Opinions by Alice Tsang | StockChase
251
Alice Tsang

Portfolio Manager

ON STOCKCHASE SINCE Apr 2011

Marquest Asset Management


Opinions by Alice Tsang


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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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2013-04-05

HOLD
Baytex Energy Corp (BTE-T)

Great resource play. Valuation trades fairly close to some of its US peers. Technically it is oversold and she does see a rebound in the stock. High-quality stock. 6.3% dividend yield. A good long-term hold story.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $41.740
Owned: No

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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

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2013-04-05

HOLD
Eastmain Resources Inc (ER-T)

Good for a long-term hold? Likes the story. Have a deposit in Québec and they may have 1,000,000 ounces of really high-grade, open pit of 3-4 g per ton. Very economic and very close to Goldcorp’s (G-T) Elinore. In this environment, it could stay at this price for a year or so.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.590
Owned: Unknown

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2013-04-05

COMMENT
Fission Energy (FIS-X (Dead))

50%-51% on the joint venture on the Pattison Lake in Athabasca. Have a discovery which is looking very promising. Looks like they may have discovered a very large, high-grade, shallow deposit. Have a lot of cash so they can afford to do a lot of exploration in the area. Very speculative.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.020
Owned: Yes

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2013-04-05

PAST TOP PICK
Ithaca Energy Inc. (IAE-T (Dead))

(A Top Pick June 11/12. Up 2.35 %.) Sold her holdings but just bought back in yesterday. Production has been fairly disappointing however, valuation has gotten to a point where it is trading at 1X cash flow. It now looks very attractive to her technically.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.810
Owned: Yes

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2013-04-05

DON'T BUY
Northern Dynasty Minerals Ltd (NDM-T)

Very low grade deposit but a very large resource. We need higher copper prices. If copper were to stay at around $3.10-$3.30, she doesn’t see this project going forward. You probably need $3.75-$4 to make the stock work.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.930
Owned: Unknown

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2013-04-05

PAST TOP PICK
Osisko Exploration Ltd. (OSK-T (Dead))

(A Top Pick June 11/12. Down 30.9%.) Sold her holdings. Had some restarting issues and some Québec issues about developing in the high-grade area.. She thinks a lot of that is behind them. Very cheap at this level. In the gold space, she is very selective and this is one of a higher cost producers. If you own, consider moving over to Yamana (YRI-T), a low-cost producer and a much more sustainable model.

metal mines
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $5.440
Owned: No

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2013-04-05

BUY
RB Energy (RBI-T (De-Liste)

Buying opportunity for a 1 to 3 year horizon? Completely agrees with this. Technically the stock is trading at a very good level so she would step in at this point. One of the few producers that will be in the lithium space and supply is fairly tight.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.650
Owned: Yes

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2013-04-05

TOP PICK
Strategic Oil & Gas Ltd (SOG-X)

About a $250 million market cap and likes the current level of the stock. Developing a play at Steen River (?). For a small company, they own a lot of land and infrastructure in the area. Some of the wells they have been bringing on have extremely high payback. Company has been growing significantly. Exited 2012 with the production of about 3000-3200 barrels. She can comfortably see them bringing production to 10,000 barrels per day in 2-3 years. 9.9% price to cash flow.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $1.180
Owned: Yes

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2013-04-05

PAST TOP PICK
Sandstorm Gold Ltd. (SSL-T)

(A Top Pick June 11/12. Up 3.12%.) Sold her holdings.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.370
Owned: No

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2013-04-05

DON'T BUY
Turquoise Hill Resources (TRQ-T)

Great assets in a risky jurisdiction. Even at this level she wouldn’t step in. She would want to see more clarity with the Mongolian government and what action they may take. On top of this, copper prices are falling.

precious metals
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $6.280
Owned: No

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2013-04-05

PARTIAL BUY
Whitecap Resources (WCP-T)

Very good story. Management is very focused on costs and returning capital. Quarter after quarter they have been beating and exceeding expectations. If there were a yield play she would want in the smaller cap space, it would be this one. The only knock against it is that it is currently yielding about 6.5%, which is lower than Crescent Point (CPG-T). With oil coming down, it might be a buy at a slightly lower level but you could pick some up at this point and by more as time goes on..

Oil and Gas (Integrated Oils)
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $9.660
Owned: Unknown

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2013-04-05

DON'T BUY
Western Potash (WPX-T (Dead))

Potash (POT-T) has cut back production and is still trading at very low levels. This company requires a fairly high CapX, close to $3 billion. In this environment, that is challenging. Looking for JV partners or some kind of takeout buyers. She wouldn’t be stepping into this one just yet.

Mining
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $0.455
Owned: Unknown

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2013-04-05

DON'T BUY
Yoho Resources (YO-X (Dead))

Haven’t looked at this for quite a long time, but they have been chasing the Duvernay wells. Duvernay is not very well understood yet, even for the majors, and is very expensive.

oil/gas
Alice Tsang

Portfolio Manager, Marquest Asset Management

Price: $2.820
Owned: Unknown

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Showing 61 to 75 of 251 entries
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