Website Changes - Please Read
We will be making a fairly significant change to the way our renewal and checkout system works at 5i Research. This of course has no impact on the services offered by 5i Research or pricing but will be a departure from what long-time members are accustomed to.
Why the change?
We are in the middle of building out a brand new service offering at 5i Research and in order to do this, we need to change the way our checkout system works. This is the first step in releasing the new tool. We are not quite ready to publicly discuss what this service will entail but we are very excited about the release, which is targeted for early in 2019.
What is the Update?
There will be two primary changes that members will notice: functionality and recurring renewals.
On functionality, we have simply updated the 'User Profile' piece to make it easier to navigate, track their subscription, and update preferences.
Recurring renewals will be the big change for members though, so here are a few points to keep in mind:
- We are upgrading our system to automatically bill your 5i membership to your credit card each year, rather than requiring you to go through the process of renewing. We hope that our members find this more convenient.
- Once the new system goes live, a member will need to manually renew before they 'enter' the recurring renewal system. So no memberships will be automatically renewed until you renew under this system. You will not need to renew until your expiry date comes up.
- The option to cancel the recurring renewal function will exist
- You will receive an email several days before your membership is scheduled to be renewed, reminding you of this fact.
- Two-year renewals will no longer be available
- No other changes to the look and feel of 5i Research services will occur. This only relates to the renewal system.
For members that simply do not want to worry about this, the other solution is to renew before this update comes into effect. This would allow you to renew for an extra one or two years and not be part of the recurring renewal subscription until you choose to renew upon expiry in the future years. This essentially pushes the recurring renewal change back by one or two years if it is something you do not want to deal with for the time being. You can renew here to defer being part of this system for the time being.
In order to implement this change, the website will be down on Thursday, September 27 from 10:30 AM for the remainder of the day. We will send an e-mail notifying members when things are up and running again but should be back to normal by Friday morning at the latest. Members can look to our twitter account (@5iresearchdotca) for any pressing updates over trading hours.
In summary:
- We are updating our system to allow for recurring renewals.
- This is part of a roll out for a new service expected in the New Year
- No changes to the service or pricing itself will occur.
- This update will occur on Thursday, September 27 at 10:30AM EST. Expect the website to be down for most of the day on Thursday.
- If you want to defer being part of the recurring renewals, we suggest you renew before the change is implemented.
- If you renew after September 27, you will be part of the annual recurring renewal system.
Updated Reports:
We have an updated report on DHX Media and Knight Therapeutics. The two company's could not be more different. One has too much debt and the other has too much cash. Log-in to view the reports.
Company updates:
With second quarter earnings season in full swing, we would check our Question Archives for most company comments.
Transcontinental (TCL, NR)
We have an updated report on DHX Media and Knight Therapeutics. The two company's could not be more different. One has too much debt and the other has too much cash. Log-in to view the reports.
Company updates:
With second quarter earnings season in full swing, we would check our Question Archives for most company comments.
Transcontinental (TCL, NR)
TCL, held in the model income portfolio had a weak quarter that missed estimates. The Coveris acquisition is moving along but management is ensuring they do not rock the boat too much with the change. There were also some orders that were deferred into the next quarter. Not a great quarter but the Coveris acquisition is a big move into the packaging space and TCL's valuation continues to appear cheap on most fronts.
Market Update:
Markets continue to jump from one flavour of the week to the next. Emerging Market concerns appear to be on the back burner with a focus back to tariffs and China. The US has added a 10% tariff to Chinese goods and China has responded with tariffs of their own. Markets actually viewed this news positively, as the tariffs appear to be not as bad as expected. Looking at Canada, NAFTA negotiations continue to appear to go nowhere fast and this is really the focus for Canadian markets in our view.
Market Update:
Markets continue to jump from one flavour of the week to the next. Emerging Market concerns appear to be on the back burner with a focus back to tariffs and China. The US has added a 10% tariff to Chinese goods and China has responded with tariffs of their own. Markets actually viewed this news positively, as the tariffs appear to be not as bad as expected. Looking at Canada, NAFTA negotiations continue to appear to go nowhere fast and this is really the focus for Canadian markets in our view.
Model Portfolio Changes
All trades are as of market close on September 19, 2018.
Income Model Portfolio:
New 2% position in Alaris Royalty (AD.TO, NR).
Trade Rationale: Alaris appears to finally be past the issues it was having with some of their royalty companies. With some resets in distributions completed successfully and new investments helping support the distribution, the situation looks to be much more stable at this stage. Between an 8% yield and valuation at lows along with some good momentum, we think it is time to pick away at AD.
New 2.5% position in Pason Systems (PSI.TO, NR)
Trade Rationale: Pason is a stock that might be many things to different people. It has technology and energy exposure while also having an income and growth exposure. Because of this, we think it fits nicely into the Income Model Portfolio at this time. The yield of 3.63% is attractive and growing. Meanwhile, the business at PSI has been growing at a strong pace across all divisions. The main detractor here is a higher valuation which will add to volatility but we think everything lines up well to help justify a premium.
All trades are as of market close on September 19, 2018.
Income Model Portfolio:
New 2% position in Alaris Royalty (AD.TO, NR).
Trade Rationale: Alaris appears to finally be past the issues it was having with some of their royalty companies. With some resets in distributions completed successfully and new investments helping support the distribution, the situation looks to be much more stable at this stage. Between an 8% yield and valuation at lows along with some good momentum, we think it is time to pick away at AD.
New 2.5% position in Pason Systems (PSI.TO, NR)
Trade Rationale: Pason is a stock that might be many things to different people. It has technology and energy exposure while also having an income and growth exposure. Because of this, we think it fits nicely into the Income Model Portfolio at this time. The yield of 3.63% is attractive and growing. Meanwhile, the business at PSI has been growing at a strong pace across all divisions. The main detractor here is a higher valuation which will add to volatility but we think everything lines up well to help justify a premium.
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