Opinions by Darren Sissons | StockChase
836
Darren Sissons

Vice President and Partner

ON STOCKCHASE SINCE Jan 2012

Campbell Lee & Ross

836
Darren Sissons

Vice President and Partner

ON STOCKCHASE SINCE Jan 2012

Campbell Lee & Ross


Opinions by Darren Sissons


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General Market Comment 

December 20, 2017

Market. We are going to see a gradual increase in interest rates. Doesn't think the financial system is ready for a shock of a 2%, 3%, 4% increase in interest rates, but expects the process is going to be 25 basis points, which the economy can sustain, another 25 basis points, etc. We have to bear in mind that Japan is still effectively in QE, Europe is effectively talking about getting out of it. The next country that would be out of QE would be the UK, if it didn't have BREXIT. Thinks it is going to be a slow and steady process.

Market. We are going to see a gradual increase in interest rates. Doesn't think the financial system is ready for a shock of a 2%, 3%, 4% increase in interest rates, but expects the process is going to be 25 basis points, which the economy can sustain, another 25 basis points, etc. We have to bear in mind that Japan is still effectively in QE, Europe is effectively talking about getting out of it. The next country that would be out of QE would be the UK, if it didn't have BREXIT. Thinks it is going to be a slow and steady process.

Unknown
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$0.020
Owned Owned
_N/A

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COMMENT
Aetna Inc.(AET-N) 

December 20, 2017

CVS is going to merge with this. As a general comment on this market, he likes the insurance category. With higher interest rates, insurance companies will benefit much larger than banks. Companies with exposure to life insurance and longtail risks will actually have a much higher exposure, relative to property and casualty. If you can buy at a discount to the acquisition price, that is great, but as a long-term hold, start thinking about getting some exposure to insurance markets.

medical services

CVS is going to merge with this. As a general comment on this market, he likes the insurance category. With higher interest rates, insurance companies will benefit much larger than banks. Companies with exposure to life insurance and longtail risks will actually have a much higher exposure, relative to property and casualty. If you can buy at a discount to the acquisition price, that is great, but as a long-term hold, start thinking about getting some exposure to insurance markets.

medical services
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$179.550
Owned Owned
Unknown

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DON'T BUY
Advanced Micro Devices(AMD-Q) 

December 20, 2017

This is effectively a processing company. In terms of the biggest boss on the street, it would be Intel, and this would be considered the baby in the corner. All the semis are up this year. When you get a cyclical decline in the semi space, and we are long overdue on one of those, that is when you want to buy this. He would just wait now.

electrical/electronic

This is effectively a processing company. In terms of the biggest boss on the street, it would be Intel, and this would be considered the baby in the corner. All the semis are up this year. When you get a cyclical decline in the semi space, and we are long overdue on one of those, that is when you want to buy this. He would just wait now.

electrical/electronic
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$10.980
Owned Owned
Unknown

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BUY on WEAKNESS
American Tower(AMT-N) 

December 20, 2017

Basically cell phone towers sit on top of buildings and in the middle of fields, etc. When this was initially listed, it had a huge run and the market actually processed it as a REIT. With a rising yield, the valuation climbed, and the stock continued having a huge run. At these levels, the argument would be how much more money can you squeeze out of them. Start thinking about companies that spin the tower businesses out. The business is a very good business. Telcos have to pay them. Without them, you can't run a telco network. He wouldn't buy at these levels.

Telecommunications

Basically cell phone towers sit on top of buildings and in the middle of fields, etc. When this was initially listed, it had a huge run and the market actually processed it as a REIT. With a rising yield, the valuation climbed, and the stock continued having a huge run. At these levels, the argument would be how much more money can you squeeze out of them. Start thinking about companies that spin the tower businesses out. The business is a very good business. Telcos have to pay them. Without them, you can't run a telco network. He wouldn't buy at these levels.

Telecommunications
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$140.190
Owned Owned
Unknown

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BUY
Bank of America(BAC-N) 

December 20, 2017

Rising interest rates will help this. The decreased regulatory pressures, international operations are all positive for this bank. He sees significant upside.

banks

Rising interest rates will help this. The decreased regulatory pressures, international operations are all positive for this bank. He sees significant upside.

banks
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$29.480
Owned Owned
Yes

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BUY
BCE Inc.(BCE-T) 

December 20, 2017

If you have a long-term view and want your dividends to grow, this is a company that is going to reward you slowly. The market is tending to favour growthier names, so funds are moving from this company and the telcos. If you see any downward opportunity, then buy it for sure.

telephone utilities

If you have a long-term view and want your dividends to grow, this is a company that is going to reward you slowly. The market is tending to favour growthier names, so funds are moving from this company and the telcos. If you see any downward opportunity, then buy it for sure.

telephone utilities
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$60.400
Owned Owned
Unknown

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HOLD
BP PLC(BP-N) 

December 20, 2017

This was the big oil leak in the Gulf of Mexico. The US changed the rules and applied therapeutic sanctions and retroactively wrote legislation. The company had to sell off some assets and slowly started to rebuild. European oil is starting to recover quite nicely and generally had a decent year. The company has started to go back into exploration, and is now starting to be followed by the other majors. Assuming the conditions of OPEC supply constraint remain, the Saudi/Aramco goes public, then longer-term we will see a higher energy price, but it won't be immediate. A company like this will do okay. Thinks it has a more upside. Prefers Royal Dutch Shell.

integrated oils

This was the big oil leak in the Gulf of Mexico. The US changed the rules and applied therapeutic sanctions and retroactively wrote legislation. The company had to sell off some assets and slowly started to rebuild. European oil is starting to recover quite nicely and generally had a decent year. The company has started to go back into exploration, and is now starting to be followed by the other majors. Assuming the conditions of OPEC supply constraint remain, the Saudi/Aramco goes public, then longer-term we will see a higher energy price, but it won't be immediate. A company like this will do okay. Thinks it has a more upside. Prefers Royal Dutch Shell.

integrated oils
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$40.950
Owned Owned
Yes

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TOP PICK
Canadian National R.R.(CNR-T) 

December 20, 2017

A national champion and a serial dividend increaser. Buys back stock. Sells off real estate every now and again. It is a premier by the fact that the tracks are in places which cannot be duplicated, and it's a monopoly in those areas. Dividend yield of 1.6%. (Analysts' price target is $110.)

Transportation

A national champion and a serial dividend increaser. Buys back stock. Sells off real estate every now and again. It is a premier by the fact that the tracks are in places which cannot be duplicated, and it's a monopoly in those areas. Dividend yield of 1.6%. (Analysts' price target is $110.)

Transportation
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$104.420
Owned Owned
Yes

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TOP PICK
Walt Disney(DIS-N) 

December 20, 2017

Looking at a multiyear cycle, this has had a very good total return with dividend increases, etc. It struggled in the last couple of years because of issues around ESPN and people streaming content in different ways. They’ve started a Netflix type offering, looking to buy 20th Century Fox assets, and have a whole bunch of movies set to come on. They have a library which they can monetize and it is going to get larger. Dividend yield of 1.5%. (Analysts' price target is $112.)

entertainment services

Looking at a multiyear cycle, this has had a very good total return with dividend increases, etc. It struggled in the last couple of years because of issues around ESPN and people streaming content in different ways. They’ve started a Netflix type offering, looking to buy 20th Century Fox assets, and have a whole bunch of movies set to come on. They have a library which they can monetize and it is going to get larger. Dividend yield of 1.5%. (Analysts' price target is $112.)

entertainment services
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$109.690
Owned Owned
Yes

Must be logged in to use chart
COMMENT
Enbridge(ENB-T) 

December 20, 2017

Enbridge (ENB-T) or Inter Pipeline (IPL-T)? Looking at the long-term track record of dividend and earnings growth, this is by far is the best. It’s been pretty weak after their big acquisition. A lot of US shareholders were selling shares, and then the Shorts got into it and really started Shorting it. There were concerns around the balance sheet and the company was selling off $3 billion worth of assets. A very capital-intensive business. This is the national champion and Best of breed in Canada. Prefers this one.

oil/gas pipelines

Enbridge (ENB-T) or Inter Pipeline (IPL-T)? Looking at the long-term track record of dividend and earnings growth, this is by far is the best. It’s been pretty weak after their big acquisition. A lot of US shareholders were selling shares, and then the Shorts got into it and really started Shorting it. There were concerns around the balance sheet and the company was selling off $3 billion worth of assets. A very capital-intensive business. This is the national champion and Best of breed in Canada. Prefers this one.

oil/gas pipelines
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$49.420
Owned Owned
Unknown

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COMMENT
Alphabet Inc. (A)(GOOGL-Q) 

December 20, 2017

This has been very, very good. There are multiple engines in it. Doesn't think people in this age can do anything without using this. Valuation is something he has always struggled with. If it ever had a pullback, it’s something he would seriously look at.

Business Services

This has been very, very good. There are multiple engines in it. Doesn't think people in this age can do anything without using this. Valuation is something he has always struggled with. If it ever had a pullback, it’s something he would seriously look at.

Business Services
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$1073.560
Owned Owned
No

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COMMENT
HSBC Holdings P L C(HSBC-N) 

December 20, 2017

This has 2 major franchises. There is the European, but the largest franchise in terms of earnings is Hong Kong. Hong Kong rates are pegged to the US rates. There is also the insurance business as well as a number of other things. Balance sheet is very good and he sees good upside here.

banks

This has 2 major franchises. There is the European, but the largest franchise in terms of earnings is Hong Kong. Hong Kong rates are pegged to the US rates. There is also the insurance business as well as a number of other things. Balance sheet is very good and he sees good upside here.

banks
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$51.100
Owned Owned
Yes

Must be logged in to use chart
COMMENT
IBM(IBM-N) 

December 20, 2017

This has a monopoly position with a story similar to Microsoft. The only difference is that this one is effectively what Microsoft is ultimately going to become, i.e., they buy back shares about 2%-3% per year and have done that for about 15 years. Have raised the dividend every year. A total return story, capital appreciation plus the dividend. At the moment it is fairly inexpensive and is actually on sale. If you have a multiyear time horizon, its an interesting way to play tech. Very, very strong balance sheet.

electrical/electronic

This has a monopoly position with a story similar to Microsoft. The only difference is that this one is effectively what Microsoft is ultimately going to become, i.e., they buy back shares about 2%-3% per year and have done that for about 15 years. Have raised the dividend every year. A total return story, capital appreciation plus the dividend. At the moment it is fairly inexpensive and is actually on sale. If you have a multiyear time horizon, its an interesting way to play tech. Very, very strong balance sheet.

electrical/electronic
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$152.950
Owned Owned
Unknown

Must be logged in to use chart
PAST TOP PICK

(A Top Pick July 7/17. Up 7.81%.) Bought this on the back of the Trump's Pro US/anti-everybody else campaign. A lot of tech sold off. This one dropped dramatically. It’s net cash, meaning there is more cash than debt. The last quarter they grew revenues by 25%. Have been growing revenues and earnings by double digits for the last 15 years. On Nov 1 they started a $2 billion share buyback. He is still buying for new clients.

computer software/processing

(A Top Pick July 7/17. Up 7.81%.) Bought this on the back of the Trump's Pro US/anti-everybody else campaign. A lot of tech sold off. This one dropped dramatically. It’s net cash, meaning there is more cash than debt. The last quarter they grew revenues by 25%. Have been growing revenues and earnings by double digits for the last 15 years. On Nov 1 they started a $2 billion share buyback. He is still buying for new clients.

computer software/processing
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$16.000
Owned Owned
Yes

Must be logged in to use chart
COMMENT
Inter Pipeline(IPL-T) 

December 20, 2017

Enbridge (ENB-T) or Inter Pipeline (IPL-T)? He prefers Enbridge.

oil pipelines

Enbridge (ENB-T) or Inter Pipeline (IPL-T)? He prefers Enbridge.

oil pipelines
Darren Sissons

Vice President and Partner, Campbell Lee & Ross...

PricePrice
$25.690
Owned Owned
Unknown

Must be logged in to use chart
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