STOCKCHASE

(A Top Pick Dec 7/10 Up 17.41%.) Got out of most of his holdings but is still holding convertible debentures. Have been winning and signing lots of contracts in the oil sands. Stock may have gotten a little ahead of itself.

2012-01-16

DON'T BUY

11.410

Construction/production business. They were penalized on the fixed rate contract for Firebag 3, which cost them a lot of money. Good management. Recently sold his stocks but owns their debentures. Prefers Flint Energy Services (FES-T). This one trades at 1.4X Book and pays a $.20 dividend and is trying to get back on the green side on their balance sheet, but suspects the easy money has been made.

2012-01-13

BUY

10.350

Have had some changes in management and have been making some good improvements in their operations. Have realigned some of their operations. Industrial side has not been doing too well but they work they do in infrastructure as being good or better than expected. Good price. (See Top Picks.)

2011-12-19

PAST TOP PICK

10.340

(A Top Pick Dec 7/10. Up 7.61%.) Winning good contracts.

2011-12-12

BUY

10.290

(He owns the convertible debentures on this.) He likes it as a debt holder as they have a very good balance sheet. Had a real misstep in Alberta and went through a lot of cost overruns. Management has now cleaned up their bidding process and they have a full order book. Expect there will be some outperformance over the next 3-4 years.

2011-12-05

Comment

9.700

Veronika Hirsch

Every time they get a contract, it seems that the stock drops? The reason is that when they get a contract, the stock temporarily goes up and investors who own use that as an advantage to sell. They have also had some very poor years in the past, which doesn't help.

2011-11-25

BUY

9.700

Have had some problems over the last few years but recently had a few positive announcements. There have been improvements in operations and some new contracts.

2011-11-25

BUY on WEAKNESS

10.260

Jim Huang

Haddock acquired a company that had a pretty low margin business. Started to get better and get out of the low margin businesses. Traditionally very conservatively run. At this point you have to look at economic growth and how much it could help or hurt.

2011-11-14

Comment

10.400

Michael Decter

Up 47% since their October low. Has been a tough story for a long time. He avoided this because it has disappointed so many times. It may be that they have finally got everything aligned. Seem to be getting new contracts with some margin improvement.

2011-11-10

Comment

9.190

Douglas Kee

Just reported and profit was up 85% compared to last year. Have a growing backlog. Dividend is safe. (See Top Picks.)

2011-11-07

Comment

8.990

John O'Connell, CFA

Has to be a lot of spending on infrastructure and this company will get its fair share but governments are reining in their spending, so is now the time to buy construction company. Fairly small and will bounce around a lot.

2011-11-02

DON'T BUY

9.000

Feels there are some good things going on in this company. Have made some shifts in management to address their problems. Expect they would do better going forward. Has a ways to go to prove itself with investors again. 2% yield.

2011-10-31

BUY

9.160

They are starting to get through their older contracts with lower margins. They are really well positioned out west and getting a lot of business in Ontario. Could easily trade into the low teens. Pushing through the old unprofitable contracts.

2011-10-28

BUY

8.710

Brooke Thackray

Positive fundamentals have a positive impact on the stock. It broke the downward trend line and went through a resistance level. It is the season for this sector right now. $10.50 and $12 are resistance levels.

2011-10-27

HOLD

8.510

Announced a slew of contracts in the last week. It is quite cheap. 26% of expected backlog announced in the last 5 days. With upcoming results he expects large increase.

2011-10-26

SELL

7.340

Chart shows a distinct 2 year downward trend. There are a lot better technical patterns than this one.

2011-10-07

HOLD

8.090

In the penalty box. Stumbled on a fixed price contract and lost money. With any kind of an up tick in infrastructure, they should do well. If you own, he would be tempted to hold on.

2011-09-09

TOP PICK

8.020

7% bonds due 2014. Pristine balance sheet. Almost have no debt. Not looking to have it converted into equity.

2011-09-08

Comment

8.070

Seasonal strength for the industrial sector is from November until May of each year. The chart on this one seems to be showing some stability and is trying to form a support level. Look for a test of that support level in September and if it holds, it is a very encouraging sign.

2011-09-02

PAST TOP PICK

7.900

(Top Pick Aug 5/10, Down 29%) Sold it a while ago. Had a number of quarters in a row where they could not execute. He lost patience.

2011-08-24

HOLD

7.950

Disappointed on a large fire bag contract in Fort McMurray where they lost $50 million. Last quarter was the 1st one where they were a little bit better.

2011-08-15

TOP PICK

8.080

7% Convertible Bond due 2014. This is almost like a guarantee, because there is little to no debt on their balance sheet. If the stock recovers and goes up, this is convertible.

2011-08-10

HOLD

8.410

Bill Carrigan

This was an infrastructure story and everybody bought into it but it didn't work out. Chart shows a very complicated correction but you are now at a higher low so he would stay with it.

2011-08-05

HOLD

8.590

Michael Smedley

Backlog is down but it is very high quality. Don’t have to worry too much about governments having to find money for projects, because they are actually funded by the private sector now.

2011-08-03

BUY

8.160

He is going to wait on it. Like a small cap SNC. Had a problem with fixed price contracts abut that has passed so now all they have to do is deliver on backlogs.

2011-07-12

HOLD

8.240

Jason Donville

Price to book value numbers have gone up over time. Currently at the low end of its historical range. In 6 to 8 months they will get themselves into more good projects. At that time, the stock will spite and that will be the time to get out.

2011-07-11

BUY

8.450

Hap (Robert) Sneddon FCSI

Construction. Was in a fixed price contract with Suncor (SU-T) on a firebag contract but had major overruns creating a loss in the quarter. Likes the management. Yield of about 2.5%.

2011-07-08

DON'T BUY

8.530

Chart shows a downtrend from late 2009. Just made a higher low, but not worth the risk. Probably better choices in the sector.

2011-07-06

PAST TOP PICK

8.310

(A Top Pick July 26/10.Up 9%.) Convertible 7% bond maturing Sept 30/14.

2011-07-04

HOLD

7.540

Has gone under a great deal of stress over the last couple of years. Didn't make their objectives or their earnings. Also had some management turnover, which may correct some of their underlying problems. He is looking for earnings to recover.

2011-06-20

DON'T BUY

8.030

Last quarter was mixed. Profits weren’t so good and backlog was just OK. Their problem has not been getting new business, but making money on the business. He will hold for another quarter to see how their half year is.

2011-06-16

BUY

8.410

There has been no particular news. It is going down on low volume. It doesn’t need economic growth because it has an excellent backlog. It depends on your patience whether you hang on. He is going to buy it soon.

2011-06-07

DON'T BUY

8.840

Ron Meisels

Sold off in 2008 and then did a double base formation in 2009. Now falling back and should find support around $8.60. Below $8 would be a buying opportunity, but be sure it is not falling below the 200 day moving average.

2011-05-30

DON'T BUY

9.070

Steve Carlin

Wants to see some changes in the earnings profile before he goes in. Looking at the economic backdrop, they should be very well positioned. Have been struggling in some of their divisions, have had some management changes and struggling with earnings growth.

2011-05-11

PAST TOP PICK

9.090

(Top Pick May 17/10, Down 16.84%) This is an execution problem. They have a record backlog. All they have to do is deliver profitably on the backlog. Last two quarters they didn’t. He is hanging on. Thinks it will come back.

2011-05-10

BUY

9.660

They had disappointed last year and pre-announced a contract loss. Now, have a better outlook and a record outlook. Under $10 is a good entry point.

2011-03-10

WAIT

9.520

Lesley Marks

Were very comfortable with the investment. Recently they fell on hard times due to profitability. They bid too aggressively in projects. Usually new management comes into the business and turns it around but it will take some time. 2 – 3 quarters.

2011-03-09

HOLD

8.950

Starting to look like fairly good value. Had a change of management. Take on a lot of the construction risks with their projects. (See Top Picks.)

2011-03-03

BUY

9.250

Took over a Suncor (SU-T) project of $200 million and ended up losing about $52 million. Thinks they have learned. President resigned. At $9 and lower it is back in value territory. Doesn’t see the 2% dividend at risk.

2011-02-18

PAST TOP PICK

8.990

(A Top Pick Match 15/10. Down 32.87%.) Engineering and construction. Have a record backlog. Did a fixed price bid on oil sands and ended up losing money. Revenues are going to be there. Extremely cheap valuation.

2011-02-16

PAST TOP PICK

8.300

(A Top Pick Feb 8/10. Down 35.86%.) Strength has been in winning bids but apparently winning by bidding too low. Got killed on the Suncor (SU-T) contract because of unforeseen extras and difficulties. Now trading at book value and have a lot of business with variable price contracts on the books. If he sees any more flaws in execution, he will be selling.

2011-02-08

Comment

8.510

Rick Stuchberry

Stock fell when they announced a loss on an oil sands project. If you like the infrastructure space, this is not particularly expensive now.

2011-02-07

DON'T BUY

9.860

Michael Decter

Sold his holdings when it disappointed as a stock. Company seems to do well. Prefers Churchill (CUQ-T).

2011-02-03

DON'T BUY

9.800

Industrial products sector has seasonality from October through until May. This one has had that seasonality in the past but technicals right now are not looking that great. Chart is showing a downward trend. Trying to show signs of support that would seem to imply that downside risk is relatively low.

2011-01-27

DON'T BUY

10.140

Jason Donville

Pretty good company but like a lot of construction companies, they tend to have boom, bust, boom, bust depending on certain projects that drive things. This is one that has its ups and downs and wouldn’t be one that he would own through the cycles. If he owned one, it would be Genivar (GNV-T).

2011-01-20

PAST TOP PICK

9.970

(Top Pick Jan 29/2010, Down 25.79%) Still likes it. Picked up a lot of business. Stimulus companies took longer than then thought to get the contracts from stimulus packages. He is going to hang in. It will take longer.

2011-01-06

TOP PICK

9.850

(Top Pick Dec 2/09, Down 31%) really bad timing. He is not giving up hope. He thought there would be more infrastructure spending. The ship is now righting itself. Feels really good about 2011. The market has punished them enough. Focusing on Transportation, power and oil sands, all three of which will show good growth going forward.

2010-12-07

DON'T BUY

10.220

Jamie Horvat

Trading at about 14-15 times earnings. Construction of commercial and government buildings is flat to marginally down. Transportation is marginally up. Oil sands is going up. Margins are about 2.5%-3%. Doesn’t see a lot of growth.

2010-11-26

DON'T BUY

9.970

Stan Wong

Canadian infrastructure. Missed their earnings last quarter. Stock has suffered quite a bit. Prefers global infrastructure. (See Top Picks.)

2010-11-18

DON'T BUY

9.870

James Hodgins

Infrastructure play. Investors are moving more up the risk curve and dumping infrastructure. He has a Short position on this one.

2010-11-15

WAIT

10.170

Steve Carlin

Operates in 4 divisions. Challenges in their building division hurt them. This quarter had some problems in their Industrial area. Very large backlog but there is some margin pressure. Needs to see a couple of more quarters.

2010-11-10

DON'T BUY

10.170

Because of a lack of execution, earnings where poor last quarter. Also seems to be squeezed on margins.

2010-11-09

BUY

10.280

Has not worked out. Management could not translate backlog into margins. He’s hanging on. He bought today. It will pick up if they some higher margin projects.

2010-11-04

WEAK BUY

12.150

A Fantastic company. An infrastructure play. They are all price premium. At the end of their stimulus packages but they have great backlogs. When stimulus dries up they will not have as many global orders as piers.

2010-11-01

BUY

12.140

Gavin Graham

Infrastructure play. Construction and contracting, particularly in western Canada. Well managed with a decent balance sheet. Will be involved in the replacement of developed infrastructure as well as emerging-market infrastructure.

2010-10-29

BUY

12.490

Trailed SNC. Aecon had some problems with its buildings group. But they have record levels of backlogs. In his view this makes it a good time to buy it.

2010-10-18

BUY

12.010

Probably undervalued. NAV is around $18 so the stock should be trading at $15-$16. Has a record backlog giving it 2-3 years of growth.

2010-10-06

BUY

12.100

Has been one of his top picks, but disappointing valuation. Buy more at this price. Things will turn around next year.

2010-10-05

WAIT

12.060

No longer dirt-cheap. Growing their top line and bought into Churchill. Well run. While they pick up a lot of top-line he would like to see more bottom-line growth. Well positioned for the economy while it turns around.

2010-10-01

WAIT

12.190

Stan Wong

Has had a bit of a rally since July but is still below the 200-day moving average. Wait to see if that is a resistant level or if it will break through. Earnings momentum is average.

2010-09-16

HOLD

12.290

Ara Nalbandian

Very well run company in 2 distinct divisions. Infrastructure side is doing quite well with stimulus money but buildings division is weak with low margins. Company is building backlog ($2.7 billion) with some strong orders and have been making acquisitions in the West. Next growth driver is going to be building infrastructure in the oil sands.

2010-09-15

Comment

11.910

Douglas Kee

Infrastructure play. Ordered back log.

2010-09-09

WATCH

12.160

Ron Meisels

Sold off a little but is starting to recover. It needs a little break above $12.50 and if it gets that, the stock should start to move back up again. Probably a good place to be in long-term.

2010-09-08

BUY

11.270

Sandy McIntyre

Bullish on infrastructure re-build. Continued government spending is very favorable for them.

2010-08-25

BUY

11.010

Steven Conville

With their orders, #407 development, future infrastructure plays, etc. he does feel the future bodes well.

2010-08-13

BUY

11.930

Jim Huang

Well run company and with the backlog they have revenue visibility for the next while is quite good. Looking to acquire Cow Harbour Construction, which is leveraged to oil sands construction.

2010-08-09

TOP PICK

11.500

Good thing about last earnings release was their huge backlog. Market should value them for announced new projects AND huge backlog. Pretty good risk/reward in this stock.

2010-08-05

PAST TOP PICK

11.120

(A Top Pick Aug 10/09. Up 1.05%.)

2010-08-04

TOP PICK

11.000

Convertible 7% bond maturing Sept 30/14. Stock is appropriately priced so this is a safer way to get into the infrastructure play.. Fantastic balance sheet. No debt.

2010-07-26

PAST TOP PICK

10.970

(Top Pick Dec 2/09, Down 23%) Was a stimulus/valuation play. Backlog has grown to a record level. Balance sheet is in great shape. Earnings should improve this year.

2010-07-20

HOLD

10.370

Disappointing to him. Tremendous backlog of projects. Good earnings. Not sure why it is not being rewarded by the market. A bit of a small float and can be volatile. Earnings should increase.

2010-07-06

BUY

10.120

Martin Hubbes, CFA

Reasonable long-term because if there is no economic growth, there will be another stimulus package. Oil prices are back to a level where construction projects are starting to line up again for the oil sands.

2010-07-05

STRONG BUY

11.010

A lot of big contract announcements at the beginning of the year and then all of a sudden it went quiet. Will take some time. Looking for some really good earnings starting in 2011. Great balance sheet.

2010-06-14

BUY

10.470

One way to play it is through the convertible debentures. Maybe the whole balance of 2010 the earnings may look lousy but you have to stick with it.

2010-06-03

TOP PICK

10.930

AECON convertible debenture 7%. Upside if stock starts to take off. 6% yield.

2010-05-25

DON'T BUY

10.560

Ross Healy

SNC Lavalin (SNC-T) versus Aecon (ARE-T)? Doesn't like either of them. SNC fair market value has not been taking off because of infrastructure spending, which has been desperately slow in getting out. Still trading at 4X book. Less massive downside risk with Aecon but also doesn't have particularly good FMV.

2010-05-20

TOP PICK

11.150

Infrastructure and her big beneficiaries of the current construction season. Now has a record backlog. Others in the group also looked attractive at their prices.

2010-05-17

BUY on WEAKNESS

11.700

Norman Levine

Infrastructure. Dependent on governments to build roads, bridges, etc. Theory was they would be big beneficiaries but government finances have been crumbling. Probably getting to the point where it is a good investment because governments have to invest in infrastructure.

2010-05-05

TOP PICK

12.420

Steven Conville

This infrastructure play is not priced that high and neither is his target but there are going to be a lot of roads and buildings taking place with government money right now and the contracts have been signed. This is one of the largest in this space. Looking for $3-$4 move up.

2010-05-03

DON'T BUY

12.650

Seasonally the best time for this is around the middle of October of each year and continues to go higher through until the end of May. Stock just broke a key support level and has now established a downward trend.

2010-04-30

TOP PICK

13.640

Safe way of having some exposure to infrastructure. Acquired Lockerbie & Hole near the bottom of the market early 2009 and has turned out to be a great acquisition. He sees 2 or 3 years of baked in 15% growth that can't really get derailed.

2010-03-15

BUY

13.660

Norman Levine

A fine company. Infrastructure is a good place to be.

2010-03-09

PAST TOP PICK

13.870

(Top Pick Feb 2/09, Up 39.97%)

2010-03-01

WAIT

13.960

Likes it. Doesn’t know how earnings will come out but they have a very large backlog and are winning contracts on a regular basis. Don’t buy right before earnings.

2010-02-25

TOP PICK

13.500

A terrific growth story in the last few years. Benefiting enormously from infrastructure spending. Project backlog is now $2 billion and still growing. Low dividend but more of a growth story. Good management.

2010-02-08

PAST TOP PICK

13.690

(A Top Pick Feb 2/09. Up 39%.) Well positioned. Getting a lot of projects in Ontario, out West and in the oil sands. Has a couple of good years of growth ahead of it. Trading at about 4-5 times operating cash flow. Still a Buy.

2010-02-01

TOP PICK

13.580

Primarily Canadian infrastructure with toll crossroad in Israel and Ecuador airport as big contracts. Acquired an oil sands and oil sands related company in February, which won the big fire-bag restart from Suncor (SU-T). Stock really moved on this but has now pulled back. Good backlog.

2010-01-29

BUY

13.580

Jim Huang

(Market Call Minute.) Well managed construction company. Leveraged to oil sands.

2010-01-29

BUY

15.020

Canada's largest infrastructure and construction company. Bidding on an unprecedented number of infrastructure plays. Great balance sheet.

2010-01-04

TOP PICK

14.920

All the contracts are now being signed and putting them together you get a growing infrastructure play, which isn't so dependent on the economy. Trading at 12X next years earnings.

2009-12-30

PAST TOP PICK

15.100

(A Top Pick Feb 2/09. Up 50.24%.) Undervalued at 4-5 times cash flow and is a great growth story. Key player in infrastructure projects. Still a Buy.

2009-12-23

BUY on WEAKNESS

15.100

Done well lately within the infrastructure group. Announced a number of contracts. He owns Stantec because it only does the engineering, diversified throughout North America. But Aecon is a well managed company, a little expensive and could be bought during a pull back.

2009-12-22

DON'T BUY

15.100

Hank Cunningham

Convertible debentures. Does not recommend these. Yield to maturity is very low at just over 5% and these are non-investment grade securities. Yield on the underlying unit is about 1.2%.

2009-12-22

BUY on WEAKNESS

14.840

Had a big pop on the announcement by Suncor (SU-T) of starting up of Firebag #3 and #4 which will be done by their acquisition earlier this year.

2009-12-07

TOP PICK

14.500

It is the new SNC. Emerging as one of the leading Canadian construction companies. It has a record backlog. It’s bidding on an unprecedented level of infrastructure and oil sands contracts. It looks very cheap. Wants to own this for many years.

2009-12-02

PAST TOP PICK

13.970