Opinions by Zachary Curry | StockChase
456
Zachary Curry

Chief Operating Officer & Portfolio Manager

ON STOCKCHASE SINCE May 2013


Opinions by Zachary Curry



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Date Signal Chart Company Opinion
2017-09-20
COMMENT

General Comment

N/A


Market. Feels the growth trajectory will slow down towards the end of the year. There are some headwinds facing Canada. However, it is a good place to be, notwithstanding it slowing. Thinks it will be more opportunistic towards the back half of the year, so he is positive on Canadian equities. There was a report out of the EIA lowering the Q2 and Q3 forecasts for shale producers. You could see it about $50 for sustained period of time. Doesn’t feel there will be a further rush to increase interest rates in Canada.

GENERAL COMMENT
2017-09-20
TOP PICK

AAPL-Q

$156.070

Apple


This keeps you in the eco system, which is extremely profitable for them. The apps and the music side is keeping you in there. The iPhone 8 and iPhone X should be positive heading into the holiday season. Also, it is not trading at an outrageous multiple. Dividend yield of 1.6%. (Analysts’ price target is $180.)

electrical/electronic
2017-09-20
TOP PICK

ACN-N

$138.010

Accenture Ltd.


More and more people are moving to the Cloud and not knowing how to do it. Production for this company is helping companies do it. That will grow, grow and grow in his view. Has a huge cash horde, and are very good at integrating acquisitions. Sees it in the $150-$160 range in a year. Dividend yield of 1.8%. (Analysts’ price target is $138.)

other services
2017-09-20
TOP PICK

ALA-T

$28.210

Altagas Ltd


Subscription Receipts. They did a big deal with the WGL in Washington, and there is a bit of pressure there, but positive and the fact that you get your $31 back if the deal doesn’t work, and a 7% monthly income to wait. Dividend yield of 7.3%. (Analysts’ price target is $33.)

oil/gas
2017-09-20
COMMENT

AXP-N

$88.430

American Express


MasterCard (MA-N), Visa (V-N) or American Express (AXP-N)? Of the 3, he prefers Visa, the largest of the 3. This one is not a favourable one in his view.

investment companies/funds
2017-09-20
COMMENT

BCE-T

$58.930

BCE Inc.


He is holding this for the income, which could be under pressure. Doesn’t think you are going to see dramatic increases in the underlying price, but the fundamentals are there. You potentially have a new wireless refresh cycle going on.

telephone utilities
2017-09-20
COMMENT

C-N

$71.460

CitiGroup


He would prefer Wells Fargo (WFC-N) or J.P. Morgan (JPM-N). Wells Fargo is more of a retail focused bank and has been under pressure because of some of the news items on opening of accounts. J.P. Morgan is more of a conglomerate bank of investment and retail. It is less focused on international markets, which he views as a positive.

insurance
2017-09-20
COMMENT

CNR-T

$101.100

Canadian National R.R.


This is really predicated on economic growth. There are 2 facets to their model. One is price increases and the other is volume increases. They have been able to pass on price increases fairly consistently. On the volume side, it is economic growth. A very well-run rail with a low operating ratio.

Transportation
2017-09-20
PAST TOP PICK

CXR-T

$1.520

Concordia International Corp


(A Top Pick June 21/16. Down 95%.) He sold this before the end of last year.

Pharma & Healthcare
2017-09-20
HOLD

DIS-N

$99.210

Walt Disney


There has been a lot of news lately on the cable side of things, which has been an overhang. They recently released some news on their plans to move away from partnering with Netflix in terms of streaming. They have the content and it will be positive. It would take a couple of years to get there. Has an amazing library of content as well as potentially having the cable side of ESPN, which could fold into that. In the meantime, they have great movie franchises.

entertainment services
2017-09-20
HOLD

FTS-T

$44.960

Fortis Inc.


An electrical utility company, generating electricity. You are not going to get a massive up-spike in that kind of company. You will get great and stable income as well as growth over the longer-term. Has been very successful in going into the US and buying assets. Extremely well-managed. They raise their dividend consistently.

electrical utilities
2017-09-20
COMMENT

GE-N

$24.320

General Electric


An interesting company. Selling off the finance side out of the last recession has clearly focused them on healthcare, infrastructure technology and energy. He is not constructive on this company yet, in terms of a conglomerate being in all sectors. You are better off picking and choosing specific companies for those sectors.

electrical/electronic
2017-09-20
COMMENT

H-T

$22.600

Hydro One


He is pretty positive on this. You see a lot of trend of Canadian companies going down to the US to buy assets. It is a very long cycle, which is why the receipts are a good thing in terms of if it doesn’t happen. The conversion will result in dilution, but you are getting paid to wait. Thinks it will work out well.

electrical utilities
2017-09-20
WATCH

HR.UN-T

$21.330

H&R Real Estate Inv Trust


A well-managed REIT. There are a number of headwinds with interest rates going up, potential debt maturities coming due. They have some office space in Calgary which is a bit under pressure, but not catastrophic. Good income. A “wait and see” situation.

property mngmnt/investment
2017-09-20
COMMENT

IPL-T

$23.870

Inter Pipeline


This has been caught up on the energy component, even though it has great contracts with bigger oil companies. Doesn’t consider it to be a dramatic high-yielder, so is not concerned about the payout ratio. They have some great, long term contracts, specifically with Imperial Oil (IMO-T). A good portion of it is shipping condensate for the oil sands. Notwithstanding the low energy prices, he doesn’t believe the oil sands projects are going to stop. Condensate will be needed and those contracts are long-term in nature.

oil pipelines
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