Opinions by Ashley Misquitta, CFA | StockChase
19
Ashley Misquitta, CFA

Senior Portfolio Manager

ON STOCKCHASE SINCE Apr 2018

Empire Life

https://www.empire.ca/


Opinions by Ashley Misquitta, CFA


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COMMENT
General Market Comment 

April 17, 2018

He's looking for opportune sell-offs. U.S. tax reform and more restrained American household debt are encouraging, but the Fed is raising rates under a new chairman. Other factors: the U.S. yield curve is flattening and global trade tensions. He's optimistic long-term, cautious short-term. American has become an under-the-radar oil superpower through innovative fracking to the point of exporting oil and natural gas. Hold dry powder (cash) for opportunities.

He's looking for opportune sell-offs. U.S. tax reform and more restrained American household debt are encouraging, but the Fed is raising rates under a new chairman. Other factors: the U.S. yield curve is flattening and global trade tensions. He's optimistic long-term, cautious short-term. American has become an under-the-radar oil superpower through innovative fracking to the point of exporting oil and natural gas. Hold dry powder (cash) for opportunities.

Unknown
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$0.020
Owned Owned
Unknown

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Unspecified
General Market Comment 

April 17, 2018

Car industry: An extremely interesting time now, given the transition to self-driving cars, electric ones and ride-sharing. Google's Waymo is offering a self-driving, ride-sharing test program in Arizona. Later, they plan to offer a for-pay service. As the cost of these new forms of transportation decline, more people will use it. Also, self-driving cars will reduce auto deaths which are rising in the age of texting drivers. Adapation will be gradual and likely be introduced from city to city. Factors, including the high cost of the technology inside these cars, will likely increase fleet sales vs. individual car sales.

 

Car industry: An extremely interesting time now, given the transition to self-driving cars, electric ones and ride-sharing. Google's Waymo is offering a self-driving, ride-sharing test program in Arizona. Later, they plan to offer a for-pay service. As the cost of these new forms of transportation decline, more people will use it. Also, self-driving cars will reduce auto deaths which are rising in the age of texting drivers. Adapation will be gradual and likely be introduced from city to city. Factors, including the high cost of the technology inside these cars, will likely increase fleet sales vs. individual car sales.

 

Unknown
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$0.020
Owned Owned
Unknown

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TOP PICK
Apple(AAPL-Q) 

April 17, 2018

High customer satisfaction rating. Solid balance sheet with a ton of net cash that it will return to shareholders over time. As people in emerging markets transition to faster phone systems, Apple with benefit. Apple users buy more stuff, basically. Apple can be a little volatile, but take advantage of that. (Analysts' price target $193.03)

electrical/electronic

High customer satisfaction rating. Solid balance sheet with a ton of net cash that it will return to shareholders over time. As people in emerging markets transition to faster phone systems, Apple with benefit. Apple users buy more stuff, basically. Apple can be a little volatile, but take advantage of that. (Analysts' price target $193.03)

electrical/electronic
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$178.240
Owned Owned
Yes

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BUY
Applied Materials(AMAT-Q) 

April 17, 2018

Sells and operates equipment to semi-conductor companies. A great business. The world is moving in their direction as more value comes from semi-conductors which are appearing in more and more products like cars. This is all a tailwind.

electrical/electronic

Sells and operates equipment to semi-conductor companies. A great business. The world is moving in their direction as more value comes from semi-conductors which are appearing in more and more products like cars. This is all a tailwind.

electrical/electronic
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$57.860
Owned Owned
Unknown

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TOP PICK
Anthem Inc(ANTM-N) 

April 17, 2018

Provide healthcare and insurance, including Medicaid, to employees for companies. 11,000 Americans a day reach age 65 so that's a tailwind for their Medicaid business. Meanwhile, more US states are offloading their Medicaid admin to companies like Anthem. Well-run. Growing dividend and attractive valued vs. their peers and the index. (Analysts' price target $276.59)

medical services

Provide healthcare and insurance, including Medicaid, to employees for companies. 11,000 Americans a day reach age 65 so that's a tailwind for their Medicaid business. Meanwhile, more US states are offloading their Medicaid admin to companies like Anthem. Well-run. Growing dividend and attractive valued vs. their peers and the index. (Analysts' price target $276.59)

medical services
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$229.520
Owned Owned
Yes

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BUY
Bank of America(BAC-N) 

April 17, 2018

Likes it. Banks enjoy U.S. tax reform; also, U.S. more companies will need loans as the economy improves. De-regulation is another tailwind. BAC will return equity to shareholders.

banks

Likes it. Banks enjoy U.S. tax reform; also, U.S. more companies will need loans as the economy improves. De-regulation is another tailwind. BAC will return equity to shareholders.

banks
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$30.040
Owned Owned
Unknown

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DON'T BUY

They did a great job bringing on oncology products to fight cancer, but beyond oncology he's not excited about Bristol. There are better companies.

biotechnology/pharmaceutical

They did a great job bringing on oncology products to fight cancer, but beyond oncology he's not excited about Bristol. There are better companies.

biotechnology/pharmaceutical
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$52.380
Owned Owned
Unknown

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COMMENT
CitiGroup(C-N) 

April 17, 2018

The U.S. banks are attractive, though he prefers others to Citi. Citi is more international with operations in Mexico for example, so they don't benefit as much from U.S. tax reform.

insurance

The U.S. banks are attractive, though he prefers others to Citi. Citi is more international with operations in Mexico for example, so they don't benefit as much from U.S. tax reform.

insurance
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$69.740
Owned Owned
Unknown

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DON'T BUY

Not keen on it. What made them terrific before may not continue: quality food and good value, then people got sick. He's unconvinced they can regain that public goodwill.

food services

Not keen on it. What made them terrific before may not continue: quality food and good value, then people got sick. He's unconvinced they can regain that public goodwill.

food services
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$334.610
Owned Owned
Unknown

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COMMENT
CVS Health Corp(CVS-N) 

April 17, 2018

An interesting company. A retail pharmacy but now also a pharmacy benefit manager and in the process of acquiring a health insurer. So, they're trying to go along the whole chain. What could happen is that the insurance side directs people to CVS' mini-clinics to perform simpler medical work that a doctor would do, such as giving injections. This could drive down U.S. medical costs (and the U.S. has issues to face here), but also drive traffic to CVS stores. As for Amazon entering this space, we'll see what the impact is.

specialty stores

An interesting company. A retail pharmacy but now also a pharmacy benefit manager and in the process of acquiring a health insurer. So, they're trying to go along the whole chain. What could happen is that the insurance side directs people to CVS' mini-clinics to perform simpler medical work that a doctor would do, such as giving injections. This could drive down U.S. medical costs (and the U.S. has issues to face here), but also drive traffic to CVS stores. As for Amazon entering this space, we'll see what the impact is.

specialty stores
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$67.110
Owned Owned
Unknown

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COMMENT
Walt Disney(DIS-N) 

April 17, 2018

Strong media, studio and theatre businesses, not to mention expansion to China with a theme park. But the challenge is cord-cutting in cable. They are strategizing though, like competing with Netflix next year. It will need a lot of capital and some time to transition though.

entertainment services

Strong media, studio and theatre businesses, not to mention expansion to China with a theme park. But the challenge is cord-cutting in cable. They are strategizing though, like competing with Netflix next year. It will need a lot of capital and some time to transition though.

entertainment services
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$102.170
Owned Owned
Unknown

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DON'T BUY
General Electric(GE-N) 

April 17, 2018

What made them terrific before may not continue. Too many woes with restructuring and new management. It's an unfortunate situation. He's not a fan of braod conglomerates, because he can buy individual pieces instead.

electrical/electronic

What made them terrific before may not continue. Too many woes with restructuring and new management. It's an unfortunate situation. He's not a fan of braod conglomerates, because he can buy individual pieces instead.

electrical/electronic
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$13.790
Owned Owned
Unknown

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BUY

A terrific business. Huge amounts of dollars are moving from print to online and Google (and Facebook) are largely receiving them. Usage is growing and reach is enormous. Things will continue to go well. Strong cash flow and balance sheet. Through Waymo, Google is a leader in self-driving cars, too. They're spending on R&D so they could spin off more opportunities in the future.

Business Services

A terrific business. Huge amounts of dollars are moving from print to online and Google (and Facebook) are largely receiving them. Usage is growing and reach is enormous. Things will continue to go well. Strong cash flow and balance sheet. Through Waymo, Google is a leader in self-driving cars, too. They're spending on R&D so they could spin off more opportunities in the future.

Business Services
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$1079.360
Owned Owned
Unknown

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COMMENT
Home Depot(HD-N) 

April 17, 2018

Home improvement is a great space with strong competition and decent margins. You can't go wrong with HD. They're generating cash flow and buying back stocks. But he prefers Lowe's.

specialty stores

Home improvement is a great space with strong competition and decent margins. You can't go wrong with HD. They're generating cash flow and buying back stocks. But he prefers Lowe's.

specialty stores
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$174.910
Owned Owned
Unknown

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WATCH
IBM(IBM-N) 

April 17, 2018

He'd like to like IBM now. Corporate America will be spending more on IT, but IBM's challenge is with Microsoft and Google fighting them over the Cloud. They missed earnings today. Watch this, but don't aggressively buy now.

electrical/electronic

He'd like to like IBM now. Corporate America will be spending more on IT, but IBM's challenge is with Microsoft and Google fighting them over the Cloud. They missed earnings today. Watch this, but don't aggressively buy now.

electrical/electronic
Ashley Misquitta, CFA

Senior Portfolio Manager, Empire Life ...

PricePrice
$160.910
Owned Owned
Unknown

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