STOCKCHASE

Their fortunes are dependent on the price of pulp and recently the price has been a little bit weak. Some of the Chinese pricing has been backing off. He is not sure that commodities are going to be the place to target this year. He would like to see a trade through the 200 day moving average first.

2012-01-05

WAIT

12.720

Has come off sharply because of a drop in pulp prices. Very volatile trader. BMO reduced its target today. Pulp prices are starting to bottom. CFX has low debt and does not have to shut at a low price point. Thinks they will see an increase in prices this year although they may go a little lower. Have not set the dividend for the year and it might get cut back a bit.

2012-01-04

DON'T BUY

9.910

Hap (Robert) Sneddon FCSI

Economically sensitive. There is some question around pricing for this company and their distribution is dependent on strong pricing.

2011-11-29

BUY on WEAKNESS

11.440

Done nothing but trend downwards since summer. In seasonality we are getting into a firmer part. It should take off from the November low. Buy about $11

2011-11-15

Comment

11.540

Douglas Kee

High yield of about 11% or so and paying out about 100% of what it earns, which is a little bit of concern for him. Last quarter was a little light because of lower pulp prices.

2011-11-07

HOLD

11.890

14% high-yield creates fear as they feel something must be wrong. Pulp prices have come off, but not as much percentagewise as what the stock has come off. Feels it is overdone.

2011-10-03

HOLD

15.300

Pulp prices have been quite strong and distributions have been very good. Believes distribution is safe. But if you look at this summer, weakness in economy would wash over this company.

2011-09-13

DON'T BUY

15.900

David Baskin

Nothing company specific right now. He is not crazy about the pulp industry. Long-term future of the industry is lousy.

2011-08-24

DON'T BUY

17.970

Douglas Kee

Forest products are doing fairly well but the market doesn’t care any more. It just doesn’t interest him.

2011-07-21

BUY

17.390

Continues to be a core position. Has ability to raise prices if there is inflation in the system. Pulp has continued to be very strong. Will be able to continue to pay a good yield.

2011-06-28

PAST TOP PICK

17.500

(A Top Pick June 11/10. Up 32.26%.) Paying a very healthy dividend and he expects they will continue earning this and paying it. Has been volatile. Current price is a good place to buy. Probably in the low $20's in 12 months. Pulp prices are strong because paper prices are strong. They are also selling a lot of electricity into the BC grid.

2011-06-27

PAST TOP PICK

18.200

(A Top Pick May 10/10. Up 28.24%.)

2011-05-18

PAST TOP PICK

18.180

(A Top Pick April 22/10. Up 56.99%.) Still likes. Very good yield. Generates a lot of electricity, which goes into the grid. Currently a Hold.

2011-05-16

BUY on WEAKNESS

18.350

David Cockfield

Has an excellent yield of 7.7%, which he feels they can maintain. Likes to buy in the $14 range.

2011-04-15

PAST TOP PICK

18.100

(A Top Pick April 22/10. Up 47.99%.) Still a Buy.

2011-04-13

BUY

18.500

Pulp is in strong demand. Because of consolidation over the last few years, supply is relatively tight. Yield will probably be very strong over the next year.

2011-04-07

HOLD

18.000

John Zechner

Hold it for the yield. Doesn’t know if you will get much more growth in it. It has a strong headwind with the Canadian dollar as strong as it is. He would lighten it at this point. Payout is relatively safe in here.

2011-03-29

HOLD

16.160

Rick Stuchberry

This will be more directed to the Asian market over time. Good dividend and doesn’t think it’s in jeopardy.

2011-02-07

STRONG BUY

15.420

Really likes it. Pulp is in big demand. Trimmed their very high distribution to a dividend but still paying close to 10%.

2011-02-03

HOLD

14.950

Ross Healy

People are starting to get optimistic about forest product sector. Hasn’t been a particularly a good performer and the pricing has not been very good. When looking at the FMV, they don’t jump out. Trading at around 1.5X Book and it’s alright.

2011-01-28

BUY

14.520

A great cash flow producer. Surprisingly the pulp and paper sector has been performing pretty well. Not sure how much upside there is in this one, but there is a nice yield. He thinks prices will be pretty firm in the near term.

2011-01-25

BUY

13.880

Benj Gallander

Lumber. This is a good contrarian field. It came back a little bit but it could have a long way to run. He is not buying but would see why people would be and if they choose two or three this would be one. It’s a bit rich for his blood. He would prefer one that had not run quite as far.

2011-01-04

Comment

15.860

Pulp. Great assets in B.C. Pulp prices peaked around August and day’s inventory has been increasing. Pulp is cyclical so he plays it cautiously. Outlook is positive but he feels pulp prices may have peaked. 19% yield. If you own, consider taking profits.

2010-12-02

DON'T BUY

16.340

David Baskin

Doesn’t follow this but world is moving away from paper to on-line publishing. Bearish on the paper industry long term. 19% dividend.

2010-11-09

HOLD

14.140

Increasing distributions by $.25 a month through to December but will be going quarterly after that so there will be a hiatus before the next payment. Pulp prices have been very strong and more capacity has come on than was expected so pulp prices could dip. Wait to see what emerges.

2010-10-04

HOLD

14.680

Been some questions over the summer as to any inventory build in pulp and weakness in pulp prices but appear to be hanging in. Pays a very strong yield and not impossible that they will pay a special distribution.

2010-09-28

DON'T BUY

13.540

Pulp prices have been coming down but this was off of record prices. Pulp inventories are gradually increasing. Coming off the best times so things might slow.

2010-09-10

HOLD

13.890

Increased distributions from $.12 monthly to $.20 and more recently $.22. Appear to be earning $.40 a month so distribution should be secure. Unit prices soft because of fear of a softening in the economy. If you feel economy is going off a cliff, don't buy. (He doesn't!) 19.1% yield

2010-08-26

BUY

13.300

Demand for pulp has firmed up over the last few years, prices have stayed very firm and he isn't seeing any signs of weakness. Have raised distributions a number of times and he can't see them being cut in the short run. When they convert he expects a very high dividend.

2010-08-09

DON'T BUY

13.670

Michael Sprung

Has done extremely well with the revival in pulp. Was getting a little bit pricey and has come off recently. Also slowing market has affected it. Still too expensive.

2010-07-28

Comment

14.100

Pulp prices doubled and there is a question whether pulp prices can be sustained. Recently increased distributions from $.12 a month to $.20 a month. Distributions should be sustainable as long as pulp prices did not come off another 20% but doesn't think they would have raised distributions if they were going to have to cut distributions. Yield of about 16%. Not for the faint of heart.

2010-07-19

TOP PICK

15.090

16% yield, sustainable. Raised distribution. Thinks they are throwing off $0.30-$0.40 in cash flow. Thinks Canfor is worth more than he paid for it ($12-$14). Thinks they will convert and it wont affect distribution although cyclical pulp prices could affect distribution.

2010-06-11

TOP PICK

16.600

Biggest pulp producer in North America with the lowest cost and good balance sheet. Pulp industry has had tremendous consolidation. Lot of companies have gone out of business so there has been good supply/demand relationship. Prices have been rising steadily.

2010-05-10

TOP PICK

13.800

Large-scale, global players in pulp. Pulp prices have really soared and as the price works its way through, you'll see a real bounce in the unit price.

2010-04-22

HOLD

10.400

Still reasonable value but this is a cyclical industry.

2010-03-08

Comment

6.960

Ben Cheng

49.8% stake in 3 pulp mills in BC. Stronger pulp prices for the last 6 to 9 months have helped them. Thinks that trend will continue. Conservative payout ratio at about 70%.

2009-11-20

Comment

11.240

Jeff Parent B. Eng. FCSI

Chart has a double bottom formation, which is fairly significant. Increasing nicely. Just touching the 200-day moving average right now, which will be a resistance point for it. He isn’t really high on anything to do with paper, forest and pulp as they will do poorly. If it broke through its resistance level of $11, you might see another $1 this summer.

2008-05-02

SELL

8.760

Michael Sprung

(Market Call Minute.) Wouldn't want to be exposed to the forest product industry, but for people looking for assets that have an extremely long holding period, some forest assets are not looking bad. He would look at Timberland (TBL-N) instead.

2008-03-05

Comment

15.500

Very cyclical and should be in the more risky portion of a portfolio. Prices right now for NBSK are very strong. Have a unique relationship with Canfor (CFP-T) regarding fibre. If you see a decline in NBSK prices, or additional volumes coming from South America, be prepared to Sell.

2007-07-04

Comment

15.110

Ben Stadelmann

Very well run. B.C. forests have been devastated by the Pine beetle. These trees can be used for pulp, so there is a ready supply.

2007-04-20

Comment

14.410