Stock Opinions by Nick Majendie - Stockchase Experts
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Nick Majendie @

On Stockchase since : Aug 2007

Director & Senior Portfolio Manager at Scotia Wealth Management

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Stock Opinions by Nick Majendie - Stockchase Experts

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General Market Comment 

September 19, 2017

Market. Last year, Canada was the best performing of all the developed nations in terms of our equity market. This year it is very definitely the other way. The big question is, where do we go from here. He is optimistic on the Canadian market over the next 6-12 months, principally because he is convinced we will see an improvement in oil prices that will help the energy sector. If you adjust for the change in our currency, performance has been just about the same to a Cdn$ investor as the S&P, despite the TSX lagging the S&P 500. Thinks we will see definite signs of the oil market tightening in the 4th quarter, and can see it hitting $60 in the next 6 months. Some of the numbers in the US are understated, and are constantly being revised. A very critical point was yesterday when Brent demonstrated backwardation for the 1st time since 2014, which means hedge funds will begin to look at taking long positions if that continues. He likes Canadian bank stocks very much, and is overweight in them. Results have been very good year to date. They are cheap relative to US banks, and represents good value.

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Market. Last year, Canada was the best performing of all the developed nations in terms of our equity market. This year it is very definitely the other way. The big question is, where do we go from here. He is optimistic on the Canadian market over the next 6-12 months, principally because he is convinced we will see an improvement in oil prices that will help the energy sector. If you adjust for the change in our currency, performance has been just about the same to a Cdn$ investor as the S&P, despite the TSX lagging the S&P 500. Thinks we will see definite signs of the oil market tightening in the 4th quarter, and can see it hitting $60 in the next 6 months. Some of the numbers in the US are understated, and are constantly being revised. A very critical point was yesterday when Brent demonstrated backwardation for the 1st time since 2014, which means hedge funds will begin to look at taking long positions if that continues. He likes Canadian bank stocks very much, and is overweight in them. Results have been very good year to date. They are cheap relative to US banks, and represents good value.

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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$0.020
Owned Owned
_N/A

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HOLD
Royal Bank(RY-T) 

September 19, 2017

He likes this very much. Had very good results in the 2nd quarter, and is certainly benefiting from the US acquisition. A well diversified bank. Selling at the highest premium to the average PE multiple of the Canadian banks, which it tends to do.

banks
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He likes this very much. Had very good results in the 2nd quarter, and is certainly benefiting from the US acquisition. A well diversified bank. Selling at the highest premium to the average PE multiple of the Canadian banks, which it tends to do.

banks
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$92.980
Owned Owned
Yes

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COMMENT
Canadian National R.R.(CNR-T) 

September 19, 2017

His preferred choice in rails, and his biggest investment in that sector. They have a tendency to outperform their guidance, and thinks they will do it again this year. Very strong cash flow growth. Good operating ratio performance. Because of the free cash flow growth, the dividend keeps constantly being increased.

Transportation
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His preferred choice in rails, and his biggest investment in that sector. They have a tendency to outperform their guidance, and thinks they will do it again this year. Very strong cash flow growth. Good operating ratio performance. Because of the free cash flow growth, the dividend keeps constantly being increased.

Transportation
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$100.740
Owned Owned
Yes

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DON'T BUY
Goldcorp Inc(G-T) 

September 19, 2017

This has been suffering. Selling at its relative valuation, a discount. A bit of a “show me” stock at the moment. Thinks management has a very good long-term plan, but investors are kind of sceptical in the short term. There are better purchases right now. (See Top Picks.)

precious metals
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This has been suffering. Selling at its relative valuation, a discount. A bit of a “show me” stock at the moment. Thinks management has a very good long-term plan, but investors are kind of sceptical in the short term. There are better purchases right now. (See Top Picks.)

precious metals
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$15.760
Owned Owned
Unknown

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COMMENT
Manulife Financial(MFC-T) 

September 19, 2017

Stay with Manulife (MFC-T) or go with Toronto Dominion (TD-T)? Currently prefers banks to the lifecos. Of the 2 major Canadian lifecos, he prefers Sun Life (SLF-T), which has more consistent earnings growth ahead of them. Manulife has just changed CEOs, and thinks the street will wait to look at the execution and changes in strategy in the next while.

insurance
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Stay with Manulife (MFC-T) or go with Toronto Dominion (TD-T)? Currently prefers banks to the lifecos. Of the 2 major Canadian lifecos, he prefers Sun Life (SLF-T), which has more consistent earnings growth ahead of them. Manulife has just changed CEOs, and thinks the street will wait to look at the execution and changes in strategy in the next while.

insurance
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$24.280
Owned Owned
Unknown

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COMMENT
Fortis Inc.(FTS-T) 

September 19, 2017

He likes this very much. They’ve done a great job in making acquisitions in the US. This is one of the dividend aristocrats of Canada. Thinks they’ve increased dividends 42 years in a row. It is not all that expensive, and is a great, long term investment.

electrical utilities
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He likes this very much. They’ve done a great job in making acquisitions in the US. This is one of the dividend aristocrats of Canada. Thinks they’ve increased dividends 42 years in a row. It is not all that expensive, and is a great, long term investment.

electrical utilities
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$44.530
Owned Owned
Yes

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COMMENT
Inter Pipeline(IPL-T) 

September 19, 2017

Has been out of favour and is the one pipeline he doesn’t own. In the short term, it has limited growth prospects which will impact the dividend growth potential. On a 1-year basis, it doesn’t look particularly attractive relative to a Pembina Pipeline (PPL-T), an Enbridge (ENB-T) and a Trans Canada (TRP-T).

oil pipelines
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Has been out of favour and is the one pipeline he doesn’t own. In the short term, it has limited growth prospects which will impact the dividend growth potential. On a 1-year basis, it doesn’t look particularly attractive relative to a Pembina Pipeline (PPL-T), an Enbridge (ENB-T) and a Trans Canada (TRP-T).

oil pipelines
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$23.810
Owned Owned
No

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COMMENT
Telus Corp(T-T) 

September 19, 2017

He likes this very much. This and Bell Canada (BCE-T) would be his top 2 choices in the telecom sector. If you want to stick a stock away for the next 10 years, his choice would be Telus. He takes his hat off for their buildout of the fibre to the home over a five-year timeframe, versus BCE which is over a ten-year timeframe. Currently they have guidance for a 7%-10% annual increase in dividends. When the buildout is finished in 2020-2021, he thinks they’ll be able to renew that 10% a year dividend growth rate.

telephone utilities
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He likes this very much. This and Bell Canada (BCE-T) would be his top 2 choices in the telecom sector. If you want to stick a stock away for the next 10 years, his choice would be Telus. He takes his hat off for their buildout of the fibre to the home over a five-year timeframe, versus BCE which is over a ten-year timeframe. Currently they have guidance for a 7%-10% annual increase in dividends. When the buildout is finished in 2020-2021, he thinks they’ll be able to renew that 10% a year dividend growth rate.

telephone utilities
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$44.590
Owned Owned
Unknown

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BUY
Thomson Reuters Corp(TRI-T) 

September 19, 2017

Generating a lot of free cash flow, buying back stock and increasing the dividend. The revenue growth is somewhat limited at the moment in various segments. Have done an extremely good job on cost savings, and the margins have been expanding for 2 quarters in a row.

publishing/printing
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Generating a lot of free cash flow, buying back stock and increasing the dividend. The revenue growth is somewhat limited at the moment in various segments. Have done an extremely good job on cost savings, and the margins have been expanding for 2 quarters in a row.

publishing/printing
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$55.930
Owned Owned
Unknown

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HOLD

Had owned this, but sold it at around $17 earlier this year. He was concerned about oil prices. Investors are really being careful about having good balance sheet companies. If you have some optimism on oil prices as he does, he would probably hold onto this. It has been a little unpopular with institutional investors because of all their acquisitions. There are better stocks around if you want to buy one. Dividend yield of about 4%.

oil/gas
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Had owned this, but sold it at around $17 earlier this year. He was concerned about oil prices. Investors are really being careful about having good balance sheet companies. If you have some optimism on oil prices as he does, he would probably hold onto this. It has been a little unpopular with institutional investors because of all their acquisitions. There are better stocks around if you want to buy one. Dividend yield of about 4%.

oil/gas
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$9.090
Owned Owned
No

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PAST TOP PICK

(A Top Pick Sept 21/16. Up 28%.) Just did an equity issue because of a huge backlog of projects, about $2.5 billion. If he had to pick one stock to own over the next number of years, it would be this. They increased their dividend over 10% for the last 8 years, and expects they will continue to do that. The #1 infrastructure stock globally. Dividend yield of 4.1%.

INDUSTRIAL PRODUCTS
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(A Top Pick Sept 21/16. Up 28%.) Just did an equity issue because of a huge backlog of projects, about $2.5 billion. If he had to pick one stock to own over the next number of years, it would be this. They increased their dividend over 10% for the last 8 years, and expects they will continue to do that. The #1 infrastructure stock globally. Dividend yield of 4.1%.

INDUSTRIAL PRODUCTS
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$53.850
Owned Owned
Yes

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PAST TOP PICK
Enbridge(ENB-T) 

September 19, 2017

(A Top Pick Sept 21/16. Down 9%.) Out of favour and is not quite sure why. During this time, they did the Spectra merger. Looking at all the major energy companies globally, including infrastructure, this is now the 8th largest. It is the largest energy infrastructure in the US. Now is a very good time to be picking it up. Dividend yield of 5%, and they have a growth target of 10%-12% a year for the next 8 years. The bulk of their cash flow is covered by long-term contracts.

oil/gas pipelines
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(A Top Pick Sept 21/16. Down 9%.) Out of favour and is not quite sure why. During this time, they did the Spectra merger. Looking at all the major energy companies globally, including infrastructure, this is now the 8th largest. It is the largest energy infrastructure in the US. Now is a very good time to be picking it up. Dividend yield of 5%, and they have a growth target of 10%-12% a year for the next 8 years. The bulk of their cash flow is covered by long-term contracts.

oil/gas pipelines
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$50.610
Owned Owned
Yes

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PAST TOP PICK
Methanex Corp(MX-T) 

September 19, 2017

(A Top Pick Sept 21/16. Up 67%.) Had a tremendous return, and he would continue to own it. The outlook for methanol is excellent, particularly for this company which is on a large expansion program for the next number of years. Their CapX is behind them and they can increase capacity by bringing back one of their Chilean plants on stream, at a very reasonable cost. Generating a tremendous free cash flow and are buying back a lot of stock.

chemicals
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(A Top Pick Sept 21/16. Up 67%.) Had a tremendous return, and he would continue to own it. The outlook for methanol is excellent, particularly for this company which is on a large expansion program for the next number of years. Their CapX is behind them and they can increase capacity by bringing back one of their Chilean plants on stream, at a very reasonable cost. Generating a tremendous free cash flow and are buying back a lot of stock.

chemicals
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$64.330
Owned Owned
Yes

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HOLD
Suncor Energy Inc(SU-T) 

September 19, 2017

Suncor (SU-T) or Canadian Natural Resources (CNQ-T)? Both companies, relative to the other stocks in the energy index, have performed pretty well. From this point on, he likes both, and is hard-pressed to tell you which he would choose. Both have very good growth profiles. They are both very good on M&A on an opportunistic basis. Balance sheets have been improving steadily. This one is bringing Fort Hills on stream by the end of this year, which will be a significant contributor to cash flow growth. Because they have both held their ground so well, there are better opportunities in some of the intermediate space, in terms of capital gains.

integrated oils
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Suncor (SU-T) or Canadian Natural Resources (CNQ-T)? Both companies, relative to the other stocks in the energy index, have performed pretty well. From this point on, he likes both, and is hard-pressed to tell you which he would choose. Both have very good growth profiles. They are both very good on M&A on an opportunistic basis. Balance sheets have been improving steadily. This one is bringing Fort Hills on stream by the end of this year, which will be a significant contributor to cash flow growth. Because they have both held their ground so well, there are better opportunities in some of the intermediate space, in terms of capital gains.

integrated oils
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Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$41.660
Owned Owned
Yes

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HOLD
Canadian Natural Rsrcs(CNQ-T) 

September 19, 2017

Suncor (SU-T) or Canadian Natural Resources (CNQ-T)? Both companies, relative to the other stocks in the energy index, have performed pretty well. From this point on, he likes both, and is hard-pressed to tell you which one he would choose. Both have very good growth profiles. This one has made acquisitions recently. They are both very good on M&A on an opportunistic basis. Their balance sheets have been improving steadily. Because they have both held their ground so well, there are better opportunities in some of the intermediate space, in terms of capital gains.

oil/gas
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Suncor (SU-T) or Canadian Natural Resources (CNQ-T)? Both companies, relative to the other stocks in the energy index, have performed pretty well. From this point on, he likes both, and is hard-pressed to tell you which one he would choose. Both have very good growth profiles. This one has made acquisitions recently. They are both very good on M&A on an opportunistic basis. Their balance sheets have been improving steadily. Because they have both held their ground so well, there are better opportunities in some of the intermediate space, in terms of capital gains.

oil/gas
0 0 0 0 0
0 comments
Nick Majendie

Director &, Scotia Wealth Manage...

Price Price
$40.490
Owned Owned
Yes

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