TopPicks from David Baskin, chairman at Baskin Wealth Management
David Baskin, chairman and president at Baskin Wealth Management, discusses his top picks: National Bank of Canada, Granite REIT, and Restaurant Brands.Despite the headwinds facing the Canadian banking sector, we think National should outperform in a recession. Over half of National’s portfolio is in Quebec, which has lower household leverage and less housing exposure than other provinces.
Demand for high-quality industrial warehouse space remains high as companies continue investing in e-commerce fulfillment allowing Granite to offset rising cap rates with higher rents both from higher inflation and on renewal. Granite has kept the balance sheet very clean at just 32 per cent net leverage, and we think shares are attractive at a discount to NAV.
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