Zachary Curry
Member since: May '13
Chief Operating Officer & Portfolio Manager at
Davis-Rea Ltd.
Davis-Rea Ltd.
671 Opinions
Latest Top Picks
(A Top Pick Jun 04/19, Down 17%) He would still stick with US banks. Their results were not a high surprise to markets. He likes it because it is like a bank conglomerate. There may be issues around the dividend but it is a high quality holding. He continues to hold it.
(A Top Pick Jun 04/19, Up 6%) They tried to get a common share spin out for those that don’t like limited partnerships. They run this really well and he likes that they take positions in infrastructure projects of less than 100% usually and in projects that need a little help. They develop the project and then sell it off. He continues to hold it.
(A Top Pick Jun 04/19, Down 7%) He really likes the equipment side of the healthcare industry. There is a bit of a lag for the kind of procedures they are doing. The demographic is really good and people will continue to need knees and hips and so on. He is looking to add more to this industry. He continues to hold it.
Spending levels are lower but the lack of keenness on physical cash will drive electronic payments that much more quickly into the future. The move to the cashless society will be accelerated by this crisis. It has a high multiple but longer term they will benefit from a more-online society. (Analysts’ price target is $199.71)
They will benefit from what is going on right now. Their shift to cloud based computing should be accelerated by the crisis. (Analysts’ price target is $189.50)
Signal
Opinion
Expert
Chart
N/A
N/A
April 16, 2020
Market. There is a real risk of weakness in the markets in the weeks ahead. He is taking a longer approach and thinks he is seeing that in some of the economic numbers. Jobless numbers are still fairly high. 15% of our economy comes from housing in Canada. The number of mortgage deferrals is very high. Canada poses a risk on the housing side.
Show full opinionHide full opinion
Market. There is a real risk of weakness in the markets in the weeks ahead. He is taking a longer approach and thinks he is seeing that in some of the economic numbers. Jobless numbers are still fairly high. 15% of our economy comes from housing in Canada. The number of mortgage deferrals is very high. Canada poses a risk on the housing side.
HOLD
HOLD
April 16, 2020
You'll start to see some tougher numbers come out of the Canadian banks due to mortgage deferrals. He thinks TD-T is in as good a position as the Canadian banks can be. You are going to see some raising provisions for loan losses. He does not think their payout ratio will go above about 65%. They are number 1 or number 2 in terms of the big 5.
Show full opinionHide full opinionYou'll start to see some tougher numbers come out of the Canadian banks due to mortgage deferrals. He thinks TD-T is in as good a position as the Canadian banks can be. You are going to see some raising provisions for loan losses. He does not think their payout ratio will go above about 65%. They are number 1 or number 2 in terms of the big 5.
banks
HOLD
HOLD
April 16, 2020
It had a pretty dramatic drop from where the stock was. You are seeing some delays in funeral services taking place. Their expansion into the US is very positive. He thinks they are in good shape once we get back to having gatherings. They can withstand any downturn from a financial point of view.
Show full opinionHide full opinionIt had a pretty dramatic drop from where the stock was. You are seeing some delays in funeral services taking place. Their expansion into the US is very positive. He thinks they are in good shape once we get back to having gatherings. They can withstand any downturn from a financial point of view.
REAL ESTATE
HOLD
HOLD
April 16, 2020
Everything with Brookfield always comes to the top. Fundamentally they are an asset management company. When assets go down, their fees go down, but there is a delay. This might have caused short interest to go up. He thinks they will grow assets well in this environment as they look for distressed assets. It's a high quality company and they are seasoned operators.
Show full opinionHide full opinionEverything with Brookfield always comes to the top. Fundamentally they are an asset management company. When assets go down, their fees go down, but there is a delay. This might have caused short interest to go up. He thinks they will grow assets well in this environment as they look for distressed assets. It's a high quality company and they are seasoned operators.
management/diversified
WATCH
WATCH
April 16, 2020
It was in good shape before this crisis. There is no point in businesses advertizing when they are closed, so revenues from advertizing could go down but people will spend more time on Facebook when locked down so exposure should go up. Watch the valuations and how they move into the election due to allegations of false news on their platform.
Show full opinionHide full opinionIt was in good shape before this crisis. There is no point in businesses advertizing when they are closed, so revenues from advertizing could go down but people will spend more time on Facebook when locked down so exposure should go up. Watch the valuations and how they move into the election due to allegations of false news on their platform.
HOLD
HOLD
April 16, 2020
The dramatic price decline was caused by reduced demand and lower commodity prices in Canada. Even with take or pay contracts they need healthy customers. He thinks they will be able to weather the storm, however.
Show full opinionHide full opinionThe dramatic price decline was caused by reduced demand and lower commodity prices in Canada. Even with take or pay contracts they need healthy customers. He thinks they will be able to weather the storm, however.
pipelines
PAST TOP PICK
PAST TOP PICK
April 16, 2020
(A Top Pick Jun 04/19, Down 17%) He would still stick with US banks. Their results were not a high surprise to markets. He likes it because it is like a bank conglomerate. There may be issues around the dividend but it is a high quality holding. He continues to hold it.
Show full opinionHide full opinion(A Top Pick Jun 04/19, Down 17%) He would still stick with US banks. Their results were not a high surprise to markets. He likes it because it is like a bank conglomerate. There may be issues around the dividend but it is a high quality holding. He continues to hold it.
Financial Services
PAST TOP PICK
PAST TOP PICK
April 16, 2020
(A Top Pick Jun 04/19, Up 6%) They tried to get a common share spin out for those that don’t like limited partnerships. They run this really well and he likes that they take positions in infrastructure projects of less than 100% usually and in projects that need a little help. They develop the project and then sell it off. He continues to hold it.
Show full opinionHide full opinion(A Top Pick Jun 04/19, Up 6%) They tried to get a common share spin out for those that don’t like limited partnerships. They run this really well and he likes that they take positions in infrastructure projects of less than 100% usually and in projects that need a little help. They develop the project and then sell it off. He continues to hold it.
Energy Infrastructure, Industrials & Utilities
PAST TOP PICK
PAST TOP PICK
April 16, 2020
(A Top Pick Jun 04/19, Down 7%) He really likes the equipment side of the healthcare industry. There is a bit of a lag for the kind of procedures they are doing. The demographic is really good and people will continue to need knees and hips and so on. He is looking to add more to this industry. He continues to hold it.
Show full opinionHide full opinion(A Top Pick Jun 04/19, Down 7%) He really likes the equipment side of the healthcare industry. There is a bit of a lag for the kind of procedures they are doing. The demographic is really good and people will continue to need knees and hips and so on. He is looking to add more to this industry. He continues to hold it.
biotechnology/pharmaceutical
DON'T BUY
DON'T BUY
April 16, 2020
This is not one you want to cherry pick. He does not think the government will give anything to the airlines without taking something in exchange, like warrants. Equity shareholders could get diluted down. He would not try to make a quick buck out of it. He thinks travel will be one of the slowest businesses to come out of this crisis.
Show full opinionHide full opinionThis is not one you want to cherry pick. He does not think the government will give anything to the airlines without taking something in exchange, like warrants. Equity shareholders could get diluted down. He would not try to make a quick buck out of it. He thinks travel will be one of the slowest businesses to come out of this crisis.
Transportation
COMMENT
COMMENT
April 16, 2020
The OTIS side is intriguing as there are only two elevator installation and repair companies around. There are going to be ups and down with industrial companies for a while.
Show full opinionHide full opinionThe OTIS side is intriguing as there are only two elevator installation and repair companies around. There are going to be ups and down with industrial companies for a while.
Defense
WATCH
WATCH
April 16, 2020
You have the insurance side and the investment side. The latter is going to be very challenging for insurance companies because of where interest rates are. Watch the investment side closely. The insurance side is doing quite well.
Show full opinionHide full opinionYou have the insurance side and the investment side. The latter is going to be very challenging for insurance companies because of where interest rates are. Watch the investment side closely. The insurance side is doing quite well.
insurance
COMMENT
COMMENT
April 16, 2020
He likes it if you want that international exposure. It will be more volatile than JPM-N or BAC-N because of that exposure. You can get paid very well in markets outside of the US but they carry higher levels of risk.
banks
DON'T BUY
DON'T BUY
April 16, 2020
BEI.UN-T, MI.UN-T and CAR.UN-T. REITs are an interesting universe right now. There is mortgage deferral relief, commercial rent relief. Residential is the best place to be right now. CAR.UN-T would be the best one. BEI.UN-T has a good component out west with potential risk for Alberta. People are going to need places to live and if they can't pay their mortgages then they will have to rent.
BEI.UN-T, MI.UN-T and CAR.UN-T. REITs are an interesting universe right now. There is mortgage deferral relief, commercial rent relief. Residential is the best place to be right now. CAR.UN-T would be the best one. BEI.UN-T has a good component out west with potential risk for Alberta. People are going to need places to live and if they can't pay their mortgages then they will have to rent.
REAL ESTATE
DON'T BUY
DON'T BUY
April 16, 2020
BEI.UN-T, MI.UN-T and CAR.UN-T. REITs are an interesting universe right now. There is mortgage deferral relief, commercial rent relief. Residential is the best place to be right now. CAR.UN-T would be the best one. BEI.UN-T has a good component out west with potential risk for Alberta. People are going to need places to live and if they can't pay their mortgages then they will have to rent.
BEI.UN-T, MI.UN-T and CAR.UN-T. REITs are an interesting universe right now. There is mortgage deferral relief, commercial rent relief. Residential is the best place to be right now. CAR.UN-T would be the best one. BEI.UN-T has a good component out west with potential risk for Alberta. People are going to need places to live and if they can't pay their mortgages then they will have to rent.
property mngmnt/investment
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