Stock Opinions by Joshua Varghese - Stockchase Experts
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Joshua Varghese @

On Stockchase since : Aug 2018

Portfolio manager at Signature Global Asset Management, CI Investments

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Stock Opinions by Joshua Varghese - Stockchase Experts

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COMMENT
General Market Comment 

December 5, 2018

General Market Comment – REITs have not fallen as badly as the rest of the equity market. The US and global REITs are still holding positive gains for the year. In Canada, the REIT index is up almost 1%. You will always get a sell off as interest rates rise, but he feels it creates good opportunities going forward. He cautions this is a tough time to be trolling for value in the REIT space.
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General Market Comment – REITs have not fallen as badly as the rest of the equity market. The US and global REITs are still holding positive gains for the year. In Canada, the REIT index is up almost 1%. You will always get a sell off as interest rates rise, but he feels it creates good opportunities going forward. He cautions this is a tough time to be trolling for value in the REIT space.
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$0.000
Owned Owned
_N/A

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DON'T BUY
This REIT has had a couple of challenging years. They have made some tough decisions, including cutting their dividend. Although he applauds their efforts, it is late in the cycle to be doing this. The yield is now 5.6% and it does not stand out at that level. Yield 5.6%.
property mngmnt/investment
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This REIT has had a couple of challenging years. They have made some tough decisions, including cutting their dividend. Although he applauds their efforts, it is late in the cycle to be doing this. The yield is now 5.6% and it does not stand out at that level. Yield 5.6%.
property mngmnt/investment
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$9.690
Owned Owned
No

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HOLD
Dream Office REIT(D.UN-T) 

December 5, 2018

This is a hidden gem although it has had its challenges a few years ago. The CEO took the big steps back then and they are well positioned today as a result. They are focused on Toronto, which has seen tremendous growth and getting big rents.
property mngmnt/investment
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This is a hidden gem although it has had its challenges a few years ago. The CEO took the big steps back then and they are well positioned today as a result. They are focused on Toronto, which has seen tremendous growth and getting big rents.
property mngmnt/investment
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$23.960
Owned Owned
No

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BUY
Plaza Retail REIT(PLZ.UN-T) 

December 5, 2018

The story of retail is hurting many REITs including this one. He sees them having one of the better management teams, who is invested in this as well. They avoid dilutive equity raises. This is a fine entry point and you will be aligned with one of the best businesses. There is a lot of development opportunities.
REAL ESTATE
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The story of retail is hurting many REITs including this one. He sees them having one of the better management teams, who is invested in this as well. They avoid dilutive equity raises. This is a fine entry point and you will be aligned with one of the best businesses. There is a lot of development opportunities.
REAL ESTATE
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$4.090
Owned Owned
No

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BUY
WPT Industrial REIT(WIR.U-T) 

December 5, 2018

Industrial real estate has had a great run and will only continue going forward, he thinks. Amazon has increased the need for industrial distribution by all involved and this benefits them. As retailers need to optimize their supply chain, they can afford to pay more to the industrial landlord. He would like to see real cash-flow growth before he goes all in, but this is a good entry point.
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Industrial real estate has had a great run and will only continue going forward, he thinks. Amazon has increased the need for industrial distribution by all involved and this benefits them. As retailers need to optimize their supply chain, they can afford to pay more to the industrial landlord. He would like to see real cash-flow growth before he goes all in, but this is a good entry point.
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$13.200
Owned Owned
No

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HOLD
This is benefiting from the trend towards renting by the residential space. Canadians have not had good rental options provided by landlords offering real services to their tenants.
property mngmnt/investment
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This is benefiting from the trend towards renting by the residential space. Canadians have not had good rental options provided by landlords offering real services to their tenants.
property mngmnt/investment
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$16.360
Owned Owned
No

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WATCH
Public Storage(PSA-N) 

December 5, 2018

A unique space, owning storage facilities and collecting rents. This has one of the returns of the real estate sector. It is very capex light – it does not require many upgrades. The cash flow just continues to grow. The problem for them is that they are caught up in the surplus of storage in the US, which slows the rate of rental growth. A good long term investment, but would not jump in yet.
Financial Services
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A unique space, owning storage facilities and collecting rents. This has one of the returns of the real estate sector. It is very capex light – it does not require many upgrades. The cash flow just continues to grow. The problem for them is that they are caught up in the surplus of storage in the US, which slows the rate of rental growth. A good long term investment, but would not jump in yet.
Financial Services
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$0.000
Owned Owned
No

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BUY on WEAKNESS
A shortage of housing and a willingness to rent to added to their tailwinds. At these levels, he would wait for a better price.
investment companies/funds
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A shortage of housing and a willingness to rent to added to their tailwinds. At these levels, he would wait for a better price.
investment companies/funds
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$46.400
Owned Owned
No

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HOLD
At these levels the valuation looks attractive. The dividend is safe. They don’t have as high a dividend growth outlook as other REITs though. A good hold for a diversified portfolio.
property mngmnt/investment
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At these levels the valuation looks attractive. The dividend is safe. They don’t have as high a dividend growth outlook as other REITs though. A good hold for a diversified portfolio.
property mngmnt/investment
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$21.000
Owned Owned
Yes

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HOLD
This company leases to Sobey’s. At his value, it is heavily discounted and there is good development potential. He questions where the capital is going to come from. So he continues to watch, but views it a good hold.
property mngmnt/investment
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This company leases to Sobey’s. At his value, it is heavily discounted and there is good development potential. He questions where the capital is going to come from. So he continues to watch, but views it a good hold.
property mngmnt/investment
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$12.970
Owned Owned
No

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HOLD
A great company, he feels, although it depends on your time frame. The Weston family is the largest shareholder as this was the real estate arm of Loblaw’s. Their recent acquisitions expands their business scope into transit hubs and residential in Toronto. This will take a few years.
REAL ESTATE
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A great company, he feels, although it depends on your time frame. The Weston family is the largest shareholder as this was the real estate arm of Loblaw’s. Their recent acquisitions expands their business scope into transit hubs and residential in Toronto. This will take a few years.
REAL ESTATE
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$12.220
Owned Owned
No

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BUY on WEAKNESS
Smart REIT(SRU.UN-T) 

December 5, 2018

An exceptional company with great leadership. In a meeting with the Chairman a few days ago he sees a very forward thinking team. Walmart is their biggest tenant – the only retailer to compete effectively against Amazon. At its current NAV it is worth waiting to buy on weakness.
investment companies/funds
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An exceptional company with great leadership. In a meeting with the Chairman a few days ago he sees a very forward thinking team. Walmart is their biggest tenant – the only retailer to compete effectively against Amazon. At its current NAV it is worth waiting to buy on weakness.
investment companies/funds
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0 comments
Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$31.630
Owned Owned
No

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HOLD
Granite REIT(GRT.UN-T) 

December 5, 2018

This company is in a stage now where their balancer sheet is well positioned. They have a lot of strength ahead of it. It is trading at fair value.
E.T.F.'s
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This company is in a stage now where their balancer sheet is well positioned. They have a lot of strength ahead of it. It is trading at fair value.
E.T.F.'s
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$55.000
Owned Owned
No

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STRONG BUY
Hudson Bay Co.(HBC-T) 

December 5, 2018

A massively discounted stock price, he thinks. There have been a lot of concerns about the company, but most of them are being adequately addressed. The European business they own is worth the entire current share price alone. They also own the Sak’s property in New York and other great real estate holdings.
department stores
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A massively discounted stock price, he thinks. There have been a lot of concerns about the company, but most of them are being adequately addressed. The European business they own is worth the entire current share price alone. They also own the Sak’s property in New York and other great real estate holdings.
department stores
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$9.490
Owned Owned
No

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TOP PICK
The entry point is great right now. They look to double their revenues by 2022 from $900 million today. They have a great balance sheet and management team. They hold assets in all the major US campuses. They are the curators of new biotech and big pharma real estate start-ups on and near these campuses. When a lease comes due, they can raise rents 30% or more. Yield 3%. (Analysts’ price target is $138.25)
REAL ESTATE
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The entry point is great right now. They look to double their revenues by 2022 from $900 million today. They have a great balance sheet and management team. They hold assets in all the major US campuses. They are the curators of new biotech and big pharma real estate start-ups on and near these campuses. When a lease comes due, they can raise rents 30% or more. Yield 3%. (Analysts’ price target is $138.25)
REAL ESTATE
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Joshua Varghese

Portfolio , Signature Global Ass...

Price Price
$0.000
Owned Owned
Yes

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