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TOP PICK
Stockchase Research Editor: Michael O'Reilly We again reiterate PIF, a Canadian $366 million market cap infrastructure developer of renewable energy projects in Latin America, as a TOP PICK. It stumbled after last earnings report showed an unexpected loss to the company, but pandemic delays can easily account for that. The company announced it is considering expansion of the hydro project in Ecuador and is moving forward with a solar project in Panama, which will be funded entirely with cash on hand. We recommend trailing up the stop from $15.50 to $16.00, looking to achieve $30 -- upside potential over 55%. Yield 3.2% (Analysts’ price target is $30.00)
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TOP PICK
Stockchase Research Editor: Michael O'Reilly Pandemic related supply chain issues have impacted the company, no doubt; however, indications last month show improvements are coming as expected. EV production is expected to hit 600,000 by end of 2023 - back on track. It trades at less than 10x earnings, compared to peers at 28x and is valued at just 1.2x book value. It has been drawing down some cash reserves, but has prudently used that to aggressively retire debt. We recommend setting a stop loss at $12.00, looking to achieve $20.50 -- upside potential over 40%. Yield 2.72% (Analysts’ price target is $20.23)
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TOP PICK
Stockchase Research Editor: Michael O'Reilly FB has laid to rest the fear that users are leaving the platform as average daily users has increased to 1.96 billion - yes, that's with a "b". It trades at 14x earnings, compared to peers at 32x and supports a ROE of 29%. It has been very aggressively buying back shares. We recommend setting a stop loss at $165, looking to achieve $315 -- upside potential over 54%. Yield 0% (Analysts’ price target is $316.43)
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PAST TOP PICK
(A Top Pick Feb 16/21, Down 0.1%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with LLNW has triggered its stop at $4.25, gapping down to $3.80. To remain disciplined, we recommend covering the position at this time.
Technology
COMMENT
Volatility's impact on real estate. There's certainly a wall of worry out there. The public market's already priced in a lot of the risk. He looks to the private markets to see what's really going on. And what he sees is that in those sectors where there is pricing power, fundamentals and pricing are still robust. Yesterday, the CRE reported that cap rates in Canada are lower in nearly every single sector in real estate; the lower the cap rate, the higher the value.
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COMMENT
Will Canadian REITs catch up to US ones soon? Yes. For a while, he's been positive on industrial warehouse REITs globally. Looking to US earnings, they've been quite strong, a nice outperformance. He expects the same for Canada, especially in the tightest markets in Canada, namely Toronto and Montreal.
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COMMENT
Vancouver also has high real estate prices. Indeed. It's all about supply and demand, and Vancouver is a supply-constrained market across every kind of property type. You're seeing demand in multi-family, industrial, and even office. Unfortunately on the public side, there isn't always a great REIT to take advantage of that strength.
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