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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