Opinions by Kash Pashootan | StockChase
641
Kash Pashootan

Sr. VP & Portfolio Manager

ON STOCKCHASE SINCE Jan 2015

First Avenue Advisory, Raymond James

641
Kash Pashootan

Sr. VP & Portfolio Manager

ON STOCKCHASE SINCE Jan 2015

First Avenue Advisory, Raymond James


Opinions by Kash Pashootan


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General Market Comment 

January 10, 2018

Market. It's a tough market, and he doesn't remember when returns were as prosperous as they are now and feeling as bad as he does now. Experience teaches us that when you go through such a period of low volatility and no corrections, you have to pay the piper at some point. In anticipation of one that will come, it's hard to be over celebratory in this environment. However, markets are good, and you have to be invested, and need to build some defence as well. He is two thirds US and one third Canada in his investments, and has been that way since 2012. He is carrying about 10% cash and a 5% weighting in gold bullion.

Market. It's a tough market, and he doesn't remember when returns were as prosperous as they are now and feeling as bad as he does now. Experience teaches us that when you go through such a period of low volatility and no corrections, you have to pay the piper at some point. In anticipation of one that will come, it's hard to be over celebratory in this environment. However, markets are good, and you have to be invested, and need to build some defence as well. He is two thirds US and one third Canada in his investments, and has been that way since 2012. He is carrying about 10% cash and a 5% weighting in gold bullion.

Unknown
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$0.020
Owned Owned
_N/A

Must be logged in to use chart
PAST TOP PICK

(A Top Pick Sept 27/16. Down 48%.) Sold this when it turned out they were being investigated by the SEC for issues on their accounting.

Financial Services

(A Top Pick Sept 27/16. Down 48%.) Sold this when it turned out they were being investigated by the SEC for issues on their accounting.

Financial Services
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$12.690
Owned Owned
No

Must be logged in to use chart
TOP PICK
Broadcom(AVGO-Q) 

January 10, 2018

This company has such a tight grip on the chip side of things, and you see evidence of that with how much Apple (AAPL-Q) has gotten into bed with them, in terms of making them a quasi-exclusive chip manufacturer for some parts of the iPhone. Thinks the acquisition with Qualcomm (QCOM-Q) is going to happen. Dividend yield of 2.6%. (Analysts' price target is $320.)

This company has such a tight grip on the chip side of things, and you see evidence of that with how much Apple (AAPL-Q) has gotten into bed with them, in terms of making them a quasi-exclusive chip manufacturer for some parts of the iPhone. Thinks the acquisition with Qualcomm (QCOM-Q) is going to happen. Dividend yield of 2.6%. (Analysts' price target is $320.)

0
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$262.830
Owned Owned
Yes

Must be logged in to use chart
BUY
BCE Inc.(BCE-T) 

January 10, 2018

Telus (T-T) or Bell Canada (BCE-T)? He owns both. They are very similar, especially in the Canadian marketplace given how small the market is. You can own both. It's the idea of having some diversification in the portfolio. Both pay a great dividend and have a history of raising the dividend. The dividend on this is about 4.8%. If yield is important to you, and you are retired, you are likely to lean more towards this because of the greater yield. It has a very low beta, one of the lowest on the TSX. A name you can live with in both good and bad times.

telephone utilities

Telus (T-T) or Bell Canada (BCE-T)? He owns both. They are very similar, especially in the Canadian marketplace given how small the market is. You can own both. It's the idea of having some diversification in the portfolio. Both pay a great dividend and have a history of raising the dividend. The dividend on this is about 4.8%. If yield is important to you, and you are retired, you are likely to lean more towards this because of the greater yield. It has a very low beta, one of the lowest on the TSX. A name you can live with in both good and bad times.

telephone utilities
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$58.290
Owned Owned
Yes

Must be logged in to use chart
COMMENT

Owning this is similar to blindfolding yourself, and trying to walk through your house. You can't really see where you are going, but you roughly have an idea of what is going on. On this company, we know the business, we know the assets and we know what they are trying to do, but the challenge is that the industry is going through so much change and it is very difficult to value the assets. There are 2 distinctive unknowns with this. 1.) Valuing the assets and 2) betting on their ability to turn around the business they are focused on. Technically they should cut the dividend, but have no choice as that is what is keeping investors there. Dividend yield of 10.3%.

entertainment services

Owning this is similar to blindfolding yourself, and trying to walk through your house. You can't really see where you are going, but you roughly have an idea of what is going on. On this company, we know the business, we know the assets and we know what they are trying to do, but the challenge is that the industry is going through so much change and it is very difficult to value the assets. There are 2 distinctive unknowns with this. 1.) Valuing the assets and 2) betting on their ability to turn around the business they are focused on. Technically they should cut the dividend, but have no choice as that is what is keeping investors there. Dividend yield of 10.3%.

entertainment services
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$9.170
Owned Owned
Unknown

Must be logged in to use chart
PAST TOP PICK
Cisco(CSCO-Q) 

January 10, 2018

(A Top Pick Sept 27/16. Up 33%.) They had done so much in acquisitions, and is not sure how the digestion of all of that is going to go. Sold it, but would consider getting back in, but wants more clarity as to where they are going and how the transition from switches and routers to software is going.

electrical/electronic

(A Top Pick Sept 27/16. Up 33%.) They had done so much in acquisitions, and is not sure how the digestion of all of that is going to go. Sold it, but would consider getting back in, but wants more clarity as to where they are going and how the transition from switches and routers to software is going.

electrical/electronic
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$39.910
Owned Owned
No

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SELL
Enbridge(ENB-T) 

January 10, 2018

This business is a disaster. It's a challenge to make money owning it. Despite what many say, it is sensitive to oil prices. Moody's downgraded it meaning they are flirting with the idea of being below investment grade. It’s difficult to see where growth is going to come from. The 4.9% dividend yield is meaningful, but the valuation is of a growth company. There’s a lot of old money sitting in this because it’s been a great place to get yield. That continues to keep its valuation sky high, but it’s like the Titanic and very difficult for it to move around and grow.

oil/gas pipelines

This business is a disaster. It's a challenge to make money owning it. Despite what many say, it is sensitive to oil prices. Moody's downgraded it meaning they are flirting with the idea of being below investment grade. It’s difficult to see where growth is going to come from. The 4.9% dividend yield is meaningful, but the valuation is of a growth company. There’s a lot of old money sitting in this because it’s been a great place to get yield. That continues to keep its valuation sky high, but it’s like the Titanic and very difficult for it to move around and grow.

oil/gas pipelines
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$49.110
Owned Owned
No

Must be logged in to use chart
PAST TOP PICK
First American Corp.(FAF-N) 

January 10, 2018

(A Top Pick Sept 27/16. Up 55%.) This was his way of taking opportunity in the insurance space, and blending it in with getting exposure to the US housing market. The largest part of their revenue comes from Title Insurance, and you can't buy a house in the US without getting this. They started to pay a dividend in 2010, and have done a great job of consistently raising it. He continues to buy this.

insurance

(A Top Pick Sept 27/16. Up 55%.) This was his way of taking opportunity in the insurance space, and blending it in with getting exposure to the US housing market. The largest part of their revenue comes from Title Insurance, and you can't buy a house in the US without getting this. They started to pay a dividend in 2010, and have done a great job of consistently raising it. He continues to buy this.

insurance
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$59.320
Owned Owned
Yes

Must be logged in to use chart
TOP PICK

Their strategy has been focused on getting out of Europe, and did that by selling Opel/Vauxhall at north of $2 billion. Reinvested those proceeds into share repurchases and into China, which has been a real winner for them. Believes they sell more cars in China than in the US. Also sold more electric cars in 2017 then Tesla. Valuation is still very reasonable. Dividend yield of 3.5%. (Analysts' price target is $48.)

Automotive

Their strategy has been focused on getting out of Europe, and did that by selling Opel/Vauxhall at north of $2 billion. Reinvested those proceeds into share repurchases and into China, which has been a real winner for them. Believes they sell more cars in China than in the US. Also sold more electric cars in 2017 then Tesla. Valuation is still very reasonable. Dividend yield of 3.5%. (Analysts' price target is $48.)

Automotive
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$43.000
Owned Owned
Yes

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

January 10, 2018

IBM (IBM-N) or Microsoft (MSFT-Q)? Doesn't own either, but of the 2, Microsoft is the safer name to own. They are much deeper into their turnaround. The theme with Microsoft has been Cloud, Cloud, Cloud.

electrical/electronic

IBM (IBM-N) or Microsoft (MSFT-Q)? Doesn't own either, but of the 2, Microsoft is the safer name to own. They are much deeper into their turnaround. The theme with Microsoft has been Cloud, Cloud, Cloud.

electrical/electronic
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$164.180
Owned Owned
No

Must be logged in to use chart
TOP PICK

A global chemical company which produces chemicals that makes plastics. This has a good valuation and he likes the global growth story. Strong balance sheet. They've done a great job of growing their profitability and their cash flow. Dividend yield of 3.1%. (Analysts' price target is $110.)

INDUSTRIAL PRODUCTS

A global chemical company which produces chemicals that makes plastics. This has a good valuation and he likes the global growth story. Strong balance sheet. They've done a great job of growing their profitability and their cash flow. Dividend yield of 3.1%. (Analysts' price target is $110.)

INDUSTRIAL PRODUCTS
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$115.030
Owned Owned
Yes

Must be logged in to use chart
COMMENT
Microsoft(MSFT-Q) 

January 10, 2018

IBM (IBM-N) or Microsoft (MSFT-Q)? Doesn't own either, but of the 2, this is the safer name to own. They are much deeper into their turnaround. Their theme has been Cloud, Cloud, Cloud. There is major growth in the Cloud, and it is the way of the future. 96% of their cash is offshore, so they stand to benefit from returning cash back to the US.

computer software/processing

IBM (IBM-N) or Microsoft (MSFT-Q)? Doesn't own either, but of the 2, this is the safer name to own. They are much deeper into their turnaround. Their theme has been Cloud, Cloud, Cloud. There is major growth in the Cloud, and it is the way of the future. 96% of their cash is offshore, so they stand to benefit from returning cash back to the US.

computer software/processing
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$87.820
Owned Owned
No

Must be logged in to use chart
BUY
Telus Corp(T-T) 

January 10, 2018

Telus (T-T) or Bell Canada (BCE-T)? He owns both. They are very similar, especially in the Canadian marketplace given how small the market is. You can own both. It's the idea of having some diversification in the portfolio. Both pay a great dividend and have a history of raising the dividend. The dividend on this is about 4.2%. If yield is important, and you are retired, you are likely to lean more towards BCE because of the greater yield. He likes the focus this has on the wireless side.

telephone utilities

Telus (T-T) or Bell Canada (BCE-T)? He owns both. They are very similar, especially in the Canadian marketplace given how small the market is. You can own both. It's the idea of having some diversification in the portfolio. Both pay a great dividend and have a history of raising the dividend. The dividend on this is about 4.2%. If yield is important, and you are retired, you are likely to lean more towards BCE because of the greater yield. He likes the focus this has on the wireless side.

telephone utilities
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$46.580
Owned Owned
Yes

Must be logged in to use chart
COMMENT

Given the value this is trading at, he doesn't view it as risky. You are not overpaying, and you are pricing in some of that transition risk which is there. It’s trading at around 9X PE with a yield of about 3.25%. A very good valuation and you are getting paid a healthy dividend. Historically, this has been a printing focused business, which is dying, but the company has done an exceptional job of transitioning to the food labelling and labelling as a whole. He is still buying for new clients.

publishing/printing

Given the value this is trading at, he doesn't view it as risky. You are not overpaying, and you are pricing in some of that transition risk which is there. It’s trading at around 9X PE with a yield of about 3.25%. A very good valuation and you are getting paid a healthy dividend. Historically, this has been a printing focused business, which is dying, but the company has done an exceptional job of transitioning to the food labelling and labelling as a whole. He is still buying for new clients.

publishing/printing
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$24.600
Owned Owned
Yes

Must be logged in to use chart
COMMENT
Target Corp(TGT-N) 

January 10, 2018

When looking at this, you have to ask yourself if you are there for share price appreciation or for yield. If looking at this for yield, he would look elsewhere. 3.6% dividend is a good yield, but there are others that have a better balance sheet and growth trajectory.

clothing

When looking at this, you have to ask yourself if you are there for share price appreciation or for yield. If looking at this for yield, he would look elsewhere. 3.6% dividend is a good yield, but there are others that have a better balance sheet and growth trajectory.

clothing
Kash Pashootan

Sr. VP & Portfolio Manager, First Avenue Advisor...

PricePrice
$70.730
Owned Owned
Unknown

Must be logged in to use chart
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