Opinions by Veeral Khatri | StockChase
62
Veeral Khatri

Partner and Portfolio Manager

ON STOCKCHASE SINCE Feb 2017

JC Clark

62
Veeral Khatri

Partner and Portfolio Manager

ON STOCKCHASE SINCE Feb 2017

JC Clark


Opinions by Veeral Khatri


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General Market Comment 

December 8, 2017

Markets. He doesn’t see systemic risks or gross overvaluation, but does see a premium valuation in the markets. That means he has to be a.) a little more selective in stocks he owns and b.) if he does get a little more cautious, how does he migrate the portfolio to a more cautious stance. To do this, he starts to look at larger cap names instead of owning a bunch of junior or intermediate companies.

Markets. He doesn’t see systemic risks or gross overvaluation, but does see a premium valuation in the markets. That means he has to be a.) a little more selective in stocks he owns and b.) if he does get a little more cautious, how does he migrate the portfolio to a more cautious stance. To do this, he starts to look at larger cap names instead of owning a bunch of junior or intermediate companies.

Unknown
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$0.020
Owned Owned
_N/A

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N/A
General Market Comment 

December 8, 2017

Lumber stocks? The time to buy these is when there’s blood in the streets and everybody is negative and lumber prices have collapsed. Currently, the picture is very rosy. He can’t buy the stocks right now knowing that lumber is a very inherently volatile commodity. Wait for a pullback.

Lumber stocks? The time to buy these is when there’s blood in the streets and everybody is negative and lumber prices have collapsed. Currently, the picture is very rosy. He can’t buy the stocks right now knowing that lumber is a very inherently volatile commodity. Wait for a pullback.

Unknown
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$0.020
Owned Owned
_N/A

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COMMENT
Apple(AAPL-Q) 

December 8, 2017

He took advantage of the share price appreciation and sold his holdings. They’ve done a great job. His concern is that they are predominantly a hardware-sales cycle thing, and consumers can be quite fickle when it comes to consumer electronics. He would like to see more innovation from them. There is still a significant portion of Apple users that don’t pay for any applications, so maybe there is something they can do on that side.

electrical/electronic

He took advantage of the share price appreciation and sold his holdings. They’ve done a great job. His concern is that they are predominantly a hardware-sales cycle thing, and consumers can be quite fickle when it comes to consumer electronics. He would like to see more innovation from them. There is still a significant portion of Apple users that don’t pay for any applications, so maybe there is something they can do on that side.

electrical/electronic
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$169.370
Owned Owned
No

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TOP PICK

A global asset manager with a focus on real estate assets, infrastructure, renewable power and private equity. When you own this, the parent company, you are owning pieces of the other listed partnership. Management is going to do a good job of growing assets, but where he gets really excited is their opportunity to grow their fee bearing capital, the external money they manage for other investors. Dividend yield of 1.3%. (Analysts’ price target is $46.)

management/diversified

A global asset manager with a focus on real estate assets, infrastructure, renewable power and private equity. When you own this, the parent company, you are owning pieces of the other listed partnership. Management is going to do a good job of growing assets, but where he gets really excited is their opportunity to grow their fee bearing capital, the external money they manage for other investors. Dividend yield of 1.3%. (Analysts’ price target is $46.)

management/diversified
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$55.770
Owned Owned
Yes

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BUY
Boralex Inc.(BLX-T) 

December 8, 2017

This is going to do fine. They have excellent renewable energy assets. The valuation is a little more expensive, but these types of renewable businesses should trade at a premium multiple. The valuation is not overly expensive.

electrical utilities

This is going to do fine. They have excellent renewable energy assets. The valuation is a little more expensive, but these types of renewable businesses should trade at a premium multiple. The valuation is not overly expensive.

electrical utilities
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$23.550
Owned Owned
No

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COMMENT
Bank of Montreal(BMO-T) 

December 8, 2017

You should be fine owning this. It is not his preferred Canadian bank. If he had to choose, he would probably pick Toronto Dominion (TD-T) or Royal (RY-T) because of the big exposure to the US. All the metrics on this bank look okay, but he would choose more US financials.

banks

You should be fine owning this. It is not his preferred Canadian bank. If he had to choose, he would probably pick Toronto Dominion (TD-T) or Royal (RY-T) because of the big exposure to the US. All the metrics on this bank look okay, but he would choose more US financials.

banks
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$100.910
Owned Owned
No

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TOP PICK
Cargojet Inc(CJT-T) 

December 8, 2017

A really good business. They are an effective monopoly on the overnight time sensitive cargo market in Canada. They have about 90%-95% market share. Have 2 customers that represents 60% of the market locked up under long-term contracts until 2025. Dividend yield of 1.4%. (Analysts’ price target is $60.)

Transportation & Environmental Services

A really good business. They are an effective monopoly on the overnight time sensitive cargo market in Canada. They have about 90%-95% market share. Have 2 customers that represents 60% of the market locked up under long-term contracts until 2025. Dividend yield of 1.4%. (Analysts’ price target is $60.)

Transportation & Environmental Services
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$54.950
Owned Owned
Yes

Must be logged in to use chart
DON'T BUY
Empire Company (A)(EMP.A-T) 

December 8, 2017

This has rebounded quite nicely off the low, and are showing signs that the turnaround is working. Whether to buy it today is a very tricky decision. He doesn’t think you can understate the impact of the on-line threat. They are dealing with razor thin margins, so what happens when they start shipping out their groceries at $10 a box. He would stay away from the whole group.

food stores

This has rebounded quite nicely off the low, and are showing signs that the turnaround is working. Whether to buy it today is a very tricky decision. He doesn’t think you can understate the impact of the on-line threat. They are dealing with razor thin margins, so what happens when they start shipping out their groceries at $10 a box. He would stay away from the whole group.

food stores
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$25.850
Owned Owned
No

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DON'T BUY
General Electric(GE-N) 

December 8, 2017

Recently sold his position. They have exposure to some very good parts of the industrial sector, such as aerospace, power generation, renewable power, healthcare, etc. In spite of this, the company is not doing well. Cost control has not been great. The amount of debt on their balance sheet is significant.

electrical/electronic

Recently sold his position. They have exposure to some very good parts of the industrial sector, such as aerospace, power generation, renewable power, healthcare, etc. In spite of this, the company is not doing well. Cost control has not been great. The amount of debt on their balance sheet is significant.

electrical/electronic
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$17.710
Owned Owned
No

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PAST TOP PICK
Alphabet Inc (C)(GOOG-Q) 

December 8, 2017

(A Top Pick June 19/17. Up 8%.) This offers the most compelling value of any of the FANG stocks. Trading at a little over 20X earnings, but you are getting 20% earnings growth, which is a really compelling value. This company is going to be in great shape to exploit the whole AI thing because of the amount of data they can capture.

Business Services

(A Top Pick June 19/17. Up 8%.) This offers the most compelling value of any of the FANG stocks. Trading at a little over 20X earnings, but you are getting 20% earnings growth, which is a really compelling value. This company is going to be in great shape to exploit the whole AI thing because of the amount of data they can capture.

Business Services
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$1037.050
Owned Owned
Yes

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BUY on WEAKNESS
Home Depot(HD-N) 

December 8, 2017

Spending a significant amount buying back shares. This company is in a great spot. One of the few retailers in North America that is not impacted by the on-line phenomena. Most purchases is on an “at need” basis by contractors. It’s very insulated from the on-line phenomena. Valuation is getting expensive and is trading at a premium multiple to the market at around 24X. One of the few retail companies you can buy without worrying about Amazon or some other online retailer. He would like to see a pullback before stepping in.

specialty stores

Spending a significant amount buying back shares. This company is in a great spot. One of the few retailers in North America that is not impacted by the on-line phenomena. Most purchases is on an “at need” basis by contractors. It’s very insulated from the on-line phenomena. Valuation is getting expensive and is trading at a premium multiple to the market at around 24X. One of the few retail companies you can buy without worrying about Amazon or some other online retailer. He would like to see a pullback before stepping in.

specialty stores
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$183.410
Owned Owned
Unknown

Must be logged in to use chart
COMMENT

There is a lot of emerging names in the marijuana space. It is very tricky, because we are still in early days in the marijuana market. It’s hard to tell who is going to be the winner and who is going to be the loser, so owning the ETF is probably the right way to go. The stock can be volatile, so if you have the stomach for it and you feel it is an area you can feel confident about, you are probably better off playing this then picking an individual producer or 2.

E.T.F.'s

There is a lot of emerging names in the marijuana space. It is very tricky, because we are still in early days in the marijuana market. It’s hard to tell who is going to be the winner and who is going to be the loser, so owning the ETF is probably the right way to go. The stock can be volatile, so if you have the stomach for it and you feel it is an area you can feel confident about, you are probably better off playing this then picking an individual producer or 2.

E.T.F.'s
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$14.750
Owned Owned
No

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BUY
IBM(IBM-N) 

December 8, 2017

An old tech company that is undergoing a significant transition. Ultimately, they are going to be successful. It may take another year or so of flattish earnings, but after that they are really going to hit their stride with their software and services offering. Shares are very cheap, trading at 11X earnings.

electrical/electronic

An old tech company that is undergoing a significant transition. Ultimately, they are going to be successful. It may take another year or so of flattish earnings, but after that they are really going to hit their stride with their software and services offering. Shares are very cheap, trading at 11X earnings.

electrical/electronic
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$154.810
Owned Owned
Yes

Must be logged in to use chart
BUY
JP Morgan Chase & Co(JPM-N) 

December 8, 2017

He loves US banks in general. The outlook for US financials for 2018 is that there are a lot of positive things happening. Rising interest rates are very good for banks and their net interest margins. Deregulation is going to alleviate some of the cost pressures. Also, it looks like tax reform is getting to be a closer reality. This is trading at only 13-14 times earnings. You get paid a nice dividend, and they are buying back shares.

Financial Services

He loves US banks in general. The outlook for US financials for 2018 is that there are a lot of positive things happening. Rising interest rates are very good for banks and their net interest margins. Deregulation is going to alleviate some of the cost pressures. Also, it looks like tax reform is getting to be a closer reality. This is trading at only 13-14 times earnings. You get paid a nice dividend, and they are buying back shares.

Financial Services
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$105.930
Owned Owned
Unknown

Must be logged in to use chart
HOLD
McDonalds(MCD-N) 

December 8, 2017

He likes the company and it is a very resilient business. Management is world-class and are always innovating and finding ways to reinvent themselves. His concern is the valuation. Trading at 15X on an EV to EBITDA basis, which doesn’t give a lot of room for error. He would like to see a pullback before getting in. 2.3% dividend yield.

food services

He likes the company and it is a very resilient business. Management is world-class and are always innovating and finding ways to reinvent themselves. His concern is the valuation. Trading at 15X on an EV to EBITDA basis, which doesn’t give a lot of room for error. He would like to see a pullback before getting in. 2.3% dividend yield.

food services
Veeral Khatri

Partner and Portfolio Manager, JC Clark...

PricePrice
$173.150
Owned Owned
No

Must be logged in to use chart
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