Opinions by Steve Belisle | StockChase
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Steve Belisle

Senior Portfolio Manager & Managing Director

ON STOCKCHASE SINCE May 2016

Manulife Asset Management


Opinions by Steve Belisle


Signal Opinion Expert Chart

2016-12-29

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A Comment -- General Comments From an Expert 

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.

Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Management

Price: $0.020
Owned: _N/A

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2016-12-29

BUY
Alaris Royalty (AD-T)

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 Management

Price: $24.000
Owned: Unknown

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2016-12-29

WATCH
Algonquin Power & Utilities Corp (AQN-T)

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 Management

Price: $11.440
Owned: Unknown

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2016-12-29

BUY
Alimentation Couche-Tard (B) (ATD.B-T)

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 Management

Price: $61.220
Owned: Yes

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2016-12-29

BUY
Bank of America (BAC-N)

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 Management

Price: $22.000
Owned: Unknown

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2016-12-29

PAST TOP PICK
Cott Corp (BCB-T)

(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 Management

Price: $15.460
Owned: Yes

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2016-12-29

DON'T BUY
BCE Inc. (BCE-T)

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 Management

Price: $58.340
Owned: Unknown

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2016-12-29

BUY
Bank of Nova Scotia (BNS-T)

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 Management

Price: $75.390
Owned: Unknown

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2016-12-29

BUY
Brookfield Property Partners (BPY.UN-T)

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 Management

Price: $29.300
Owned: Yes

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2016-12-29

BUY
CCL Industries (B) (CCL.B-T)

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 Management

Price: $265.010
Owned: Unknown

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2016-12-29

DON'T BUY
Crescent Point Energy Corp (CPG-T)

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 Management

Price: $18.390
Owned: Unknown

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2016-12-29

WEAK BUY
Cominar Real Estate Inv Tr (CUF.UN-T)

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 Management

Price: $14.580
Owned: Unknown

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2016-12-29

BUY
EnerCare Inc (ECI-T)

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 Management

Price: $17.910
Owned: Unknown

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2016-12-29

PAST TOP PICK
Element Fleet Management (EFN-T)

(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.

Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Management

Price: $12.360
Owned: Yes

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2016-12-29

BUY
Mastercard Inc. (MA-N)

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 Management

Price: $103.770
Owned: Unknown

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