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Today, Christine Poole commented about whether MSFT-Q, ABT-N, PPL-T, DIS-N, VET-T, VET-T, IFC-T, CSH.UN-T, PYPL-Q, INTC-Q, CCL.B-T, NTR-T, UTX-N, TD-T, BAM.A-T, XYL-N, ARE-T, JNJ-N, PWF-T, MFC-T, GOOG-Q, ENB-T, META-Q, V-N are stocks to buy or sell.
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$160.210
Owned
The biggest overang are regulatory concerns and privacy issues. FB is trying to address these issues pro-actively with some investments. She prefers Google in the online ad space.
vs. the Canadian banks It's not an either-or question. You can buy both. The new CEO has done a very good job to put aside the legacy businesses that are a drag. They have high-growth insurance business in Asia. MFC has lagged SLF the past few years in terms of stock price, but MFC's earnings should outpace SLF's. Also, MFC is closer to book value than SLF. It pays a good dividend. The banks are attractively priced too.
She doesn't own this space, because these companies suffer cost overruns on the construction side. Also, government pledges to build infrastructure a few years ago have been slow to ramp up. These companies also need to make acquisitions to grow. She is watching WSP Global which is purely in services--and she prefers WSP.
(A Top Pick May 08/18, Up 27%) Global in scope with operating subsidiaries that are publicly traded. They've done a lot of transactions in recent years. They're successful in buying distressed or non-core assets or taking companies private. They're very good at raising funds. Their client base (institutional clients and pension funds) is large. They bought Oak Tree Financial, focussed on distressed debt to diversify.
They grow through acquisition. Some markets are mature now, though. Their PE has decreased, but it was too high in the past vs. its peers. They've been dealing with rising resin costs in the past years. A well-managed company, but packaging isn't a high-growth industry. Not enough here to excite her to buy.
