STOCKCHASE

Slow and steady and a nice dividend. Doing well in their market area. A good, reasonable income producing stock. Best dividend of any Telco stock.

2012-01-20

PAST TOP PICK

27.950

(A Top Pick Jan 5/11. Up 11.82%.) Picked them because of fibre optics to the home. World-class leaders in what they do. A little more debt than he would like but a fantastic yield.

2012-01-19

BUY

27.920

Yield of around 7%, which he thinks is sustainable. Free cash flow of about $500 million. They’re spending a couple of hundred million dollars creating a fibre network to homes in the Atlantic provinces. And they will be taking market share.

2012-01-18

HOLD

27.820

Thinks the dividend is sustainable. Majority of business is wire line. They are very efficient and good at cutting costs.

2012-01-12

PAST TOP PICK

27.760

(A Top Pick Nov 19/10. Up 13.24%.) They are world class when it comes to fibre optics for the home. Has good support in the $27 range.

2011-12-15

BUY

28.030

Maritime, Québec and some parts of Ontario. Wire line, but are getting into the optical cable. Earnings growth is good and it has an excellent yield of 6% plus. He keeps adding every time it gets below $28.

2011-12-09

PAST TOP PICK

28.110

Randy LeClair

(A Top Pick July 5/11. Up 3.2%.) Bell Alliant 4.85% Series A, Rate Reset. Still Buying.

2011-12-07

PAST TOP PICK

28.000

(A Top Pick Nov 1/10. Up 6%.) 4.37% 09/13/2017 Bonds.

2011-12-05

BUY

27.280

Long-term hold 20 – 25 years? Extremely difficult to look that far into the future. As a value investor, he only looks through a business cycle such as 3, 4, 5 or even 6 years only. There have been massive changes in the utilities over the last 25 years. A criticism has always been of being in a constrained market or growth but they have been investing a lot into fibre optics, which is beginning to get some traction for them. Dividend should be okay.

2011-11-25

PAST TOP PICK

27.550

(A Top Pick Sept 7/10. Up 17.16%.) Still likes and would still be a Hold. This one is all about the dividend. Almost 7.5% yield.

2011-11-17

PAST TOP PICK

27.390

(A Top Pick Nov 1/10. Up 8%.) Bell Aliant 4.37% 09/13/2017 Bonds.

2011-11-16

PAST TOP PICK

27.580

(Top Pick Nov 19/10, Up 11.11% Total Return) Still likes it. Has a boring trend.

2011-11-15

PAST TOP PICK

27.450

Joey Mack

(A Top Pick Sept 30/10. Up 5.84%.) Still likes.

2011-11-04

TOP PICK

27.820

Wire line in the Maritimes. Fibre optic side of the business has been really growing. Now that there is a big building contract in the area, it will probably help them. Good yield. Well-managed.

2011-10-21

PAST TOP PICK

27.250

(Top Pick Sep 7/10, Up 14.75 Total Return) You want some nice yield protection on the downside. Not the hottest company in the world, but it is well run, cheap and nice yield.

2011-08-31

HOLD

27.130

Have done a good job of cutting costs. Dividend should be safe. He questions growth over time but they have done a pretty good job on their wireless side.

2011-08-29

BUY

27.200

Andy Nasr

Immune from wireless issue the others are facing. Must build out its home network. Are spending billions to build out network. Taxable in 2013. Dividend is sustainable.

2011-08-23

Comment

27.300

Doesn't feel growth prospects are great. Dividend is safe. If you're a yield player, it's a good solid hold.

2011-08-15

TOP PICK

25.740

World-class with their fiber optics to the homes. In the right space with telcos, utilities and pipelines. Very stable dividend.

2011-08-08

TOP PICK

27.700

Wire line but also in the fibre-optic business. About 5 million clients in the Maritimes, Quebec and Ontario. Dividend of almost 7%.

2011-07-29

SELL

28.500

Lorne Steinberg

Has had a great run and is around because of the dividend. Basically a zero grower. Fully valued. Interest rates will be going up at some point. Would sell if he owned it.

2011-07-14

PAST TOP PICK

28.750

(A Top Pick May 20/10. Up 23.48%.) Still likes.

2011-07-12

TOP PICK

28.600

Chart shows a nice upward trend and broke through its resistance point. Have fiber optics into the homes. In the right space.

2011-07-06

TOP PICK

29.050

Randy LeClair

Bell Alliant 4.85% Series A, Rate Reset: 99% of time company redeems them at reset. Solid stable earnings. Yield to call is 4.82%.

2011-07-05

BUY

28.940

Fully priced in that it pays out close to 100% of its free cash flow and you are also paying a premium for the possibility BCE (BCE-T) will take him out. However, there is sustainability in the dividend. Putting fiber into 600,000 homes by the end of 2012 that will be a killer for their cable company competition.

2011-07-04

BUY

28.830

Sandy McIntyre

You can’t guarantee dividends. Coverage in this case is not great, however, but parent wants the dividend. Believes the ownership of Canadian telecoms will be rationalized over time and he thinks BA will be acquired by BCE.

2011-06-08

TOP PICK

28.950

Telecom space is fantastic currently. Chart shows a nice up trend and it just broke through resistance and set a new high for the year. Great payout, which they are pretty conservative with. One of the best at delivering fibre to the home.

2011-06-02

Comment

28.950

Peter Brieger

Alternative to a corporate bond? Mainly land lines and revenues are atrophying. You’re probably OK for awhile,

2011-06-02

TOP PICK

28.400

All other telcos have moved but this one is lagging but will start catching up. Wire line. Low risk. 6.7% yield.

2011-05-27

BUY

27.440

Bell Aliant has a yield of 7%, 40% owned by Bell. Spending a lot of money installing fiber optics to the home. He feels that they will be rewarding by stealing so much of the market share and will be able to bundle their products. There is a risk that Bell may take them out. Also, they have pension liabilities. Generally, they like it.

2011-05-17

DON'T BUY

26.870

Rick Stuchberry

A yield play. He likes a bit of growth to go with the dividend. He is always fearful that at some point inflation will really grab hold and if you have a stock without a lot of growth behind it, you’re stuck with the yield and that is your only defence.

2011-04-21

HOLD

26.870

Likes this stock. Not going to take off and go anywhere. Gives nice income. Fairly defensive.

2011-04-15

PAST TOP PICK

26.830

Mike MacBain

(A Top Pick Dec 13/10. Up 0.77%.) 4.72% bond due Sept 26/11.

2011-04-12

DON'T BUY

26.920

Doesn’t have much growth but you get safety in yield. He prefers BCE.

2011-04-05

WEAK BUY

26.780

John Zechner

Get the dividend, which is safe, but you won’t get any growth out of it. He doesn’t own any telecoms because they opened up to more competitors. There are other risks to the business like Netflix. He owned Rogers and Telus and sold both recently.

2011-03-29

TOP PICK

26.770

Big yield, stable. They did the conversion to corp. very nicely. One of the only direct to home fiber optics. A really boring, no brainer. Doesn’t think a possible takeover by BCE is built into the price. Not the best sector if interest rates rise.

2011-03-25

HOLD

26.660

Andrew Hamlin

Regional Telecom provider in Eastern Canada. Recent report was within expectations, but nothing stellar. Dividends look reasonably safe. Low payout ratio.

2011-02-16

Comment

26.660

Low growth boring business but dividend is definitely sustainable. Doesn’t expect Bell (BCE-T) will take them over. Better growth elsewhere.

2011-02-16

TOP PICK

26.870

They pulled away some of the distribution. Now about 7%. One of few that will be direct to home fiber. Potential take-out. Good support. Excellent cash flow.

2011-02-08

DON'T BUY

27.040

Michael Decter

One view is that BCE (BCE-T) is going to have to Buy it at some point. Anther view is that they are going to have to trim the payout. There are other things that have more income and more upside.

2011-02-03

Comment

27.130

A widows and orphans’ type stock. Good quality business. Wire line business in the Maritimes, Quebec and parts of eastern Ontario.

2011-01-21

Comment

26.780

Ben Cheng

Recession resistant and had fairly consistent numbers during the pull back in the economy. Would prefer names that have more influence in terms of the actual recovery.

2011-01-11

TOP PICK

25.990

Has pretty good support around $26, otherwise good support around $25. Down trend has been broken. Going to be bringing fiber to the homes. Good defensive and income play.

2011-01-05

TOP PICK

26.380

Mike MacBain

4.72% bond due Sept 26/11. 4-month bond that will preserve your capital when interest rates blow out. You’ll still have your money and you’ll have a better idea of what is happening in bond yields.

2010-12-13

DON'T BUY

26.380

David Burrows

Likes the telecom sector but would prefer the leaders such as BCE (BCE-T). This one is an under performer.

2010-12-13

TOP PICK

26.630

Looking at this as it plays into the income theme. Made adjustments on their conversion to a corporate structure. Have a tax situation that will be applied. There will be 600,000 homes that will be going direct to fibre, which will help retention. Dividend will be about 7%.

2010-11-19

DON'T BUY

26.850

Mark Carpani

30-Year Bonds 6.25%. Doesn’t trust the company. The credit is ok. Would prefer something in the middle of the yield curve.

2010-11-16

TOP PICK

27.640

Bell Aliant 4.37% 09/13/2017 Bonds. Likes the stock but you get volatility. Not with the bond. 200 Basis point spread against Gov’t bonds.

2010-11-01

DON'T BUY

28.110

Concerned that landlines are a dying business. Wire lines are decreasing year after year. Getting money to pay their cash flow is through cost cutting. Expect that BCE (BCE-T) will take it back at some point in time but wouldn’t bet the farm on it. 10% yield is an indication that it isn’t safe.

2010-10-25

Comment

26.370

Sandy McIntyre

Announced the future long-term payout and it is a reduction and is built into the stock price. Longer-term he expects to see consolidation of regional Bells into the larger players. Very well run. Doesn't have cellular, which is the growth element in the marketplace.

2010-10-08

TOP PICK

25.870

Joey Mack

4.37% bond due September 13/17. Gives a little over 4% yield.

2010-09-30

WEAK BUY

25.650

Will reduce payouts in 2011. Fairly mature. Built up cash flow and earnings through cost cutting. Nice safe stock but not sure you will make a lot of money on it.

2010-09-09

TOP PICK

25.440

Good, defensive income play. Reasonable balance sheet.

2010-09-07

Comment

25.460

Reasonable dividend. Announced what the dividend cut will be after they convert and there is probably not a lot of danger. Lack of growth but because they are a wire line business, there could actually be a slow decline. Doesn't expect BCE (BCE-T) are in any particular hurry to acquire them. 11.4% yield.

2010-09-02

Comment

25.480

Landlines in the Maritimes, which are being cannibalized by mobile companies. Not a great growth profile. Cut distributions, which was not unexpected. Dividend is really solid. Attractive for yield investors.

2010-09-01

BUY

25.210

Karl Berger

In a good space at this time with strong free cash flow, strong dividend yield and a good track record. 11.5% yield. (Prefers Telus (T-T) with its wireless exposure and better growth prospects.)

2010-08-27

DON'T BUY

25.350

BCE is the big one in the field. There was a question as to whether they would by BA. Their second quarter was a bit of a miss. People are looking at the conversion and wonder where the distribution will go to. This is a bit of an uncertainty. Would prefer BCE.

2010-08-25

DON'T BUY

25.470

Bill Carrigan

Will have to convert into a corporation by the end of the year. Would be very suspicious of anything with a yield of 8% or greater. This one has a yield of 11.5%, which is too high.

2010-08-19

BUY

25.500

Chart shows a good base at around $25. Over 11% distribution, which may have to be lowered a little.

2010-08-18

Comment

26.030

May have to shave their 11.1% dividend a little when they convert to a corp. Pretty much locked into their area but recent results indicate they have not lost as much in land lines as other telephone companies. Have also held their own in wireless and in adding other services.

2010-07-28

BUY

26.120

Probably will be a cut in the payout. Wait until they convert and see what happens.

2010-07-22

BUY

25.960

Good income. Has announced that when it is no longer a trust, it will pay out $1.90, which will still be around 8%. Wire line business in Atlantic Canada, rural Ontario and Quebec is slowly declining. To offset that, they are starting to install fibre to the home.

2010-07-09

DON'T BUY

25.430

When they convert the dividend will be less than the current distribution. Not sure where their growth is going to come from. Relatively solid cash flow. Prefers others.

2010-06-30

BUY

25.540

Jim Huang

Likes the prospects. Nice and steady. Mot a lot of growth. Dividend is safe. Still looking at 7-1/2 to 8% after they convert and cut it a little.

2010-06-22

HOLD

25.730

(Market Call Minute) Question of distribution

2010-06-02

TOP PICK

25.940

As an income trust, their accounting is a little opaque. Expect it to do better after it converts to a corporation. Have been paying too much in distributions but expects this to end. Looking for a 5.5%-6% dividend.

2010-05-20

Comment

26.070

Ben Cheng

Had concerns that payout ratio was too high so he sold. Announced they are reducing their payout ratio and converting to a corp. New payout ratio will probably be 70%-75%. Also have issues with their subscribers being taken away by cable operators and this will be a constant grind on their business. If you are looking for a little bit of growth, this would not be his 1st pick.

2010-05-12

DON'T BUY

25.640

David Baskin

(Market Called Minute.) Strictly a no-growth legacy story. There is also no potential for increasing of income.

2010-05-10

BUY

25.580

(Market Call Minute.)

2010-05-05

DON'T BUY

26.220

Michael Decter

There is some uncertainty here because of the big ownership that BCE (BCE-T) has in it. He has been moving into other areas.

2010-04-22

DON'T BUY

25.470

David Driscoll

11% distribution because they have a lot of tax write-offs they can use. Feels that the distribution will drop drastically when it converts back to a corporation.

2010-04-07

BUY on WEAKNESS

25.890

Good yield. There is concern that there will be a cut in the payout when it gets closer to the conversion date but part of it is priced in. If it should drop because of a price cut, he would add to his position. On a 25%-30% cut you still have a reasonable yield.

2010-03-19

DON'T BUY

25.900

Doesn't think Bell Canada (BCE-T) will increase their stake as they have quite a plateful in other activities. If you own for the yield, it is probably OK but will have to convert to a corp and expects the payout will decrease at that point. Also can’t see where growth is going to come from as their market is saturated.

2010-03-17

DON'T BUY

25.350

Linda Shick

Dividend would have to shrink 30% when they convert to a corp. Would not own it for yield, but BCE might look to privatize it.

2010-03-02

WEAK BUY

25.950

Michael Simpson, CFA

BCE owns about 44% of it. Not growing revenue, but squeezing costs. Will eventually taken in by BCE. Distribution will be cut when they convert. Prediction of $1.90-$2 dividend after conversion.

2010-02-23

DON'T BUY

25.950

Barry Schwartz

Not a lot of upside. Was a nice income trust but not sure what happens when they convert. Prefers big telcos.

2010-02-22

DON'T BUY

25.940

Martin Hubbes, CFA

Would prefer BCE vs. BA because he is looking for growth, not income.

2010-02-18

DON'T BUY

25.700

Ara Nalbandian

It’s a good time to invest in the telecom sector , but not in this one. There is a dividend cut coming during the conversion to a corp. Eventually BCE might take it in.

2010-02-16

HOLD

26.210

You won't get rich with this one. An old wire line company that is having steady erosion but has been cutting costs faster than it is losing its wire line. Has also been increasing penetration in TV in the Maritimes. Once converted to a corp, yield will probably be within 15%-20% of where it is now.

2010-01-28

Comment

26.210

Colin Stewart

If they are not acquired before the date of conversion, they may have to cut distributions.

2010-01-28

HOLD

26.740

(Market Call Minute.) Growth prospects are minimal.

2010-01-27

BUY

27.940

Eastern landlines. Conservative balance sheet. Not a huge growth profile. Bell (BCE-T) is a majority shareholder and there is always talk of a takeover. Owns the debt but not the trust. Yield is compelling so wouldn't be surprised to see upper pressure on price.

2010-01-08

DON'T BUY

27.940

Yields 10.3%. Wire line in a slow growth economy and are losing market share to wireless. We'll have about two years of tax losses when they convert to a corp. Pays out more than the cash flow but are trying to cut costs in order to maintain the payout. Not sure they can do that.

2010-01-08

SELL

27.950

David Driscoll

(Market Call Minute) Sell because long distance revenues being generated in Maritimes.

2009-12-29

BUY

27.980

At the end of 2010 it will have to convert to corporation distribution will likely be cut to 80%. Not a growth story. Manages its costs very well so will be able to pay a dividend for quite some time.

2009-12-23

HOLD

27.980

Maybe peel a little profits off here. Dominant in their market but question is growth going forward. Wouldn’t worry in terms of downside risk.

2009-12-22

BUY

26.740

Well managed and distribution is reasonably safe. Wire line, which over time will decline. For now it's not a bad place to be.

2009-11-19

PAST TOP PICK

27.450

(Top Pick Oct 14/08, Up 28.9%) Would look for loss of revenue from wire line accelerating faster than people expect to sell it.

2009-10-13

HOLD

27.040

The wire line business of Bell (BCE-T). One of the better trusts to hold going into the 2011 period where trusts will have to convert. Excellent yield.

2009-09-23

Comment

27.040

David Baskin

(Market Call Minute.) Good income play but no real growth.

2009-09-23

Comment

26.880

Michele Robitaille

Doesn't think BCE (BCE-T) will acquire this. Doesn't see any impetus for this. Yield of almost 11%. You won't see a lot of unit price appreciation. Good stable business.

2009-09-11

HOLD

27.480

Wire line company for the Bell system in eastern Canada plus some rural Ontario and Quebec. Losing customers on a steady basis to wireless but that is built into the price. Announced they will be putting a lot of money into fibre into the homes. Expensive, but helps to protect the customer with more bandwidth. 10.5% yield. We'll still be a high dividend payer after they incorporate.

2009-08-24

PAST TOP PICK

26.680

(A Top Pick Aug 29/08. Up 7.27%.) Good company and relatively cheap. Still a Buy.

2009-08-13

Comment

26.260

The problem is, come January 2011, will lose its tax advantage. Low growth is not so good for a corporation. Sees it stagnating. Okay to Hold now but as time passes they would be increasingly nervous about the distribution.

2009-08-10

SELL

26.560

Michele Robitaille

Good defensive name, particularly in this type of economy. Focused primarily on wire line on the East Coast. Yield of about 11% and expects that will be maintained over the next year. Longer term it will be challenged because of very little wireless exposure. Look for a 25%-30% cut in distributions after they convert post 2011. A little bit expensive, especially relative to BCE (BCE-T). Consider switching to BCE, which is yielding about 6.5%.

2009-07-17

DON'T BUY

26.340

Karl Berger

Would focus more towards the wireless space such as Telus (T-T) or Rogers (RCI.B-T). 11% yield but is in the traditional wire line space rather than wireless.

2009-07-14

DON'T BUY

26.200

Randy LeClair

Bonds maturing 2016 with a yield of about 5.85%. BBB credit. Have a monopoly in their area and the parent company is Bell Canada (BCE-T). He prefers a more diverse telecom name with greater geography to draw from. Not a lot of liquidity so may be difficult to sell. Would look at Bell (BCE-T), Rogers (RCI.B-T) or Telus (T-T).

2009-07-10

Comment

26.500

Expect distribution should be sustainable until they have to convert to a corporation. After that they will be taxable like anyone else.

2009-06-26

Comment

24.850