| PAST TOP PICK | 8.410 | Leslie Lundquist | (A Top Pick July 13/06. Down 3%.) Ran into difficulties with the US housing market. Have restructured and think they have a pretty good plan. She is not into turnaround stories so has sold her holdings. | 2007-07-25 | |
| DON'T BUY | 8.180 | Ben Cheng | Volatile. Prospects going forward are somewhat muted. Chinese manufacturers will give strong competition. Bulk of their sales are in the US while distributions are in Cdn$’s. | 2007-05-29 | |
| DON'T BUY | 7.350 | Patrick Kim | They are at an apex in change for the company. Yield of about 20% which he expects will be cut. Payout ratio is at least 125%. | 2007-02-22 | |
| Comment | 6.940 | Michael Simpson, CFA | Have faced some pressure from Chinese imports of nails. You have to also make a call on wire rod, which is their largest input. Recently appointed a new CEO. Payout ratio is quite high so there is a possibility of a distribution cut. | 2007-01-04 | |
| WATCH | 7.310 | Robert Lauzon | Manufactures nails, fencing, etc. Their last quarter led him to believe that they should cut distributions. Debt levels are very low. If they cut distributions, the stock price will drop and you might look at taking some up at that point. Higher risk. | 2006-11-24 | |
| DON'T BUY | 7.310 | Michael Decter | Sold his holdings when the US housing market started coming apart. 20.5% yield. Wouldn't bet that the housing market will recover and sales will go up again. | 2006-11-24 | |
| BUY | 9.450 | Jason Zandberg | Steel products such as nails, galvanized wire etc. Stock prices dropped because of housing fears but is only about 30% exposed to the housing construction market. Commercial construction is doing very well. The high inventories have been worked through and there should be some upside from here on in. | 2006-09-07 | |
| DON'T BUY | 9.090 | Greg Guichon | 16% yield in their market is expecting a decrease. Can have a lot of competition in nail production and weakening housing sales can be a problem. | 2006-07-14 | |
| TOP PICK | 8.800 | Leslie Lundquist | Pays a 17% yield. A much riskier name then what she would normally suggest. Payout ratio of about 103% over the trailing 12 months. Thinks the market is expecting a distribution cut but she does not think so. A compelling buy at this price. | 2006-07-13 | |
| SELL | 8.570 | Dean Orrico | Highly tied to the construction industry. Has come off quite a bit in the last little while. Payout ratio is very high. High risk. | 2006-06-23 | |
| SELL | 8.260 | Robert Lauzon | The last few quarters have been disappointing. There is a glut of inventory of their product. Sell now, and if you like it, buy it back after they cut distributions. | 2006-06-02 | |
| DON'T BUY | 8.850 | Robert Lauzon | This is a higher risk investment. There is a good chance they could cut distributions. They are paying out more than 100% of their cash flow. Debt ratio is very low. | 2006-04-07 | |
| DON'T BUY | 9.290 | Michael Sprung | The yield is in the mid teens which indicates a lot of risk. | 2006-03-23 | |
| DON'T BUY | 8.910 | Patrick Kim | They have been hit by foreign competition ramping up in 2005 as well as by the strong Canadian dollar. Had a terrible year over year momentum in that they lost sales in 2005 over 2004. There's a very good chance that their payout ratio will get very close to 100% in 2006. | 2006-01-13 | |
| PAST TOP PICK | 9.120 | Michael Simpson, CFA | (A Top Pick Oct 7/05. Down 24%.) Q3 results were not that bad, but what got the market upset was the guidance. Getting competition from China on their wire and nails. Still committed and have been buying under $9. | 2005-12-30 | |
| HOLD | 9.500 | Garth Jestley | Doesn't focus on this trust very much. One of the largest manufacturers of wire and nails. Have had to reduce margins and pressure has come from foreign competition. | 2005-12-02 | |
| TOP PICK | 11.950 | Michael Simpson, CFA | A business trust based in Richmond B.C. Produces nails, wires, bolts, etc. Has low debt to cash flow. Should get some upside from construction products in Vancouver. Their wire rod costs are coming down. | 2005-10-07 | |
| BUY | 12.480 | Sandy McIntyre | Had unbelievably stellar results in Q1 and Q2 last year. They were tight on a payout ratio this past 2nd quarter. He is prepared to live with it longer term. Reasonable long term payout ratio. Good balance sheet. | 2005-08-12 | |
| BUY | 14.500 | Leslie Lundquist | Makes nails and steel wire products. A bit more complex in that it has facilities both in the US and Canada. Has done very well since their IPO. Have some currency exposure. Had an amazingly good strong year last year and the market may be a bit concerned about how far it's come down. Thinks the outlook is very good. | 2005-07-22 | |
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| HOLD | 15.800 | Garth Jestley | Recently had a little bit of a set back due to the rising prices of steel which is now turning in the opposite direction. | 2005-06-03 | |
| DON'T BUY | 10.080 | Ben Cheng | Could fall under some potential risk if legislation is changed regarding taxability of US domiciled businesses. A very competitive business. Can be volatile. | 2003-09-17 | |
| DON'T BUY | 9.650 | Sandy McIntyre | Levered towards housing starts and have concerns on housing. Well financed and good operators. | 2003-04-17 | |
Experts that have talked about Tree Island Wire Income Fund
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