Scotia Bank's take on ChorusLatest Research (August 13, 2019): OUR TAKE: Neutral. We broadly maintain our estimates and keep our SO rating / $9.50 target intact following inline Q2/19 results. CHR is supporting our thesis of significant growth in the third-party leasing business and relative stability in the legacy business (mostly Air Canada CPA) at recently revised levels. We believe CHR's aim to further grow the profitable leasing business should drive earnings growth in the medium term and potentially FCF in the long term as the business matures. In the meanwhile, investors should benefit from CHR's highly attractive dividend yield of 6.3% with no risk to the dividend, in our view. While the stock could be discounting some equity dilution risk, we believe CHR is not dependent on external equity to fund growth ambitions given sufficient internal cash flow generation and access to debt markets