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
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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
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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
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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
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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
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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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