Latest Stock Buy or Sell? Make More Informed Decisions!
Today, Dennis Mitchell, CFA commented about whether NVU.UN.TO, REI.UN.TO, ONR.UN.TO, AIF.TO, CRR.UN.TO, SPG, HR.UN.TO, SRU.UN.TO, HII.A.TO, HNT.TO, EXE.TO, CAR.UN.TO, RYL.TO, HLC.TO, AX.UN.TO, MEQ.TO, INN.UN.TO, BTB.UN.TO, BPO.TO, IS.UN.TO are stocks to buy or sell.
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STRONG BUY
The only consolidator of self-storage facilities in Canada. Stock has had terrible performance over the last year. Operationally, the company is firing on all cylinders. Stock got away from itself and peaked at $2.
Dennis Mitchell, CFAOwned
income trust
BUY
Luxury, class A office buildings. A great name with a tremendous portfolio. Top tier management team. There were concerns that Merrill Lynch, their largest tenant, would leave but have actually signed a 5-year extension. Buying back stock.
Dennis Mitchell, CFAOwned
property mngmntinvestment
HOLD
B quality real estate in secondary markets throughout Quebec. Toured their facilities and was pleasantly surprised with the quality. Very impressed with management. Trading around NAV.
Dennis Mitchell, CFAOwned
income trust
DON'T BUY
Limited service hotels. Recently did a transaction, which helped privatize Legacy REITs. Portfolio is in a state of flux. Not a core name for him. Go after the blue chips instead.
Dennis Mitchell, CFAOwned
investment companiesfunds
PAST TOP PICK
(A Top Pick Feb 16/07. Down 13.4%.) The only risk factor with this is the shortage of skilled labour in Western Canada, which they need for renovations on acquired properties. NAV is in the $20 range. Still likes and is still a Buy.
Dennis Mitchell, CFAOwned
property mngmntinvestment
PAST TOP PICK
(A Top Pick Feb 16/07. Down 16%.) Great quality name. Suffered from perception of a slowdown in Western Canada. Still significant internal growth through lease renewals. 7.8% distribution should be safe. Still a Buy.
Dennis Mitchell, CFAOwned
property mngmntinvestment
PAST TOP PICK
(A Top Pick Feb 16/07. Down 28%.) Limite- service and secondary hotels in Western Canada. Drilling activity has tailed off but should pick back up. Q3 numbers showed a drop in occupancy. Have good access to capital. Still a Buy.
Dennis Mitchell, CFAOwned
income trust
SELL
Would prefer Holloway Lodging (HLR.UN-T). COO left and not sure if there are any personnel running this one. Consider this one as I leveraged real estate play rather than a REIT. Owns limited-service hotels, mostly in Western Canada but is currently more of a seller of assets rather than an acquirer.
merchandisinglodging
COMMENT
Large apartment buildings, mainly in Toronto and Montreal. Good management. Very cheap at these levels. Acquiring at a very large discount to NAV but will sell when it comes back. Treating it as a trade.
Dennis Mitchell, CFAOwned
investment companiesfunds
BUY
Owns a small piece as a trading position as it is at a large discount to end its NAV. When it comes back, he will sell it out.
Dennis Mitchell, CFAOwned
other services
TOP PICK
Has a 15% discount to NAV. Just over 7% cash flow yield. Stable portfolio of unenclosed retail, mostly anchored by Wal-Mart. Will probably be the largest REIT in Canada in 2 years time. Tremendous value.
Dennis Mitchell, CFAOwned
investment companiesfunds
TOP PICK
Owns office, industrial and retail properties. They are properties that are generally done as sale and lease back so are core to the tenants. Long-term leases with long-term debt. Very little cash flow volatility. Trades at a 30% discount to NAV.
Dennis Mitchell, CFAOwned
property mngmntinvestment
TOP PICK
The largest retail REIT in the US. Owns dominant regional malls across the US and increasingly in Europe and Asia. 30% to 35% discount to NAV. 6% free cash flow yield. 4.2% distribution.
Dennis Mitchell, CFAOwned
investment companiesfunds
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