STOCKCHASE

Expecting trade between Canada and other countries to pick up. Have a lot of logistics in the cross-border movement of goods. Selling at an extremely cheap multiple.

2009-10-14

WAIT

4.050

Jean-Francois Tardif

Custom brokers. Used to short this stock because they were selling a lot of cars from the US. Also border-crossing traffic is down for the year. Now looking at this because it is a monopoly and at some point it will be a great buy. Wouldn't be in a hurry to buy.

2009-04-07

Comment

3.890

Michael Simpson, CFA

One of the largest custom brokers in Canada. Had a distribution cut because of lower trade volumes between Canada and the US. Currently not seeing dramatic increases in trade volumes. Longer term it is a great company. Will recover along with the economy.

2009-03-25

BUY

6.370

Sandy McIntyre

Border brokers which is very cyclical. Clear cargoes between Canada and the US. Very sharp decline in activity that sharply reduced revenues. Very well run company. If looking for an economic recovery, he would be a buyer. Could be a takeover target.

2009-01-22

HOLD

15.130

Michael Simpson, CFA

Have about 30% market share of custom brokerage and logistics in Canada. Recent quarter was better than expected. Doing quite well on car importation in Canada. During an economic downturn, their volumes and cash flow will suffer.

2008-05-14

DON'T BUY

15.040

Michele Robitaille

Hammered by the cyclical downturn. As the US economy worsens, theirs worsens. Has been a dramatic falloff of goods both ways. Sees more challenges than upside. Not cheap at 8X EBITDA 2008. Payout ratio of about 96%. Doesn't expect an imminent cut in distributions but with an extended downturn in the US there probably won't be a turnaround anytime soon.

2007-11-28

BUY

17.650

Sandy McIntyre

Earnings came out and they were acceptable. Near a 52-week low which is probably due to the general malaise. Good long-term buy.

2007-08-13

HOLD

19.390

Leslie Lundquist

Largest custom brokerage firm in Canada. 1st quarter was rather disappointing. Recently announced the retirement of their transportation/logistics man and she feels the 2nd quarter may be weak.

2007-07-25

HOLD

20.670

Likes it. Business model is excellent. Some of their business segments, they've had a margin squeeze, but that is a short term problem.

2007-06-15

TOP PICK

21.210

The leading customs brokerage between Canada and the US. Stock price has come off in the last couple of days because of a weak Q1 report. Good as a trading stock. He sells when it gets up to $23-$24.

2007-05-14

BUY

21.500

Andrew Guy, CFA

Provides cross-border brokerage services. Have a very large market share. Medium to longer-term they will do very well. Good cash flow.

2007-04-09

WAIT

20.770

Michele Robitaille

Relatively good company. A leading customs broker. With their acquisition last year they are at 27% market share. She is a little cautious about trade volumes if the US economy slows down. Wait for their 4th quarter results.

2007-03-23

TOP PICK

21.500

The leading customs broker. One of the most blue chip industrial trusts that you can buy. Very conservative balance sheet. Conservative payout ratio. Stable business.

2007-02-22

PAST TOP PICK

22.500

(A Top Pick Jan 13/06. Down 7.1%.) His favourite name in the industrial trusts. Have a fantastic market position.

2007-01-26

PAST TOP PICK

22.200

(A Top Pick Mar 1/06. Down 16.9%.) Study cash flow business. Integrating a large acquisition, which will take a couple of more quarters. Still likes it.

2007-01-22

BUY

21.450

This is one of the business models that he does like. Likes the international trade logistics market and this is a leader in it. Pays 8.5% yield.

2007-01-05

Comment

19.870

Ben Cheng

Has helped consolidate the custom brokerage business and has done quite well and is now the largest player. As the US economy slows, their business will also slow.

2006-12-01

PAST TOP PICK

22.860

It is up 11%. It is a pretty stable business.

2006-09-29

BUY

23.160

Does a lot of logistics in cross border trade which is a good area to be in. Stock has dropped in price which gives an opportunity to buy. 7.3% yield.

2006-09-19

PAST TOP PICK

25.990

James Leung

(A Top Pick Jan 27/06. Up 2.5%.) Expect the synergies from their last year’s acquisition will come through in the next 6 months. Payout ratio is very comfortable at 85%.

2006-06-30

PAST TOP PICK

26.560

(Past Top Pick Jan 13/06. Up 12%.) A fantastic name. Have a track record of under promising and over delivering on its cash flows.

2006-04-21

PAST TOP PICK

27.400

(A Top Pick Dec 23/05. Up 21%.) The easy money has been made on this one. Probably fully valued now.

2006-04-07

PAST TOP PICK

25.900

(A Top Pick Dec 23/05. Up 18%.) Good synergies with their recent acquisition.

2006-03-24

TOP PICK

26.730

Believes recent merger will produce good results. Pay out ratio at 75%. There may be some regulatory risks. He is continuing to buy.

2006-03-01

BUY

27.150

Ben Cheng

Recently merged with Peace Bridge (PBB Income Fund) It is nonasset base brokerage firm. It looks good. Low yield and less risk.

2006-02-25

TOP PICK

25.500

James Leung

In the customs brokerage business. They benefit from the good cross border trade.

2006-01-27

TOP PICK

24.430

The largest custom broker in Canada. Just acquired one of their main competitors. They were in similar businesses, so there will be a lot of synergies. A great track record of increasing distributions steadily.

2006-01-13

TOP PICK

22.600

Livingston (LIV.UN-T) is merging with PBB Logistics (PBB.UN-T) and the synergies will be very high. The toughest part will be integrating their IT systems.

2005-12-23

TOP PICK

20.960

Attempting a merger with PBB (PBB.UN-T) that is also a custom brokerage. Good synergies.

2005-12-08

BUY

20.450

Michele Robitaille

Involved in a hostile takeover of PBB Global Logistics (PBB.UN-T). The combined company would be very strong. A natural fit. A very high quality company with a very strong management team. Conservative. Payout ratio is around 70%.

2005-11-18

VAGUE

21.300

Has been treading water for the last year at around $20 because it trades at the high end of the multiple. Low payout ratio. A lot of cash built up on the balance sheet. Recently made some acquisitions.

2005-06-17

BUY

21.100