STOCKCHASE

(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

David Cockfield

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

Michael Simpson, CFA

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

David Burrows

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

Bruce Campbell

(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

Sandy McIntyre

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

Bruce Campbell

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

2009-12-07

PAST TOP PICK

13.630

(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

Paul Harris, CFA

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

David Burrows

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

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

Michael Simpson, CFA

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

Sandy McIntyre

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

Michael Simpson, CFA

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

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

(Market Call Minute.) The terminal where Fording (FDG.UN-T) and Teck Cominco (TCK.B-T) ship out their coal.

2008-08-07

BUY on WEAKNESS

17.290

(Market Call Minute.) Buy it under $16 a share.

2008-04-28

BUY

18.060

Robert McWhirter

Ranks 20 so it is in the top 5% of his model. Earnings expected to be $1.24 for the Dec/08 year-end, which is up 41% against a 16 P/E so you have about a .4 to growth. ROE of about 18%. This provides the opportunity to participate in the rising price of coal. Decent yield.

2008-04-08

Comment

14.540

Michael Decter

Has had a bit of a lift and is probably due to a rebound in the view of coal.

2007-11-12

TOP PICK

14.670

Kenneth P. Norquay, CMT

This one had a real run up to early 2005, cooled off and now is starting to run up again. Buy because of the uptrend. The uptrend is steeper than the overall market.

2007-11-09

HOLD

15.050

Veronika Hirsch

Benefiting from coal price negotiations going on now. Coal prices are expected to go up 25% to 40%. Not a fan of smaller coal exploration companies.

2007-10-31

BUY

11.930

Chris Rankin, MBA, CFA

Will stand to benefit from increasing trade over time.

2007-02-09

DON'T BUY

12.000

Operating outlook looks reasonable. Demand for met coal has come off. Expects a weaker year. Company has offered rights to unit holders. Exercising them and then selling is not a bad strategy. She is lightening up on her holdings.

2007-02-02

Comment

11.900

Brendan Kyne

A wonderful long-life asset. Was an ideal trust. Feels their profitability will continue to grow but sees the price of metallurgical coal dropping 20% this year.

2007-01-29

HOLD

10.940

Kevin Hall BComm, CFA

A loading facility for coal. Have some exposure to the price of coal. Wouldn't add to it at this point.

2006-10-27

Comment

10.750

Sandy McIntyre

A coal-handling terminal. Right now, its throughput is at the lower end of the range so your 4th and 1st quarter numbers are not going to be as positive. Has a fabulous balance sheet and is very well managed.

2006-10-13

HOLD

10.560

Kevin Hall BComm, CFA

Fording Coal (FDG.UN-T) had guided lower in the production of coal to China who built up their inventories and are not taking as many shipments. This company is being impacted by that. Yield is quite attractive.

2006-05-05

BUY

10.520

Gavin Graham

A volume story based on the amount of coal shipped out of its terminals. Volume has dropped. Expect to see substantial growth in earnings when coal prices rise and volume goes up. In the meantime, you get 11% yield.

2006-05-03

BUY

11.450

Fell in price over the last 2 weeks because of less volume in coal shipments next year from Fording (FDG.UN-T). Not a major concern. Good price.

2006-04-07

HOLD

12.650

A good way to play the metallurgical coal without having direct exposure to the commodity. They have an external contract management that investors have looked at with a little bit of dismay because of the fees. Good management team. Payout ratio is about 90%. Doesn't see distributions going up. A good core holding.

2006-01-06

BUY

12.700

Constructive on metalurgical coal going into 2006/2007. Good place to be in a rising interest rate environment. There is some upside to the story as they are looking to do a tax reorginization which could result in more distributable cash. Also looking to expand to help clear some of the bottle necks.

2005-07-15

BUY

11.250

Greg Guichon

Operates largest coal loading facility on the N.A. west coast. Last quarter took a currency hedge loss. Also, last year showed a large profit from their Fording Coal (FDG.UN-T) holdings, so the comparison was a problem. Actually, tonnage and profitability is increasing. Still likes it. Note: Management's percentage of ABITDA increases.

2005-05-20

BUY

11.690

Has been driven by high metalurgical coal prices. Distribution will be sustainable. Outlook is positive.

2005-04-15

DON'T BUY

12.490

Dean Orrico

Coal is a very cyclical business and they play that sector through this trust. Expect coal to be very volatile. This trust is getting a little excessive in terms of valuation, so have started taking some profits in the last few weeks.

2005-04-01

HOLD

14.250

Most of the run up in the stock price is predicated on the significant increase of metalurgical coal prices ($125US). We are potentially at a peak in coal prices and could stay at this level for the next year or two and then will drop to a more sustainable level ($60/70Probably near its top here.US). That would be a good time to take some profits.

2005-03-18

SELL

14.000

Fred Pynn

Take profits. Could be top of the coal cycle.

2005-03-03

BUY

13.170

Garth Jestley

Has been a winner in the Asian demand for metalurgical coal play. Benefits by both greater throughput in their terminals and, as well, the tolls that it charges are tied, to a degree, to the price of coal.

2005-02-18

WEAK BUY

13.230

Kevin Hall BComm, CFA

Have recently renegotiated their contracts and revenue is now linked to Canadian realized coal prices for Fording, their major shipper. Coal prices have just been announced and are double over 2004. A lot of upside and a lot has been priced into this fund. Thinks prices will stay fairly strong.

2005-02-04

BUY

12.530

Key drivers are the high spot price on coal and expectations that coal prices will go higher. Expect they will be able to put through some tonnage increases in 2005.

2005-01-28

HOLD

12.520

John Priestman

A reasonable distribution for next year would probably be around $1.20/1.25 which is a substantial increase from what they have been paying for the last 4/5 years. Volumes and coal prices will be going up.

2004-12-31

BUY

11.670