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Today, Varun Anand commented about whether FISV-Q, FTS-T, AY-Q, ENB-T, KEY-T, AMT-N, CCI-N, CNQ-T, CMCSA-Q, BLX-T, INXN-N, IPL-T, TWM-T, TRP-T, BIPC-T, BIP.UN-T are stocks to buy or sell.

COMMENT

Market Outlook(A Commentary)

03/07/2020
A Comment -- General Comments From an Expert
Market Outlook 2020 has been marked by the COVID-19 crisis, both by the plunge and V-shaped recovery and now the rise in cases. We also have a major US election this fall and escalating China trade concerns. Resilient business models, recurring cash flows and manageable debt levels -- exactly where infrastructure stocks fit. They have previously trimmed airport and energy exposures as the dividends are at risk. They are focusing on renewable energy and technology infrastructure, which has resulted in 15 dividend increases this year averaging 7% growth. Cloud computing and remote work location communication are all part of the technology push.
Unknown
Varun Anand
N/A
Unknown
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COMMENT

Brookfield Infrastructure Partners(BIP.UN-T)

03/07/2020
Brookfield Infrastructure Partners

Tax differences? For a Canadian investor, there really is not much difference between BIP.UN and BIPC. US investors face different issues regarding limited partnerships. It was a strategy by Brookfield to increase liquidity and it is why BIPC trades at a premium to BIP.UN -- it was also added to the Russell Index. If you are a Canadian investor, stay with BIP.UN as it has a higher yield.

Energy Infrastructure, Industrials & Utilities
Varun Anand
$55.790
Unknown
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COMMENT

Brookfield Infrastructure Partners(BIPC-T)

03/07/2020
Brookfield Infrastructure Partners

Tax differences? For a Canadian investor, there really is not much difference between BIP.UN and BIPC. US investors face different issues regarding limited partnerships. It was a strategy by Brookfield to increase liquidity and it is why BIPC trades at a premium to BIP.UN -- it was also added to the Russell Index. If you are a Canadian investor, stay with BIP.UN as it has a higher yield.

Utilities
Varun Anand
$61.030
Unknown
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RISKY

TC Energy(TRP-T)

03/07/2020
TC Energy
Keystone XL seems like an never ending project and he thinks it is a coin toss. Presidential candidate Biden is on record saying he will kill it. The TRP shares price are not reflecting any value from the pipeline project, he thinks. He is under weight energy at this point, however, he considers this an excellent name.
oil / gas pipelines
Varun Anand
$58.140
No
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COMMENT

Pipelines?(A Commentary)

03/07/2020
A Comment -- General Comments From an Expert
Pipelines? As an investor you should never put a lot of value into something that is a binary (go/no-go) decision. If the project does not go, you may have taken on too much risk. Given it is so hard to get a new pipeline built, the value of the existing pipelines is actually a lot more than the market gives it credit for. He thinks there will be room for two major pipeline projects and no more going forward out of Canada.
Unknown
Varun Anand
N/A
Unknown
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COMMENT

5G infrastructure?(A Commentary)

03/07/2020
A Comment -- General Comments From an Expert
5G infrastructure? 4G tops out at 100 mbps, while 5G is supposed to be 100 times faster. It will allow streaming and open up new opportunities like autonomous driving and fast, real-time processing. He likes the cellular towers infrastructure plays. Wireless carriers, like Telus, Bell and Rogers, face far too high competition to be attractive.
Unknown
Varun Anand
N/A
Unknown
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COMMENT

Tidewater Midstream and Infrastructure Ltd(TWM-T)

03/07/2020
Tidewater Midstream and Infrastructure Ltd

A small midstream infrastruture player with about $200 million market cap. They just had a significant new equity partner come in (buying 24%) that focuses on private equity investing. This has helped TWM share prices. TWM has adjusted some operations and has sold some assets to TRP to help pay down debt. They are seeing good margins on facilities in BC.

gas pipelines
Varun Anand
$0.800
No
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BUY ON WEAKNESS

Inter Pipeline(IPL-T)

03/07/2020
Inter Pipeline
An oil-sands transportation business, which also holds some storage assets in Europe. Its flagship business is a petrochemical facility in the Heartland region of Alberta. It trades at a discount to its peers, because the petrochemical plant brings uncertainty -- namely, they have not disclosed how much of the plant's capacity is contracted and there is no partner. It is a massive capital project. He does not own this. They have raised debt and cut the dividend 70%. He might be inclined to buy if it dropped another 15%.
oil pipelines
Varun Anand
$12.510
No
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COMMENT

Airports?(A Commentary)

03/07/2020
A Comment -- General Comments From an Expert
Airports? There are not many Canadian airports that are listed. He thinks there is still a long way to go to get back to previous air travel levels. International business travel will need to get back up and that is no where near getting back to where it needs to be. He expects to see more weakness in the space over the next few months.
Unknown
Varun Anand
N/A
Unknown
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PAST TOP PICK

InterXion Holding N.V.(INXN-N)

03/07/2020
InterXion Holding N.V.
(A Top Pick Jul 08/19, Up 1%) It was acquired on March 13. Accounting for share value and cash, the acquisition was a 30% upside investor opportunity.
0
Varun Anand
$77.410
No
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PAST TOP PICK

Boralex Inc.(BLX-T)

03/07/2020
Boralex Inc.
(A Top Pick Jul 08/19, Up 62%) He still owns it. The market at the time was not giving fair value for the wind generation revenues of the company. In the past 4 consecutive quarters there was generation growth and the critics were put to rest. They have added several onshore wind projects in France and a solar project in New York.
electrical utilities
Varun Anand
$31.330
Owned
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PAST TOP PICK

Comcast Corp(CMCSA-Q)

03/07/2020
Comcast Corp
(A Top Pick Jul 08/19, Down 6%) The broadband business was seen as an infrastructure play. There were a string of broadband revenue growth cycles, but then COVID-19 hit and the theme park part of the business saw revenues fall to zero. There was a recent report suggesting splitting the business into two, and he would favor it. They trimmed their holdings a while ago, but still hold some.
Cable
Varun Anand
$39.250
Owned
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DON'T BUY

Canadian Natural Rsrcs(CNQ-T)

03/07/2020
Canadian Natural Rsrcs
He does not consider energy producers to be infrastructure plays as they are exposed to commodity price trends. He prefers to own the midstream businesses.
oil / gas
Varun Anand
$24.060
No
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COMMENT

Crown Castle International(CCI-N)

03/07/2020
Crown Castle International

CCI vs AMT? He owns both. They are both tower businesses operating in the US. CCI also has a small cell business -- mini towers in urban centres. 5G will require these small cell towers and this gives more leverage to 5G. However, AMT has more diversification as they have a larger global footprint. Sometimes CCI overstates reporting results, which although not a concern at this time, it does make AMT a little easier to follow. At current valuations, CCI is better value and better positioned for the 5G roll out.

Business Services
Varun Anand
$170.720
Owned
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COMMENT

American Tower(AMT-N)

03/07/2020
American Tower

CCI vs AMT? He owns both. They are both tower businesses operating in the US. CCI also has a small cell business -- mini towers in urban centres. 5G will require these small cell towers and this gives more leverage to 5G. However, AMT has more diversification as they have a larger global footprint. Sometimes CCI overstates reporting results, which although not a concern at this time, it does make AMT a little easier to follow. At current valuations, CCI is better value and better positioned for the 5G roll out.

Telecommunications
Varun Anand
$264.210
Owned
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