Opinions by Alice Tsang | StockChase
251
Alice Tsang

Portfolio Manager

ON STOCKCHASE SINCE Apr 2011

Marquest Asset Management


Opinions by Alice Tsang


Signal Opinion Expert Chart

2012-11-23

WEAK BUY
Cline Mining Corp. (CMK-T (Dead))

If you are a long term player, there would be value over the next few years. Stock has run up quite a bit. Perhaps technically it has been overdone to the downside. Mine has been shut down but they have quite a bit of resource in there. A high risk play and wouldn’t put too much money into it.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.215
Owned: Unknown

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2012-11-23

WATCH
Lake Shore Gold (LSG-T (Acquired)

Likes these levels. Costs have been coming down. Have been guiding towards 85,000 ounces this year and looks like they will hit their target. Market will probably want to see 1 or 2 more quarters of execution before people jump in. Mining a grade that is slightly less than their reserve grade right now so there a lot of eyes watching the stock.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.780
Owned: Unknown

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2013-09-13

WATCH
Strategic Oil & Gas Ltd (SOG-X)

Likes this name quite well. Over the last 2-3 quarters, they have disappointed in terms of guidance. Very large land base and have only started putting pieces together. Over the longer-term, if execution turns out well, the stock will be rewarded with higher valuations. She is on the sideline and just watching their execution to see if management can deliver. (Host comment: Street consensus is that the stock will be $1.63 in the next 12 months.)

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.000
Owned: No

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2012-08-31

WAIT
Crescent Point Energy Corp (CPG-T)

One of the “best in class” operators in the light oil Bakken play. Still has growth, albeit slower compared to the last 2 years. At these levels, it can afford to make very accretive acquisitions to continue their portfolio growth. Think you can make about 7% at these levels. This has run-up quite a bit and her outlook on oil isn’t that robust so expect it will be range bound and will be more of a trading scenario. 6.87% dividend yield.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $40.990
Owned: No

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2013-06-21

WAIT
Largo Resources Ltd. (LGO-T)

She hasn’t actually seen the company for a while. Vanadium prices have come down with other commodities. Believes they have commenced their operations and this should be a low-cost producer. At these levels, she feels the stock could be a buy however, she would suggest you wait a while and compare with other stocks to see if there is a better bargain elsewhere.

metal mines
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.190
Owned: Unknown

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2013-04-05

TOP PICK
Ainsworth Lumber Co. Ltd. (ANS-T (Merged))

Oriented strand board (OSB). Very much levered to the housing markets, especially in the US. Expecting margins to improve. Trading at about 3X enterprise over EBITDA while their peers are trading about 6 times.

west coast forestry
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $3.940
Owned: Yes

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2012-03-30

TOP PICK
Aurcana Corp. (AUN-X)
Currently producing about 1.8 million ounces of silver in Mexico. Looking to bring on another mine in Texas which should produce another 3+ million ounces, which means they will basically triple production this year.
precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.880
Owned: Yes

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2013-09-13

TOP PICK
Bellatrix Exploration Ltd. (BXE-T)

Very impressive management team. Have been building a resource as well as production, pretty much organically. Through the years they have done very well. Lately, to add more confidence to the team, they’ve announced 2 JV deals that will help them fast track and develop some of the land. Roughly about 12 years drilling inventory and have about $300 million in JV now. Sees a lot more growth to come. Valuation is extremely attractive at about 3-4 times cash flow. Very conservative on the debt front. Can see the stock doubling from here. (Host comment: Street sentiment is that the stock will grow 40% in the next year.)

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.630
Owned: Yes

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2013-06-21

TOP PICK
CASH (CASH)

10%-15% in cash would roughly be a good holding for a portfolio.

N/A
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.010
Owned: Yes

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2011-09-29

TOP PICK
Coastal Energy (CEN-T (Dead2))
Oil/gas. Their project is in Thailand with 3 offshore land leases as well as onshore. Did a discovery well in the spring with a lot of success in containing and delineating the resources. Could see them doubling their reserves as well as increasing production significantly over the next 12 months. Trades at about 3X next year's cash flow
oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.910
Owned: Yes

Must be logged in to use chart

2012-11-23

TOP PICK
Coastal Energy (CEN-T (Dead2))

In this environment, stocks that don’t have growth will probably be range bound. She tends to favour stocks that can show a good growth profile and this is one. Located in Thailand. Most production comes from off shore. Doubled their production from last year and are able to generate another 30%-40% of organic growth next year. Very clean balance sheet. Lots of cash and are able to generate about 10% of free cash flow. Own huge land acreage offshore Thailand. She can see a $30 handle presuming they can continue to execute.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $20.490
Owned: Yes

Must be logged in to use chart

2013-01-25

TOP PICK
Conifex Timber Inc (CFF-T)

Play on the US housing recovery as well as timber, as they ship to US and Asia. Management bought 3 sawmills in 2006 which have been losing money. Have recapitalized a couple of the mills and are looking for better utilization. With better timber prices, she is expecting it to turn around and will probably have a profitable year. Also, have a PPA (Power Purchase Agreement) with BC Hydro on a plant that they are trying to get financed. Once they get the financing, she expects the stock to get re-rated significantly. Expects a double within 12 months.

Forestry
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $7.990
Owned: Yes

Must be logged in to use chart

2013-04-05

TOP PICK
Conifex Timber Inc (CFF-T)

A lumber company that is playing the laggard. Feels the lumber story is still in the 1st and 2nd innings and has a long ways to go. Through this downturn, a lot of the lumber stocks have recapitalized their plants and this company did the same for one of their plants so production output, as well as costs, is moving in the right direction. Margins should improve and expects them to have positive cash flows this year. Trading 2 or 3 points below their peers.

Forestry
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.090
Owned: Yes

Must be logged in to use chart

2011-09-29

TOP PICK
Eastern Platinum Ltd. (ELR-T)
South African PGM producer. Stock is roughly about $650 million in market cap with half of it in cash. Producing roughly 100,000 ounces of PGM material this year and will double in about 3 years time. Had a lot of operating issues in the last year, which has all been priced in.
precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.740
Owned: Yes

Must be logged in to use chart

2013-06-21

TOP PICK
Essential Energy Services Ltd. (ESN-T)

Their current rigs are very suited for SAGD heavy oil drilling as well as some of the deep basin drilling. There is a lot of activity in this space right now so she expects utilization as well as day rates to increase over the next year. Trades at about 5X cash flow. Very clean balance sheet. Could be a takeout candidate. Dividend yield of about 4%.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.680
Owned: Yes

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