Stock Opinions by Douglas Kee - Stockchase Experts
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Douglas Kee @

On Stockchase since : Oct 2009

Chief Investment Officer at Leon Frazer & Associates

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Stock Opinions by Douglas Kee - Stockchase Experts

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COMMENT
General Market Comment 

March 13, 2019

The S&P 500 hit a new high with a quite a return year to date of 12 after a brutal December. The markets are fairly valued given earnings and inflation, though he's a little cautious. The global economy is slowing, including Canada's, and earnings have rolled over. In 2018, earnings were up over 20%, but he projects only 5-7%. But market valuations are better and interest rates are down. Things are okay, but he doesn't see much upside. He started 2019 holding 10% cash and slowly invested it in defensives in energy, insurance and consumer discretionary; he's usually fully invested. He's not a big tech investor. He looks for dividend growth, which is not FAANG. The Canadian banks are a core holding, instead. He expects them to perform better this year with dividend growth. Yes, he owns energy--three pipelines and four producers; all are modest holdings that pay dividends, including Suncor and CNQ. Companies can make decent money if WTI trades between $ - 65.
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The S&P 500 hit a new high with a quite a return year to date of 12 after a brutal December. The markets are fairly valued given earnings and inflation, though he's a little cautious. The global economy is slowing, including Canada's, and earnings have rolled over. In 2018, earnings were up over 20%, but he projects only 5-7%. But market valuations are better and interest rates are down. Things are okay, but he doesn't see much upside. He started 2019 holding 10% cash and slowly invested it in defensives in energy, insurance and consumer discretionary; he's usually fully invested. He's not a big tech investor. He looks for dividend growth, which is not FAANG. The Canadian banks are a core holding, instead. He expects them to perform better this year with dividend growth. Yes, he owns energy--three pipelines and four producers; all are modest holdings that pay dividends, including Suncor and CNQ. Companies can make decent money if WTI trades between $ - 65.
Unknown
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.000
Owned Owned
Unknown

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COMMENT
Inter Pipeline(IPL-T) 

March 13, 2019

He owns other pipelines, like ENB. IPL is more midstream than Enbridge and other peers--a lower choice. IPL yields over 7% which is sutainable. Their last quarter was spotty; they had excess capacity in their pipelines (not full going into Alberta). Overall, a good company
oil pipelines
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He owns other pipelines, like ENB. IPL is more midstream than Enbridge and other peers--a lower choice. IPL yields over 7% which is sutainable. Their last quarter was spotty; they had excess capacity in their pipelines (not full going into Alberta). Overall, a good company
oil pipelines
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$21.810
Owned Owned
No

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BUY
All U.S. operations and pays U.S. dividends. They've done very well and continue to accumulate properties. Just did an equity issue and will invest that money. They have a partnership with an Alberta pension fund and CPP, so there's a good growth trajectory. His only concern is that industrial REITs are very popular in the States and WIR is cheaper than American industrial REITs. He's a happy holder.
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All U.S. operations and pays U.S. dividends. They've done very well and continue to accumulate properties. Just did an equity issue and will invest that money. They have a partnership with an Alberta pension fund and CPP, so there's a good growth trajectory. His only concern is that industrial REITs are very popular in the States and WIR is cheaper than American industrial REITs. He's a happy holder.
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$13.700
Owned Owned
Yes

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COMMENT
Doesn't know this well. It pays a safe, decent yield. It ran up recently. One question is renewing their Air Canada deal later and renewals make investors jittery.
Transportation & Environmental Services
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Doesn't know this well. It pays a safe, decent yield. It ran up recently. One question is renewing their Air Canada deal later and renewals make investors jittery.
Transportation & Environmental Services
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$7.210
Owned Owned
No

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DON'T BUY
He follows it closely. They made a lot of money from distress housing in the States after 2008. They pay a reasonable dividend. But TCN has gone nowhere, because US housing hasn't gone anywhere either. People are still burnt from the Recession.
REAL ESTATE
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He follows it closely. They made a lot of money from distress housing in the States after 2008. They pay a reasonable dividend. But TCN has gone nowhere, because US housing hasn't gone anywhere either. People are still burnt from the Recession.
REAL ESTATE
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$11.440
Owned Owned
No

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WEAK BUY
Aecon Group Inc(ARE-T) 

March 13, 2019

3-5-year horizon, given Ontario government planning $30-billion infrastructure spending A good company that will do well in that time horizon. Caveat: Capex projects like the one Ontario is announcing take a long time to get going. Instead, look at an infrastructure's backlog of projects--buy when that backlog is going up.
contractors
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3-5-year horizon, given Ontario government planning $30-billion infrastructure spending A good company that will do well in that time horizon. Caveat: Capex projects like the one Ontario is announcing take a long time to get going. Instead, look at an infrastructure's backlog of projects--buy when that backlog is going up.
contractors
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$18.350
Owned Owned
No

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COMMENT
Freehold Royalties(FRU-T) 

March 13, 2019

A good royalty company that pays over a 7% yield (safe), with a payout ratio over 60%. They carry no debt. The only problem with their model happens when their oil drillers don't drill, as they did last year. If this happens, collect the yield and wait.
oil/gas
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A good royalty company that pays over a 7% yield (safe), with a payout ratio over 60%. They carry no debt. The only problem with their model happens when their oil drillers don't drill, as they did last year. If this happens, collect the yield and wait.
oil/gas
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$8.680
Owned Owned
Yes

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DON'T BUY
He once owned it. They were good at growing assets and production, but they issued a lot of equity to do this. When oil prices rolled over, CPG got hurt; their debt levels went through the roof and got into a bind. New management is selling assets and cutting the dividend to deal with this problem. It'll be a struggle for them for a while. They have more assets they can sell, but buyers think they can get them cheaper.
oil/gas
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He once owned it. They were good at growing assets and production, but they issued a lot of equity to do this. When oil prices rolled over, CPG got hurt; their debt levels went through the roof and got into a bind. New management is selling assets and cutting the dividend to deal with this problem. It'll be a struggle for them for a while. They have more assets they can sell, but buyers think they can get them cheaper.
oil/gas
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$4.070
Owned Owned
No

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PAST TOP PICK
Toronto Dominion(TD-T) 

March 13, 2019

(A Top Pick Mar 07/18, Up 3%) Doing okay like all the Canadian banks. He likes TD's recent 10% dividend increase. It surprised last quarter being on the downside, because their capital markets were a lot worse than the other banks'. Still likes it.
banks
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(A Top Pick Mar 07/18, Up 3%) Doing okay like all the Canadian banks. He likes TD's recent 10% dividend increase. It surprised last quarter being on the downside, because their capital markets were a lot worse than the other banks'. Still likes it.
banks
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$75.160
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Mar 07/18, Up 27%) Benefitted from shipping more oil by train (and the lack of pipelines). Their system was overloaded, but they've since spent money on more trains, so volumes have risen, all wonderful.
Transportation
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(A Top Pick Mar 07/18, Up 27%) Benefitted from shipping more oil by train (and the lack of pipelines). Their system was overloaded, but they've since spent money on more trains, so volumes have risen, all wonderful.
Transportation
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$117.400
Owned Owned
Yes

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PAST TOP PICK
Fortis Inc.(FTS-T) 

March 13, 2019

(A Top Pick Mar 07/18, Up 20%) A core holding for him. They pay a good dividend. They've bought good assets in the States. They're geographically diversified, so are no longer 100% Canadian, but 50/50 with America. Good balance sheet. They raise dividends 6-7% annually.
electrical utilities
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(A Top Pick Mar 07/18, Up 20%) A core holding for him. They pay a good dividend. They've bought good assets in the States. They're geographically diversified, so are no longer 100% Canadian, but 50/50 with America. Good balance sheet. They raise dividends 6-7% annually.
electrical utilities
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$48.810
Owned Owned
Yes

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SELL
He's look at it occasionally. Recent earnings have disappointed the market. Yields over 12%, which will likely be cut. Depending on your time horizon, you could weather this cut. If you can't, then sell now.
investment companies/funds
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He's look at it occasionally. Recent earnings have disappointed the market. Yields over 12%, which will likely be cut. Depending on your time horizon, you could weather this cut. If you can't, then sell now.
investment companies/funds
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$9.680
Owned Owned
No

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DON'T BUY
Shawcor Ltd. (A)(SCL-T) 

March 13, 2019

He sold it 4 years ago. A great company and management, but it's related to energy prices. They are efficient at coating pipelines. If their backlog is rising, buy it, but when it is not (like now), don't.
oil/gas field services
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He sold it 4 years ago. A great company and management, but it's related to energy prices. They are efficient at coating pipelines. If their backlog is rising, buy it, but when it is not (like now), don't.
oil/gas field services
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$21.800
Owned Owned
No

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WEAK BUY
Enbridge(ENB-T) 

March 13, 2019

The recent pipeline delay will delay the project by 6-12 months. Crude by rail will offset this. This will hurt their furture earnings. ENB has paid down their debt through asset sales, so they're in good shape. They've been growing their dividend. His firm has owned this since the 1950s.
oil/gas pipelines
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The recent pipeline delay will delay the project by 6-12 months. Crude by rail will offset this. This will hurt their furture earnings. ENB has paid down their debt through asset sales, so they're in good shape. They've been growing their dividend. His firm has owned this since the 1950s.
oil/gas pipelines
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$49.110
Owned Owned
Yes

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BUY
Dollarama Inc.(DOL-T) 

March 13, 2019

A growth company, adding stores. They've built their brand and are well-managed. However, they had a few quarters where same-store sales disappointed, so the stock got hit. But there's still room for them to grow in Canada. A decent place to put your money if you're long-term and don't need a big dividend.
Consumer Products
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A growth company, adding stores. They've built their brand and are well-managed. However, they had a few quarters where same-store sales disappointed, so the stock got hit. But there's still room for them to grow in Canada. A decent place to put your money if you're long-term and don't need a big dividend.
Consumer Products
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$35.320
Owned Owned
No

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COMMENT
Husky Energy(HSE-T) 

March 13, 2019

He owns Suncor and CNQ in this space. Husky is well-managed with good long-term assets. He has nothing negative to say about it; he just prefers these two other oil companies.
oil/gas
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He owns Suncor and CNQ in this space. Husky is well-managed with good long-term assets. He has nothing negative to say about it; he just prefers these two other oil companies.
oil/gas
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$14.150
Owned Owned
No

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COMMENT
Saputo Inc.(SAP-T) 

March 13, 2019

He watches it, watching defensive stocks. SAP has done well. They bought a UK company, Dairy Crest, and the market liked it. There'll be more acquisitions to come. The only problem is the commodity price of milk and cheeese, which is going down.
food processing
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He watches it, watching defensive stocks. SAP has done well. They bought a UK company, Dairy Crest, and the market liked it. There'll be more acquisitions to come. The only problem is the commodity price of milk and cheeese, which is going down.
food processing
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$44.430
Owned Owned
No

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BUY
Telus Corp(T-T) 

March 13, 2019

He's long owned this. A good 7% dividend grower. The whole space is challenged by revenue growth by the wireless side. Telus has actually been expanding the data side. He likes it.
telephone utilities
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He's long owned this. A good 7% dividend grower. The whole space is challenged by revenue growth by the wireless side. Telus has actually been expanding the data side. He likes it.
telephone utilities
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$47.760
Owned Owned
Yes

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BUY
Emera Inc(EMA-T) 

March 13, 2019

Yes. It's taken a backseat to Fortis, but they go back and forth. The problem is EMA makes acquisitions, then pays down debt as they are currently. They have a major construction business in Tampa, so they're investing back in the business. He owns both companies, both good dividend-payers, both good buyers in the States.
mngmnt/diversified
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Yes. It's taken a backseat to Fortis, but they go back and forth. The problem is EMA makes acquisitions, then pays down debt as they are currently. They have a major construction business in Tampa, so they're investing back in the business. He owns both companies, both good dividend-payers, both good buyers in the States.
mngmnt/diversified
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$49.090
Owned Owned
Yes

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DON'T BUY
Magna Int'l. (A)(MG-T) 

March 13, 2019

He keeps watching it. Great balance sheet. They've been growing their dividend this cycle, but auto sales have rolled over. Magna is still making good money, but trading at 7-8x earnings because the market believes that the auto companies are rolling over; production and sales have rolled over. He's cautious about it. He may buy it 10-15% lower.
Automotive
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He keeps watching it. Great balance sheet. They've been growing their dividend this cycle, but auto sales have rolled over. Magna is still making good money, but trading at 7-8x earnings because the market believes that the auto companies are rolling over; production and sales have rolled over. He's cautious about it. He may buy it 10-15% lower.
Automotive
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$66.450
Owned Owned
No

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DON'T BUY
Hydro One(H-T) 

March 13, 2019

He owns Fortis, Emera and NPI, so he has enough utilities. The business in Ontario is good with possibility of expansion. But the problems with the Ontario goverment scare him off. Good dividend, but weaker dividend growth than its peers.
electrical utilities
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He owns Fortis, Emera and NPI, so he has enough utilities. The business in Ontario is good with possibility of expansion. But the problems with the Ontario goverment scare him off. Good dividend, but weaker dividend growth than its peers.
electrical utilities
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$20.250
Owned Owned
No

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DON'T BUY
It was a high-flyer a few years ago. They've increase their dividend. The bus market has been challenged. Most of their clients are US cities which can't go into deficity, so that hits NFI's orders.
Automotive
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It was a high-flyer a few years ago. They've increase their dividend. The bus market has been challenged. Most of their clients are US cities which can't go into deficity, so that hits NFI's orders.
Automotive
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$31.950
Owned Owned
No

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TOP PICK
Fortis Inc.(FTS-T) 

March 13, 2019

Solid and diversified. A good dividend grower at 7% annually. They have $17 billion of capex over the next three years. Growth rate of 7%. (Analysts’ price target is $49.48)
electrical utilities
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Solid and diversified. A good dividend grower at 7% annually. They have $17 billion of capex over the next three years. Growth rate of 7%. (Analysts’ price target is $49.48)
electrical utilities
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$48.810
Owned Owned
Yes

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TOP PICK
He picked the worst Canadian bank year to date. It's underperformed. Their capital markets side was worse than expected. There've been questions about their Mexico operations with changes in that banking environment. They are a good dividend grower and will do another one likely in Q3. The growth of their mortage bank is slowing, though still positive; delinquencies haven't risen. Their core business is domestic retail and what matters is what they do with that cash flow. They're investing in technology which has hurt margins. (Analysts’ price target is $79.17)
banks
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He picked the worst Canadian bank year to date. It's underperformed. Their capital markets side was worse than expected. There've been questions about their Mexico operations with changes in that banking environment. They are a good dividend grower and will do another one likely in Q3. The growth of their mortage bank is slowing, though still positive; delinquencies haven't risen. Their core business is domestic retail and what matters is what they do with that cash flow. They're investing in technology which has hurt margins. (Analysts’ price target is $79.17)
banks
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$72.760
Owned Owned
Yes

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TOP PICK
Not just retail, but they also have financial services and real estate. Well-managed and a good acquirer of assets like Mark's Work Warehouse with fine execution. This has underperformed the last six months due to weather, but they did buy a sportswear company for $1.1 billion. They'll do well with it. CT has increased its dividend.
specialty stores
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Not just retail, but they also have financial services and real estate. Well-managed and a good acquirer of assets like Mark's Work Warehouse with fine execution. This has underperformed the last six months due to weather, but they did buy a sportswear company for $1.1 billion. They'll do well with it. CT has increased its dividend.
specialty stores
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$146.080
Owned Owned
Yes

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COMMENT
General Market Comment 

December 18, 2018

Tomorrow's last rate decision by the U.S. Fed: It'll likely increase by 25 basis points. If Powell doesn't do it, it'll be a downer. What they'll likely do for 2019 is a wait-and-see approach, which is fine. Instead of 3-4, it'll likely be 1-2 hikes. We got a reprieve on today's markets, but we won't get a Santa Claus rally this year. Market sentiment is terrible. Earnings momentum has rollen over; it will go up in 2019, but at a lower rate than this year. Another question mark is the China-US trade war. Liquidity gets tight in December. Money is coming out of the stock market in December this year with few buyers this year.
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Tomorrow's last rate decision by the U.S. Fed: It'll likely increase by 25 basis points. If Powell doesn't do it, it'll be a downer. What they'll likely do for 2019 is a wait-and-see approach, which is fine. Instead of 3-4, it'll likely be 1-2 hikes. We got a reprieve on today's markets, but we won't get a Santa Claus rally this year. Market sentiment is terrible. Earnings momentum has rollen over; it will go up in 2019, but at a lower rate than this year. Another question mark is the China-US trade war. Liquidity gets tight in December. Money is coming out of the stock market in December this year with few buyers this year.
Unknown
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.000
Owned Owned
Unknown

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BUY
Manulife Financial(MFC-T) 

December 18, 2018

Increased their dividend by 20% this year, now above 5%. Interest rates went up--then down, which hurt the lifecos, MFC is doing a good job of selling their legacy businesses, which improves their outlook. Their traditional cash flow out of their Canadian business creates cash flow, and their Asian operation is good especially for long-term.
insurance
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Increased their dividend by 20% this year, now above 5%. Interest rates went up--then down, which hurt the lifecos, MFC is doing a good job of selling their legacy businesses, which improves their outlook. Their traditional cash flow out of their Canadian business creates cash flow, and their Asian operation is good especially for long-term.
insurance
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$19.510
Owned Owned
Unknown

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DON'T BUY
Home Capital Group(HCG-T) 

December 18, 2018

They've come back from the worst and re-orgnized their businesses. But they will be challenged. The banks too as home sales decline and those prices are flat.
investment companies/funds
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They've come back from the worst and re-orgnized their businesses. But they will be challenged. The banks too as home sales decline and those prices are flat.
investment companies/funds
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0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$16.480
Owned Owned
No

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BUY
Toronto Dominion(TD-T) 

December 18, 2018

He's long owned this and likes it. It's big in the U.S. Stick with it. He's not worried. TD increased their dividend by 9% this year and likely 8% next.
banks
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0 comments
He's long owned this and likes it. It's big in the U.S. Stick with it. He's not worried. TD increased their dividend by 9% this year and likely 8% next.
banks
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$68.630
Owned Owned
Yes

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COMMENT
Intertape Polymer Group(ITP-T) 

December 18, 2018

They're in the midst of a capex program. Payout ratio is in the 80s. Coverage of the dividend will improve in coming years. It's too small for him to buy.
packaging/containers
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They're in the midst of a capex program. Payout ratio is in the 80s. Coverage of the dividend will improve in coming years. It's too small for him to buy.
packaging/containers
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0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$15.650
Owned Owned
No

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BUY
Telus Corp(T-T) 

December 18, 2018

They've increased their dividend which is decent around 4%. As long as wireless is growing, this'll be okay. There's little competition in Canada. The telecoms have done well recently, because of anticipated interest rate increases.
telephone utilities
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They've increased their dividend which is decent around 4%. As long as wireless is growing, this'll be okay. There's little competition in Canada. The telecoms have done well recently, because of anticipated interest rate increases.
telephone utilities
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$45.790
Owned Owned
Yes

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BUY
Inter Pipeline(IPL-T) 

December 18, 2018

They've been challenged like all the midstream oil guys. They're okay. They slowed down their capex and sold non-core assets. This avoids going to market to raise equity.
oil pipelines
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0 comments
They've been challenged like all the midstream oil guys. They're okay. They slowed down their capex and sold non-core assets. This avoids going to market to raise equity.
oil pipelines
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0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$19.820
Owned Owned
Unknown

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COMMENT
They've come off the mid-$50s to $47, reflecing the wider market. Their recent acquisition was Enercare. He likes BIP's international infrastructure.
mngmnt/diversified
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0 comments
They've come off the mid-$50s to $47, reflecing the wider market. Their recent acquisition was Enercare. He likes BIP's international infrastructure.
mngmnt/diversified
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0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$35.420
Owned Owned
Yes

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COMMENT

He owned years ago. It struggled like all oil companies. They've gradually lessened their debt and reduced exploration. They've managed production well. He isn't buying any energy. Be cautious with the dividend above 9%.

oil/gas
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0 comments

He owned years ago. It struggled like all oil companies. They've gradually lessened their debt and reduced exploration. They've managed production well. He isn't buying any energy. Be cautious with the dividend above 9%.

oil/gas
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$3.910
Owned Owned
No

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DON'T BUY
Dividend of 11.6%. Their business is pretty good. It's economically sensitive which is a concern.
investment companies/funds
0 0 0 0 0
0 comments
Dividend of 11.6%. Their business is pretty good. It's economically sensitive which is a concern.
investment companies/funds
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$10.370
Owned Owned
No

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PAST TOP PICK
Bank of Nova Scotia(BNS-T) 

December 18, 2018

(A Top Pick Dec 06/17, Down 13%) BNS had problems early this year with acquisitions, but long-term these purchases made sense (money manager in Canada and Latin America). They likley paid too much, but markets always say this. It's been the best performing Canadian banks since summer. All banks will see 5-7% growth.
banks
0 0 0 0 0
0 comments
(A Top Pick Dec 06/17, Down 13%) BNS had problems early this year with acquisitions, but long-term these purchases made sense (money manager in Canada and Latin America). They likley paid too much, but markets always say this. It's been the best performing Canadian banks since summer. All banks will see 5-7% growth.
banks
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$71.200
Owned Owned
Yes

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PAST TOP PICK
Sun Life Financial Inc(SLF-T) 

December 18, 2018

(A Top Pick Dec 06/17, Down 11%) It's declined with the market. Interest rates went up then down which hurt them.
insurance
0 0 0 0 0
0 comments
(A Top Pick Dec 06/17, Down 11%) It's declined with the market. Interest rates went up then down which hurt them.
insurance
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$44.430
Owned Owned
Yes

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PAST TOP PICK
Agrium(AGU-T) 

December 18, 2018

(A Top Pick Dec 18/18, Up 5%) They did all that they promised. Synergy is better than expected. They have more money than expected and used it to pay down debt well. They are buying back shares. The only question is whether they can do retail acquisitions. He's sticking with it.
chemicals
0 0 0 0 0
0 comments
(A Top Pick Dec 18/18, Up 5%) They did all that they promised. Synergy is better than expected. They have more money than expected and used it to pay down debt well. They are buying back shares. The only question is whether they can do retail acquisitions. He's sticking with it.
chemicals
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.000
Owned Owned
Yes

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DON'T BUY
Thomson Reuters Corp(TRI-T) 

December 18, 2018

Sold it 4 months ago as they re-positioned. They've bought back shares. Longer-term, it's low-growth. He needs to see a serious dividend increase to get back in.
publishing/printing
0 0 0 0 0
0 comments
Sold it 4 months ago as they re-positioned. They've bought back shares. Longer-term, it's low-growth. He needs to see a serious dividend increase to get back in.
publishing/printing
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$66.680
Owned Owned
No

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DON'T BUY
Low dividend of 0.5%. They buy small auto repair shops across North America. A growth company. Trades at 25x earnings, not cheap. If the economy goes south, it'll put strain on them.
other services
0 0 0 0 0
0 comments
Low dividend of 0.5%. They buy small auto repair shops across North America. A growth company. Trades at 25x earnings, not cheap. If the economy goes south, it'll put strain on them.
other services
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$108.590
Owned Owned
No

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COMMENT
They're increasing their dividend 10% and have a serious capex program. But if the economy slows, will they have trouble raising equity?
electrical utilities
0 0 0 0 0
0 comments
They're increasing their dividend 10% and have a serious capex program. But if the economy slows, will they have trouble raising equity?
electrical utilities
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$14.230
Owned Owned
No

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BUY
Vermilion Energy Inc(VET-T) 

December 18, 2018

Disciplined managers: balance sheet, dividend and growth are their priorities. They've never cut their dividend, good. 40% of their production is Brent-related. Like other Canadian oil, they are frustrated with the oil price and situation. Doing exploratory drilling in central Europe which is new.
oil/gas
0 0 0 0 0
0 comments
Disciplined managers: balance sheet, dividend and growth are their priorities. They've never cut their dividend, good. 40% of their production is Brent-related. Like other Canadian oil, they are frustrated with the oil price and situation. Doing exploratory drilling in central Europe which is new.
oil/gas
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$27.010
Owned Owned
Yes

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BUY
Suncor Energy Inc(SU-T) 

December 18, 2018

He's watching it. Likes it. They are hedged because they have their own refinery capacity. Good buy at this price.
integrated oils
0 0 0 0 0
0 comments
He's watching it. Likes it. They are hedged because they have their own refinery capacity. Good buy at this price.
integrated oils
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$38.980
Owned Owned
No

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DON'T BUY
Power Corp(POW-T) 

December 18, 2018

Trading at a discount of 20% to asset value. Investors Group has a bigger dividend and potential growth, and he prefers that.
mngmnt/diversified
0 0 0 0 0
0 comments
Trading at a discount of 20% to asset value. Investors Group has a bigger dividend and potential growth, and he prefers that.
mngmnt/diversified
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$24.410
Owned Owned
No

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DON'T BUY
He owns other Canadian banks. He prefers diversification, which CM lacks. As mortgages roll over, the sector will be challenged.
banks
0 0 0 0 0
0 comments
He owns other Canadian banks. He prefers diversification, which CM lacks. As mortgages roll over, the sector will be challenged.
banks
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$105.180
Owned Owned
No

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BUY
Northland Power Inc(NPI-T) 

December 18, 2018

They've expanded a lot into offshore wind in Europe with two farms with another in Germany, plus one in Taiwan, plus a letter of understanding in Korea. They won't increase their dividend 5% a year, but will as projects come on.
Utilities
0 0 0 0 0
0 comments
They've expanded a lot into offshore wind in Europe with two farms with another in Germany, plus one in Taiwan, plus a letter of understanding in Korea. They won't increase their dividend 5% a year, but will as projects come on.
Utilities
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$22.350
Owned Owned
Yes

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COMMENT
Parkland Fuel Corp(PKI-T) 

December 18, 2018

They could be more generous with their yield, given their expansion. Over the next few years they likely will. They're paying down debt now. They have a refinery, which is a plus.
merchandising/lodging
0 0 0 0 0
0 comments
They could be more generous with their yield, given their expansion. Over the next few years they likely will. They're paying down debt now. They have a refinery, which is a plus.
merchandising/lodging
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$34.250
Owned Owned
Unknown

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DON'T BUY
They cut their dividend with a 25-30% payout ratio, which is good. But their topline revenue is declining. It's a shrinking business with lots of competition.
entertainment services
0 0 0 0 0
0 comments
They cut their dividend with a 25-30% payout ratio, which is good. But their topline revenue is declining. It's a shrinking business with lots of competition.
entertainment services
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$4.540
Owned Owned
Unknown

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COMMENT
Enerplus Corp(ERF-T) 

December 18, 2018

A great energy company. Good managers with most of their oil in the Bakken, good. He owns enough oil elsewhere.
oil/gas
0 0 0 0 0
0 comments
A great energy company. Good managers with most of their oil in the Bakken, good. He owns enough oil elsewhere.
oil/gas
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$10.500
Owned Owned
No

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TOP PICK
Fortis Inc.(FTS-T) 

December 18, 2018

A defensive choice in this market. He's owned this for a long time. A good dividend payer at 4% that'll increase. It's diversified across North America. Good balance and expected growth for five years. A great utility. Solid. (Analysts’ price target is $48.15)
electrical utilities
0 0 0 0 0
0 comments
A defensive choice in this market. He's owned this for a long time. A good dividend payer at 4% that'll increase. It's diversified across North America. Good balance and expected growth for five years. A great utility. Solid. (Analysts’ price target is $48.15)
electrical utilities
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$46.340
Owned Owned
Yes

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TOP PICK
TransCanada Corp(TRP-T) 

December 18, 2018

Long owned this. 5% dividend that consistently grows. They're big in the U.S. that's growing. They have the L&G coastal gas link and Keystone which both have partners. (Analysts’ price target is $63.51)

oil/gas pipelines
0 0 0 0 0
0 comments

Long owned this. 5% dividend that consistently grows. They're big in the U.S. that's growing. They have the L&G coastal gas link and Keystone which both have partners. (Analysts’ price target is $63.51)

oil/gas pipelines
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$51.350
Owned Owned
Yes

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TOP PICK
Royal Bank(RY-T) 

December 18, 2018

This bank has scale and they´ve been doing cost-cutting. They're spending millions in e-techonology to stay ahead. Capital markets, wealth management and insurance are doing well. They can beat this year's huge profit margin in 2019. (Analysts’ price target is $110.14)

banks
0 0 0 0 0
0 comments

This bank has scale and they´ve been doing cost-cutting. They're spending millions in e-techonology to stay ahead. Capital markets, wealth management and insurance are doing well. They can beat this year's huge profit margin in 2019. (Analysts’ price target is $110.14)

banks
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$93.800
Owned Owned
Yes

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COMMENT
General Market Comment 

September 17, 2018

He's expecting the US to slap more tariffs on China, which is not good. True, China has been taking advantage of other markets, but tariffs won't help markets either. Canadian markets are going sideways whereas U.S. markets are rising. Valuations peaked at 19x and are now 17.5x, because earnings have risen. Good, but what will happen next year? He predicts earnings to be positive in 2019 due to less regulation in the U.S. and a tax structure that encourages business. He is cautious in this 10-year bull run. Earnings are going up, but there is pressure on wages and more tariffs. He has trimmed positions to rise to 7% cash and is not spending dividends. The market is fairly valued, but things could go wrong on the trade front.

0 0 0 0 0
0 comments

He's expecting the US to slap more tariffs on China, which is not good. True, China has been taking advantage of other markets, but tariffs won't help markets either. Canadian markets are going sideways whereas U.S. markets are rising. Valuations peaked at 19x and are now 17.5x, because earnings have risen. Good, but what will happen next year? He predicts earnings to be positive in 2019 due to less regulation in the U.S. and a tax structure that encourages business. He is cautious in this 10-year bull run. Earnings are going up, but there is pressure on wages and more tariffs. He has trimmed positions to rise to 7% cash and is not spending dividends. The market is fairly valued, but things could go wrong on the trade front.

Unknown
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
Manulife Financial(MFC-T) 

September 17, 2018

What's the effect of interest rates rising is a good thing for insurance companies? Good, because higher rates boost the bottom line quickly. Also, the hedging costs decrease.

insurance
0 0 0 0 0
0 comments

What's the effect of interest rates rising is a good thing for insurance companies? Good, because higher rates boost the bottom line quickly. Also, the hedging costs decrease.

insurance
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$23.040
Owned Owned
Unknown

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BUY
Nutrien Ltd.(NTR-T) 

September 17, 2018

Likes it. Nutrien has done everything it has promised after the marger. Have nicely executed a program to sell $5 billion in assets which they will invest in the retail side by doing acquisitions. They will do buybacks and raise the dividend.

agriculture
0 0 0 0 0
0 comments

Likes it. Nutrien has done everything it has promised after the marger. Have nicely executed a program to sell $5 billion in assets which they will invest in the retail side by doing acquisitions. They will do buybacks and raise the dividend.

agriculture
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$75.380
Owned Owned
Yes

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BUY
Altagas Ltd(ALA-T) 

September 17, 2018

He's still happy with this. They did what they said they'd do: did the wgl acquisition, then sold off assets with more to come, and THE dividend is still safe. Management though will likely stop dividend increases for a year or two because they're conservative managers.

oil/gas
0 0 0 0 0
0 comments

He's still happy with this. They did what they said they'd do: did the wgl acquisition, then sold off assets with more to come, and THE dividend is still safe. Management though will likely stop dividend increases for a year or two because they're conservative managers.

oil/gas
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$22.380
Owned Owned
Yes

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BUY on WEAKNESS
Suncor Energy Inc(SU-T) 

September 17, 2018

The Cadillac of the oil patch. They have a lot of refining, so that's a natural hedge, with all this worry about getting Canadian oil to the U.S. They've made good purchases. The stock has gone down, but $48-50 is a good place to buy. Generates a lot of cash flow.

integrated oils
0 0 0 0 0
0 comments

The Cadillac of the oil patch. They have a lot of refining, so that's a natural hedge, with all this worry about getting Canadian oil to the U.S. They've made good purchases. The stock has gone down, but $48-50 is a good place to buy. Generates a lot of cash flow.

integrated oils
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$49.770
Owned Owned
Unknown

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COMMENT
Cenovus Energy(CVE-T) 

September 17, 2018

He sold it this year, because he was reducing his energy weighting. New managers have done well selling assets to reduce debt. Have also lowered costs. They don't have the refining capacity, so that's a problem. By 2020, the debt should be low enough to increase the dividend, though he had been expecting 2019.

oil/gas
0 0 0 0 0
0 comments

He sold it this year, because he was reducing his energy weighting. New managers have done well selling assets to reduce debt. Have also lowered costs. They don't have the refining capacity, so that's a problem. By 2020, the debt should be low enough to increase the dividend, though he had been expecting 2019.

oil/gas
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$11.400
Owned Owned
No

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PARTIAL BUY
Inter Pipeline(IPL-T) 

September 17, 2018

He owns other pipelines. It's trading at near lows. If you're longterm on pipelines, it's a decent time to enter this, but Transcanada and Pembina offer better dividend growth.

oil pipelines
0 0 0 0 0
0 comments

He owns other pipelines. It's trading at near lows. If you're longterm on pipelines, it's a decent time to enter this, but Transcanada and Pembina offer better dividend growth.

oil pipelines
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$22.990
Owned Owned
No

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PAST TOP PICK
Toronto Dominion(TD-T) 

September 17, 2018

(Past Top Pick, May 25, 2017, Up 29%) Great retail operations in Canada and U.S. They increased their dividend 10% this year, and boast the lowest payout of all the Canadian banks. They'll continue to do well, given their U.S. presence and interest rates rises.

banks
0 0 0 0 0
0 comments

(Past Top Pick, May 25, 2017, Up 29%) Great retail operations in Canada and U.S. They increased their dividend 10% this year, and boast the lowest payout of all the Canadian banks. They'll continue to do well, given their U.S. presence and interest rates rises.

banks
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$79.170
Owned Owned
Yes

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PAST TOP PICK
EnerCare Inc(ECI-T) 

September 17, 2018

(Past Top Pick, May 25, 2017, Up 64%) They're getting taken out by Brookfield Infrastructure. Had grown their  dividend, too. Very happy with this.

Consumer Products
0 0 0 0 0
0 comments

(Past Top Pick, May 25, 2017, Up 64%) They're getting taken out by Brookfield Infrastructure. Had grown their  dividend, too. Very happy with this.

Consumer Products
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$28.900
Owned Owned
Yes

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PAST TOP PICK
Pembina Pipeline Corp(PPL-T) 

September 17, 2018

(Past Top Pick, May 25, 2017, Up 5%) Basically flat this year. They're doing what they're supposed to be doing and are outperforming their peers. Increased their dividend. He stands by it.

pipelines
0 0 0 0 0
0 comments

(Past Top Pick, May 25, 2017, Up 5%) Basically flat this year. They're doing what they're supposed to be doing and are outperforming their peers. Increased their dividend. He stands by it.

pipelines
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$43.070
Owned Owned
Yes

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COMMENT
Morneau Shepell Inc(MSI-T) 

September 17, 2018

They've done acquisitions in the US and UK. They own the market in Canada and had to expand beyond. They paid a rich price for their purchaes. Well-managed and is growing its dividend.

Business Services
0 0 0 0 0
0 comments

They've done acquisitions in the US and UK. They own the market in Canada and had to expand beyond. They paid a rich price for their purchaes. Well-managed and is growing its dividend.

Business Services
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$27.200
Owned Owned
Unknown

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BUY

Great company. Owns NPI instead. AQN has moved more into the U.S. (than NPI)  and wind. energy. Offers good growth with fine dividend growth.

electrical utilities
0 0 0 0 0
0 comments

Great company. Owns NPI instead. AQN has moved more into the U.S. (than NPI)  and wind. energy. Offers good growth with fine dividend growth.

electrical utilities
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$13.770
Owned Owned
No

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COMMENT
Newell Brands Inc(NWL-N) 

September 17, 2018

Struggling like most consumer product companies. Revenue is flat/down. Streamlining assets will take time. It's paying 32% of earnings, so the dividend is safe, but it won't rise much.

misc consumer products
0 0 0 0 0
0 comments

Struggling like most consumer product companies. Revenue is flat/down. Streamlining assets will take time. It's paying 32% of earnings, so the dividend is safe, but it won't rise much.

misc consumer products
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$21.560
Owned Owned
Unknown

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HOLD
Canadian Western Bank(CWB-T) 

September 17, 2018

A mortgage- and loan-heavy bank, so it's more volatile than the big banks. But volatility is opportunity. Don't trade out of this for one to buy one of the big guys. Just stick with it.

banks
0 0 0 0 0
0 comments

A mortgage- and loan-heavy bank, so it's more volatile than the big banks. But volatility is opportunity. Don't trade out of this for one to buy one of the big guys. Just stick with it.

banks
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$34.200
Owned Owned
Unknown

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HOLD
First National Financial(FN-T) 

September 17, 2018

Follows it. Well-managed with a decent yield. Very conservative managers. But what happens when the two big shareholders retire or move on? Hold on.

Financial Services
0 0 0 0 0
0 comments

Follows it. Well-managed with a decent yield. Very conservative managers. But what happens when the two big shareholders retire or move on? Hold on.

Financial Services
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$28.880
Owned Owned
No

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BUY
Northland Power Inc(NPI-T) 

September 17, 2018

Likes it. There was concern they didn't have enough growth in the next few years, but NPI thenwent out and secured contracts in Taiwan. Buut that was too far, so then signed contracts in Germany. It pays a safe, decent yield. Conservative balance sheet. They've proved they can bring projects on time and under budget.

Utilities
0 0 0 0 0
0 comments

Likes it. There was concern they didn't have enough growth in the next few years, but NPI thenwent out and secured contracts in Taiwan. Buut that was too far, so then signed contracts in Germany. It pays a safe, decent yield. Conservative balance sheet. They've proved they can bring projects on time and under budget.

Utilities
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$22.620
Owned Owned
Yes

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BUY on WEAKNESS
Dollarama Inc.(DOL-T) 

September 17, 2018

Pays a meager dividend, since it's a growth company. Same store sales guidance was lower than what the street expected, so the stock was hammered last week. It's still a great company with a good balance sheet and expansion plans. See what happens in the next few weeks and peck away at it.

Consumer Products
0 0 0 0 0
0 comments

Pays a meager dividend, since it's a growth company. Same store sales guidance was lower than what the street expected, so the stock was hammered last week. It's still a great company with a good balance sheet and expansion plans. See what happens in the next few weeks and peck away at it.

Consumer Products
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$42.580
Owned Owned
No

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HOLD

Been slumping lately, but a great company with a fine track record. The emerging markets, where their investments are, are pressuring this stock. The Enercare purchase is good. Stick with it.

INDUSTRIAL PRODUCTS
0 0 0 0 0
0 comments

Been slumping lately, but a great company with a fine track record. The emerging markets, where their investments are, are pressuring this stock. The Enercare purchase is good. Stick with it.

INDUSTRIAL PRODUCTS
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$51.540
Owned Owned
Unknown

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COMMENT
BCE Inc.(BCE-T) 

September 17, 2018

A long-term holding for him.. It has increased its dividends a lot over history, though the recent share price is lagging its peers. Dividend increases are going down. A few acquisitions like Manitbo Tel, could wring out some synergies, but there are no new purchaes to support future dividend growth.

telephone utilities
0 0 0 0 0
0 comments

A long-term holding for him.. It has increased its dividends a lot over history, though the recent share price is lagging its peers. Dividend increases are going down. A few acquisitions like Manitbo Tel, could wring out some synergies, but there are no new purchaes to support future dividend growth.

telephone utilities
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$52.600
Owned Owned
Yes

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COMMENT
General Market Comment 

September 17, 2018

News flash: Trump imposes new tariffs to China, starting at 10% for the rest of 2018, then 25% This isn't good. This is Trump's way of pushing things along to get China to the table. But Trump's time horizon is November, the U.S. midterms, while China's is much longer. Also,  China vows to retaliate.

0 0 0 0 0
0 comments

News flash: Trump imposes new tariffs to China, starting at 10% for the rest of 2018, then 25% This isn't good. This is Trump's way of pushing things along to get China to the table. But Trump's time horizon is November, the U.S. midterms, while China's is much longer. Also,  China vows to retaliate.

Unknown
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.020
Owned Owned
Unknown

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DON'T BUY
Hydro One(H-T) 

September 17, 2018

With the Ontario government still owning a big part of this, he's avoided it. There's no difference between the old and new boards. A U.S. acqusition is on hold, perhaps out of worry--the new board has to decide whether to go ahead or now. Their transmission side is coming up for regulatory hearings next year which could be difficult. 

electrical utilities
0 0 0 0 0
0 comments

With the Ontario government still owning a big part of this, he's avoided it. There's no difference between the old and new boards. A U.S. acqusition is on hold, perhaps out of worry--the new board has to decide whether to go ahead or now. Their transmission side is coming up for regulatory hearings next year which could be difficult. 

electrical utilities
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$19.870
Owned Owned
Unknown

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HOLD
Vermilion Energy Inc(VET-T) 

September 17, 2018

LIkes it. They did a purchase in Canada, though it traditionally has diversified outside Canada. But they found it hard to buy good properties in Europe where offshore gas operations are declining. Instead, they bought some cheap assets in Canada. Debt has put pressure on the stock. Pays a safe dividend. He'll hold onto it.

oil/gas
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LIkes it. They did a purchase in Canada, though it traditionally has diversified outside Canada. But they found it hard to buy good properties in Europe where offshore gas operations are declining. Instead, they bought some cheap assets in Canada. Debt has put pressure on the stock. Pays a safe dividend. He'll hold onto it.

oil/gas
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$40.860
Owned Owned
Yes

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COMMENT

Enbridge wants to buy ENF to simplify their corporate structure. In the States, Enbridge offered a small premium, while in Canada, they offered a premium. He suspects the directors of ENF-T are waiting for a higher premium (or that's what he would do). Pays a higher yield than Enbridge Inc. but lacks the dividend growth potential.

oil/gas
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Enbridge wants to buy ENF to simplify their corporate structure. In the States, Enbridge offered a small premium, while in Canada, they offered a premium. He suspects the directors of ENF-T are waiting for a higher premium (or that's what he would do). Pays a higher yield than Enbridge Inc. but lacks the dividend growth potential.

oil/gas
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$32.650
Owned Owned
Unknown

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COMMENT
General Market Comment 

September 17, 2018

Sell U.S. banks to buy tech stocks? Buy a defensive tech stocks that pay a yield. Go conservative in tech.

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Sell U.S. banks to buy tech stocks? Buy a defensive tech stocks that pay a yield. Go conservative in tech.

Unknown
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0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.020
Owned Owned
Unknown

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TOP PICK
Bank of Nova Scotia(BNS-T) 

September 17, 2018

Stock is down 8% YTD. Maybe they overpaid in recent purchases--we'll see in a few years if it paid off. More pressure comes from the NAFTA talks, since BNS has operations in Mexico. There's also weakness in emerging markets, and BNS has more exposure there than the other big banks. However, their last quarter--core earnings and domestic retail was fine, with international retail better than expected. This will go from the worst to the best perfomer in this space. (4.5% dividend, Analysts' price target: $85.46)

banks
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Stock is down 8% YTD. Maybe they overpaid in recent purchases--we'll see in a few years if it paid off. More pressure comes from the NAFTA talks, since BNS has operations in Mexico. There's also weakness in emerging markets, and BNS has more exposure there than the other big banks. However, their last quarter--core earnings and domestic retail was fine, with international retail better than expected. This will go from the worst to the best perfomer in this space. (4.5% dividend, Analysts' price target: $85.46)

banks
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$76.100
Owned Owned
Yes

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TOP PICK
Fortis Inc.(FTS-T) 

September 17, 2018

It's the Cadillac of utilites. Trades at 17x vs.15x in the group. A solid utility with 97% of assets regulated. Diversified across U.S., Canada and the Caribbean. Rate base is growing 5.5% a year. Expects 6% dividend growth this year and for four years. (4.0% dividend, Analysts' price target: $47.67)

electrical utilities
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It's the Cadillac of utilites. Trades at 17x vs.15x in the group. A solid utility with 97% of assets regulated. Diversified across U.S., Canada and the Caribbean. Rate base is growing 5.5% a year. Expects 6% dividend growth this year and for four years. (4.0% dividend, Analysts' price target: $47.67)

electrical utilities
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$42.800
Owned Owned
Yes

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TOP PICK
Sun Life Financial Inc(SLF-T) 

September 17, 2018

Cash flow from US and Canadian life insurance businesses they use to reinvest in growing markets in Asia. They have excess capital at the holdco level that can be used for acquisitions, pay dividend or buyback shares. (3.7% dividend, Analysts' price target: $58.57)

insurance
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Cash flow from US and Canadian life insurance businesses they use to reinvest in growing markets in Asia. They have excess capital at the holdco level that can be used for acquisitions, pay dividend or buyback shares. (3.7% dividend, Analysts' price target: $58.57)

insurance
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$50.860
Owned Owned
Yes

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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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$22.880
Owned Owned
Yes

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HOLD

A steady-Eddy stock. Well-diversified. Dividend is fine with a decent yield. Stick with it. They are growing their business through small acquisitions.  

Business Services
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A steady-Eddy stock. Well-diversified. Dividend is fine with a decent yield. Stick with it. They are growing their business through small acquisitions.  

Business Services
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$23.880
Owned Owned
Unknown

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HOLD

Owns Sunlife and Manulife instead. PWF is Challenged by slower growth. Are increasing their dividend. Doesn't expect it to outperform the market. A good hold, but don't put new money into it.

finance/leasing
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Owns Sunlife and Manulife instead. PWF is Challenged by slower growth. Are increasing their dividend. Doesn't expect it to outperform the market. A good hold, but don't put new money into it.

finance/leasing
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$33.390
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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$39.290
Owned Owned
Yes

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HOLD

Going through long-term expansion after buying Wind Mobile assets. Don't expect a dividend increase soon. Instead, maybe buy the other communications stocks, but longer term Shaw looks promising as they grow their business.

Cable
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Going through long-term expansion after buying Wind Mobile assets. Don't expect a dividend increase soon. Instead, maybe buy the other communications stocks, but longer term Shaw looks promising as they grow their business.

Cable
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$24.720
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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$12.910
Owned Owned
Unknown

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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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$9.540
Owned Owned
Unknown

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COMMENT

He's not a big owner of resources, but this is a good company with a fine balance sheet and cash flow that they will give back to shareholders through buybacks and dividend increases. 

precious metals
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He's not a big owner of resources, but this is a good company with a fine balance sheet and cash flow that they will give back to shareholders through buybacks and dividend increases. 

precious metals
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$36.420
Owned Owned
Unknown

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BUY

Pays a modest dividend. Stock has performed well. The auction business is performing well, while a good economy is helping them.

specialty stores
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Pays a modest dividend. Stock has performed well. The auction business is performing well, while a good economy is helping them.

specialty stores
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$42.780
Owned Owned
Unknown

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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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$79.380
Owned Owned
Unknown

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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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$20.770
Owned Owned
No

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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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$8.660
Owned Owned
No

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COMMENT
Waste Connections(WCN-T) 

March 7, 2018

A disciplined acquirer. They've bought several companies over the years. Yield will grow over time, but their more focussed on increasing their assets.

Transportation & Environmental Services
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A disciplined acquirer. They've bought several companies over the years. Yield will grow over time, but their more focussed on increasing their assets.

Transportation & Environmental Services
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$92.820
Owned Owned
No

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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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$96.510
Owned Owned
Yes

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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. 

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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
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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.

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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
0 0 0 0 0
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.020
Owned Owned
Unknown

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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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$40.500
Owned Owned
Yes

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BUY
Inter Pipeline(IPL-T) 

March 7, 2018

A good, mistream company. Dividend safe and will increase. Earnings and cash flow are increasing at an okay pace. Good growth. Stick with it or buy a little.

oil pipelines
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A good, mistream company. Dividend safe and will increase. Earnings and cash flow are increasing at an okay pace. Good growth. Stick with it or buy a little.

oil pipelines
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$22.270
Owned Owned
No

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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
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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
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$12.220
Owned Owned
No

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COMMENT

He recently added at the $25 level. Their growth areas are in Asia and Canadian insurance, but face problems in the U.S. which accounts for the recent downturn in share price. They're grow their Asian assets and wealth management business. The stock will rise as interest rates do.

insurance
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He recently added at the $25 level. Their growth areas are in Asia and Canadian insurance, but face problems in the U.S. which accounts for the recent downturn in share price. They're grow their Asian assets and wealth management business. The stock will rise as interest rates do.

insurance
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$24.110
Owned Owned
Yes

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PAST TOP PICK

(A Top Pick January 5/17, Down 2%) A lot of their business in offshore wind in Europe. More projects are coming on like Germany in 2020. They're now bidding on offshore wind in Taiwan with results expected in Q3. Raised their dividend last year. A good, little company. He trimmed back at higher prices, but happy to hold it. There's a lot of market bullishness on European offshore wind power, but competition is now heavy, so he doesn't epxect them to do much more bidding in Europe.

 

Utilities
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(A Top Pick January 5/17, Down 2%) A lot of their business in offshore wind in Europe. More projects are coming on like Germany in 2020. They're now bidding on offshore wind in Taiwan with results expected in Q3. Raised their dividend last year. A good, little company. He trimmed back at higher prices, but happy to hold it. There's a lot of market bullishness on European offshore wind power, but competition is now heavy, so he doesn't epxect them to do much more bidding in Europe.

 

Utilities
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$21.850
Owned Owned
Yes

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PAST TOP PICK
Toronto Dominion(TD-T) 

March 7, 2018

(A Top Pick January 5/17, Up 17%) Have great domestic retail operations, and more branches in the U.S. than Canada--and still growing. Increased their dividend which has risen 20% over the past five years. A steady-as-she goes story.

banks
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(A Top Pick January 5/17, Up 17%) Have great domestic retail operations, and more branches in the U.S. than Canada--and still growing. Increased their dividend which has risen 20% over the past five years. A steady-as-she goes story.

banks
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$75.830
Owned Owned
Yes

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PAST TOP PICK

(A Top Pick January 5/17, Up 15%) Challenged the last few quarters from competition. Dividend increase this year is unlikely. Instead they will upgrade their system and save money for next year's spectrum auction.

Cable
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(A Top Pick January 5/17, Up 15%) Challenged the last few quarters from competition. Dividend increase this year is unlikely. Instead they will upgrade their system and save money for next year's spectrum auction.

Cable
0 0 0 0 0
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$58.890
Owned Owned
Yes

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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
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0 comments

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
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$52.700
Owned Owned
Yes

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BUY
Nutrien Ltd.(NTR-T) 

March 7, 2018

Some Canadian agriculture stocks have been challenged by oversupply. Likes Nurtrien for its merger between Agrium and Potash. They make fertilizer. They'll probably sell off $4-5 billion of assets. Likes this stock and will hold it for at least five years.

agriculture
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Some Canadian agriculture stocks have been challenged by oversupply. Likes Nurtrien for its merger between Agrium and Potash. They make fertilizer. They'll probably sell off $4-5 billion of assets. Likes this stock and will hold it for at least five years.

agriculture
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$65.840
Owned Owned
Yes

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TOP PICK
Toronto Dominion(TD-T) 

March 7, 2018

Likes it for dividend growth higher than the other Canadian banks, and it has big U.S. exposure. Will benefit from higher interest rates and a growing U.S. economy. (Analysts' price target is $81.91)

banks
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Likes it for dividend growth higher than the other Canadian banks, and it has big U.S. exposure. Will benefit from higher interest rates and a growing U.S. economy. (Analysts' price target is $81.91)

banks
0 0 0 0 0
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$75.830
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
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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
0 0 0 0 0
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$94.090
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
0 0 0 0 0
0 comments

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
0 0 0 0 0
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Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$42.420
Owned Owned
Yes

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N/A
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.

0 0 0 0 0
0 comments

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
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$0.020
Owned Owned
_N/A

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COMMENT
Morneau Shepell Inc(MSI-T) 

December 6, 2017

A pension consultant type of company. It’s a good company and well-managed. This is a competitive business, but the stock has done pretty well this year. Pays a decent dividend and the dividend is fully covered. It’s pretty small for his company. Dividend yield of 3.5%.

Business Services
0 0 0 0 0
0 comments

A pension consultant type of company. It’s a good company and well-managed. This is a competitive business, but the stock has done pretty well this year. Pays a decent dividend and the dividend is fully covered. It’s pretty small for his company. Dividend yield of 3.5%.

Business Services
0 0 0 0 0
0 comments
Douglas Kee

Chief Inve, Leon Frazer & Associ...

Price Price
$22.080
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
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