Opinions by Douglas Kee | StockChase
905
Douglas Kee

Chief Investment Officer

ON STOCKCHASE SINCE Oct 2009

Leon Frazer & Associates


Opinions by Douglas Kee


Signal Opinion Expert Chart
COMMENT
General Market Comment 

March 7, 2018

Bank of Canada not changing interest rates today We started the year thinking the BoC will follow the Fed's three rate hikes, but now we think one or two. The reason is that our economy is slowing quickly. Consumer debt is high, while new mortgage regulations are coming in and will effect the housing market. 

Bank of Canada not changing interest rates today We started the year thinking the BoC will follow the Fed's three rate hikes, but now we think one or two. The reason is that our economy is slowing quickly. Consumer debt is high, while new mortgage regulations are coming in and will effect the housing market. 

Unknown
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
General Market Comment 

March 7, 2018

Tariffs  Trumps's proposed steel and aluminum tariffs don't make sense, but they could happen. He hopes this goes beyond a tit-for-tat tariff retaliation by Canada, and believes cooler heads will prevail. Steel tariffs are really a NAFTA bargaining chip.

Tariffs  Trumps's proposed steel and aluminum tariffs don't make sense, but they could happen. He hopes this goes beyond a tit-for-tat tariff retaliation by Canada, and believes cooler heads will prevail. Steel tariffs are really a NAFTA bargaining chip.

Unknown
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.020
Owned Owned
Unknown

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HOLD
Altagas Ltd(ALA-T) 

March 7, 2018

Lately, the share price has been challenged. He thinks the WGL acquisition in Washington will happen likely by mid-year, though may get delayed. Their recent quarterly report and dividend were both fine. But they did announce they didn't sell their California assets. This is in an iffy market as interest rates rise. Dividend is okay. They have lots of good assets.

oil/gas

Lately, the share price has been challenged. He thinks the WGL acquisition in Washington will happen likely by mid-year, though may get delayed. Their recent quarterly report and dividend were both fine. But they did announce they didn't sell their California assets. This is in an iffy market as interest rates rise. Dividend is okay. They have lots of good assets.

oil/gas
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$22.880
Owned Owned
Yes

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STRONG BUY

Down from $1.50 from $14.50 peak. Good company with good growth, including a fine dividend. Fine assets. In the final stages of a U.S. acqusition. Well-diversified.

electrical utilities

Down from $1.50 from $14.50 peak. Good company with good growth, including a fine dividend. Fine assets. In the final stages of a U.S. acqusition. Well-diversified.

electrical utilities
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$12.910
Owned Owned
Unknown

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COMMENT

Decent yield. Dividend will rise. Not your typical infrastructure company--they make roads and ports all outside Canada. It got overvalued, and are getting hurt with rising interest rates.

INDUSTRIAL PRODUCTS

Decent yield. Dividend will rise. Not your typical infrastructure company--they make roads and ports all outside Canada. It got overvalued, and are getting hurt with rising interest rates.

INDUSTRIAL PRODUCTS
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$52.700
Owned Owned
Yes

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BUY
Bank of Montreal(BMO-T) 

March 7, 2018

They increased their dividend. U.S. operations are attractive and they are expanding them. Better U.S. growth helps them. A good stock. Ranks BMO #4 of the big Canadian banks after TD, RBC and SB.

banks

They increased their dividend. U.S. operations are attractive and they are expanding them. Better U.S. growth helps them. A good stock. Ranks BMO #4 of the big Canadian banks after TD, RBC and SB.

banks
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$96.510
Owned Owned
Yes

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BUY

Scotia had good earnings. Their Canadian side fine and wealth management is growing. International side is coming back nicely after a tough period in 2008-9. There's some concern with their Mexican bank because of NAFTA troubles, but Scotia should overcome this. They will continue to grow their dividend.

banks

Scotia had good earnings. Their Canadian side fine and wealth management is growing. International side is coming back nicely after a tough period in 2008-9. There's some concern with their Mexican bank because of NAFTA troubles, but Scotia should overcome this. They will continue to grow their dividend.

banks
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$79.380
Owned Owned
Unknown

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DON'T BUY

He hasn't owned this for five years. The stock has come off a lot. Solid dividend though, but the outlook for uranium is mixed. Prices are low. Demand five years ago was strong with China and India building nuclear power plants, but demand is now modest.

integrated mines

He hasn't owned this for five years. The stock has come off a lot. Solid dividend though, but the outlook for uranium is mixed. Prices are low. Demand five years ago was strong with China and India building nuclear power plants, but demand is now modest.

integrated mines
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$12.220
Owned Owned
No

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HOLD

Good long-term core position. Increased their dividend. The business is doing fine. All energy stocks have come off lately, but CNQ is one of the best ones.

oil/gas

Good long-term core position. Increased their dividend. The business is doing fine. All energy stocks have come off lately, but CNQ is one of the best ones.

oil/gas
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$39.290
Owned Owned
Yes

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TOP PICK

A core holding. Dividend grower, increasing 10% this year. It has had its challenges, but the good news is their volume growth exceeded expectations. They have congestion problems in the west and the U.S. They're spending a lot of money with 60 new locomotives and 300 more train crews. Will right itself in the second half of 2018. Earnings YOY may be flat, but should rise 10% next year. There's more to the story in the recent CEO change. Maybe he was an interim CEO all long. (Analysts' price target is $105.61.)

Transportation

A core holding. Dividend grower, increasing 10% this year. It has had its challenges, but the good news is their volume growth exceeded expectations. They have congestion problems in the west and the U.S. They're spending a lot of money with 60 new locomotives and 300 more train crews. Will right itself in the second half of 2018. Earnings YOY may be flat, but should rise 10% next year. There's more to the story in the recent CEO change. Maybe he was an interim CEO all long. (Analysts' price target is $105.61.)

Transportation
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$94.090
Owned Owned
Yes

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COMMENT

As long as oil stays above $50, their dividend won't budge, but it won't grow either. They're spending their cash flow on exploration and development.  

oil/gas

As long as oil stays above $50, their dividend won't budge, but it won't grow either. They're spending their cash flow on exploration and development.  

oil/gas
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$8.660
Owned Owned
No

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HOLD
Enbridge(ENB-T) 

March 7, 2018

A core position for him. Enbridge will continue to be good with dividend increases for at least three more years at 8-10% annually. They made a big U.S. acquisition, so funding that has been problematic. They have to sell asets, but they've been slow to. Basically, they need a lot of cash. DRIP, issuing preferreds and hybrids help cash flow, but they still need to do $3-4 billion in asset sales. Definitely hold, though you could buy a little more here if you have a small position

oil/gas pipelines

A core position for him. Enbridge will continue to be good with dividend increases for at least three more years at 8-10% annually. They made a big U.S. acquisition, so funding that has been problematic. They have to sell asets, but they've been slow to. Basically, they need a lot of cash. DRIP, issuing preferreds and hybrids help cash flow, but they still need to do $3-4 billion in asset sales. Definitely hold, though you could buy a little more here if you have a small position

oil/gas pipelines
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$40.500
Owned Owned
Yes

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COMMENT
Fortis Inc.(FTS-T) 

March 7, 2018

A core holding. Diversified geographically across Canada and the U.S. across different jurisdictions. Rate-based growth of 5% for the next 3-4 years and dividend growth at 6%, plus half-billion-dollar projects which are added gravy. (Analysts' price target is $47.22)

electrical utilities

A core holding. Diversified geographically across Canada and the U.S. across different jurisdictions. Rate-based growth of 5% for the next 3-4 years and dividend growth at 6%, plus half-billion-dollar projects which are added gravy. (Analysts' price target is $47.22)

electrical utilities
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$42.420
Owned Owned
Yes

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HOLD
Hydro One(H-T) 

March 7, 2018

Holds Fortis and Northland Power instead. Hydro One's dividend is safe and will increase. Yes, they are expanding in the States, but they are beholden to the Ontario regulator. So one bad call from this regulator and they're in trouble. Stick with it if you own it. They're challenged like all utilities due to interest rates rising.

electrical utilities

Holds Fortis and Northland Power instead. Hydro One's dividend is safe and will increase. Yes, they are expanding in the States, but they are beholden to the Ontario regulator. So one bad call from this regulator and they're in trouble. Stick with it if you own it. They're challenged like all utilities due to interest rates rising.

electrical utilities
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$20.770
Owned Owned
No

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DON'T BUY
Hudson Bay Co.(HBC-T) 

March 7, 2018

Not for the faint of heart. Retail operations have been losing money in the past three years and same-store sales are down, but HBC has amazing real estate assets. They got a lot of debt while interest rates are rising. They need to make more real estate deals, but can they close them in time?

department stores

Not for the faint of heart. Retail operations have been losing money in the past three years and same-store sales are down, but HBC has amazing real estate assets. They got a lot of debt while interest rates are rising. They need to make more real estate deals, but can they close them in time?

department stores
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$9.540
Owned Owned
Unknown

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