STOCKCHASE

Has been waiting for this one to get to $10, which is a compelling valuation. Can earn in the neighbourhood of $1.20 in the next couple of years. 11.2% yield

2010-07-28

BUY

9.850

Peter Hodson

Great little company for income. Good distribution and are an oligopoly in Ontario. However expanded outside of Ontario, which didn't go as well. If you're worried about the economy, lab-testing business is about as rock solid as you can get.

2010-07-22

DON'T BUY

9.850

Barry Schwarrtz

Acquisition in the US didn’t work out. Payout ratio is way too high and they will have to cut the dividend dramatically when they convert to a corp. Will look at it more carefully tomorrow.

2010-07-20

DON'T BUY

9.950

Bill Carrigan

Chart shows a fall during 2010. What the market is saying that the 10.7% distribution might be in jeopardy.

2010-07-16

HOLD

9.930

A little distress currently because of negotiations with radiologists in their US operations. Distribution will be a little less when they convert. Lab operations are steady with consistent cash flow.

2010-06-30

WATCH

10.020

Ara Nalbandian

Bulk of business is in Canadian laboratory testing, which is a very stable cash flow. US diagnostic business has been more challenging and he sees some risks there of operational improvements and has sent over senior management teams to alleviate it. Trading at a premium multiple and will have a cut when they convert to a Corp.

2010-06-23

BUY

9.940

Been under a fair amount of pressure primarily due to their US activities. In Canada they will possibly be affected by the HST. Distribution likely to be cut to $0.60 cents or so when they convert to a corporation. The lab business is a steady generator of cash flow. This one was always a good model for an income trust. Feels in the future more and more will be outsourced in healthcare. He thinks it is attractive at $10

2010-06-02

DON'T BUY

9.940

Douglas Kee

Was quite surprised how it has done. Problems was first quarter lower than analysts expected and second was proposed changes in healthcare regime that is proposed in the budget. Likely will be limited to 1% increase in what they can increase charges. 30-40% cut in distribution predicted.

2010-06-02

DON'T BUY

10.250

Don Vialoux

Trend distinctly on the downside without support. There is a tendency for the sector to bottom at this time of year. You don’t want to invest until you see signs it has bottomed.

2010-05-31

TOP PICK

10.670

(A Top Pick March 25/09. Down 22% excluding distributions.) Medical laboratories. US holdings pulled them down. Won't have restructuring costs going forward.

2010-05-13

DON'T BUY

10.440

Ben Cheng

This trust was used as a platform to expand into the US, which has been a little problematic for them. Also the move of the Cdn$ back towards par is putting pressure on them.

2010-05-12

SELL

11.380

Michael Decter

A terrific trust with a good yield. Large percentage of revenue is from government, particularly Ontario government. He would worry about lab tests getting squeezed by the government. If you own, consider getting out of it for a while.

2010-04-22

WATCH

11.880

Bruce Campbell

US side had a couple of poor quarters and would have to grow so they wouldn't have to cut distributions. That is now changed and now looks that they are going to have to cut, possibly 1st week in May. Recently exited but would reconsider purchasing if it went down enough.

2010-04-19

Comment

11.720

Sold his holdings about 2 years ago, as he hates stocks whose fortunes are dependent on the stroke of a government pen. Thinks the current weakness is somewhat related to the drop in Shoppers Drug (SC-T).

2010-04-15

HOLD

12.520

Yield of about 8% and could go down to 5%-6% when they convert. This one is on his radar screen. Cash flow from laboratory is relatively stable. Longer term, it is a good company to own.

2010-03-17

BUY

12.300

Steven Conville

Good defensive play. Dividend is solid because a large percentage of its clients are Ontario, Alberta and Canadian governments. Shouldn't get hurt by buying at this price. If it gets close to $15.75 you should consider exiting.

2010-03-15

Comment

13.460

Michael Decter

Operates medical laboratories. Amount of medical testing is increasing steadily as people age. However Ontario government has an agreement on a global cap so, rather than getting more because of more tests, it decreases margins. This hurt them in the last quarter. Still think it's reasonable in the long haul

2010-03-08

WEAK BUY

13.460

Colin Stewart

Reported weaker earnings. He is still looking at it. It’s a good long-term business. Could be an opportunity.

2010-03-05

BUY

13.300

Bruce Campbell

Canadian lab business with some smaller US tuck-ins and they are working out to show some growth. Safe place to be in the market with a 7.5% dividend.

2010-01-29

DON'T BUY

13.190

Colin Stewart

(Market Call Minute.) Very high quality lab diagnostic testing business. Very stable cash flow but there is a risk they will have to cut their distribution when they convert back to a corporation.

2010-01-28

PAST TOP PICK

13.550

Jamie Horvat

(A Top Pick Sept 16/09. Up 5.83%.) Still a buy.

2009-12-16

PAST TOP PICK

13.420

(A Top Pick Jan 22/09. Up 13.22%.) Still a buy. 3 years from now this will be a great dividend paying stock. There will be a distribution cut between now and then.

2009-12-14

PAST TOP PICK

13.740

(A Top Pick Dec 5/08. Up 12.7%.) Has a little bit of lid on it because of exposure to US healthcare but this impact should be very modest. Will have to cut their distribution when they convert to a corporation. Still likes.

2009-11-25

Comment

13.750

Michael Decter

Trimmed holdings but still keeping it in income accounts. 7.79% distribution should be safe. Medical tests will grow with aging population but government has put a cap on the amount they will pay. Good income but moderate growth.

2009-11-11

Comment

13.660

Rick Stuchberry

This one is okay but remember they have to convert from a trust to a corporation so the distribution will be cut.

2009-10-09

HOLD

13.560

Jim Huang

(Market Call Minute.) Good, steady, long-term cash flow. Pays a good dividend but not much upside.

2009-10-02

TOP PICK

13.010

Jamie Horvat

One of the largest lab companies with 30% of the Canadian market share. H1N1 testing could boost margins in the short term. Also has about 10% share in the imaging side. Defensive holding as he believes there is a potential for the market setting up for a double dip. Conservative management team.

2009-09-16

TOP PICK

12.990

(A Top Pick Oct 2/08. Flat.) Did not participate in the rally primarily because of a US acquisition they made 1.5 years ago but the margins of this were up 15% and thinks it will provide a very good platform. Clean balance sheet.

2009-09-11

PAST TOP PICK

12.930

Steven Conville

(Top Pick Jul 23/08 Up 0.25%) We are in a position where we are about to lose a lot of money, 7% dividend.

2009-08-17

STRONG BUY

12.930

Prices come under a little pressure over concerns on the US healthcare reforms and how it will affect their assets in the US. Majority of their business is lab offices in Canada. Very stable with a good growth profile. Imaging business in Ontario is also very strong.

2009-07-17

BUY on WEAKNESS

13.070

Currently the market is a little concerned about Obama's healthcare plan and the reimbursement rate for some imaging procedures but this is not a large part of their business. Have about 30% of the lab business in Ontario and continue to see growth here. Also acquiring small imaging clinics in other provinces. Could be a distribution cut as we get closer to 2011.

2009-07-06

BUY

12.700

Very well structured income trust. In a market that is pretty reliable. Expect there will be more and more outsourcing of services by governments. Have a dominant position in labs in many provinces. Steady distribution at 8.4%. This is a yield vehicle so don't look for much capital expansion.

2009-06-26

PAST TOP PICK

13.340

(A Top Pick Oct 2/08. No change.) Very defensive. Medical diagnostics and lab tests in Ontario. Great stability in earnings and good management team. Low pay out ratio.

2009-05-22

PAST TOP PICK

13.200

(A Top Pick Oct 2/08. Down 4.3%.)

2009-04-02

TOP PICK

13.420

Big in medical imaging and lab testing, a very stable, defensive area. Have also expanded into the US, which will give some growth. Conservatively run. Distribution is safe.

2009-03-25

TOP PICK

12.550

(A Top Pick Nov 28/07. Down 16.2%.) Laboratory diagnostics, one of 3 in Ontario. Regulated and new contracts have been signed giving good 3-year visibility. Also have medical imaging with both Canadian and US components. Clean balance sheet and very conservative management. 8.5% yield should be safe with their 80% payout ratio.

2009-02-03

TOP PICK

12.790

Lab testing. This trust has held him like a rock all through the bear market. Very predictable income stream.

2009-01-22

Comment

12.840

Medical lab testing, diagnostic and imaging. Recently made a US acquisition as a platform to expand in northern US. Very defensive. 8% distribution is very solid.

2009-01-16

BUY

12.740

Gavin Graham

Medical lab testing. A great play on demographics. Also growing in the US. Structured as an income trust so that in less than 2 years, the structure will change but you will continue to get dividends put you in the same position as you are now.

2009-01-14

TOP PICK

12.820

Jean-Francois Tardif

Medical Lab testing. 40% market share in Ontario. Trades at around 11X free cash flow so not super cheap, but still respectable. This preserves capital and gives a distribution of around 8%.

2009-01-13

TOP PICK

13.140

Laboratory services business in Ontario is very stable and government-funded. They also have a medical imaging business both in Canada and the US. Very conservatively run. Payout ratio is in the low 80% level. Conservative debt.

2008-12-05

Comment

12.630

Jean-Francois Tardif

Main business is lab testing in Ontario. Every year Ontario government pays them and every 2 or 3 years they revise the amount up. Very safe business. Recession proof. Great history of profits. Well-managed. Getting close to 10%-11% free cash flow yield. (Looking at this one.) Could get 10% cheaper but getting close to rock bottom.

2008-10-17

TOP PICK

13.800

Very stable business, growth is from imaging side of business. Good growth opportunities. Should convert into high dividend paying corp in 2011.

2008-10-02

TOP PICK

14.070

Steven Conville

Because we are in a bear market, it is important to be cautious. Nice steady distribution. 30% to 40% of their contracts are government ones. Pretty well insulated from a slowdown in the Canadian economy, so a good defensive play.

2008-07-23

TOP PICK

15.200

Bruce Campbell

Labs and imaging business. Made an acquisition in the US and reported a 1st-quarter including this. Numbers were good. Did an issue to pay for it afterwards and it has been weak ever since even though the numbers were good. Have the ability to pay the dividend when they are taxable in 2011.

2008-05-09

BUY

15.230

Dominant market is Ontario, which has no capacity to bring on new labs. Changing into a corporation in 2011 does not change them into a growth company, so they will stay as a trust. Good company.

2008-05-05

BUY

15.650

Like, a very good model for an income trust. The threat is that the government will try to renegotiate and squeeze down margins. Current yield in quite good. Not a lot of risk.

2008-03-27

BUY

15.650

Made a US acquisition last year. Likes this trust a lot. Have increased their debt a little, but it's a stable business.

2008-01-22

BUY

16.990

Have about 1/3 of the lab services in Ontario. Trying to aggressively grow into the imaging business. Also making some moves into the US. Very good management team. Good growth company.

2007-12-27

TOP PICK

16.270

A leading provider of laboratory testing services in Ontario as well as non-hospital medical imaging services across Canada. Very predictable in terms of growth and margins. Very lean operating style. Good management. Acquired 9 imaging services in 2007 and will be closing 8 more giving good growth opportunities. Not cheap, but very defensive. 6.5% yield.

2007-11-28

BUY

16.000

Great defensive business.

2007-11-08

BUY

15.860

Likes this company. An excellent business model for a trust. A dominant lab resource for the healthcare system. 6.6% yield.

2007-08-31

HOLD

16.470

Likes the lab business they are in. Gets hit from time to time when people are concerned about government cutbacks. Longer term, a good business to be in.

2007-07-13

DON'T BUY

16.470

Chris Rankin, MBA, CFA

Very good quality asset. Trades at a pretty substantial premium to its overall assets. There are others at a lower price.

2007-07-13

Comment

15.330

Very good, slow grow, steady business. Very conservative in their calculation of distributable cash.

2007-06-27

PAST TOP PICK

15.870

From May31 2006Then $14.63Still holding, would have done better if the tax law hadn't changed.Still expects a total return of low double digits over next 4 or 5 years, even if you bought now.

2007-06-12

HOLD

15.800

Ben Cheng

Involved in the diagnostic side of healthcare, especially in southern Ontario. Very slow growth business. Not a bad business, but the growth prospects are not that attractive.

2007-05-29

BUY

14.750

Medical labs. Regulated in Ontario. Good holdings.

2007-04-13

BUY

14.280

An infrastructure play. They roughly manage one third testing in Ontario, and increasingly are getting into the medical imaging business across Canada. Looking for good growth.

2007-04-09

BUY

15.000

Company looks at themselves as more of a growth vehicle than and income trust. This is a good entry point.

2007-03-21

DON'T BUY

14.220

Chris Rankin, MBA, CFA

Very high quality business. Rock solid revenues and profitability. Trading at a premium to what he would consider comparables. He can find other laboratory businesses in the US with much higher growth rates for lower prices.

2007-02-09

HOLD

14.100

Provides lab and imaging services. Demographics work in their favour. Government guarantees them a share of the market, so it is a very steady business. Conservative payout structure.

2007-02-08

BUY

15.610

Patrick Kim

Involved in lab services, blood test work and diagnostic imaging. Good choice for investors looking for stability. A non-cyclical play on the economy.

2007-01-26

BUY

13.600

Likes the company, but hasn't picked a price where he would buy it. Has about a 7% yield. Good model for a trust. Primarily in the lab business, which is pretty steady and it is the main private player in Ontario. One problem is that the government sets the rates for tests. About 20% of their business is imaging and this could be spun off, which would give a bit of a bonus to the stock.

2007-01-05

BUY

13.950

The 2 business trusts that he likes, and has recently been buying, are CML Healthcare (CLC.UN-T) and Parkland Industries (PKI.UN-T).

2006-12-29

BUY

13.810

Was hard hit. Has a very strong, steady underlying business. Was suited as an income trust and he likes it. Have been looking at it.

2006-12-08

TOP PICK

12.280

Jonathen Wellum, B. Comm, B. Sc

(A Top Pick Jan 7/06. Down 16.6%.) Got hit with the trust tax changes. From present valuations it offers very good long-term returns. Health care spending continues to rise. Have about a 30% share of Ontario’s diagnostic testing. Also the national leader in medical imaging. Yield of almost 8%.

2006-11-13

BUY

15.840

A well-run business. Generally not a fan of income trusts but they are careful on the distributions. Along with the distributions, you can expect a 3-5% growth.

2006-10-10

BUY

15.670

Chris Rankin, MBA, CFA

This is a safe trust. It is not likely to blow up. Believes that there is room to appreciate.

2006-09-25

BUY

14.650

Has 2 divisions, diagnostics and medical imaging. They could have growth on the imaging side. Expect they are looking for acquisitions on the imaging.

2006-07-13

TOP PICK

14.630

(A Top Pick Jan 17/06. No change.) Distribution yield of 7%. The leader in the private pay medical systems in Canada. They provide 2 services, medical imaging and lab testing. Strong financial position and great management. Trades at 13 X earnings and yields 7%.

2006-05-31

BUY

14.650

Ravi Sood

A great super stable name. Not much in the way of capital gains to be expected. You won't be disappointed with this. Extremely well managed. Long-term hold.

2006-05-26

BUY

13.750

Ben Cheng

Runs one of the businesses that is very well suited to an income trust. Have just settled pricing contracts with the Ontario government. Not very exciting growth, but very steady income.

2006-05-19

BUY

14.610

James Leung

One of the best healthcare providers in Canada. Provide lab testing in Ontario and medical imaging in five provinces. Hitting resistance because it the delay in negotiations for rate increases with the Ontario government. The company feels that negotiations are going well. At a good level.

2006-03-31

DON'T BUY

14.400

Robert Lauzon

Payout ratio is about 90/95%. Expect distributions will grow at about 3/5%. Valuation is a little bit high. Some of their facilities need upgrading so there could be some capital expenditures spent. Governmental control could affect their income.

2006-03-24

HOLD

14.960

First rate company, but he's not buying. Says to hold it if you own it. It's not fitting his criteria, but thinks it's a good company.

2006-02-20

PAST TOP PICK

15.500

James Leung

(A Top Pick Nov 11/05. Up 16%.) A nice steady business. They are still waiting for the biannual contract negotiations with the Ontario government, which is not concerned. Still likes.

2006-01-27

TOP PICK

14.730

(A Top Pick Sept 22/05. Up 3.5%.) Healthcare spending is going to continue to rise at a rate faster than the overall economy. Private-sector involvement is going to continue to increase. This is the best private-sector healthcare company.

2006-01-17

BUY

14.400

In the laboratory and diagnostic business. Have a huge market share in Ontario. Well managed.

2005-12-30

BUY

14.950

Jean-Francois Tardif

Very steady business. Good demographics and the business is growing every year. A lot of free cash flow. Extremely well managed company.

2005-11-29

TOP PICK

13.030

James Leung

Have a laboratory blood and urine testing section in Ontario as well as a medical imaging business in 5 provinces. One of Canada's best health care companies. Expects the Ontario government will be giving approval for an increase in fees.

2005-11-11

PAST TOP PICK

13.900

(A Top Pick June 24/05. No change, but has had distributions.) Very consistent cash flow, very well managed.

2005-10-11

BUY

13.500

Has 2 main divisions including laboratory testing where they get 75% of their revenue and imaging labs in Ontario. Payout ratio is in the low 90's. Has opportunities to grow by buying other digital labs in other provinces. Expects to see modest distribution increases.

2005-10-07

TOP PICK

14.100

(A Top Pick July 6/05. Up 13% plus distributions.) Canada's best health care company and it's attractively valued. Still substantial growth prospects in medical imagery and lab testing. MDS (MDS-T) is selling its lab business which could be a possible acquisition for them.

2005-09-22

BUY

15.000

Likes this one very much. Has a long track record as a company that converted to a trust. A good long term hold. Has a 36% market share in Ontario and is levered to rising health care costs. You should get rising distributions. Looking for acquisitions.

2005-09-16

BUY

13.880

Dan Bastasic

A medical imaging company. Has a very stable component which is the laboratory business. The growth side is their MRI imaging.

2005-08-05

WAIT

14.000

Matt Baillie

A good Canadian health care trust, in that it's a lab business which is a cash flow business. Very stable. Looking for a new CEO. Won't buy until they see what new management is like.

2005-07-15

TOP PICK

13.950

(A Top Pick Feb 18/05. Up 2%, but including distribution, up about 5%.) Likes the company and the valuation. Canada's best health care company by a wide margin. New president is good so expects a resumption of the growth. Supreme court decision on abolishing the government's monopoly on health care will be good.

2005-07-06

TOP PICK

13.620

Diagnostic labs, primarily in Ontario. In negotiations with the government over fees and expect it to be favourable. 7% yield in a very steady business. Good management.

2005-06-24

BUY

12.910

Patrick Kim

A fairly high stable cash flow story. Doesn't see a lot of acquisition opportunties in this industry so distribution growth will be limited,

2005-06-10

HOLD

12.650

Medical diagnostics and imaging and laboratories. Have had fine results. Everything came in line in the 1st quarter. Outlook is fine. Probably fairly valued. Waiting for an announcement on an agreement with the Ontario Ministry of Health which will tell what the new cap rate is for it. Will probably be low to single digit growth and last for 2 years.

2005-05-20

BUY

13.040

90% payout ratio. Going through a negotiation with the Ontario government on fees for lab tests and the compensation structure on getting compensated. Health care margins are likely to be squeezed over time.

2005-05-13

BUY

13.000

Chris Fernyc

Not concerned with the management change. A very stable business model. Very profitable.

2005-04-25

DON'T BUY

13.150

Robert Lauzon

Own in their index fund, but not actively. In the health care sector, would prefer Medical Facilites (DR.UN-T). The driver, who is the CEO, is planning his retirement over time. Just not sure the management will be able to continue his growth. His knowledge will be very key to this company.

2005-04-08

BUY

13.150

Michael Smedley

Solid. has been one or two upsets over the course of the past few months. Not tremendously exciting, but there aren't too many income trusts that are.

2005-04-06

DON'T BUY

13.500

Issues where Ontario gov't will be negotiating lab fees. CEO announced retirement prior to negotiations.

2005-03-04

TOP PICK

13.700

(A Top Pick Oct 18/04. Up 13.8% plus distributions.) Just going to keep on trucking. Trades around 13 X earnings. Strong financial position.

2005-02-18

PAST TOP PICK

13.600