ-N)

The US$ has weakened against all currencies this year, and for US multinationals that is going to be a nice tailwind for them. About 50% of revenues come from North America. About 45% of revenues come from the pharmaceutical division, and then they have the medical devices and the consumer products division. Their Pharma division has really started to show nice organic growth, and investments in their pipeline are paying off. Going forward, management has indicated they expect to file 10 new products by 2019 with revenue potential of $1 billion, so she sees good visibility in the pipeline going forward. Organic growth is picking up. They increase the dividend every year and have done so for the last 55 years. Dividend yield of 2.5%. (Analysts’ price target is $142.)

biotechnology/pharmaceutical
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $136.650
Owned: Yes

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2017-10-11

TOP PICK
Mondelez International (MDLZ-Q)

About 25% of revenues come from the US and about 40% is from emerging markets. The stock hasn’t done that well this past year, which is why it is a Top pick. As disposable income increases in emerging markets, it is going to increase the sale of more packaged foods. They are the global leading snack food manufacturer. Have been building out their footprint in the emerging markets. The last year has been difficult with a strong US$. We are starting to see improving economic movements in those markets. The long-term trend of increasing consumption of packaged foods and goods plays into this company very well. Dividend yield of 2.1%. (Analysts’ price target is $49.50.)

Consumer Products
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $41.710
Owned: Yes

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2017-10-11

HOLD
Manulife Financial (MFC-T)

They are going to overcome the problems they had in the Power Financial crisis. A new CEO is coming in. She likes their positioning in Asia, a faster growth market. They seem to have worked through some of the legacy US problems they inherited with some of their acquisitions. She doesn’t see them exiting their John Hancock US position totally. Dividend yield of 3.2%.

insurance
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $25.910
Owned: Yes

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2017-10-11

COMMENT
Magna Int'l. (A) (MG-T)

Has been doing well on the back of September auto sales. She wouldn’t annualize that, as it was part of the positive on the hurricanes. Auto sales in the US have been running at about 17 million, but at about 18.5 million in September. The sector is always kind of cheap, and the valuation is always attractive. If she were going to any of these, this would be the one she would add. Meanwhile the trade overhang with NAFTA should be allowed to play out. It is on her watch list.

Automotive
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $68.270
Owned: No

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2017-10-11

TOP PICK
Pembina Pipeline Corp (PPL-T)

In the infrastructure industry. She likes the Veresen acquisition, located in the Montney region in Alberta and BC, which closed earlier this month. A very low-cost region where producers can make a reasonable return even at these low prices. The company is well positioned to service that area. Veresen also presents more longer-term opportunities, such as Jordan Cove. This is more for the income investor. Dividend yield of 5%, which she expects could be increased. (Analysts’ price target is $50.)

pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $43.110
Owned: Yes

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2017-10-11

WATCH
SNC-Lavalin Group Inc. (SNC-T)

The stock has recovered from when they had the problems with their bribery charges. Have new management now. Earnings have been relatively flat for the last year, so they’ve done some acquisitions this past year, with the larger one being in the UK. The Atkins acquisition makes them much more global. Wait to see how the integration goes with the acquisition.

contractors
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $56.960
Owned: No

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2017-10-11

PAST TOP PICK
Whirlpool Corp (WHR-N)

(A Top Pick Oct 12/16. Up 12%.) The world’s largest appliance manufacturer. In developed markets, it is more of a replacement demand and there was a replacement cycle going on. They recently won a ruling on antidumping by 2 of their largest competitors. In emerging markets, the penetration of appliances in households is very low compared to the US, and she is expecting increased demand for appliances.

household goods
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $176.910
Owned: Yes

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2017-09-12

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

Market. The global economy is improving. Canada’s 2nd quarter GDP number has surprised on the upside, 4.5% annualized. In the US, even though growth expectations may have moderated a little post election, the 2nd quarter has been revised up to 3%, better than the 1.6% we saw last year. We are seeing growth in Japan, and China looks like they are going to meet their 6.5% target growth rate. Global GDP was improving and profit growth is improving. In the background, there is very tame inflation, so many Central Banks including Canada and the US, will start to become less accommodative on raising rates, and will be very cautious. There is no reason to do this quickly, because inflation is so benign right now.

Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $0.020
Owned: _N/A

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2017-09-12

COMMENT
Apple (AAPL-Q)

The iPhone 10 is quite expensive. Carriers in the US and the UK will no longer subsidize the phones, and it is going to be a really hard sell to spend that kind of money. It doesn’t really address the issue of what is happening in China. They’ve been losing unit volume share there. In China, it is a substantial amount of money to pay for even the revamped iPhone 8, let alone the iPhone 10.

electrical/electronic
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $160.860
Owned: Unknown

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2017-09-12

COMMENT
Alamos Gold Inc (AGI-T)

Made a bid to acquire Richmont Mines (RIC-T) which is considered as a good acquisition for them. It will increase their Canadian exposure in a more politically safe environment. It will also increase their production profile and lower overall costs. It is probably a decent holding for gold exposure.

precious metals
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $8.800
Owned: No

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2017-09-12

COMMENT
Amazon.com (AMZN-Q)

Ali Baba (BABA-N) or Amazon (AMZN-Q)? Both are online retailers. As a value investor, it is very difficult for her to own either. If she had to choose one, it would be this because they have the Cloud service business, which is very profitable. That sector is growing very fast and the penetration rate is quite low. Their retail side generates very, very low operating margins, but it is being more than offset by their web service offering. Growing very, very quickly and are investing. They are really focused on generating profits, but are reinvesting in their business.

specialty stores
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $982.580
Owned: No

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2017-09-12

COMMENT
Boeing (BA-N)

Had owned this for a number of years, but sold it too soon. The stock has done quite well. Typically, you buy airline manufacturers when they are building their backlog. 30% of their business is defence, a sector that has done quite well this year. The stock should continue to do well because of its defence exposure. Eventually, as they start building out their planes, they should generate a lot of cash flow, which is a positive for the stock.

Transportation
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $240.580
Owned: No

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2017-09-12

COMMENT
Alibaba Group Holding (BABA-N)

Ali Baba (BABA-N) or Amazon (AMZN-Q)? Both are online retailers. As a value investor, it is very difficult for her to own either. If she had to choose one, she would lean towards Amazon because they have their Cloud service business, which is very profitable. That sector is growing very fast and the penetration rate is quite low.

Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $175.310
Owned: No

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2017-09-12

TOP PICK
Brookfield Asset Management (A) (BAM.A-T)

An alternative asset manager. They invest their money and shareholders money into 4 general areas, property, infrastructure, renewables and private equity. If you buy this, you get global exposure. They have very attractive profiles. The company looks for assets that are long life and can provide stable cash flow streams. They tend to have a very strong balance sheet, as they like to buy sectors when they are out of favour. Dividend yield of 1.4%. (Analysts’ price target is $45.)

management/diversified
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $48.270
Owned: Yes

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2017-09-12

WATCH
CCL Industries (B) (CCL.B-T)

This hasn’t done well, but at the top of the chart, it was overvalued. When the Cdn$ was going down this was viewed as a proxy that would benefit from the weaker Cdn$, because a lot of their operations are outside of Canada. Now that the Cdn$ is strengthening, that is going to be a headwind. A good company and doing well in its businesses. It just has to grow a bit by acquisitions. It’s on her watch list as a possible Buy.

packaging/containers
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $57.140
Owned: No

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2017-09-12

HOLD
Cineplex Inc (CGX-T)

Had been buying for new clients earlier this year and unfortunately, they are underwater. If you own, you should keep holding it. Yields over 4%, so you are getting paid to wait. The traffic into theatres was obviously soft, which she thinks was the movie slate. 2015 and 2016 were both record banner years. In the last 4-5 years, box office sales have continued to increase, as well as the number of tickets sold. Thinks the slate will improve. Management is trying to diversify out of just being in theatres, and making investments in the Rec Room, online gaming, Top Golf, etc. There is no rush to buy right away, because we know the 3rd quarter is going to be soft. If thinking longer-term, you can slowly start to add here.

other services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $38.580
Owned: Yes

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2017-09-12

BUY
Canadian National R.R. (CNR-T)

Growth stock for a dividend investor? This would be a high-quality growth stock. A very strong operator and obviously benefits from an improving economy and improving trade. It has a record of an increasing its dividends. This is the best operator of all the rails.

Transportation
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $99.660
Owned: Yes

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2017-09-12

PAST TOP PICK
Chartwell Seniors Housing (CSH.UN-T)

(A Top Pick Sept 13/16. Up 2%.) Has held this for a number of years. Pays a good yield of about 4%. Thinks it has pulled back a little with the increases in interest rates. However, she likes the long-term story. They are the largest operator of retirement homes in Canada, and are well positioned to continue to grow.

property mngmnt/investment
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $14.580
Owned: Yes

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2017-09-12

DON'T BUY
Concordia International Corp (CXR-T)

Doesn’t think this is investable. Net debt to EBITDA is about 11X, which is very high. They have absolutely no visibility in terms of pricing in the UK, because the whole pricing regime is changing. She can’t see how they are going to pay the debt which comes due in 2021.

Pharma & Healthcare
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $1.620
Owned: No

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2017-09-12

COMMENT
Walt Disney (DIS-N)

The CEO spoke at a conference last week, and brought earnings guidance down for the fiscal year 2017, which ends in September. With the hurricanes in Florida, they are going to see less traffic including decreased occupancy in hotels. Have also had to cancel some of their cruise ships. They are going to start streaming direct to consumers’ platforms including ESPN. They envision this to have 10,000 new sporting programs that they are not currently showing. See it as being an a la carte menu where you can just choose to watch one big game or one league, without having to tap them all. The 2nd platform is their Disney platform which is going to include Disney Pixar, Marvel and Lucas films, which they are going to launch in 2019. All of this looks promising.

entertainment services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $97.890
Owned: Unknown

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2017-09-12

COMMENT
Enbridge (ENB-T)

She likes it at this price. The yield is close to 5% and it rarely provides such a high yield. Likes the Spectra acquisition, which gave them exposure to North America in natural gas. They’ve indicated they can grow their dividend 10%-12% through 2024, a pretty attractive growth rate. There has been an overhang because they want to do this line replacement project. The last piece of regulatory approval they need is in Minnesota. They’ve already got approval from Canada, Wisconsin and North Dakota. The pipeline is already in the ground, but they want to replace the pipe and make it larger and add technology. Once they get that in place, they will be able to almost double capacity.

oil/gas pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $49.910
Owned: Yes

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2017-09-12

WAIT
General Electric (GE-N)

The stock has underperformed the market in the sector it is in. A new CEO started in August. In the next quarter, they are having an upcoming Analysts Day, where he will be talking about his expectation for growth going forward. Analysts are expecting that growth expectations will be moderated, which is why she thinks the stock has been pulling back. Feels the dividend is still safe. Wait to see what the new CEO has to say.

electrical/electronic
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $23.910
Owned: No

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2017-09-12

PAST TOP PICK
CGI Group (A) (GIB.A-T)

(A Top Pick Sept 13/16. Up 4%.) Was surprised this has not done better. She still likes the stock. A great growth name. They don’t pay a dividend, so are definitely interested in growing their business and reinvesting in the business, outsourcing and integration. Outsourcing is on long-term contracts which has more stable cash flow streams. Every few years, this tends to do a large acquisition to increase their geographic scope or their vertical they want to increase their presence. They are ready to do another acquisition, but haven’t been able to find anything that fits their financial discipline, so have been making a lot of smaller tuck in acquisitions. They are seeing good pickup in organic growth, particularly with the whole issues of Cyber Security and automating processes to compete with new technologies. Cyber Security is going to be an ongoing trend.

consulting
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $63.230
Owned: Yes

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2017-09-12

COMMENT
Inter Pipeline (IPL-T)

This is pipelines as well as midstream operations. A quite well-managed company. Have some big investments planning in their backlog. For now, it provides a very attractive yield of over 7%. They’ve been slowly increasing the dividend over time. If crude oil prices stay down, you may not see the increases we have seen in the past. She definitely feels the dividend is safe.

oil pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $22.620
Owned: Yes

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2017-09-12

PAST TOP PICK
Johnson & Johnson (JNJ-N)

(A Top Pick Sept 13/16. Up 16%.) Still likes this. Their pharmaceutical division, consumer products division and medical device division all play into an aging demographics. The pharmaceutical division is doing quite well right now. Has a lot of new products that are doing well. She sees decent earnings growth in the high single digits range. Very strong balance sheet. Pays a dividend of just over 2%, and has increased the dividend for the last 56 years.

biotechnology/pharmaceutical
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $132.630
Owned: Yes

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2017-09-12

COMMENT
National Bank of Canada (NA-T)

She likes Canadian banks as a group, and there is nothing particularly wrong with this one, but there are others in the big 6 she prefers. This one is more domestically oriented and doesn’t have the geographic participation as some of the others. Also, tends to have a higher capital market exposure in terms of their composition of revenues and earnings, which tends to be a bit more volatile.

banks
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $57.690
Owned: No

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2017-09-12

DON'T BUY
Qualcomm (QCOM-Q)

With all the patent disputes going on, including Apple (AAPL-Q) and all the countries that are not paying their royalty fees, there is not a lot of visibility in terms of how it is going to play out. A very volatile stock, so she would not step in here.

Telecommunications
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $50.900
Owned: No

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2017-09-12

BUY on WEAKNESS
Raytheon (RTN-N)

For a long-term hold? Defence is a sector that she wants to gain some exposure in. However, defence is a little ahead of itself. Trading at very high multiples. They’ve all had really good runs.

electrical/electronic
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $182.500
Owned: Unknown

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2017-09-12

COMMENT
Saputo Inc. (SAP-T)

A dairy processor, well-managed, that tends to grow by acquisition. There is no compelling reason for her to want to own this. It is not trading at a really attractive multiple, and tends to be reasonably valued at all times.

food processing
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $42.360
Owned: No

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2017-09-12

TOP PICK
Toronto Dominion (TD-T)

She likes the banks, and this one in particular. They had a very strong quarter. A year ago, people thought they were overvalued versus historical. Now, in terms of price to earnings and price to BV, they are in line with historical. Rising interest rates should be positive for banks. She also likes their US exposure. Dividend yield of 3.6%. (Analysts’ price target is $74.)

banks
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $66.680
Owned: Yes

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2017-09-12

COMMENT
Teck Resources Ltd. (B) (TECK.B-T)

This has exposure to met coal, copper and zinc. Met coal prices tend to be quite volatile, and have been recovering. Also, zinc prices have been improving. Of all the commodities, she feels zinc is the most favourable. Hasn’t been adding to her holdings. Would like to wait for it to pull back a bit more, as well as more clarity as to what met coal prices look like for the balance of the year.

precious metals
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $28.250
Owned: Yes

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2017-09-12

TOP PICK
United Technologies (UTX-N)

A global provider of products and services for building services and aerospace. In the building service space, they provide equipment for heating, ventilation, air conditioning and security. This would include Carrier and Chubb. They also have a 34% share in Otis Elevators. Also, do aerospace components, engines, lighting, etc. They own Pratt and Whitney, an airplane manufacturer. Just announced the acquisition of Rockwell Collins, another aerospace manufacturer, which they expect to close a year from now. Dividend yield of 2.5%. (Analysts’ price target is $125.)

mngmnt/diversified
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $109.860
Owned: Yes

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2017-09-12

DON'T BUY
Valeant Pharmaceuticals (VRX-T)

There is way too much debt on the balance sheet. The net debt to EBITDA is about 7X, very, very high. New management has come in, made some asset sales and paid off some debt that was coming due. The next tranche of debt is not due until 2020. However, there is very little visibility in terms of their products going forward. They are going to experience more genetic competition and pricing pressure in their dermatology division. It is hard to see how they are going to generate the necessary cash to start their debt repayments down the road.

Consumer Products
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $17.600
Owned: No

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2017-08-16

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

Market. When Trump was first elected, sentiment was very positive. Pro-growth policies would be put in place. So far, he is not accomplished anything, and it is somewhat discouraging that the councils are being disbanded, as he would be getting good advice from various CEOs. It is somewhat encouraging that nothing has been put through and markets are continuing to go higher, especially in the US. It has really been driven by profit growth. We are now trading above historical averages and we really need to see proper growth come through, which it is doing. Second quarter earnings is just winding down and have come in stronger than expected, double-digit year-over-year. Expectation was around 7%. What is more encouraging, is that we are also seeing growth in the euro zone economies. Japan is even growing now. China seems to be stabilizing. To her, equities still remain the asset class of choice if investors can withstand the volatility and the risk associated with them.

Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $0.020
Owned: _N/A

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2017-08-16

COMMENT
Altaba Inc (AABA-Q)

For now, this just represents their position in Alibaba (BABA-N), so it is kind of a reflection on how Alibaba is doing. Alibaba is doing very well, but the valuation is very high and very difficult to assess a downsize if something goes wrong.

computer software/processing
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $60.650
Owned: No

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2017-08-16

COMMENT
Agnico-Eagle Mines (AEM-T)

A gold producer, and she doesn’t own a lot of gold equities. If she decided to increase her weighting in gold, this would be a name she would go to.

precious metals
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $58.970
Owned: No

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2017-08-16

COMMENT
Altagas Ltd (ALA-T)

Owns this in a few accounts. It is a midstream company. The yield is very attractive. In this past week, she has noticed all of these energy infrastructure names, including the pipelines, have been pulling back. This represents an attractive entry point for people who want income. Dividend yield of 7.6%.

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $27.660
Owned: Yes

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2017-08-16

TOP PICK
Brookfield Asset Management (A) (BAM.A-T)

An alternative asset manager with over $250 billion under management. They invest for their shareholders and clients into 4 general areas. Property, renewables, infrastructure and private equities. In those sectors, they are looking for real assets that have a long life that are able to generate a stable stream of cash flow. A very good track record of making money for shareholders and their clients. Globally diversified, so a good opportunity for Canadian investors to get a position in a company that has the relationships and resources to bid on large infrastructure projects. She likes that senior management owns a very high percentage of stock. Dividend yield of 1.4%. (Analysts’ price target is $45.)

management/diversified
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $49.390
Owned: Yes

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2017-08-16

COMMENT
CAE Inc (CAE-T)

Flight simulation and training. It is on her watch list. In a good space, because there is an increasing demand for their products. Feels it is fully valued right now.

transportation equip & components
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $20.780
Owned: No

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2017-08-16

PAST TOP PICK
Cineplex Inc (CGX-T)

(A Top Pick Aug 16/16. Down 13.43%.) Reported last week and the stock got hit fairly badly, and is down 15% since it reported. A very attractive opportunity to get into the stock. They closed down about 11 theatres to retrofit the seating, which should benefit them in the future. Thinks the company is trying to diversify away from the theatre base. Dividend yield of about 4%. If you don’t own, she would use this pricing to build a position.

other services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $42.520
Owned: Yes

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2017-08-16

HOLD
Crescent Point Energy Corp (CPG-T)

Owns a bit of this in some of her client’s portfolios from before the energy prices started to fall apart in 2014. The stock has done very poorly on the reflection of energy prices, but also has underperformed its peers. When energy troughed out in February 2016 at $26-$27, this was around $16. Now energy is up $47 and the stock is at $9. Their balance sheet is relatively strong. They have an attractive yield and she doesn’t anticipate that they are going to cut the dividend unless there is continued weakness in crude oil prices. Dividend yield of 4.2%.

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $8.660
Owned: Yes

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2017-08-16

BUY
Enbridge (ENB-T)

This is an attractive entry point. They acquired Spectra. Enbridge is typically more of a crude oil pipeline. Spectra is natural gas, and is all US, so it expanded their geographic scope as well as diversifying their commodity base. The company indicated that they feel they can grow their dividend 10%-12% annually to 2024.

oil/gas pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $49.440
Owned: Yes

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2017-08-16

PAST TOP PICK
Fortis Inc. (FTS-T)

(A Top Pick Aug 16/16. Up 12.58%.) Continues to like this. It has held up well relative to a lot of other interest sensitive names. She likes the US acquisition they did earlier on. Dividend yield of about 3.5%.

electrical utilities
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $46.020
Owned: Yes

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2017-08-16

WAIT
General Electric (GE-N)

The stock has really underperformed its industrial peers as well as the market overall. A new CEO is coming in. The previous CEO did a lot to decrease exposure to the financial services division. The issue going forward is that they have to find something to replace those earnings. She would wait for the new CEO to come on board, to see what his vision and plans are, and what areas he wants to expand in.

electrical/electronic
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $25.100
Owned: No

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2017-08-16

TOP PICK
Home Depot (HD-N)

She likes home improvement. It is really about US housing, recovery, turnover, the age of the housing stock. All those factors benefit this company. As employment improves and consumer confidence improves, people will spend more on their home. Two thirds of the housing stock in the US is over 30 years old, and about half is actually over 40 years old. They just reported and had good numbers. Dividend yield of 2.3%. (Analysts’ price target is $175.)

specialty stores
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $152.250
Owned: Yes

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2017-08-16

BUY
H&R Real Estate Inv Trust (HR.UN-T)

A good entry point. It has pulled back quite a bit, and for no fundamental reason. Generally, rising interest rates are not that favourable for REITs, but she is not anticipating a sharply rising interest rate environment. They are in commercial as well as some residential in the US. A well-run company. Dividend yield of 6.5%.

property mngmnt/investment
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $21.210
Owned: Yes

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2017-08-16

HOLD
Intertape Polymer Group (ITP-T)

A tape manufacturer, so they are going to follow a lot of what is going on with industrial packaging. A pretty well-managed company. In an environment where industrial activity and economies are improving, this company should do well.

packaging/containers
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $20.150
Owned: No

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2017-08-16

COMMENT
Johnson & Johnson (JNJ-N)

A diversified health care company with pharmaceuticals, medical products and consumer products. She likes this. It is well diversified. Their Pharma division is doing quite well. It has a very strong triple A balance sheet. They typically increase their dividend and has done so for the last 50 years. Growth has been improving because of their pharmaceutical division. Valuations are still reasonable. For the long-term, this is a very good holding.

biotechnology/pharmaceutical
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $134.170
Owned: Yes

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2017-08-16

COMMENT
Maxar Technologies (MAXR-T)

A satellite manufacturer. Has owned this in the past. Growth has been lumpy in the US. They’ve recently done an acquisition which will increase their growth prospects, so she is watching and monitoring to see how the acquisition gets digested, and potentially she could buy it back at some point.

computer software/processing
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $68.630
Owned: No

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2017-08-16

COMMENT
McDonalds (MCD-N)

She prefers Yum Brands (YUM-N) whose franchises are Taco Bell, Pizza Hut and KFC. McDonald’s has done well and is a good company with good standing internationally.

food services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $158.900
Owned: No

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2017-08-16

PAST TOP PICK
Mondelez International (MDLZ-Q)

(A Top Pick Aug 16/16. Up 5.28%.) Owns this for the long-term sector of the consumer in emerging markets. As people make more money, they are increasing demand for packaged goods. This is the global leader in chocolate, biscuits, candy and gum. About 40% of their revenue comes from emerging markets which are starting to see some growth.

Consumer Products
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $44.190
Owned: Yes

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2017-08-16

COMMENT
Magna Int'l. (A) (MG-T)

The concern on all auto stocks is that US auto sales have peaked at about 17 million units, and growth is slow to pick up in Europe. A concern for Canadian manufacturers is that we have NAFTA, which really impacts the trade of auto parts going back and forth. For now, she is waiting on the sidelines. This company is the most global and does have leverage to an increase in content per vehicle in Europe and China.

Automotive
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $59.510
Owned: No

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2017-08-16

COMMENT
New Flyer Industries Inc. (NFI-T)

Bus manufacturer and after hour services. A very well-managed company. They have a lot of business in the US. She has this on her watch list, and on a pullback, she might add it to her portfolios. 2.4% dividend yield.

income trust
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $53.110
Owned: No

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2017-08-16

BUY
Pembina Pipeline Corp (PPL-T)

This is currently an attractive entry point. The stock held up quite well through the whole energy decline. They are in the process of acquiring Veresen (VSN-T), which will add to their growth outlook going forward. A good income stock. Dividend yield of 5%.

pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $40.130
Owned: Yes

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2017-08-16

COMMENT
Power Share QQQQ ETF (QQQ-Q)

This has been tracking very well to the S&P 500 over the last 18 months. She would rather own individual stocks, because in this group there are some stocks that are very overvalued, which she wouldn’t buy.

E.T.F.'s
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $144.280
Owned: No

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2017-08-16

TOP PICK
Royal Bank (RY-T)

She likes the banking group as a whole. They really haven’t done much this year. The Canadian economy is improving and rates are slowly rising, which is good for net interest margins. Feels the housing market is moderating and softening, but doesn’t see it collapsing. The bank also has exposure to the US through its acquisition of City National with good opportunities for growth. With a rising rate environment, we should see expanding margins. Dividend yield of 3.7%. (Analysts’ price target is $102.)

banks
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $92.960
Owned: Yes

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2017-08-16

COMMENT
Starbucks (SBUX-Q)

Feels this is transitioning from a very high growth company to a slower growth, and that it is fully valued.

food services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $53.500
Owned: Unknown

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2017-08-16

HOLD
Shawcor Ltd. (A) (SCL-T)

A global leader in pipe coating. They recently reported, and management seems optimistic that drilling activity has troughed. It is rising in North America, and this company is seeing the benefits of that. A lot of their larger projects in 2015 and 2016 were being put on the back burner and delayed. But now they are being asked to bid a lot more larger projects. If you are a long-term investor, you could start picking at this here.

oil/gas field services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $25.150
Owned: Yes

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2017-08-16

COMMENT
Telus Corp (T-T)

She owns this in a few accounts, but not broadly. Telecoms are not a big weighting in her portfolios. If you are looking for income, this and the other telcos offer a good investment for income. Their yields are safe.

telephone utilities
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $44.910
Owned: Yes

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2017-08-16

COMMENT
Canopy Growth Corp. (WEED-T)

Doesn’t own any of the cannabis stocks. The problem is, valuation. Market cap on this company is significantly larger than any multiple of sales you can put on it. The sector is still very much news and sentiment driven.

agriculture
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $8.910
Owned: No

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2017-08-16

COMMENT
iShares S&P/TSX Global Gold (XGD-T)

She generally doesn’t buy ETF’s and would normally buy individual gold producers. This one picked up, on North Korea’s and US relations. Typically, if there is increased uncertainty and volatility, that is usually good for gold. Also, if the US$ is weakening, that is good for gold. She has a very low weighting of gold in her clients’ portfolios. Inflation is very benign globally. This is not the environment right now to be heavily into gold.

E.T.F.'s
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $12.400
Owned: No

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2017-07-12

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

Economy. The numbers we are seeing are improving and broadening. The job numbers yesterday were very strong. Unemployment is back around 6.5%. The Canadian economy has probably seen the worst since energy prices started collapsing a couple of years ago. Thinks the economy has now adjusted to low oiler prices for longer on oil. A lot of energy companies have restructured their balance sheets and many have cut their dividends. Oil has probably a model of $45-$55 range. There is still a lot of uncertainty regarding what happens to OPEC. There have been some encouraging trade numbers in manufacturing for the last few months. The Cdn$ was quite weak, but has had a bit of a rally with a rate increase. Increases will be very slow and will be based on what the governor sees as data comes out. In her portfolios, she still has about 45% of equities outside of Canada. The US economy is recovering.

Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $0.020
Owned: _N/A

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2017-07-12

BUY on WEAKNESS
Air Canada (AC-T)

Not an industry she typically invests in. The stock has done quite well. If you want to enter the stock, wait for a lower price point.

Transportation
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $20.800
Owned: No

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2017-07-12

COMMENT
Agrium (AGU-T)

Their merger with Potash (POT-T) is expected to close at the end of this quarter. It hasn’t been approved, but she expects it will be. She intends to continue holding this after the merger.

chemicals
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $121.490
Owned: Yes

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2017-07-12

COMMENT
Algonquin Power & Utilities Corp (AQN-T)

Cenovus Energy (CEV-T) or Algonquin Power (AQN-T) for long-term gains and dividends? All interest sensitive stocks in a rising interest rate environment tend to pull back, especially so in a sharply rising rate environment, which she does not anticipate in Canada. If we get these pullbacks and high-quality utilities, it is a good time to get in. If you want yield, this is definitely the stock to get into. Cenovus is an energy oil sands producer, whose cash flow is going to be largely predicated on what crude oil does.

electrical utilities
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $13.020
Owned: Unknown

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2017-07-12

HOLD
Alimentation Couche-Tard (B) (ATD.B-T)

Just reported and had pretty good numbers. A relatively mature industry, but they are consolidators. They buy assets and integrate them in. With the recent downturn in energy, the major energy companies are pulling out of running gas stations, and this company is a natural acquirer of those. That is how they maintain their growth. Thinks this is fully valued.

food stores
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $62.400
Owned: No

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2017-07-12

COMMENT
CitiGroup (C-N)

This is really a play on the US economy and a recovery in the financial sector. They’ve done various share consolidation, and the stock has done quite well. They are finally getting their house in order. Prefers Wells Fargo (WFC-N) whose yields are higher.

insurance
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $66.920
Owned: No

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2017-07-12

COMMENT
CCL Industries (B) (CCL.B-T)

A packaging company that grows through acquisition and integrates quite well. The family was selling some of their B stocks, and probably was just a function of the B shares coming to the market which suppressed the share price a little. Feels the stock is fully valued, and would want to get it in the low $60 area.

packaging/containers
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $61.700
Owned: No

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2017-07-12

COMMENT
Canadian Imperial Bank of Commerce (CM-T)

She likes the Canadian banks, which have pulled back from their highs earlier this year. She anticipates they will increase dividends at the same rate as their earnings growth, in the 7%-8% range. This one is primarily a domestic bank. There is not a lot of growth left in Canada, and this has not had a great track record. When they do expand, they tend to pull back. They paid a very full price for the US acquisition they are making. This wouldn’t be one of her top picks.

banks
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $107.410
Owned: No

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2017-07-12

COMMENT
Crescent Point Energy Corp (CPG-T)

Some clients hold this from a couple of years ago, and she hasn’t bought for new clients. She is waiting for energy prices to stabilize and to see a drawdown in inventory. This company is primarily oil, so the share price is going to be dictated by where oil goes. Like many other companies, they cut their dividend in the last downturn. Their balance sheet is in pretty good shape, so if energy stays at these levels and doesn’t fall further, they could probably maintain that dividend. Dividend yield of 4.07%.

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $9.170
Owned: Yes

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2017-07-12

TOP PICK
Chartwell Seniors Housing (CSH.UN-T)

The largest provider of seniors housing communities in Canada. In the last couple of weeks, this has gone from $16 to almost $15, which is why she chose it. Everyone is getting older and living longer. It is still a very fragmented market, and this is the leader in the space. Dividend yield of 3.8%. (Analysts’ price target is $16.75.)

property mngmnt/investment
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $15.210
Owned: Yes

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2017-07-12

COMMENT
Cenovus Energy (CVE-T)

Cenovus Energy (CEV-T) or Algonquin Power (AQN-T) for long-term gains and dividends? All interest sensitive stocks in a rising interest rate environment tend to pull back, especially so in a sharply rising rate environment, which she does not anticipate in Canada. If we get these pullbacks and high-quality utilities, it is a good time to get in. If you want yield, Algonquin Power is definitely the stock to get into. This one is an energy oil sands producer, whose cash flow is going to be largely predicated on what crude oil does.

oil/gas
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $9.220
Owned: Unknown

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2017-07-12

BUY
Enbridge (ENB-T)

This is a fine company. Feels the dividend is safe. They acquired Spectra, a natural gas transition company in the US. Based on the projects they have and the backlog the sector has, they can increase their dividend 10%-12% through 2024. In a rising rate environment, it is very important to find companies that have an attractive yield. Dividend yield of 4.66%.

oil/gas pipelines
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $50.980
Owned: Yes

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2017-07-12

TOP PICK
CGI Group (A) (GIB.A-T)

This has outsourcing with about 55% of their business. Systems integration and contracting is about 45%. The 55% is very much a reoccurring revenue stream, so is a stable stream of cash. Every few years they tend to make a large acquisition that either broadens their geography or deepens them in a vertical market. Logical was the last acquisition a few years ago that really gave them exposure in Europe. It was not a well-run company and margins were much lower. They brought them back up, and Europe is now about 55% of their business. They are ready to make another large acquisition, but are very disciplined on pricing, so are making smaller acquisitions. Organic growth is picking up. (Analysts’ price target is $74.)

consulting
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $66.620
Owned: Yes

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2017-07-12

PAST TOP PICK
Alphabet Inc. (A) (GOOGL-Q)

(A Top Pick July 12/16. Up 31.18%.) This is her play on the Internet and digital advertising. When it got close to $1000, she took some money off the table. To buy more, she would like to see it pull back to around $900. A great company in terms of revenue growth. They grew their top line over 20% over the last 29 consecutive quarters. Regarding online advertising, she thinks it still has some growth in terms of overall corporate advertising budget, and this company will garner a large share of that.

Business Services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $967.660
Owned: Yes

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2017-07-12

COMMENT
Gluskin Sheff and Associates (GS-T)

Just reached a settlement. She prefers wealth management through the big banks. If existing shareholders want to sell, it could probably be a candidate for a take out by one of the big banks, however, she has not heard anything about them being for sale.

Financial Services
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $17.950
Owned: No

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2017-07-12

COMMENT
Home Capital Group (HCG-T)

Just announced a new CEO and he has to reassess the strategy. They still have to stabilize their funding sources. They are offering higher rates for their GICs to attract funding, which means they are going to have to charge higher rates, meaning the incremental person who is seeking a mortgage, may not be able to afford it if rates are higher. There is still the question of how this business model is going to evolve. She prefers the big banks.

investment companies/funds
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $14.390
Owned: No

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2017-07-12

COMMENT
Home Depot (HD-N)

This is a play on the US economy and housing market. The company thinks they are still in the middle innings of the housing recovery. The 2008 recession was so severe that recovery has actually been delayed. The company is doing very well on building out their online strategy. Also, this whole sector is somewhat insulated from Amazon (AMZN-Q).

specialty stores
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $152.590
Owned: Yes

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2017-07-12

PAST TOP PICK
Loblaw Companies Ltd (L-T)

(A Top Pick July 12/16. Up 1.86%.) The stock had gone up to about $7-$8 and then Amazon (AMZN-Q) acquired Whole Foods which impacted all the retailers in the US as well as our Canadian grocers. This is a really attractive entry point. Loblaw’s has a pilot project called “Click and Collect” where you can order online. She also likes Shoppers because of the demographics.

food stores
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $71.040
Owned: Yes

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