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Stock Opinions by Chris Blumas

COMMENT
How are higher anticipated rates by the BoC reflected in long-term GICs? Bond yields used to be so low, so now it's an opportunity if you hold them in the right account. Lock in these higher rates for the next 6-9 months, looking out to 2-3 years.
Unknown

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COMMENT
A fine conglomerate involved in automation and industrials. Well-run, particularly in capital allocation. Trades at a premium. But he prefers Raytheon, which is slightly different--a mix of aerospace and defence--but there's room for multiple expansion around 15x PE now. Both companies have decent growth outlooks, but Raytheon is better.
INDUSTRIAL PRODUCTS
BUY
Honeywell question A fine conglomerate involved in automation and industrials. Well-run, particularly in capital allocation. Trades at a premium. But he prefers Raytheon, which is slightly different--a mix of aerospace and defence--but there's room for multiple expansion around 15x PE now. Both companies have decent growth outlooks, but Raytheon is better.
Defense
WEAK BUY
Well-run. In utilities, his #1 choice is Brookfield Infrastructure and Algonquin which offer stronger growth, especially AQN. Utilities have come off a lot given rising rates, so choose one with strong growth. All have robust capital programs and enjoy strong demand. Prefers AQN in this space.
electrical utilities
BUY
Fortis question Fortis is well-run. In utilities, his #1 choice is Brookfield Infrastructure and Algonquin which offer stronger growth, especially AQN. Utilities have come off a lot given rising rates, so choose one with strong growth. All have robust capital programs and enjoy strong demand. Prefers AQN in this space.
electrical utilities
WEAK BUY
Effect on vendors now able to pass surcharges to credit card customers He owns Visa. This part of the payments industry will come under more pressure that will impact their business model, albeit slowly. The fee is applied in different places in different ways and sellers adapt. Regardless of how you pay (Visa, debit) you pay an interchange fee to these cards. You want to be exposed to payments.
other services
BUY on WEAKNESS
Has a strong long term growth profile. Is well-run, global, trades a a single-digit PE and pays over a 6% dividend. Buy during current market weakness.
insurance
BUY
They buy smaller software companies. It sold off hard, now trading at 12x cash flow. They have a lot of cash, so they can buy shares or companies. They have many levers to create value. Buy now, during weakness.
computer software / processing
STRONG BUY
Well-run. The banks bottom out before a recession. RY now trades at an attractive PE. All banks hold a lot of capital because they were building reserves, which will limit the downside. They're in a great position to absorb credit losses.
banks
BUY
pipelines They are scarce assets. Very few pipelines will be built. Over history, returns have been positive. You own these for cash flow, not growth. He owns ENB and Pembina. They generate amazing cash flow. ENG pays nearly 7% and Pembina 6% in dividend yields. As money flows into energy (and oil prices rice), these stocks rise. Pipeline are a conservative way to play energy, plus you will get paid dividends. Total return is close to 10%. When people are scared and cash flows slow down, the businesses still operate well and cash flows remain positive. Highly defensive.
oil / gas pipelines
COMMENT
It’s been a roller coaster for investors so far this year. The U.S. Fed's aggressive policy on interest rates guarantees a recession and increases the odds of a hard landing. However, real-time data shows commodity and home prices are declining and should mean maybe interest rate cuts in the second half of next year. In this volatile market, the valuation risk in markets is much lower. Investors holding cash and low-yield fixed-income risk losing purchasing power over time. Going forward, I think investors should remain well diversified and defensively positioned. Don't exit or sit on on the sidelines.
Unknown
PAST TOP PICK
(A Top Pick Dec 17/21, Up 19%) A fine business with many opportunities. Strong balance sheet. With weakening markets, more acquisitions lie ahead.
food stores
PAST TOP PICK
(A Top Pick Dec 17/21, Down 9%) It's been punished by lockdowns in China. Well-run with dominant brands. They did an equity raise in Hong Kong 2 years ago, so they have a lot of cash. They've been using that to build-out their restaurants, so in 5-10 years time growth looks good. But over the short term is down.
food processing
PAST TOP PICK
(A Top Pick Dec 17/21, Down 15%) Very undervalued but a great growth profile. A stable and durable operation with businesses in contracted utilities and renewable power. This week, they announced the sale of some of their renewables; they can choose which business to sell or grow.
electrical utilities
BUY
Pays over 6%. There's upside in occupancy after a Covid dip around 80%. Trades at 12x FFO, too. You're paid to wait, but there's growth to come in occupancy.
property mngmnt / investment
Showing 1 to 15 of 367 entries