STOCKCHASE

There is nothing in that infrastructure engineering space that he is excited about.

2011-08-17

DON'T BUY

3.800

James Hodgins

Has had a Short position on this one for a while. Similar companies have got caught up into some real cost inflation on oil sands projects that they are servicing. This company also has a significant debt load.

2011-07-25

BUY

4.070

Interesting because sometimes when these stocks get really hammered down, it is overdone. At these levels, the risk/reward is attractive. Very low multiple to BV.

2011-07-11

DON'T BUY

3.160

Original business was producing pipe and drainage products but got into pre-cast concrete in the last couple of years. Had too much debt, violated their covenants and the bankers forced them to cut their dividend to zero.

2011-06-17

Comment

10.500

The whole market is in a corrective phase. Doesn’t know why it has fallen off in the last month. He owns the debentures of this one. Likes the business long term.

2011-06-08

SELL

10.840

Jeff Parent B. Eng. FCSI

Big 13% decline. Obviously some bad news. It is continuing its drop. Start reducing it. Bounces after this will be considered by many as the selling point. Probably very unlikely you will see $13 again. Take out a third of position at a time.

2011-06-07

DON'T BUY

13.480

Andrew Hamlin

Manufacturer of piping for culverts, noise barriers and concrete bridges. Feels the balance sheet is a little stretched. Has grown significantly over the years but has layered on a lot of debt and they are paying out significant cash.

2011-06-03

DON'T BUY

16.200

This is a fallen angel. They have bounced along the bottom since. Prefers GNV-T or STN-T.

2011-04-26

HOLD

16.500

Bill Carrigan

Had a corrective period in 2010 and now looks like it’s in a bit of support. The worse is probably over.

2011-04-01

BUY

16.630

Prakash Hariharan

Has had a pullback. Huge leverage due to infrastructure spending. You had a run up on account of the stimulus spending. Wait for their report, which is in a little while. Thinks the squeezing out has been played out. The yield suggests there is a problem with the dividend. Near term it is ok. He’s been buying it over the last few days.

2011-03-09

DON'T BUY

17.460

Hap (Robert) Sneddon FCSI

Good company but became too overextended as they made acquisitions. Too much debt and the payout ratio is too high. Expect they may have to raise equity in 2011. He owns the bonds.

2011-03-04

WAIT

18.110

We have a downward line since early ’10. You want to see it break out before you buy it. You can connect the late ’09 low and late ’10 low. He would rather pay a little more after it has broken out of the top line and then pulls back a bit.

2011-02-08

BUY

17.850

Any time there is a double-digit yield on a security, it indicates risk. The reason for the 12.4% yield is due to the sharp decline in the past year. Had a difficult 2010 due to weather problems out west, which is probably not repeatable. Likes the look of the chart and almost had it as a Top Pick. Grinding upwards and has good volumes. (He participated in their debentures.)

2011-02-02

Comment

16.900

Lorne Steinberg

Extremely well run and relatively conservatively managed business. Been getting a well-diversified group of contracts. Has been a great acquirer of other niche businesses. Expecting they will do an equity issue this year so will be some dilution. 13% dividend is somewhat at risk if things slow down. (Holds their bonds.)

2011-01-24

Comment

16.000

Involved in pre-cast concrete barriers. Weak last quarter. Large debt because of acquisitions. Want debt down to 2X EBITDA so would be prudent for them to cut dividends by 15%-20%. Expect they will raise equity in 2011.Converting to a Corp Jan 1st. 13.5% yield. (Owns the bonds rather than equity.)

2010-12-02

Comment

15.600

Has disappointed 3 quarters in a row so he’s been lightening his position. Paying a good distribution until year-end when they convert.

2010-11-11

Comment

19.550

Michael Smedley

Yield of almost 11%. In a transitional period for converting to a corp. but suspects they will try to keep the dividends up. The market correction gives you an opportunity if you want to buy it.

2010-06-28

BUY

22.520

Michael Sprung

Infrastructure. Announced a conversion to a corporation effective Jan 1st. Should pretty much be priced in to the stock price. Company has been doing pretty well. Good price.

2010-04-27

BUY

22.500

Had a great run up into the mid-$20's and then came off fairly sharply after a supposedly weak quarter. Feels the things that affected last quarter will come to pass in one of the next couple of quarters. Continue to hold and it might be an opportunity to add.

2010-04-22

BUY

21.400

Barry Schwartz

Concrete products and manufacturing distributor. Infrastructure projects are not happening in the economy is still weak. Disappointing 4th quarter and Q1 was weaker than expected. Nice dividend yield.

2010-03-24

HOLD

21.290

Was getting ready to buy this stock and they delivered a crappy Q4. Over sold at this point.

2010-03-23

BUY

24.260

Infrastructure. Thinks the impact on stimulus in Canada hasn't really hit yet and that there will be a real rapid growth in actual construction activity, starting in Q2 and continuing for several quarters. Good management.

2010-03-08

BUY

24.260

Prakash Hariharan

(Market Call Minute) Very interesting name, sustainable yield. Great play on infrastructure space.

2010-03-01

PAST TOP PICK

24.380

(A Top Pick Jan 28/09. Up 42.8%.) Has added to his holdings.

2010-01-25

BUY on WEAKNESS

25.210

Expect a 20%-30% cut on distributions when they convert, probably in the 3rd quarter. Have a lot of growth opportunities. Long-term hold.

2010-01-06

TOP PICK

24.080

Glenn MacNeill, P.Eng.

Manufactures pre-cast concrete beams, structures, traffic dividers etc. Benefiting from infrastructure construction. Integrating last year's acquisitions. 9.1% yield.

2009-12-07

BUY

23.410

Gavin Graham

If business is well run you shouldn't worry about the structure i.e. conversion to a corporation. This one is well managed and is benefiting from infrastructure investment in Western Canada.

2009-11-23

BUY

23.100

Glenn MacNeill, P.Eng.

Infrastructure. Have a number of different ways of generating cash flow. Cash flow goes into a high distribution, which typically has a low reinvestment requirement. Good backlog and potential for more government projects. 9.3% yield should be safe.

2009-11-06

HOLD

16.910

Primarily infrastructure. Acquired a number of precast concrete companies last year. Will get a lot of business as governments spend more money.

2009-03-25

BUY

16.290

Gavin Graham

A great play on the whole infrastructure build in Western Canada. In about 2011 they will have to convert back to a corporation and the income will then become dividends.

2009-03-23

BUY

15.200

A beneficiary of the infrastructure build. Manufactures things like corrugated conduit under roads, etc.

2009-02-24

BUY

17.640

Andrew Guy, CFA

Produce culvert pipes and things for bridges and roads. Very good way to play the infrastructure story. 12.25% yield should be safe. Good management.

2009-02-04

TOP PICK

19.000

Mainly sewer pipes. There will be a big infrastructure spend in Canada. Provinces and municipalities have big backlogs.

2009-01-28

BUY

17.700

Manufacture culverts for creeks running under roads, etc. Legitimate growth story within the trust sector. Will be a beneficiary of infrastructure spending. Not a bad place to be.

2009-01-22

PAST TOP PICK

18.010

(A Top Pick Nov 8/07. Down 1%.) Made a number of acquisitions last summer, mainly in the concrete side. Should win a lot of business on infrastructure. Still a Buy.

2009-01-16

BUY

12.250

(Market Call Minute.) Very recession resistant. Good price.

2008-12-08

PAST TOP PICK

13.100

(A Top Pick Nov 8/07. Down 17%.) In the infrastructure space. Governments want to get the country going so they will be spending on infrastructure. At these levels it is a Buy.

2008-11-20

PAST TOP PICK

22.950

(A Top Pick Nov 8/07. Up 17%.) Infrastructure play. As a history of raising its distribution. Lots more room for growth. Could be in the $29 range in 18 months.

2008-09-19

HOLD

20.790

Specializes in the growing infrastructure need in roads, hospitals and airports. Not particularly economically sensitive but currently is trading at a relatively high valuation. Would like to see it around $18.

2008-01-21

HOLD

20.780

Kevin Hall BComm, CFA

Infrastructure in Canada. Looks like it is going to be a good place to be. Not too familiar with this trust.

2007-12-04

TOP PICK

20.600

Infrastructure play. Pre-cast and pre-stressed concrete. Made a great acquisition last summer in western Canada. 70% of business comes from government.

2007-11-08

BUY

19.600

Patrick Kim

A part of the infrastructure and this is a wonderful place to be in Canada. A lot of money is sloshing around Government coffers right now. This company is doing a good job. Has a good presence in western Canada.

2007-11-02

TOP PICK

18.400

Chris Rankin, MBA, CFA

This company makes drains and just bought a cement company. Infrastructures and roads across the country are up. He believes that it has a lot of upside and has bought some himself. Believes it may go 20% higher. Currently has a 9.3% yield.

2007-10-19

PAST TOP PICK

19.100

(A Top Pick Dec 1/06. Up 15%.) Fully valued in the infrastructure repair space, especially in southern Ontario.

2007-05-29

PAST TOP PICK

18.350

(A Top Pick Dec 1/06. Up 8.4%.) Drainage systems. A play on infrastructure. Will probably control at 5% to 8% plus distributions.

2007-03-02

TOP PICK

16.690

Boring, under the radar business that he loves. They create a lot of infrastructure products for roads, sewers, hospitals, etc. Did very well in western Canada and is expanding Ontario operations.

2006-12-01

PAST TOP PICK

19.800

It has increased by 23.6%. The company has done some acquisitions. He still likes it. Management is doing well increasing distribution.

2006-09-29

VAGUE

20.160

Chris Rankin, MBA, CFA

Good demand profile. Posiive operation. May be fully valued.

2006-09-25

BUY

18.510

Greg Guichon

A thinly traded trust, so he can't hold it in his portfolio. Likes the business model. Public infrastructure spending continues to go up. They have a cost advantage in the products they use. 20% of their revenues are from the oil/gas business. Low debt. Very conservative management.

2006-04-28

PAST TOP PICK

18.450

(A Top Pick Dec 23/05. Up 7.5%.) Provides structural products for roads, sewers and bridges. Governments are spending more on infrastructure. Just made an acquisition in Alberta where construction will be increasing.

2006-04-07

PAST TOP PICK

18.400

(A Top Pick Dec 23/05. Up 6%.) Likes this one as an infrastructure play in Canada. They make the materials for pipes and sewers as bridges and roads are being built. A good entry point. Have increased distributions.

2006-03-24

PAST TOP PICK

19.150

One of his favourites small cap trusts. Previous pick. Depends on government infrastructure spending. Still liking it. 8% yield. Should break $20.00 in 2006.

2006-03-01

BUY

19.000

Has performed well. Good growth pattern. Recently the Government of Ontario has released a paper showing it should be spending another quarter billion dollars to build new highways and infrastructures. This should benefit this company.

2006-02-25

BUY

18.250

Dean Orrico

In the infrastructure industry. Basically manufacture steel, aluminum and polyethylene plastic pipe for a drainage system. Canada has had a significant amount of money delegated to improve infrastructure. This company is a leading player.

2006-02-03

TOP PICK

17.200

A play on Canadian Infrastructure. Recent study showed Canada had $100 billion deficit in infrastructure. This company’s products include drainage systems and they produce steel and polyethylene products for bridges. Has 50% market share in Canada. Payout ratio is about 62%. Has increased distributions many times.

2005-12-23

TOP PICK

15.910