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Signal Opinion Expert

2017-11-22

N/A
A Comment -- General Comments From an Expert 

Market. The TSX 10-year chart shows it breaking into highs which were reached before the financial crisis, which is pretty sad. The TSX index is the worst major Index in the world. It is dominated by resource and financials. Normally, a country’s stock index should reflect the economy of a country. Because so many of our large companies are foreign owned or privately owned, ours does not reflect that at all. In the US and in most countries, their main index better reflects their economies. He would never own a Canadian Index product. Most indexes are market cap weighted, so that as a stock goes up in value its percentage in that index keeps going up. There is an index you can buy called an equal weight index, where all stocks are weighted equally. It better reflects what is really going on in markets.

Norman Levine

Managing Director, Portfolio Management Corp

Price: $0.020
Owned: _N/A

2017-11-22

N/A
A Comment -- General Comments From an Expert 

Market. This is the time of year when we might see some distortions in the market, when certain Selling and Buying occur. One level is where institutional investors are looking to lock in bonuses and not have difficult conversations with their bosses. There is also the tax loss selling process, which we are beginning to see in some of the Canadian names. It’s the time of year when valuations can get a little obscure. As we move further into the holiday season, there tends to be a lot of people on holidays. If you have fresh capital and are looking to buy some quality names that have been beaten up, now is a good time to start thinking about it. Also, for tax planning, taking a little money off the table is a good idea. If you are in the FAANG stocks, you want to probably cut it in half at this point.

Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $0.020
Owned: _N/A

2017-11-22

N/A
A Comment -- General Comments From an Expert 

With US$ falling, would investing internationally be smart? After the global financial crisis, we really got the lesson that if you didn’t invest internationally, it was really tough. If you want a portfolio that is going to be diversified by currency, product line, geography and income streams, over time you will end up with a more stable type of income stream. The answer is Yes, Buy internationally.

Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $0.020
Owned: _N/A

2017-11-22

N/A
A Comment -- General Comments From an Expert 

Blockchain crypto currency technology? Thinks the technology has a serious amount of vapour beneath it. Longer-term, it is obviously serious technology, because a lot of industries are looking to use the technology. For him, the big challenge is who is actually controlling this. The old concept of having a currency and it being controlled by a central bank, completely goes out the window on a crypto currency context. He does think it is going to evolve in the form of a few bankruptcies, but out of that noise, we will ultimately get a new technology which will be highly beneficial.

Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $0.020
Owned: _N/A

2017-11-22

COMMENT
Apple (AAPL-Q)

What price would you pay for this? This has been a fine performer. The challenge you have buying a substantial holding, is a little problematic because of how fast the company has grown. The market in many cases is pricing in the continued growth, the capital repatriation story. In the next 3-5 years, the company is going to run into the challenge of how much further it can grow. At these levels, he thinks you are fine because the US tax issue is going to be carried.

electrical/electronic
Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $174.960
Owned: Yes

2017-11-22

PAST TOP PICK
Arc Resources Ltd (ARX-T)

(A Top Pick Dec 28/16. Down 30%.) In hindsight, this had been a mistake. The company has an excellent balance sheet, great management, is mostly natural gas in the Montney area. He was optimistic on the price of natural gas. His mistake was buying a Canadian natural gas stock rather than a US natural gas stock. The Henry hub price for natural gas has gone up significantly since last year. Unfortunately, most of the Canadian natural gas does not get priced at Henry hub, they get AECO which is priced off of Alberta, and that price has collapsed.

oil/gas
Norman Levine

Managing Director, Portfolio Management Corp

Price: $15.770
Owned: Yes

2017-11-22

COMMENT
Alibaba Group Holding (BABA-N)

The challenge is that it is a very, very expensive stock. Feels it has a smell in terms of the pricing. You can’t discount what they have done or the growth, but he just feels there is a correction needed in the price. If you own, you might want to start thinking about cutting it in half.

Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $189.840
Owned: No

2017-11-22

PAST TOP PICK
Bank of America (BAC-N)

(A Top Pick May 5/17. Up 13%.) The story on this is higher interest rates in the US. Under the Trump administration, we might see a roll back of the Dodd Franks punitive legislation. The balance sheet is very strong. At some point we are going to see multiple raises of the dividend, but are not quite there yet. This is still a Buy.

banks
Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $26.660
Owned: Yes

2017-11-22

BUY
Badger Daylighting (BAD-T)

The company has most of its earnings outside of the oil patch now, and most of its revenues outside of Canada. It is by far the largest hydro-vac company in North America. It has attracted the attention of a major short-seller, who has damaged the stock. The Short is zeroing in on what their 0-30 day receivables are, which is an irrelevant number. A good company and is showing excellent growth. He is still buying for new clients.

oil/gas
Norman Levine

Managing Director, Portfolio Management Corp

Price: $28.180
Owned: Yes

2017-11-22

BUY
BCE Inc. (BCE-T)

Owns because of its steady growth in income. It steadily grows its dividend every year. It’s not exciting and you’re not going to get rich, but you are not going to get killed either. Like other utilities, it is very interest rate sensitive. If interest rates are going down, these types of stocks tend to do really well. It is a bond alternative. Should be a part of everybody’s portfolio. Dividend yield of 4.7%.

telephone utilities
Norman Levine

Managing Director, Portfolio Management Corp

Price: $61.560
Owned: Yes

2017-11-22

TOP PICK
British American Tobacco (BTI-N)

The 15-year total return on the stock is 9.3X in Cdn$, which is 930%. This is currently on sale, because last year they purchased the remaining portion of Reynolds American that they didn’t own, giving them a bit more debt than normal. A very sticky business model. Dividend yield of 3.4%. (Analysts’ price target is $77.88.)

tobacco
Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $66.800
Owned: Yes

2017-11-22

TOP PICK
Cara Operations Ltd. (CARA-T)

The largest restaurant chain in Canada, and have grown quite a bit by acquisition. The stock went public and it was a market darling until it got overpriced. Then with the downturn in Alberta, oil prices started to tumble and people stopped going, so same-store sales took a big hit. That is now starting to stabilize. They’ve made some acquisitions which have diversified them. Valuation is very reasonable. Dividend yield of 1.6%. (Analysts’ price target is $26.)

food services
Norman Levine

Managing Director, Portfolio Management Corp

Price: $24.630
Owned: Yes

2017-11-22

COMMENT
Cameco Corporation (CCO-T)

If you look at the commodity sector, it has started to get a bit of a bounce. Is the world going to be able to get off nuclear energy? The balance sheet is okay on this. If you think about electric cars and the increasing demand for electricity, there are countries that do not have the capability of generating their own electricity. The longer-term story is good, but the money and this company could be dead for a couple of years.

integrated mines
Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $12.540
Owned: Unknown

2017-11-22

TOP PICK
China Mobile Hong Kong (CHL-N)

This is usually a direct beneficiary for Europeans wanting exposure to China. In the last while, we have seen the opening up of the Chinese market via the Hong Kong market. The strategy has put some capital into other major Chinese corporations. The company is cheaper now than it was during the global financial crisis. They paid a special dividend earlier in the year, when they sold off their towers. This typically tends to band trade higher in an upward direction. At the moment it’s at the bottom of its low-end range. It has more cash than debt, so the dividend is a very safe. Dividend yield of 3.6%. (Analysts’ price target is $68.70.)

Telecommunications
Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $50.590
Owned: Yes

2017-11-22

BUY
Cisco (CSCO-Q)

When John Chambers was running this, it was a phenomenal growth story. Now it seems to be a US story plus, but is definitely not an aging growth story. Has a lot of cash and has become a dividend growth story. Feels it needs an acquisition, but has a very poor reputation in acquiring companies, integrating them and taking them forward. It will continue to benefit from the US government. It’s a company transitioning into a dividend paying, growth, mature tech company, and a longer growth story. Dividend yield of 3.2%.

electrical/electronic
Darren Sissons

Vice President and Partner, Campbell Lee & Ross

Price: $36.450
Owned: Unknown

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