Opinions by Michael Sprung | StockChase
3270
Michael Sprung

President

ON STOCKCHASE SINCE Oct 2000

Sprung Investment Management
25 Adelaide Street East, Suite 500Toronto, ONM5C 3A1
T: 416-934-7160 msprung@sprunginvestment.com
http://www.sprunginvestment.com/


Opinions by Michael Sprung



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Signal Opinion Expert Chart

2017-10-25

COMMENT
A Comment -- General Comments From an Expert 

Inflation and Raising Interest Rates. The Bank of Canada has been talking about recovery and strength but we haven’t seen any real inflation yet. Unless they can maintain the momentum of the current recovery he doesn’t believe they will be in too much of a hurry to raise interest rates.

Michael Sprung

President, Sprung Investment Management

Price: $0.020
Owned: Unknown

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2017-10-25

COMMENT
A Comment -- General Comments From an Expert 

Impact of Interest Rates on the Financial Sector. There is already a little bit of expectation built on the price of interest-sensitive stocks. He is not too worried. A lot of those stocks have fairly good yields, and if we don’t see interest rates rise on the fixed income side, people are going to stay on the equity side. Also we’ve seen the banks investing a lot into IT lately, so don't be surprised to see some cost cutting coming down the road on that side. We could see some efficiency gains and cost-cutting that would offset the lack of growth on net interest margins.

Michael Sprung

President, Sprung Investment Management

Price: $0.020
Owned: Unknown

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2017-10-25

COMMENT
A Comment -- General Comments From an Expert 

Consumer Staples or Discretionary? He prefers staples, we’re seeing some sign of distress in the discretionary sector, particularly, retail is struggling right now not knowing what impacts the technological changes happening in the sector are going to have. You’re less vulnerable with consumer staples, although they have their own problems, notably, wage increases coming in in Ontario and other provinces.

Michael Sprung

President, Sprung Investment Management

Price: $0.020
Owned: Unknown

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2017-10-25

PAST TOP PICK
Alaris Royalty (AD-T)

(A Top Pick Dec 21/16. Down 5.77%) The last two years have been difficult. A lot of that is behind them now. They’ve recently made some large investments and he expects to see good results over the next year. The stock is still depressed and he expects to see fairly significant dividend increase going forward.

Financial Services
Michael Sprung

President, Sprung Investment Management

Price: $20.900
Owned: Yes

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2017-10-25

PAST TOP PICK
AGT Food & Ingredients (AGT-T)

(A Top Pick Dec 21/16. Down 41%) There has been some problems with shipments but also the quality of the crops. This has been a very disappointing stock, but we’re close to the bottom now. You have to look at the fundamentals. The company is well managed, financially it’s doing okay and the debt picture isn’t as bad as people perceive. They are in a growing market and are expanding into food ingredients and pet foods, etc. Down the road this could be an acquisition target for some of the larger global food companies.

agriculture
Michael Sprung

President, Sprung Investment Management

Price: $20.500
Owned: Yes

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2017-10-25

TOP PICK
Aecon Group Inc (ARE-T)

They are very well positioned to take advantage of more public infrastructure spending. They were looking at selling the company a while ago, but if it were to be sold, it would be closer to $20 than where it’s trading today.

contractors
Michael Sprung

President, Sprung Investment Management

Price: $16.520
Owned: Yes

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2017-10-25

PAST TOP PICK
Arc Resources Ltd (ARX-T)

(A Top Pick Dec 21/16. Down 31.7%) A lot of the gas related stocks have been hit hard recently. The key in the gas and oil sector is to buy stocks that are well financed that can take advantage of opportunities on the market. He thinks we will see better results in the future and in the meantime you get a 3% dividend.

oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $15.210
Owned: Yes

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2017-10-25

DON'T BUY
BCE Inc. (BCE-T)

Still the dominant player in the market, although Telus (T-T) has done very well in the last few years. The big margins seem to be in wireless. He’s a little concerned about the telecom industry as a whole, except for wireless. BCE is still spending a lot of money and facing a lot of competition on the Internet side. On a valuation basis he’d be looking more at Telus.

telephone utilities
Michael Sprung

President, Sprung Investment Management

Price: $59.310
Owned: Unknown

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2017-10-25

DON'T BUY
Bank of Montreal (BMO-T)

He doesn’t own BMO, he prefers Scotia (BNS-T), Royal (RY-T) and CIBC (CM-T). The one lagging in valuation lately is probably CIBC. Some banks are expanding in the US which is a very competitive market, and it could take several years before you start seeing any significant gains to the bottom line.

banks
Michael Sprung

President, Sprung Investment Management

Price: $99.520
Owned: No

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2017-10-25

BUY
Baytex Energy Corp (BTE-T)

Recently started to show up on his radar. Got hit with the rest of natural gas stocks but it’s been around for a long time and very well managed. They own other stocks in this sector but would consider this one.

oil/gas
Michael Sprung

President, Sprung Investment Management

Price: $3.020
Owned: No

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2017-10-25

DON'T BUY
Constellation Software Inc. (CSU-T)

A very successfully run company. They’ve been very successful with their acquisitions. In term of a technology company they’ve done very well. From a value investor perspective the multiple is a little out of reach. Feels it could be very vulnerable to a significant downturn in the market and wouldn’t recommend buying at this point.

computer software/processing
Michael Sprung

President, Sprung Investment Management

Price: $754.810
Owned: No

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2017-10-25

BUY
Enbridge (ENB-T)

They seem to be executing fairly well to increase their capital base. They are going to have more sources of income going forward with a target of significant compound growth rate in earnings and dividends over the next 3 to 5 years. Recent setbacks were more of an opportunity than a sign of worst things to come. If they continue executing well he thinks we could see an appreciation in the 20-25% range in the next 5 years.

oil/gas pipelines
Michael Sprung

President, Sprung Investment Management

Price: $48.630
Owned: Unknown

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2017-10-25

DON'T BUY
Gildan Activewear Inc. (GIL-T)

The market they are in is getting very competitive. It’s been a well managed company over the years, but it hasn’t shown up on his screen as being particularly value-oriented at this point.

household goods
Michael Sprung

President, Sprung Investment Management

Price: $39.920
Owned: No

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2017-10-25

BUY
Hudbay Minerals Inc. (HBM-T)

Over the last years they developed some significant mines that are now contributing to their bottom line. The stock was punished not too long ago after doing an issue around $10.10. We’ve got to see improvements in earnings and cash flow now. Probably one of the best risk/reward company you can buy in the materials sector at this time.

precious metals
Michael Sprung

President, Sprung Investment Management

Price: $9.770
Owned: Unknown

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2017-10-25

BUY on WEAKNESS
National Bank of Canada (NA-T)

They used to be a more Quebec-centric bank but did some significant investments in Western Canada in the last few years. Usually sells at discount to the other big banks but now trades more in-line. He doesn’t see any compelling reason to buy at this point, at the right price he would consider it.

banks
Michael Sprung

President, Sprung Investment Management

Price: $62.100
Owned: No

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