Opinions by Douglas Kee | StockChase
877
Douglas Kee

Chief Investment Officer

ON STOCKCHASE SINCE Oct 2009

Leon Frazer & Associates

877
Douglas Kee

Chief Investment Officer

ON STOCKCHASE SINCE Oct 2009

Leon Frazer & Associates


Opinions by Douglas Kee


Signal Opinion Expert Chart
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General Market Comment 

December 6, 2017

Market. He tends to look at fundamentals, and is interested in what earnings, interest rates and inflation are doing, and how the companies are handling that. Companies don’t seem to go up very much on good news, but certainly get hammered if their earnings disappoint. There’s been some selling pressure recently, but thinks it is profit taking and readjusting of portfolios for the end of the year. The challenges for 2018 are that interest rates are going to go up and by how much, along with the overall market valuation. There is not a lot of upside in multiple expansion at this time. The probable good news is that earnings are still going up. He is looking for 8%-10% in the TSX and the S&P.

Market. He tends to look at fundamentals, and is interested in what earnings, interest rates and inflation are doing, and how the companies are handling that. Companies don’t seem to go up very much on good news, but certainly get hammered if their earnings disappoint. There’s been some selling pressure recently, but thinks it is profit taking and readjusting of portfolios for the end of the year. The challenges for 2018 are that interest rates are going to go up and by how much, along with the overall market valuation. There is not a lot of upside in multiple expansion at this time. The probable good news is that earnings are still going up. He is looking for 8%-10% in the TSX and the S&P.

Unknown
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$0.020
Owned Owned
_N/A

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TOP PICK
Agrium(AGU-T) 

December 6, 2017

This has been flat year-over-year. They are merging with Potash (POT-T), so will be able to take some synergies out. Because of the regulators globally, they have to sell about a net amount of $4.5 billion of assets. They’ll probably invest some of those proceeds in the retail part of the business, which is more stable. They’ll also probably buy back shares, as well as increasing dividends in about 3 years. Dividend yield of 3.2%. (Analysts’ price target is $111.20.)

chemicals

This has been flat year-over-year. They are merging with Potash (POT-T), so will be able to take some synergies out. Because of the regulators globally, they have to sell about a net amount of $4.5 billion of assets. They’ll probably invest some of those proceeds in the retail part of the business, which is more stable. They’ll also probably buy back shares, as well as increasing dividends in about 3 years. Dividend yield of 3.2%. (Analysts’ price target is $111.20.)

chemicals
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$133.830
Owned Owned
Yes

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COMMENT
Altagas Ltd(ALA-T) 

December 6, 2017

This has done nothing, but it pays a decent dividend of 7.5%. Recently increased the dividend by about 4%. They are making a big acquisition in the US, but the regulatory process is very slow. They are dealing with 3 states and the District of Columbia, and have to go through each one. He thinks it will go through and will be a good deal for them.

oil/gas

This has done nothing, but it pays a decent dividend of 7.5%. Recently increased the dividend by about 4%. They are making a big acquisition in the US, but the regulatory process is very slow. They are dealing with 3 states and the District of Columbia, and have to go through each one. He thinks it will go through and will be a good deal for them.

oil/gas
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$29.010
Owned Owned
Yes

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HOLD

Has looked at this many times, but prefers others. This one is kind of a growthier utility. The stock has done well and will continue to do so. They are talking 8%-10% dividend growth for the next 2 to 3 years. Dividend yield of 4.25%.

electrical utilities

Has looked at this many times, but prefers others. This one is kind of a growthier utility. The stock has done well and will continue to do so. They are talking 8%-10% dividend growth for the next 2 to 3 years. Dividend yield of 4.25%.

electrical utilities
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$14.080
Owned Owned
No

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TOP PICK
Bank of Nova Scotia(BNS-T) 

December 6, 2017

This sold off after the 4th quarter. It’s a good stock. Low cost, domestic retail bank. There is good growth happening in Mexico and Latin America. They just announced a big acquisition in Chile, which he thinks will be accretive over the next 2-3 years. They’ll increase their dividend 5%-6% this year. Dividend yield of 3.9%. (Analysts’ price target is $90.50.)

banks

This sold off after the 4th quarter. It’s a good stock. Low cost, domestic retail bank. There is good growth happening in Mexico and Latin America. They just announced a big acquisition in Chile, which he thinks will be accretive over the next 2-3 years. They’ll increase their dividend 5%-6% this year. Dividend yield of 3.9%. (Analysts’ price target is $90.50.)

banks
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$81.810
Owned Owned
Yes

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COMMENT
Cameco Corporation(CCO-T) 

December 6, 2017

Has been a challenging stock for a number of years. They’re shutting down nuclear plants in Europe and other places. New demand for uranium hasn’t gone up as much as people expected. Eventually they’ll work their way out of it, as it is a cleaner fuel than a lot of other stuff.

integrated mines

Has been a challenging stock for a number of years. They’re shutting down nuclear plants in Europe and other places. New demand for uranium hasn’t gone up as much as people expected. Eventually they’ll work their way out of it, as it is a cleaner fuel than a lot of other stuff.

integrated mines
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$13.170
Owned Owned
No

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COMMENT
Canadian Utilities(CU-T) 

December 6, 2017

Has owned this in the past. They’ve increased their dividend at a modest pace over time, and will continue to do so. The stock has gone sideways, really waiting on what is happening in Alberta and how they are reorganizing the whole electric distribution. A well-managed company. He would definitely look at this again when he was more defensive. Dividend yield of 3.7%.

electrical/electronic

Has owned this in the past. They’ve increased their dividend at a modest pace over time, and will continue to do so. The stock has gone sideways, really waiting on what is happening in Alberta and how they are reorganizing the whole electric distribution. A well-managed company. He would definitely look at this again when he was more defensive. Dividend yield of 3.7%.

electrical/electronic
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$38.600
Owned Owned
No

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COMMENT
Dollarama Inc.(DOL-T) 

December 6, 2017

Reported earnings that surpassed what the analysts were looking for. However, same store growth was about 4.5% and analysts were looking for 6%. A high-priced stock. If there are expectations not met, it can sell off pretty quick. However, the stock did come back.

Consumer Products

Reported earnings that surpassed what the analysts were looking for. However, same store growth was about 4.5% and analysts were looking for 6%. A high-priced stock. If there are expectations not met, it can sell off pretty quick. However, the stock did come back.

Consumer Products
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$149.730
Owned Owned
Unknown

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COMMENT
Enbridge(ENB-T) 

December 6, 2017

Has owned this since it became public, and adds and trims depending on the value of the stock. Made a big US acquisition and the balance sheet got out of whack, so there was some concern about the rate of growth of the dividend. They’ve announced they are going to do some asset sales as well as doing a private equity issue to its 3 largest shareholders, along with an equity issue in the Enbridge Income Fund (ENF-T). Did a preferred share issue and are likely to do some more hybrid debt/preferreds. They’ll get the balance sheet in order in the next couple of years. There is a lot of growth expected on the US side of things, mostly related to natural gas. 5.5% dividend yield.

oil/gas pipelines

Has owned this since it became public, and adds and trims depending on the value of the stock. Made a big US acquisition and the balance sheet got out of whack, so there was some concern about the rate of growth of the dividend. They’ve announced they are going to do some asset sales as well as doing a private equity issue to its 3 largest shareholders, along with an equity issue in the Enbridge Income Fund (ENF-T). Did a preferred share issue and are likely to do some more hybrid debt/preferreds. They’ll get the balance sheet in order in the next couple of years. There is a lot of growth expected on the US side of things, mostly related to natural gas. 5.5% dividend yield.

oil/gas pipelines
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$48.760
Owned Owned
Yes

Must be logged in to use chart
COMMENT

He owns the parent Enbridge (ENB-T) instead. This one is an income fund, giving a higher yield, but less growth. Enbridge (ENB-T) basically drops down mature assets into this fund and LOPs. It’s a financing tool. Dividend yield is north of 7%, and is sustainable.

oil/gas

He owns the parent Enbridge (ENB-T) instead. This one is an income fund, giving a higher yield, but less growth. Enbridge (ENB-T) basically drops down mature assets into this fund and LOPs. It’s a financing tool. Dividend yield is north of 7%, and is sustainable.

oil/gas
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$29.000
Owned Owned
No

Must be logged in to use chart
COMMENT
Franco-Nevada Corp.(FNV-T) 

December 6, 2017

What is the likelihood of an increase in dividends? He thinks this company has the highest yield in the gold sector. A great company. It is a streaming company, not only for gold, but also oil. They’ve spent a lot of money recently on oil royalties. Dividend yield of 1.2%.

precious metals

What is the likelihood of an increase in dividends? He thinks this company has the highest yield in the gold sector. A great company. It is a streaming company, not only for gold, but also oil. They’ve spent a lot of money recently on oil royalties. Dividend yield of 1.2%.

precious metals
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$100.070
Owned Owned
Unknown

Must be logged in to use chart
COMMENT
Hydro One(H-T) 

December 6, 2017

Has its challenges in Ontario. Made an acquisition in the US which should help, but still has a few challenges. He is on the sidelines for this one. Prefers companies that have diverse geographical regulators. Dividend yield of 3.9%.

electrical utilities

Has its challenges in Ontario. Made an acquisition in the US which should help, but still has a few challenges. He is on the sidelines for this one. Prefers companies that have diverse geographical regulators. Dividend yield of 3.9%.

electrical utilities
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$22.700
Owned Owned
No

Must be logged in to use chart
COMMENT
Hudson Bay Co.(HBC-T) 

December 6, 2017

This is basically a bet on real estate. Can they realize the value on their real estate? On the retail side, they have a lot of debt. Just reported negative earnings.

department stores

This is basically a bet on real estate. Can they realize the value on their real estate? On the retail side, they have a lot of debt. Just reported negative earnings.

department stores
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$10.350
Owned Owned
No

Must be logged in to use chart
COMMENT
Hudbay Minerals Inc.(HBM-T) 

December 6, 2017

Generally, he doesn’t own base metal stocks, because they are very cyclical and are not big dividend payers.

precious metals

Generally, he doesn’t own base metal stocks, because they are very cyclical and are not big dividend payers.

precious metals
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$8.980
Owned Owned
No

Must be logged in to use chart
BUY on WEAKNESS
Manulife Financial(MFC-T) 

December 6, 2017

He would prefer it a little cheaper, perhaps $24-$25. He likes this longer-term. Good business and good growth in Asia. The question is, can they offload some of their poorer US businesses. Overall, this is a good company. They increased their dividend last year by about 10%, and he expects another increase this year. (See Top Picks)

insurance

He would prefer it a little cheaper, perhaps $24-$25. He likes this longer-term. Good business and good growth in Asia. The question is, can they offload some of their poorer US businesses. Overall, this is a good company. They increased their dividend last year by about 10%, and he expects another increase this year. (See Top Picks)

insurance
Douglas Kee

Chief Investment Officer, Leon Frazer & Associ...

PricePrice
$26.680
Owned Owned
Yes

Must be logged in to use chart
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