STOCKCHASE

Balance sheet is conservative and distribution is completely doable. This is a proxy for China in that they have the terminals where coal is shipped to the far east. Sold his holdings when the price got to this point. Would be interested in the low $20s.

2012-01-18

DON'T BUY

24.250

Barry Schwartz

Terminal for coking coal going to Asia. Tremendous infrastructure asset. Valuation is way too expensive, especially if he is worried over the next 3-6 months.

2012-01-16

HOLD

24.000

Dividend is safe. Primarily a coal company. They can keep the distribution but it may not go up.

2012-01-12

BUY on WEAKNESS

24.310

The key for them is the need for exported coal. Coming off some operational problems. Looks okay for a long-term investor. Like to see it an little bit lower before committing.

2011-10-31

BUY

23.550

Likes that it doesn’t change a whole lot. Growing capacity. Dominant coal terminal on west coast. Nice yield and not over sensitive to price of coal.

2011-10-25

PAST TOP PICK

20.970

(A Top Pick Sept 23/10. Up 11.78%.) Great asset. There won't be another coal terminal on the west coast. Really a tollbooth. Very well run. Good yield.

2011-10-06

BUY on WEAKNESS

23.420

Has been looking at this but would like to see it a little less expensive. One of the primary handlers of coal going overseas and that demand is fairly robust and should continue to be so over the long run.

2011-09-20

PAST TOP PICK

22.910

(A Top Pick Sept 23/10. Up 19.27%.)

2011-09-02

Comment

21.170

Bill Carrigan

Has had a linear up trend from 09 but finally broke back down. Expects it will rally back. The UP is probably over but doesn't expect it will collapse.

2011-08-05

BUY

22.360

Has taken a hit recently because the tax situation for the units has changed and they'll be paying more tax. On the longer-term basis, this has been a good stock. In the business that he can't see anything happening but more growth. Demand is still there.

2011-07-29

BUY

22.900

There was a tax change where the income will not be as profitable for shareholders as it was. This is why the stock is jumping around.

2011-07-21

DON'T BUY

24.770

Value it like a bond. What could a pension fund pay for it? There are more interesting things he could buy out there.

2011-06-09

Comment

24.340

Michael Decter

Well run. He tends to play coal by owning the producers. This is a perfectly good way to play the increased demand for coal.

2011-05-16

PAST TOP PICK

24.660

(A Top Pick May 19/10. Up 72.47%.) Probably fairly valued at this level and moving sideways.

2011-05-13

BUY

24.310

If you’ve had a gain, it could be prudent to take some off the table. Longer term fundamentals look solid and over time there will probably be dividend increases.

2011-04-19

WEAK BUY

23.240

Variable dividend – more volatile than the typical dividend. The actual business is a good business. Pays a not bad yield, but it is a cyclical company.

2011-03-21

BUY

24.090

Michael Smedley

Will have to expand at some time. Very nice dividend. Yesterday a new handling agreement with Teck Resources caused an upgrade by RBC to outperform.

2011-03-08

Comment

22.500

Largest coal handling terminal in the west part of the western hemisphere. Asian demand for metallurgical coal is really growing, which has helped them. Really started to run up in late 2010. Converted from an income trust to a stapled (?) unit. No debt. Got too pricey for him so sold his position.

2011-03-04

DON'T BUY

22.040

Benj Gallander

At these levels it does not interest him and because of that he doesn’t know the balance sheet.

2011-03-02

BUY on WEAKNESS

23.210

Hap (Robert) Sneddon FCSI

Had a great run but started to go sideways. Prohibitively expensive at 23X EBITDA. Very good yield at 7.7%. Outlook for coal is good but in the danger zone. (Chinese demand remains strong.) Any misstep and you could be in trouble. Would have to come down to at least $21.

2011-02-16

HOLD

22.800

Equityclock.ca will look at seasonality. It broke support at $23 and you will find some support at $20. It may be a place to buy some more.

2011-02-08

DON'T BUY

22.770

He Buys when it is out of favour and Sells when it gets back into favour. A terminal with fixed capacity and the growth prospects are expanding the capacity of the terminal. Participated in coal pricing and a fractious negotiation with Tech Resources (TCK.B-T) over coal pricing. Doesn’t see a lot of upside.

2011-02-02

BUY on WEAKNESS

22.750

As long as the coal side is active and has some potential growth, this is one that you want to have. Would like to see it back to $20.

2011-01-21

PAST TOP PICK

23.830

Colin Stewart

(A Top Pick Jan 28/10. Up 198.62%.) Still likes.

2010-12-14

HOLD

23.120

Great infrastructure asset. Largest coal handling facility in the western Hemisphere. No debt. Fully valued. Would be a Buy in the $20.50 to $21 range. 7% yield.

2010-12-02

PARTIAL SELL

22.990

Infrastructure play, particularly if you have a good outlook for coal that goes through their terminal. Yield of about 7%. Not cheap. If you own consider taking some profits.

2010-12-01

BUY on WEAKNESS

23.320

Steve Carlin

Stock price reflects a lot of good news but in order for it to go higher, they would have to expand their capacity, which will take a number of years. Would consider in the $20 range.

2010-11-10

BUY

23.650

A Slight decrease in payout after conversion. Has liked it for the past 6 months and still like it. They are under levered. He likes the story. It has outperformed because everyone is looking for yield. At a 52 week high. Distribution is sustainable.

2010-11-01

WAIT

23.650

Brooke Thackray

Great trust - has done very, very well. Trading in a trend, which is fantastic. Then a breakout above that trend. It may pull back below the mid ’08 high. Probably not a great entry point.

2010-11-01

HOLD

23.400

Michael Smedley

Recently announced their conversion terms, which is confusing to many. Your concern should only be with the future of coal. They are operating beyond capacity. Should continue to pay a good dividend.

2010-10-29

STRONG BUY

22.840

Have a really important asset on the west coast where coal gets shipped through. Have some growth and capacity that will continue to come on. Expect it will be taken out at some time.

2010-10-27

BUY on WEAKNESS

23.010

Well managed and really linked in to metallurgical coal. Rather than pushing the coal through the terminal, they mix it, which is where they make the margins. Try to Buy on a 5% pull back.

2010-10-25

PAST TOP PICK

22.250

(Top Pick Nov 3/09, Up 93%) It passes through coal. It has a huge yield. If Coal prices fall, or steel prices fall, or if another terminal was put up, it could cause this one to drop.

2010-10-21

BUY on WEAKNESS

21.300

David Baskin

Wishes he owned it. Was concerned about Chinese imports of coal. China and South Korea or increasing their imports of Coal. They will maintain their distribution at the same level after conversion. If it went down 20$ ($17) he would be a buyer.

2010-10-18

HOLD

21.320

Excellent chart. Demand for coal will continue to increase. Good, long-term hold.

2010-10-13

HOLD

20.690

Has had a pretty nice run. No debt. Announced they are going to be a stapled unit, which could create a bit of risk in that it is not known what CRA is going to do about it. A growth with income element, which he likes and long-term.

2010-10-08

PAST TOP PICK

20.360

(A Top Pick Sept 11/09. Up 70%+.) This one fits into the long life asset category. Generates a great yield and have growth in their capacity. Still a Buy.

2010-09-28

HOLD

20.720

Michael Smedley

Expects they will continue to pay good distributions after they convert. Company should stay strong. 8.95% yield.

2010-09-24

TOP PICK

20.470

Largest coal terminal on West Coast. Great asset as he doesn't believe they will build another terminal. Yields about 9%. Coal should continue to do well. Will convert on Jan 1. No debt so $5 a share will be turned into debt with the rest being common stock. Yield will be about 8%.

2010-09-23

Comment

20.380

Spending a lot of money upgrading and volumes have been down a little. Short term thing but expects their throughput to be higher. Wouldn't be surprised to see a dividend adjustment when they convert.

2010-09-22

Comment

19.670

Hap (Robert) Sneddon FCSI

Will be converting. As part of distributions, you will get a share plus $5 of long-term debt due 2024. Fundamentals have not changed. If you own, you might want to check to see how taxation will affect you in 2011. Likes this one but feels it is fully priced.

2010-09-20

HOLD

19.670

3 year Chart looks like it is hitting some resistance. Last few months looked like good volume. Attractive yield.

2010-09-20

Comment

19.510

Good company. They have capacity for expansion. Get added value from mixing coal for their customers while they push it through their terminals. 8.4% yield.

2010-09-09

BUY

18.050

Largest coal terminal on the west coast. A play on China. This is really a tollbooth, as it doesn't run on the price of coal. Almost $100 million in cash and no debt. 9.1% yield.

2010-08-26

BUY

17.960

Depends on coal market and on China to a large degree. Reasonable company to hold onto at this point in time. Distribution will have to be adjusted when they convert but it wont be a surprise to the market. Longer term this is a company that should continue to do well.

2010-08-25

HOLD

18.210

Michael Decter

Gateway business to China, which he likes. Has had a big run-up.

2010-08-16

BUY

18.720

Westshore Terminals (WTE.UN-T) or RioCan Real Estate (REI.UN-T)? A throughput for coal from Vancouver to Asia. He prefers this one that is not susceptible to volatility of coal with a conservative payout ratio.

2010-07-26

BUY

17.860

Bill Carrigan

This is still in an up trend. They would use this as a bellwether for the economy. He's a good distribution and is also growing.

2010-07-16

BUY

17.700

Exposure to coal, in particular metallurgical coal. No debt. Great infrastructure asset.

2010-07-07

STRONG BUY

18.330

(Market Call Minute.) One of his biggest positions. As they grow their capacity over the next couple of years, cash flows will grow and the dividend/distribution will grow. Have been discussions on expanding their services to shipping of potash.

2010-06-21

Comment

17.070

Just recovered from near death over the last couple of years. He’s worried about the integrity of the economic recovery in general.

2010-06-02

TOP PICK

15.040

Largest coal terminal in North and South America on the west coast. There is no commodity risk. $90 million in cash, no debt and pays about 10% yield.

2010-05-19

WEAK BUY

17.380

They have negotiated a longer-term contract so prices going through terminal are set now. Reasonable yield. The unit value has really gone up in price. He is keeping his eye on it.

2010-04-20

PAST TOP PICK

17.450

(Top Pick Apr 6/09, Up 93%) It’s getting closer to the pinch point. It can’t get any bigger – It’s just the terminal.

2010-04-13

BUY

16.250

A processor for all the coal that gets shipped out to Asia. Not overly aggressive on the distributions. Will re-evaluate his holdings and look at it when it reaches $18.

2010-04-01

VAGUE

16.210

David Baskin

It’s a one-trick pony – coal. A competitive port opening up just up the coast. It has to convert to a corporation. Doesn’t believe their tax pool is as extensive as asset-holding trusts.

2010-03-16

BUY on WEAKNESS

16.180

Has moved a little higher than what he expected, $15.50. Like well managed trusts with good dividends they have all been moving as people look for yield. Outlook for the bond market is not great. He would prefer it at around $15.

2010-03-15

PAST TOP PICK

15.730

(Top Pick Apr 6/09, Up 93.10%)

2010-03-03

SPECULATIVE BUY

15.730

Prakash Hariharan

Likes it and has owned it. The stock just ran up. The upside from now gets watered down from any upside in coal prices because of contracts with Teck. There was speculation of privatization or takeover. It is a great opportunity for someone to get into a predictable income business.

2010-03-01

WEAK BUY

15.730

Coal Terminal, sales offshore of coal has been good, recently improved. Has a virtual monopoly. Well managed company. Needs to look at Income Trust conversion questions.

2010-02-26

BUY on WEAKNESS

15.680

Coal loading facility. In news because they renegotiated a contract with Teck. WTE will now get a lower rate from Teck but will get more volume. No debt, buy on a pull back. $15.10-15.20

2010-02-23

BUY

15.600

Big beneficiary of global market for coal. They are going to be able to grow their cash flow over the next couple of years.

2010-02-19

BUY

14.920

Good quality infrastructure play. Should gut the distribution 30-40% during conversion.

2010-02-12

DON'T BUY

14.280

It is a core holding. It will go into a corporate form in a year. As long as bonds are not paying you an income, investors will come into the market every day and this has a high yield. Would buy more at $12

2010-02-02

TOP PICK

13.850

Colin Stewart

Likes metallurgical coal, which is increasing in pricing because of demand from Chinese steel companies. A more stable way to play this trend because they own one of the largest coal loading terminals in North America. Every time coal gets shipped they earn a fee and they have provisions in their contract they earn upside in pricing goes higher. About 8% yield.

2010-01-28

BUY

14.430

At the moment they are in the right place at the right time. Oscillations in this stock are directly related to shipping of coal, particularly metallurgical coal. If you have an outlook longer than 2 years, this would be relatively safe.

2010-01-27

HOLD

14.150

(Market Call Minute.) Coal terminal in BC. Expects there will be more demand for coal from Asia.

2009-12-30

BUY

14.750

(Market Call Minute) Will do well if you expect recovery to take hold

2009-12-22

BUY

14.450

This is an asset that is irreplaceable and has no debt. There is very strong coal demand out of Asia.

2009-12-14

BUY on WEAKNESS

14.250

Rick Stuchberry

Waiting for a better price is a good strategy. The market will give you opportunities to buy. 9% yield.

2009-12-10

HOLD

13.500

(Market Call Minute.) Passes on coal through the BC terminal and has a pretty good yield.

2009-12-07

PAST TOP PICK

13.630

Robert Lauzon

(A Top Pick Oct 29/08. Up 30.96%.)

2009-12-04

WAIT

13.680

Prakash Hariharan

40% of volumes are Tech. Contracts have not been settled. There is uncertainty. At 12 or 12.50 it is a pretty good buy, but at present it is fairly valued. Wait for contracts to be settled. May trim distributions on conversion to corporation.

2009-12-01

TOP PICK

12.730

10% yield. Is a terminal for coal. Largest in Canada and one of the largest in the world. It’s important that coal has held up. No debt. 25% cash. Great story. It’s a tollbooth. Everything that goes through it makes money.

2009-11-03

HOLD

11.810

Jim Huang

Coal shipping terminals and main customer is Teck Resources (TCK.B-T). Contract allowed them to take some of the upside in coal prices, so benefited tremendously from the run-up. Contract now up for renewal and the fear is that Teck will try to get a lot of concessions. Attractive yield, which they can support over the next couple of years but there could be a reduction of 20%-25% when they have to convert in 2011.

2009-10-02

DON'T BUY

13.120

Prakash Hariharan

(Market Call Minute) Lot of Teck (TCK.B-T) exposure. Have to figure out what the contract with Teck is going to be.

2009-09-29

TOP PICK

13.780

Stores and ships coal overseas. Thinks there is a real ramp up coming for metallurgical coal from overseas. Shipping 12 million tons but can ship 29 million once the new expansion is done. No debt. 8.3% is very sustainable.

2009-09-14

Comment

13.550

Michele Robitaille

Had a nice run based on continuing strength of coal markets because of steel demands from China. As long as that continues you could see this start to run. A good way to play the China story. Distribution is quite safe. No debt. 8.25% yield.

2009-09-11

SELL

12.330

Closely tied to the demand for coal. If you own, consider taking some profit, as he is not sure how sustainable the current demand is and if the economy is strong enough to maintain the prices.

2009-07-28

BUY

11.150

Excellent infrastructure business trust. Handle all the coal coming out of Alberta and BC. Distribution is set quarterly and is tied to the price of coal and volume. At the end of the year they top it up. No debt. Would be a good acquisition for a pension fund.

2009-07-06

BUY on WEAKNESS

10.980

Most coal has to go through this company's terminals. $75 million in cash. Huge dividend. Slightly expensive at this point and he would prefer in the $8-$9 range. 8.8% distribution yield.

2009-05-19

TOP PICK

9.000

This is where all the coal has to go through to get to the rest of the world. $75 million in cash and debt free. If metallurgical coal got down to $80 or $90 this is a great asset but the coal price came down at $130, which is great for this. Yielding 11%.

2009-04-06

DON'T BUY

8.840

Has taken a thrashing because of coal prices. Need an economic turnaround to see improvement. May have some trouble with their 23.6% distribution.

2009-02-02

BUY on WEAKNESS

9.050

Coal distribution terminal in BC. A key piece of global infrastructure. No debt. Throughput is declining as a result of weak demand for metallurgical coal. Statistics of China indicate steel production is rising. Coal prices are being negotiated and use this as a point to Buy.

2009-01-22

BUY

10.090

(Market Call Minute.) Expectations for lower coal prices and shipments are overdone.

2008-12-08

BUY

8.790

Great infrastructure asset. No long-term debt. People are concerned a bit about the price of met coal but the price the stock has dropped is a very steep discount to that price. At this level he is a buyer. Thinks the 18% yield is already priced into the stock.

2008-11-20

Comment

9.250

Basically dealing with a coal market. A lot of outstanding contracts for delivery that are far above spot prices so would expect to see a lot of that delayed. Nonetheless, it has to get through to the market so has to go through this terminal. Not sure if the 22.5% yield is sustainable so hasn't bought. Even if there is a cut, it could be worth it.

2008-11-18

Comment

9.750

Dean Orrico

Coal prices are starting to come down, which is a factor because they have a portion of cash flows and override based on coal prices. They are the key coal terminal in Western Canada so it is a key infrastructure asset that a number of global investors would like to get their hands on. Longer-term, a good holding.

2008-11-13

TOP PICK

11.790

Robert Lauzon

Zero debt. In this credit environment, you want assets and companies that don't have a lot of debt. Largest coal terminal on North America's west coast.

2008-10-29

BUY

15.860

Has been under pressure because metallurgical coal prices have been dropping. He is not too worried about this. Has an external management contract, which is a little bothersome but feels longer-term outlook for coal is good.

2008-09-24

BUY

14.350

It's future very much fluctuates with the demand for coal, which has been very volatile lately. Over time, metallurgical coal is in demand and this company should do very well. Current price could provide an opportunity.

2008-09-23

HOLD

18.200