Opinions by Colin Fisher | StockChase
38
Colin Fisher

President & Portfolio Manager

ON STOCKCHASE SINCE Mar 2016

Stableview Asset Management

38
Colin Fisher

President & Portfolio Manager

ON STOCKCHASE SINCE Mar 2016

Stableview Asset Management


Opinions by Colin Fisher


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General Market Comment 

May 11, 2016

Canadian Technology. For the most part technology is a smaller cap space in Canada versus the US. He is finding quite a bit of unloved value in this area. When you have an environment where you have a lot of money chasing after fewer deals, you are going to get a price mismatch. Some of the bigger funds started to buy these deals, which brings a fair amount of harder scrutiny to how the pricing happens. In the US, Fidelity was participating hugely, and then they were getting repriced, and this was followed by accounting. In Canada, every year we have to prove valuations of the private companies, their metrics and how they go about that. And they don’t correlate, they are going to jump up and down on valuations, so you have to be very disciplined when you are buying a private company through the scrutiny of your audit committee.

Canadian Technology. For the most part technology is a smaller cap space in Canada versus the US. He is finding quite a bit of unloved value in this area. When you have an environment where you have a lot of money chasing after fewer deals, you are going to get a price mismatch. Some of the bigger funds started to buy these deals, which brings a fair amount of harder scrutiny to how the pricing happens. In the US, Fidelity was participating hugely, and then they were getting repriced, and this was followed by accounting. In Canada, every year we have to prove valuations of the private companies, their metrics and how they go about that. And they don’t correlate, they are going to jump up and down on valuations, so you have to be very disciplined when you are buying a private company through the scrutiny of your audit committee.

Unknown
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$0.020
Owned Owned
_N/A

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TOP PICK
AcuityAds Inc(AT-X) 

May 11, 2016

This is in the programmatic advertising space, which is exploding. Just reported and knocked it out of the park, but the stock went down. Great management which owns a lot of the company, and the Board of Directors is very savvy. Quite inexpensive and their ability to grow is exceptional. They also have the ability for acquisitions.

This is in the programmatic advertising space, which is exploding. Just reported and knocked it out of the park, but the stock went down. Great management which owns a lot of the company, and the Board of Directors is very savvy. Quite inexpensive and their ability to grow is exceptional. They also have the ability for acquisitions.

0
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$1.280
Owned Owned
Yes

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PAST TOP PICK

(A Top Pick March 16/16. Down 25.21%.)  He loves this company. They sterilize pallets and do the tracking of them. Primarily dealing with eggs right now. They had to do a restatement, but it was before they had any major earnings, so it really wasn’t material. They recently announced a new client win.

(A Top Pick March 16/16. Down 25.21%.)  He loves this company. They sterilize pallets and do the tracking of them. Primarily dealing with eggs right now. They had to do a restatement, but it was before they had any major earnings, so it really wasn’t material. They recently announced a new client win.

0
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$0.890
Owned Owned
Yes

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TOP PICK
Clarocity Corp(CLY-X) 

May 11, 2016

This company has been in flux and is finally coming through its last phase. There has been a management and board of director change. There will be a lot of new client acquisitions and a capital cleanup, which will ignite growth.

other services

This company has been in flux and is finally coming through its last phase. There has been a management and board of director change. There will be a lot of new client acquisitions and a capital cleanup, which will ignite growth.

other services
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$0.140
Owned Owned
Yes

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COMMENT

(Market Call Minute.) Great management. Have been doing this for a long time. Price might be a little ahead of itself, but he loves the products.

Consumer Products

(Market Call Minute.) Great management. Have been doing this for a long time. Price might be a little ahead of itself, but he loves the products.

Consumer Products
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$0.630
Owned Owned
Unknown

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WAIT

Basically an administrative FinTech play. Technically it has a short-term resistance. Not a supremely strong entry point, and he would let it settle down.

other services

Basically an administrative FinTech play. Technically it has a short-term resistance. Not a supremely strong entry point, and he would let it settle down.

other services
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$34.730
Owned Owned
Unknown

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COMMENT
Descartes(DSG-T) 

May 11, 2016

(Market Call Minute.) One of the preeminent companies in Canada. They have grown over time and consistently seem to have good performance. You need to be very sensitive onto the pricing of this.

computer software/processing

(Market Call Minute.) One of the preeminent companies in Canada. They have grown over time and consistently seem to have good performance. You need to be very sensitive onto the pricing of this.

computer software/processing
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$24.910
Owned Owned
Unknown

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COMMENT
Facebook(FB-Q) 

May 11, 2016

This is really at the heart of a lot of the social media, and the new wave of interaction. The amount of data they have is off the Richter scale. Not a cheap stock. Has a lot of baked in performance that they are already anticipating. Forward PE of 33, and a trailing of 73, so it has a certain amount of expectations built in. When you get into companies this size, the chances of them getting into higher multiples becomes more challenged. Doesn’t think you are in danger if you own this.

This is really at the heart of a lot of the social media, and the new wave of interaction. The amount of data they have is off the Richter scale. Not a cheap stock. Has a lot of baked in performance that they are already anticipating. Forward PE of 33, and a trailing of 73, so it has a certain amount of expectations built in. When you get into companies this size, the chances of them getting into higher multiples becomes more challenged. Doesn’t think you are in danger if you own this.

0
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$119.520
Owned Owned
Unknown

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COMMENT

Technically it looks like it has been creating a long-term base. Over the years, this really hasn’t done a lot of what they had anticipated doing. Making changes on small planes takes a long time to go through FAA and all the regulators. They are trying to move into getting real time pulses up to satellites, in order to track planes. This would be an advantage over having to find a flight recorder. The technology seems to be quite good. The issue is how planes get retrofitted, the ability to get into the flight bag, etc. with some of the larger suppliers.

Transportation

Technically it looks like it has been creating a long-term base. Over the years, this really hasn’t done a lot of what they had anticipated doing. Making changes on small planes takes a long time to go through FAA and all the regulators. They are trying to move into getting real time pulses up to satellites, in order to track planes. This would be an advantage over having to find a flight recorder. The technology seems to be quite good. The issue is how planes get retrofitted, the ability to get into the flight bag, etc. with some of the larger suppliers.

Transportation
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$0.190
Owned Owned
Unknown

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BUY

They do work within the space of circuit boards and put a lot of stuff into cockpits of high-end jets. Have some longer-term contracts and have been making some acquisitions. They are looking to increasing the capacity and manufacturing and using up some of their slack space. Made some smart acquisitions recently. Well-run. One of the benefits they are going to have from the tailwind is that once you win a contract, you win for a long time. Technically it has been consolidating for a period of time. Not very expensive.

They do work within the space of circuit boards and put a lot of stuff into cockpits of high-end jets. Have some longer-term contracts and have been making some acquisitions. They are looking to increasing the capacity and manufacturing and using up some of their slack space. Made some smart acquisitions recently. Well-run. One of the benefits they are going to have from the tailwind is that once you win a contract, you win for a long time. Technically it has been consolidating for a period of time. Not very expensive.

0
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$2.280
Owned Owned
Unknown

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COMMENT
General Electric(GE-N) 

May 11, 2016

They have their fingers in everything, including things we won’t see for another 30 years. It is literally a bellwether for the economy. Well run and has great technology. However, any time there is major economic worries, it affects this company more so than any other. On companies like this, you really have to pay attention to valuation. Asia represents a 5th of their overall revenue as of last year, and he would anticipate that to grow.

electrical/electronic

They have their fingers in everything, including things we won’t see for another 30 years. It is literally a bellwether for the economy. Well run and has great technology. However, any time there is major economic worries, it affects this company more so than any other. On companies like this, you really have to pay attention to valuation. Asia represents a 5th of their overall revenue as of last year, and he would anticipate that to grow.

electrical/electronic
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$30.340
Owned Owned
Unknown

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DON'T BUY

(Market Call Minute.) Not really that keen on this. They are a hardware company masquerading as a SASE and are just selling as a commodity.

electrical/electronic

(Market Call Minute.) Not really that keen on this. They are a hardware company masquerading as a SASE and are just selling as a commodity.

electrical/electronic
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$1.050
Owned Owned
Unknown

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BUY
Kinaxis Inc(KXS-T) 

May 11, 2016

(Market Call Minute.) Great company, great management and lots of runway. Got ahead of itself. This is a good entry point.

(Market Call Minute.) Great company, great management and lots of runway. Got ahead of itself. This is a good entry point.

0
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$49.610
Owned Owned
Unknown

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COMMENT
Neulion(NLN-T) 

May 11, 2016

They lost a major contract recently, which hit hard. A problem he has with any of these spaces is how chaotic it is and are there disruptors that can come up behind it and easily disintermediate you from your clients. That has always been his concern with this company. Management and the product seem to be fine.

communications/media

They lost a major contract recently, which hit hard. A problem he has with any of these spaces is how chaotic it is and are there disruptors that can come up behind it and easily disintermediate you from your clients. That has always been his concern with this company. Management and the product seem to be fine.

communications/media
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$1.140
Owned Owned
No

Must be logged in to use chart
COMMENT

A patent management company. The price is pretty low right now. Technically it looks like it has broken out. Street targets are in the $4 range. If a longer-term holder, he would continue to hold.

electrical/electronic

A patent management company. The price is pretty low right now. Technically it looks like it has broken out. Street targets are in the $4 range. If a longer-term holder, he would continue to hold.

electrical/electronic
Colin Fisher

President & Portfolio Manager, Stableview Asset Man...

PricePrice
$3.320
Owned Owned
Unknown

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