- Page 2/2
- Next Page
PAST TOP PICK
(A Top Pick Nov 12/19, Up 13%) Just under 40% of revenues come from emerging markets, and this will continue to grow. During the pandemic, they've seen stronger growth in their belt market, as people are doing more snacking at home. Trades at a discount to peers, and this gap should narrow over time.
Consumer Products
COMMENT
You could own it if you want direct property exposure. She owns BAM instead, which owns 50-60% of BPY, as she likes the whole stable. Dividend should be safe. Going through a difficult time with retail. Will take a while to work through, but they'll do it. Commercial and retail properties are Class A, well located. Experienced management.
REAL ESTATE
BUY ON WEAKNESS
Likes the group as a whole. Level of loss provisions has peaked. US economy has improved faster than thought, a good sign. In Canada, financial assistance has helped on the mortgage side. Watch as mortgage moratorium ends. Yields are attractive, but not allowed to increase this year. Attractive valuation. Hold, and buy on weak days like today.
banks
TOP PICK
Long-term growth. #1 with a 17% global share. Service contract side is very attractive, with very high margins. Service accounts for 57% of revenue, but 80% of profit. High renewal rate, long contracts. Defensive cashflow, more recession-resistant. Great upgrade cycle coming up. Yield is 1.21%. (Analysts’ price target is $69.30)
machinery
