Disnat - Accueil


May 2014
   
 
Economic Commentary
Desjardins Economic Studies
  Are U.S. stocks likely to
undergo a correction?


by

FRANÇOIS DUPUIS
Vice-President and Chief Economist

and

MATHIEU D'ANJOU
Senior Economist

  
Desjardins, Economic Studies

In early 2009, investors had reason to be depressed: it seemed that nothing could alleviate the financial crisis triggered by the bursting of the housing bubble in the United States. In addition, the market correction that began in the fall of 2007 was looking increasingly like a bloodbath. But rebounding from its March 2009 low, the S&P 500 is now experiencing, five years later, one of the most impressive bull markets in its history.

 

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Stocks to Follow
Desjardins Securities Research
 
Analysis by
DOUG YOUNG
CFA






Manulife Financial Corporation
  • Manulife presents a unique way to play Asia?s growth potential

  • The stock still offers decent relative upside should equity markets improve and interest rates rise

  • In our view, it is well capitalized, with a Minimum Continuing Capital and Surplus Requirement (MCCSR) ratio of 255%

  • Manulife offers a stable dividend yield of 2.5%

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Analysis by
KEITH HOWLETT
Analyst








Loblaw Companies Limited
  • Following the closing of the Shoppers Drug Mart acquisition in March 2014, Loblaw is the largest grocery retailer and the largest drug retailer in Canada, with a highly cash flow?generative business and EBITDA of ~$3.5b

  • Realization of synergies from the Shoppers? acquisition, completion of SAP implementation and the value of future vend-in properties to Choice Properties REIT serve as catalysts for the company?s stock going forward

  • Within the core grocery business, we expect market conditions to improve by mid-2014, offering modest relief from the recent very challenging industry conditions

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List of Stocks to Follow



Stock TSX
Symbol
Recommendation
and Risk
Target
Price ($)
Market
Cap ($m)
Dundee Industrial REIT DIR.UN Buy-AR 10.00 659
The Toronto-Dominion Bank TD Buy-AR 60.00 97,121


See complete list



 
Tax Column
  Tax Forms: How Long to Keep Them

by

Patric Saint-Onge
CPA, CA, LL.M fisc., TEP
Tax Advisor



Corriveau Saint-Onge inc.

Now that April 30 has passed, many taxpayers will wonder about the requirements for retaining the different tax slips that were issued to them during the previous month. Can these be destroyed once a notice of assessment is received and taxes are paid?

 

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