Opinions by Ben Cheng | StockChase
787
Ben Cheng

President and Chief Investment Officer

ON STOCKCHASE SINCE Aug 2001

Aston Hill Financial Ltd.

http://www.astonhill.ca


Opinions by Ben Cheng


Signal Opinion Expert Chart

2016-07-18

N/A
A Comment -- General Comments From an Expert 

Markets.  With negative rates in some countries and zero % rates in North America, 3-4% income rates are attractive.  In the developed world, there is little demographic growth.  Without immigration in North America it would be half a percent.  If the population is not growing then economic growth over the long run is impossible.  Governments are pushing money into the economy, but taxes are going up, compliance is more expensive and these things inhibit growth.  Lack of growth is why people are moving towards income.  Interest rates will be low for a very long time.  People will be looking for safe income plays for a long time.

Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $0.020
Owned: _N/A

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2016-07-18

PAST TOP PICK
A Comment -- General Comments From an Expert 

Hunt Company Bond 9.625% due March 2021.  (Top Pick Dec 3/15, Up 1.00% plus 9.625% interest) They have some exposure to Texas.  They manage assets for investors who want exposure to real estate.  This is a high yield bond, not investment grade.  The balance sheet is very manageable.  It is almost 10% yield and is up 1% on the capital.

Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $0.020
Owned: Yes

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2016-07-18

BUY
A Comment -- General Comments From an Expert 

Bank rate reset preferred share at 5.5%.  These new products are capital that the banks issue and are more easily convertible.  He owns a lot of these.  They are higher up on the balance sheet.  It will not reset into a yield substantially lower than 5%, regardless of where interest rates are.  If interest rates rise, they should continue to have almost a 5% spread over rates.

Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $0.020
Owned: Yes

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2016-07-18

TOP PICK
A Comment -- General Comments From an Expert 

Cott Beverages 5.375% 07/01/2022 USD.  They have changed their business in the last few years so more than half of their revenue and earnings come from filtered water.  It is a very good growth industry.

Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $0.020
Owned: Yes

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2016-07-18

Unspecified
Bank of America (BAC-N)

(Market Call Minute) Reported today with disappointing numbers, but better than what investors were expecting.

banks
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $14.110
Owned: Unknown

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2016-07-18

BUY
Brookfield Asset Management (A) (BAM.A-T)

(Market Call Minute) They continue to be very good value players and good financial structurers.

management/diversified
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $45.720
Owned: Unknown

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2016-07-18

Unspecified
BCE Inc. (BCE-T)

(Market Call Minute) Trading at the high end of its range.

telephone utilities
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $62.350
Owned: Unknown

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2016-07-18

BUY
Chorus Aviation Inc (CHR-T)

They signed a new long term contract with Air Canada until 2020.  There is not a lot that is going to affect their income generation.  They are shielded from fuel and labour costs.  It is very bond like for an equity.

Transportation & Environmental Services
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $6.330
Owned: Unknown

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2016-07-18

BUY
Canadian Imperial Bank of Commerce (CM-T)

It is a good buy at these levels.  It has a robust dividend and has lagged other bank peers.  This is because investors are waiting for management’s vision for the bank to unfold.  It has been acquisitive and will continue to do so for growth. 

banks
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $98.470
Owned: Unknown

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2016-07-18

DON'T BUY
Crescent Point Energy Corp (CPG-T)

(Market Call Minute) Wonderful properties, but it is one of the higher cost producers.  As they work down costs they become more of a buy.

oil/gas
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $20.020
Owned: Unknown

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2016-07-18

BUY
Dream Industrial REIT (DIR.UN-T)

(Market Call Minute) He likes it.  He thinks it will continue to move higher because industrial space is still very much in demand.

REAL ESTATE
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $9.010
Owned: No

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2016-07-18

HOLD
Gibson Energy (GEI-T)

(Market Call Minute) The storage business is doing well, but the trucking business is lagging.

pipelines
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $14.600
Owned: Unknown

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2016-07-18

COMMENT
American Hotel Income Properties (HOT.UN-T)

It has come under pressure for two fronts.  Across the US there is quite a bit of new hotel product that is coming on stream over the next 12-24 months.  But they are not competing in the same tier 1 cities as the new product so should not be affected by the new volume.  Also, they have a lot of contracts with rail operators.  Volumes for rails have dropped off considerably.

investment companies/funds
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $10.350
Owned: Yes

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2016-07-18

BUY
H&R Real Estate Inv Trust (HR.UN-T)

They have a very good portfolio.  They are now refocused back on Alberta.  REITs here are being supported because index players are buying the stock.  REITs are tucked within financials, but at the end of the month they will be a separate sector (GIC).

property mngmnt/investment
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $23.290
Owned: Unknown

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2016-07-18

WATCH
Magna Int'l. (A) (MG-T)

Brexit is going to affect growth in sales in the UK and Europe.  They have exposure to Volkswagen as well.  It is probably a decent entry point here, however.  It could be two or three years before they come out of this cycle. 

Automotive
Ben Cheng

President and Chief Investment Officer, Aston Hill Financial Ltd.

Price: $49.330
Owned: No

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