Opinions by Steve Belisle | StockChase
70
Steve Belisle

Senior Portfolio Manager & Managing Director

ON STOCKCHASE SINCE May 2016

Manulife Asset Management

70
Steve Belisle

Senior Portfolio Manager & Managing Director

ON STOCKCHASE SINCE May 2016

Manulife Asset Management


Opinions by Steve Belisle


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General Market Comment 

December 29, 2016

Markets.  It is concerning that Trump may not be able to do what he has promised and yet markets have rallied.  Tax cuts could be positive on the earnings side, but he is worried about how they would be funded.  Are there enough shovel ready projects out there?  Reforms around health care are causing a lot of concern.  A clear positive is the financials.  They are already benefiting from higher interest rates and will benefit from lower corporate tax rates and higher interest rates.  This is the sector for 2017.  It gets complicated as to whether you prefer US companies who do business around the world because of currency hits.

Markets.  It is concerning that Trump may not be able to do what he has promised and yet markets have rallied.  Tax cuts could be positive on the earnings side, but he is worried about how they would be funded.  Are there enough shovel ready projects out there?  Reforms around health care are causing a lot of concern.  A clear positive is the financials.  They are already benefiting from higher interest rates and will benefit from lower corporate tax rates and higher interest rates.  This is the sector for 2017.  It gets complicated as to whether you prefer US companies who do business around the world because of currency hits.

Unknown
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$0.020
Owned Owned
_N/A

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BUY
Alaris Royalty(AD-T) 

December 29, 2016

He likes it.  They inject capital into companies via preferred shares.  This year was tough because some of their partners ran into difficulties.  The cash flow is sustainable.  You get a 7% yield plus some growth.

Financial Services

He likes it.  They inject capital into companies via preferred shares.  This year was tough because some of their partners ran into difficulties.  The cash flow is sustainable.  You get a 7% yield plus some growth.

Financial Services
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$24.000
Owned Owned
Unknown

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WATCH

They have a good track record with acquisitions.  They just closed an acquisition of a US utility that should give them good growth prospects for the next two years.  He is concerned about what happens under Trump with renewable power investments.  The other problem is tax reform.  He is worried if their tax credits will stay going forward. 

electrical utilities

They have a good track record with acquisitions.  They just closed an acquisition of a US utility that should give them good growth prospects for the next two years.  He is concerned about what happens under Trump with renewable power investments.  The other problem is tax reform.  He is worried if their tax credits will stay going forward. 

electrical utilities
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$11.440
Owned Owned
Unknown

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BUY

It is a nice time to buy.  You had a bit of a dip in the stock price because they are considered to be a consumer stock.  There is an expectation that rising oil prices will negatively impact their margins, which he does not agree with.

food stores

It is a nice time to buy.  You had a bit of a dip in the stock price because they are considered to be a consumer stock.  There is an expectation that rising oil prices will negatively impact their margins, which he does not agree with.

food stores
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$61.220
Owned Owned
Yes

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BUY
Bank of America(BAC-N) 

December 29, 2016

US banks stand to benefit from the political reforms.  They have a lot to gain because they are the most harshly regulated.  Lower corporate tax rates will help them.  He would expect faster dividend growth that you have normally seen as well as share buy backs.  A lot of good things are already price in, however.  Weak economic data is their biggest risk.

banks

US banks stand to benefit from the political reforms.  They have a lot to gain because they are the most harshly regulated.  Lower corporate tax rates will help them.  He would expect faster dividend growth that you have normally seen as well as share buy backs.  A lot of good things are already price in, however.  Weak economic data is their biggest risk.

banks
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$22.000
Owned Owned
Unknown

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PAST TOP PICK
Cott Corp(BCB-T) 

December 29, 2016

(Top Pick Sep 8/16, Down 23.43%) Operationally nothing has gone wrong and they keep executing.  There has been general pressure on consumer staples stocks.  This is a company with high debt.  He thought they would pay down debt over time.  They are not financially distressed and nothing has changed operationally.

food processing

(Top Pick Sep 8/16, Down 23.43%) Operationally nothing has gone wrong and they keep executing.  There has been general pressure on consumer staples stocks.  This is a company with high debt.  He thought they would pay down debt over time.  They are not financially distressed and nothing has changed operationally.

food processing
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$15.460
Owned Owned
Yes

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DON'T BUY
BCE Inc.(BCE-T) 

December 29, 2016

They have re-executed the company and done well at it.  They have a safe yield that grows and should continue to do so.  It is a low risk investment.  He prefers RCI.B-T and T-T given the valuation and growth prospects.  The sector is vulnerable to rising interest rates and so is not a preferred sector.

telephone utilities

They have re-executed the company and done well at it.  They have a safe yield that grows and should continue to do so.  It is a low risk investment.  He prefers RCI.B-T and T-T given the valuation and growth prospects.  The sector is vulnerable to rising interest rates and so is not a preferred sector.

telephone utilities
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$58.340
Owned Owned
Unknown

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BUY
Bank of Nova Scotia(BNS-T) 

December 29, 2016

It remains interesting even though it has been the best performing.  They are trading at a discount multiple to two others in the group.  They have an attractive Latin American footprint that is growing faster than business here.  He likes it.  It is not too expensive.

banks

It remains interesting even though it has been the best performing.  They are trading at a discount multiple to two others in the group.  They have an attractive Latin American footprint that is growing faster than business here.  He likes it.  It is not too expensive.

banks
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$75.390
Owned Owned
Unknown

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BUY

The company has been a good real estate investor in the past.  High quality office buildings.  The drag has been the exposure to the UK.  Brexit has impacted only about 10% of the financials so should not derail it.  Dividend growth may not be spectacular on a going forward basis.

REAL ESTATE

The company has been a good real estate investor in the past.  High quality office buildings.  The drag has been the exposure to the UK.  Brexit has impacted only about 10% of the financials so should not derail it.  Dividend growth may not be spectacular on a going forward basis.

REAL ESTATE
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$29.300
Owned Owned
Yes

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BUY
CCL Industries (B)(CCL.B-T) 

December 29, 2016

He believes the uptick will hold because the acquisition will be accretive.  In this case their acquisition is about a new way to grow rather than about new cost cutting.  This is a decent stock to own.  He thinks they will gradually pay down their new debt.

packaging/containers

He believes the uptick will hold because the acquisition will be accretive.  In this case their acquisition is about a new way to grow rather than about new cost cutting.  This is a decent stock to own.  He thinks they will gradually pay down their new debt.

packaging/containers
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$265.010
Owned Owned
Unknown

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DON'T BUY

It needs a lot of capital to maintain its production.  They have to spend a lot of money to stand still and the dividend takes a lot to sustain.  They have built a pretty good foot print and he has to give them credit for that.

oil/gas

It needs a lot of capital to maintain its production.  They have to spend a lot of money to stand still and the dividend takes a lot to sustain.  They have built a pretty good foot print and he has to give them credit for that.

oil/gas
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$18.390
Owned Owned
Unknown

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WEAK BUY

The dividend is sustainable.  You have to go back to a couple of years ago when they were Quebec centric.  Quebec city was one of the best office markets.  They tried to diversify and they bought some lower quality properties, continuing into Atlantic Canada.  This diversification process has been challenging.  He is cautious about it.

investment companies/funds

The dividend is sustainable.  You have to go back to a couple of years ago when they were Quebec centric.  Quebec city was one of the best office markets.  They tried to diversify and they bought some lower quality properties, continuing into Atlantic Canada.  This diversification process has been challenging.  He is cautious about it.

investment companies/funds
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$14.580
Owned Owned
Unknown

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BUY
EnerCare Inc(ECI-T) 

December 29, 2016

The dividend is safe.  The stock has been under pressure from rising interest rates.  He likes the business.  The water heater business provides a good base.  Their recent acquisition in the US has a challenge to convert sales into rentals to provide a recurring cash flow model.  You have a sustainable business and a pretty good business base.

Consumer Products

The dividend is safe.  The stock has been under pressure from rising interest rates.  He likes the business.  The water heater business provides a good base.  Their recent acquisition in the US has a challenge to convert sales into rentals to provide a recurring cash flow model.  You have a sustainable business and a pretty good business base.

Consumer Products
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$17.910
Owned Owned
Unknown

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PAST TOP PICK

(Top Pick Sep 8/16, Up 9.07%) There is still upside on their multiple.  They are still growing on the fee side of the business – fuel cards and so on.  The dividend is sending a signal about the stability of this business.  He thinks they will increase the dividend by at least 10% in the first few weeks of 2017.

(Top Pick Sep 8/16, Up 9.07%) There is still upside on their multiple.  They are still growing on the fee side of the business – fuel cards and so on.  The dividend is sending a signal about the stability of this business.  He thinks they will increase the dividend by at least 10% in the first few weeks of 2017.

0
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$12.360
Owned Owned
Yes

Must be logged in to use chart
BUY
Mastercard Inc.(MA-N) 

December 29, 2016

It has been impacted by rising interest rates.  There has been a rotation out of these and into banks.  It is just a portfolio rotation.  There are still about 28% of transactions globally done with cash and this is why he likes it.  There is no fundamental issue with credit cards at this time.

other services

It has been impacted by rising interest rates.  There has been a rotation out of these and into banks.  It is just a portfolio rotation.  There are still about 28% of transactions globally done with cash and this is why he likes it.  There is no fundamental issue with credit cards at this time.

other services
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Manag...

PricePrice
$103.770
Owned Owned
Unknown

Must be logged in to use chart
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