Stock Opinions by Rob McConnachie - Stockchase Experts
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Rob McConnachie

On Stockchase since : Apr 2013

Chief Investment Officer at Dixon Mitchell Investment Counsel

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Stock Opinions by Rob McConnachie - Stockchase Experts

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General Market Comment 

April 24, 2013

Market. There are worries about the commodity sector, which dominates the TSE and this is an area where he is somewhat underweight. Has been moving his weight up in foreign equities. When he runs his wider screens, he is finding better quality companies at even more attractive valuations in the US market. A lot of companies he owns have been growing their dividends at 10%-15%. Likes the iPhone and Tablet market. (See Top Picks.)

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Market. There are worries about the commodity sector, which dominates the TSE and this is an area where he is somewhat underweight. Has been moving his weight up in foreign equities. When he runs his wider screens, he is finding better quality companies at even more attractive valuations in the US market. A lot of companies he owns have been growing their dividends at 10%-15%. Likes the iPhone and Tablet market. (See Top Picks.)

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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$0.020
Owned Owned
_N/A

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HOLD
McDonalds(MCD-N) 

April 24, 2013

Great long-term Hold. Its dividend is secure and they will be able to grow this over time. Based on the recent results and the outlook that they gave, he has trimmed his holdings a little bit. Thinks it should be trading in the 15-17 times earnings. 3% dividend yield.

food services
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Great long-term Hold. Its dividend is secure and they will be able to grow this over time. Based on the recent results and the outlook that they gave, he has trimmed his holdings a little bit. Thinks it should be trading in the 15-17 times earnings. 3% dividend yield.

food services
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$101.020
Owned Owned
Yes

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COMMENT
Royal Bank(RY-T) 

April 24, 2013

Will the hiring of Temp workers to replace long-term workers affect their stock? Doesn’t think it will have that much impact on the stock. Doesn’t affect their operations that strongly. At the end of the day, the retail banking part of any bank’s franchise is very highly profitable and a low risk part of their business. This bank has one of the best franchises of that in Canada. 4.2% dividend yield which he thinks will be back into a lower growth, not like it has been in the past decade.

banks
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Will the hiring of Temp workers to replace long-term workers affect their stock? Doesn’t think it will have that much impact on the stock. Doesn’t affect their operations that strongly. At the end of the day, the retail banking part of any bank’s franchise is very highly profitable and a low risk part of their business. This bank has one of the best franchises of that in Canada. 4.2% dividend yield which he thinks will be back into a lower growth, not like it has been in the past decade.

banks
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$60.270
Owned Owned
Unknown

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COMMENT
Baytex Energy Corp(BTE-T) 

April 24, 2013

Very well run company. If oil prices stay up where they are, he thinks the 6.7% dividend is sustainable. As a heavy oil company they have been suffering from some of the spreads on the heavy and light oil differential. Well-run but they are at the mercy of the underlying commodity.

oil/gas
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Very well run company. If oil prices stay up where they are, he thinks the 6.7% dividend is sustainable. As a heavy oil company they have been suffering from some of the spreads on the heavy and light oil differential. Well-run but they are at the mercy of the underlying commodity.

oil/gas
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$39.780
Owned Owned
Yes

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BUY

Makes remote accommodations for mining, oil, gas companies. Try to put together accommodations in remote areas in 3 months which requires quite a bit of expertise. Although it is a cyclical, management has been able to execute very well. They use very conservative accounting to write down their equipment, etc. Probably not a bad entry point but it is in the sector where there are some headwinds right now.

other services
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Makes remote accommodations for mining, oil, gas companies. Try to put together accommodations in remote areas in 3 months which requires quite a bit of expertise. Although it is a cyclical, management has been able to execute very well. They use very conservative accounting to write down their equipment, etc. Probably not a bad entry point but it is in the sector where there are some headwinds right now.

other services
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$20.000
Owned Owned
Unknown

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COMMENT
TC Energy(TRP-T) 

April 24, 2013

Pipelines are a very good business in Canada. Highly regulated so profits are almost “baked in the cake“ when they take on some projects. Thinks the Keystone pipeline will go through, which would be positive development for Canada.

oil/gas pipelines
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Pipelines are a very good business in Canada. Highly regulated so profits are almost “baked in the cake“ when they take on some projects. Thinks the Keystone pipeline will go through, which would be positive development for Canada.

oil/gas pipelines
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$49.930
Owned Owned
Unknown

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COMMENT
BCE Inc.(BCE-T) 

April 24, 2013

There should still be great growth in the wireless side of their business. Feels that its dividend is safe and has the ability to grow. New management is doing a very good job and moving the company in the right direction. He owns this in his dividend portfolios only, as he wouldn’t expect much capital appreciation.

telephone utilities
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There should still be great growth in the wireless side of their business. Feels that its dividend is safe and has the ability to grow. New management is doing a very good job and moving the company in the right direction. He owns this in his dividend portfolios only, as he wouldn’t expect much capital appreciation.

telephone utilities
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$46.870
Owned Owned
Yes

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COMMENT
Transalta Corp(TA-T) 

April 24, 2013

Not sure that the dividend is safe but doesn’t see any reason for an imminent cut. Have a lot of coal plants and a lot of them are going to have to be shut, over the next decade. This is a high risk business model and they have to really execute well to maintain the dividend.

electrical/electronic
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Not sure that the dividend is safe but doesn’t see any reason for an imminent cut. Have a lot of coal plants and a lot of them are going to have to be shut, over the next decade. This is a high risk business model and they have to really execute well to maintain the dividend.

electrical/electronic
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$13.720
Owned Owned
No

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DON'T BUY

Would prefer Royal (RY-T) and Toronto Dominion (TD-T). After that he would go to Bank of Nova Scotia (BNS-T) because they probably have the most success expanding internationally. Over a long period of time, these 3 have had a higher ROE.

banks
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Would prefer Royal (RY-T) and Toronto Dominion (TD-T). After that he would go to Bank of Nova Scotia (BNS-T) because they probably have the most success expanding internationally. Over a long period of time, these 3 have had a higher ROE.

banks
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$78.840
Owned Owned
Unknown

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DON'T BUY

Growth is getting a little more challenged. Very good company but valuation, given its growth outlook now, is a little bit pricey. As growth slows, there’ll be less capital for expansion, which will allow them to increase their dividend. Mid-$40 would be a better entry point for this one.

food services
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Growth is getting a little more challenged. Very good company but valuation, given its growth outlook now, is a little bit pricey. As growth slows, there’ll be less capital for expansion, which will allow them to increase their dividend. Mid-$40 would be a better entry point for this one.

food services
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$54.330
Owned Owned
No

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BUY
Cisco(CSCO-Q) 

April 24, 2013

Still has fairly good growth and is the best-of-breed company in the network equipment sector. Also has attractive valuation as well as a high yield, which you never used to see in the IT companies. Good risk/reward. (See Top Picks.)

electrical/electronic
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Still has fairly good growth and is the best-of-breed company in the network equipment sector. Also has attractive valuation as well as a high yield, which you never used to see in the IT companies. Good risk/reward. (See Top Picks.)

electrical/electronic
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$20.390
Owned Owned
Unknown

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TOP PICK

This one has gone sideways for about the past 5 years. Although there are no barriers to entrance into their business, they are the largest auctioneer of industrial equipment globally. Thinks they are larger than the next 50 competitors combined. There is about $200 billion of used equipment that transacts every year but they only have about a 2% market share. This gives them a tremendous run way for growth. Just finished a CapX program to build a lot more permanent auction sites so they can now focus on filling those sites and he can see double digit earnings, cash flow and dividend growth. Yield of 2.47%.

specialty stores
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This one has gone sideways for about the past 5 years. Although there are no barriers to entrance into their business, they are the largest auctioneer of industrial equipment globally. Thinks they are larger than the next 50 competitors combined. There is about $200 billion of used equipment that transacts every year but they only have about a 2% market share. This gives them a tremendous run way for growth. Just finished a CapX program to build a lot more permanent auction sites so they can now focus on filling those sites and he can see double digit earnings, cash flow and dividend growth. Yield of 2.47%.

specialty stores
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$20.590
Owned Owned
Yes

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TOP PICK
Qualcomm(QCOM-Q) 

April 24, 2013

Market leading tablet chip supplier for the smart phone and tablet markets. Should be able to keep pace with the growth in the tablet and smart phone markets, which are both gaining market share so it has great strong secular tailwinds behind it. Yield of 2.11%.

Telecommunications
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Market leading tablet chip supplier for the smart phone and tablet markets. Should be able to keep pace with the growth in the tablet and smart phone markets, which are both gaining market share so it has great strong secular tailwinds behind it. Yield of 2.11%.

Telecommunications
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$66.000
Owned Owned
Yes

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TOP PICK
Visa Inc.(V-N) 

April 24, 2013

Great, strong secular trend towards electronic payments, both debit and credit. They don’t have credit risks; it’s the banks that take all the credit risks. They just charge a fee to process the transaction. Dividend yield of 0.79%.

other services
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Great, strong secular trend towards electronic payments, both debit and credit. They don’t have credit risks; it’s the banks that take all the credit risks. They just charge a fee to process the transaction. Dividend yield of 0.79%.

other services
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Rob McConnachie

Chief Inve, Dixon Mitchell Inves...

Price Price
$167.060
Owned Owned
Yes

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