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| Chris Smith of Gryphon Investment Counsel Inc. |
|---|
| 20 Bay Street, Suite 1905 |
| Tornoto ON |
| M5J 2N8 |
| 416-364-2299 |
| Chris Smith's website |
| Fax: 416-362-5552 |
| TOP PICK | Agrium | AGU-T | 38.840 | Believes fertilizer companies are well positioned for the next couple of years. Even if its 4X earnings were cut in half, it is still a pretty decent opportunity. Loves the retail aspect of this. | 2009-01-12 | ||
| Comment | Bank of Nova Scotia | BNS-T | 31.270 | Likes that they have been able to raise capital fairly quickly. Dividends are holding the banks at higher valuations. | 2009-01-12 | ||
| DON'T BUY | CanWest Global Comm. | CGS-X (Dead) | 0.750 | At this stage it is basically trading like an option on its survivability. Terrible balance sheet with about $4 billion of debt. Management has not been great. | 2009-01-12 | ||
| Comment | National Bank of Canada | NA-T | 34.000 | ABCP settlement has been a big overhang on the stock but looks like it is going to get done. Trading at a very substantial discount on an earnings multiple compared to the other 5 major banks so will play a little bit of catch-up. 7.25% yield should be safe. | 2009-01-12 | ||
| TOP PICK | Petrobank Energy and Resources | PBG-T | 21.600 | Diversified in areas that it is exposed to. Very high net backs (basically margins) because of the royalty regime in Saskatchewan. Interesting technology to apply to heavy oil. Also about 75% ownership in Petrominerales (PMG-T), oil producer/free cash flow generator in Colombia and Peru. | 2009-01-12 | ||
| Comment | Petro-Canada | PCA-T | 29.140 | There is a view that there has been poorer execution by management with the assets that they have and people have become frustrated. | 2009-01-12 | ||
| BUY | Potash Corp of Saskatchewan | POT-T | 89.500 | Short term, there is a fair amount of fertilizer floating around as farmers are holding off purchases. Believes fertilizer companies are well positioned for the next couple of years. (See Top Picks.) | 2009-01-12 | ||
| Comment | Russel Metals | RUS-T | 19.800 | Steel distributor, not manufacturing. Very well run company and the balance sheet is in good shape. Will benefit from a volume pickup if the infrastructures spend occurs. Dividend should be sustainable. If you want to play steel, you are better off owning a steel producer. | 2009-01-12 | ||
| Comment | Suncor Energy Inc | SU-T | 26.560 | A direct play on oil sands. Offers better growth than others. Good management. | 2009-01-12 | ||
| TOP PICK | Thomson Reuters Corp | TRI-T | 29.200 | Responded quite strongly since November selloff. Still maintain they can grow in 09 vs. 08. A lot of their database services will be in demand as part of the fix on what has been going on. Becoming an oligopoly. Trading at 13 X earnings. 4.5% yield. | 2009-01-12 | ||
| Comment | HBP NYMEX Oil Bull+ ETF | HOU-T | 9.000 | A levered play on oil giving you a lot of torque. Thinks oil is going higher. If there is any recovery, energy is going to be the one thing that is required. | 2009-01-12 | ||
| BUY | Agrium | AGU-T | 38.100 | Should be largely recession proof in the long-term. 2 nutrients, phosphate and nitrogen have come down dramatically and potash remains high. Got caught in the euphoria of crops and fertilizer prices and overshot to the upside. Very good company but a lot of people bought this for the wrong reasons and are still liquidating. Substantial retail presence in North America. | 2008-11-17 | ||
| BUY | Manulife Financial | MFC-T | 21.060 | Good company that is getting to a valuation level that makes no sense. Almost a levered play on the stock market because of the indexed linked products they sold. As the index falls they have not hedged out the risks. As the market falls, their actual risk keeps growing so their capital market falls faster than the market. They need to make a statement that they are not going to raise capital right now. Will be a levered play on the way back up. | 2008-11-17 | ||
| TOP PICK | Petrobank Energy and Resources | PBG-T | 20.350 | Oil/gas whose principal producing asset is the Bakken. Producing about 19,000 barrels a day in Saskatchewan. Netbacks are extremely high, some of the highest you can get in Canada. Also have producing assets in Colombia. No matter what happens to oil they have a lot of room to play on netbacks. Market is not giving credit for their oil sands and Thai technology. | 2008-11-17 | ||
| BUY on WEAKNESS | Potash Corp of Saskatchewan | POT-T | 84.560 | Well-capitalized so no risk of them having to go to the banks and beg. Generating tons of free cash flow. Potash prices are in the $800/$900 a ton. They stand to make a tremendous amount of money. Would be interested if it backed off a bit. | 2008-11-17 | ||
| BUY | Research In Motion | RIM-T | 51.600 | Just started buying this Company. Have always stumbled on its valuation. Started buying in the mid-$60's and looking to build. Fabulous product and own their own operating system. Good valuation. | 2008-11-17 | ||
| BUY | Sunlife Financial | SLF-T | 23.650 | Not a bad company. Valuation is more attractive than Manulife (MFC-T) at this stage. Trading a little over 1 X book value. Thinks the 6% dividend is safe. | 2008-11-17 | ||
| BUY | Toronto Dominion | TD-T | 51.750 | He is slightly overweight on banks right now. This one has probably the lowest yield. Tremendously well-run bank. Compelling valuation. | 2008-11-17 | ||
| TOP PICK | Thomson Reuters Corp | TRI-T | 29.180 | Despite 1 year into the financial crisis, they were able to grow their top line in every single major vertical that they are in. Merger with Reuters is going ahead of schedule. Cost cutting is other than expected. Margins are stable or growing. Trades at 13 X earnings. 4.5% yield. | 2008-11-17 | ||
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| TOP PICK | Gildan Activewear Inc. | GIL-T | 23.890 | Had a production hiccup that caused a fairly substantial fall. That has been rectified. All of the growth multiples have been taken out of this company. Trades at about 13 X earnings. Have earnings growth ahead of them. Low cost producer. Strong management. | 2008-11-17 | ||
| Comment | Catalyst Paper Corp. | CTL-T | 0.440 | Pulp and paper, which is a declining business in North America. Has gone through tremendously tough times. With the slowdown in the economy and paper, he doesn't see a good time for this company at all. | 2008-11-17 | ||
| DON'T BUY | AbitibiBowater Inc. | ABH-T (Dead) | 2.050 | In a bad industry. Demand for newsprint is generally in decline. Global competition is strong. They are about to merge with Bowater (BOW-N), which will give them almost 50% share of the newsprint business. This merger is the only opportunity they have to | 2007-08-30 | ||
| BUY | Bombardier Inc (B) | BBD.B-T | 6.030 | The numbers are good and they continue to beat expectations. Infrastructure build out globally is doing well for their train sector. Margins are going up on trains and aerospace. Balance sheet is in good shape and they are generating cash. | 2007-08-30 | ||
| Comment | BCE Inc. | BCE-T | 40.100 | If you hold, you will gain two dollars plus a dividend. | 2007-08-30 | ||
| DON'T BUY | Bank of Montreal | BMO-T | 64.530 | Harris Bank in Chicago continues to largely under perform. A lot of Bank of Montreal earnings have been heavily driven by trading in capital markets related revenue and are not creating growth in other parts of the banking business. | 2007-08-30 | ||
| TOP PICK | CAE Inc | CAE-T | 13.400 | A late cycle player because it's levered to the civil and military aerospace side. Has tons of growth ahead of it. Global demand for pilots is huge. | 2007-08-30 | ||
| TOP PICK | Cognos | CSN-T | 42.230 | Feels technology will be one of the leaders going out of this turmoil. Long-term, not a bad place to be. World-class company. One of two major business intelligence players. Earnings growth is probably low teens at best but you're not paying a high multi | 2007-08-30 | ||
| BUY | Imperial Oil | IMO-T | 45.200 | Likes the integrated oil companies. A good solid company to hold. They buy back stock regularly. Well run. | 2007-08-30 | ||
| TOP PICK | Magna Int'l. (A) | MG-T | 92.920 | Continues to deliver well above expectations. Last 2 quarters have been blow away numbers. Into an arrangement with Russian Machines, which he feels could be very good for them. | 2007-08-30 | ||
| BUY | Norbord Inc. | NBD-T | 7.570 | Because of what is going on in the housing market, it has come under a lot of pressure. From a valuation point, it looks pretty attractive and if you are prepared to sit tight for 12 or 18 months, you can probably make money in it. Well diversified and w | 2007-08-30 | ||
| BUY | Royal Bank | RY-T | 53.930 | Had a pretty good quarter. Banks look very interesting here. Doesn't think there's a lot more damage that could be felt on the asset side. Very well run. | 2007-08-30 | ||
| BUY | Thomson Reuters Corp | TRI-T | 43.850 | Sold their educational side and is acquiring Reuters. This is the most important move they have made in the last couple of years. Stock has proved to be defensive in this volatile market. Has always been an expensive stock and is starting to grow into it | 2007-08-30 | ||
| BUY | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Gold: - Seasonal wise, this would be the time to get into golds. If the US were to cut rates, it would re-ignite another fall in their dollar and that is when you would see the biggest lift in gold. He thinks rates are stable in this environment. | 2007-08-30 | ||
| SELL | Alliance Atlantis Communications Inc. (B) | AAC.B-T (Dead) | 51.660 | Canwest Global (CGS-T) has made a bid for the company and it does not look like there will be any other bids. He would just tender the stock for cash. | 2007-02-07 | ||
| BUY | Algoma Steel | AGA-T (Dead) | 37.700 | There's a fair amount of speculation that the Canadian steels are all takeover targets. Starting to warm up to the steels. Have been impressed with how well they have managed inventories. | 2007-02-07 | ||
| BUY | Aur Resources | AUR-T (Dead) | 20.920 | It is facing the rapid decline in copper prices. You will probably see some element of earnings being reduced. Seems to be holding here reasonably well. If you’re reasonably optimistic, like he is, some of the metals are looking a little more interesting. | 2007-02-07 | ||
| BUY | Breakwater Resources | BWR-T (Dead) | 1.660 | Zinc producer. Thinks the zinc market will be in deficit again in 2007, so the outlook is not bad. | 2007-02-07 | ||
| BUY | Canadian Western Bank | CWB-T | 24.200 | Has become a little bit of a proxy for the oil/gas market, so when oil/gas started to roll over, this one got hit at the same time. Always looks expensive relative to the rest of the Canadian banks. Trades at a higher multiple and doesn't pay as high a dividend. | 2007-02-07 | ||
| PAST TOP PICK | Encana Corp | ECA-T | 57.310 | (A Top Pick Mar 21/06. Up 7.2%.) Fairly optimistic about the energy complex in general. Outlook for gas over the next year or two is very strong. Still a Buy. | 2007-02-07 | ||
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| BUY | Great West Lifeco | GWO-T | 35.460 | Indirectly owns this one through Power Financial (PWF-T). Quite optimistic with the acquisition of the US Putnam Group. | 2007-02-07 | ||
| HOLD | Inmet Mining | IMN-T | 58.980 | Seems to be behaving fairly well. Has corrected back. Copper has seen the worst of the damage we are going to get. Good operator. Globally diversified. | 2007-02-07 | ||
| BUY | Kinross Gold | K-T | 15.250 | Have just recently taken down a fairly large acquisition. They have a lot more diversification in mines as well as their global reaches. A reasonably high-cost producer and if you believe gold is going up significantly, you want to be in the higher cost plays as there is a lot more leverage available. | 2007-02-07 | ||
| Comment | Labrador Iron Mines Holdings Ltd. | LIM-T | 13.080 | Primarily nickel and the outlook for nickel is incredibly bullish right now. | 2007-02-07 | ||
| WATCH | Loblaw Companies Ltd | L-T | 51.240 | Reporting tomorrow and he is not expecting a lot of good news. Has not liked this company on a valuation basis for a long, long time. He is now starting to take a good hard look at this one. Would like to see the game plan laid out. | 2007-02-07 | ||
| HOLD | Manulife Financial | MFC-T | 41.030 | Tremendously well managed. While diversified by geography and business line. Had a huge run and he questions if he should start trimming. Would look to buy on any weakness. | 2007-02-07 | ||
| Comment | Petro-Canada | PCA-T | 45.990 | The issue of the costs in general is one that dogs the oil and gas industry, especially the oil sands. Just released results that were weakish. Costs were higher than what people expected. The big knock on this company is that they are failing to replace reserves fast enough. | 2007-02-07 | ||
| TOP PICK | Quebecor Inc (B) | QBR.B-T | 39.850 | The Videotron and Quebecor Media assets were severely undervalued. Videotron is probably the best run cable company in Canada. Trades at 5.5 X EBITDA. Seeing the fastest growth in revenue out of all the cable companies in Quebec. There is room for pricing to go up. The printing side is also starting to turn. | 2007-02-07 | ||
| Comment | Sunlife Financial | SLF-T | 51.460 | Likes the stock. Trading roughly in line with the banks. | 2007-02-07 | ||
| TOP PICK | SNC-Lavalin Group Inc. | SNC-T | 36.090 | If you put $9 value on Highway #407, the stock is trading at 18.5 X 07. Huge backlog at over $11 billion. All the major companies in the infrastructure sector are doing extremely well. | 2007-02-07 | ||
| DON'T BUY | Sherritt International Corp. | S-T | 14.130 | Benefiting from what has gone on in the nickel market. Have also been doing very well with oil. If Castro should die, things might ease up a little. It has had a huge run, and wouldn't buy at this price. | 2007-02-07 | ||
| PAST TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 84.200 | (A Top Pick Mar 21/06. Up 15.4%.) Will be generating tremendous amounts of cash. Big question, what will they do with all the money. If it went up a couple of dollars, he would probably take some money off the table. | 2007-02-07 | ||
| DON'T BUY | Telus Corp | T-T | 56.950 | An interesting story. Has pretty much done nothing for a couple of months because of all the damage from the income trust story. Seems to be a slowdown in the adoption of wireless and new subscribers. Would be careful on this name. | 2007-02-07 | ||
| PAST TOP PICK | Alimentation Couche-Tard (B) | ATD.B-T | 25.660 | (A Top Pick Mar 21/06. Up 2.4%.) Convenience store side has been fine. It's the dramatic move in gasoline prices that has hampered margins heavily. | 2007-02-07 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Financial Services - Environment for banks right now is one of the most stable you can find. Not a lot of pressure for rates or from credit conditions. Doesn't see a big correction coming for financials. Expecting high single-digit plus good dividend yield. | 2007-02-07 | ||
| TOP PICK | Gildan Activewear Inc. | GIL-T | 62.450 | Looks like it is going to deliver 20% plus earnings growth. Trades at 20 X 07 and 16 X 08. Fabulous management. Low-cost operator and can compete with anybody in the world in their market. | 2007-02-07 | ||
| Comment | Canwest Media Networks Income Fund | CWM.UN-T | 8.340 | Will possibly be going private. Can-West Media is a major player and they are not going to be pushed into paying a high price for this asset. You might get $1-$1.50 more. | 2007-02-07 | ||
| DON'T BUY | AGF Management (B) | AGF.B-T | 23.180 | Benefited tremendously from speculation on an income trust, conversion. Have a good franchise. Broadly diversified by the product lines. Doesn't think there's a lot more left in the stock. | 2006-10-25 | ||
| DON'T BUY | Alcan Aluminum | AL-T (Dead) | 48.700 | Has been a disappointment in the last few months. A great company to own longer-term. Very conservatively run. There is no scarcity of aluminum, and the price of power in Asia can be quite cheap. Doesn't see a lot of movement from here. | 2006-10-25 | ||
| Comment | BCE Inc. | BCE-T | 31.600 | Telus (T-T) and BCE (BCE-T) are converting into trusts. What is going on with Telus as far as their payout ratio goes looks very attractive and there is probably better growth prospects. Would opt for Telus between the two. | 2006-10-25 | ||
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| TOP PICK | Cameco Corporation | CCO-T | 39.380 | Likes uranium. It's supply constrained, and there is no available product to come from anywhere else. Have a fabulous cost structure. All you need is a $5 increase in the price of uranium, and you've offset the damage of Cigar Lake. | 2006-10-25 | ||
| BUY | Celestica Inc | CLS-T | 13.310 | Earnings are coming oat very soon. Has finally shrunk itself down to its size and gotten out of many of the high cost, geography that they were in two. They can now start to increase their margins. | 2006-10-25 | ||
| BUY | Denison Energy | DEN-T | 20.430 | What hurt this company, after the disaster at Cameco (CCO-T) was that they where in line to do some of the milling work at Cigar Lake. This will actually be recovered with much higher uranium prices. | 2006-10-25 | ||
| BUY | Descartes | DSG-T | 4.080 | Looks like they have turned the corner. Have changed their business model. Not selling software up front. They are really operating as an operating model. Likes the change. | 2006-10-25 | ||
| PAST TOP PICK | Encana Corp | ECA-T | 54.700 | (A Top Pick Mar 21/06. Up 2%.) Still likes this. Expects the gas market to continue to do well. | 2006-10-25 | ||
| DON'T BUY | Home Capital Group | HCG-T | 29.010 | An alternative lender. There has been a lot of damage done to this kind of stock in the US. | 2006-10-25 | ||
| HOLD | Inmet Mining | IMN-T | 55.900 | Focused primarily on copper. Getting a little concerned on how far this has gone. What is going to drive base metal stocks further, has to be a re-rating of the multiples. If you own, you might consider taking some profits. | 2006-10-25 | ||
| BUY | Imperial Oil | IMO-T | 40.530 | Doesn't think that Exxon will buy them out. If you are bullish on energy, this will do as well as any of the integrated. | 2006-10-25 | ||
| BUY | Labrador Iron Mines Holdings Ltd. | LIM-T | 9.150 | Has had a massive move. Inco’s gone, and people are looking for alternatives. Could be a takeover. Good operation and costs are well in line. Doesn't see nickel prices going down anytime soon. | 2006-10-25 | ||
| DON'T BUY | Nova Chemicals Corp. | NCX-T | 32.990 | Trying to fix itself. Chemicals are having a hard time getting any credibility right now. | 2006-10-25 | ||
| SELL | Inco | N-T | 85.890 | Wouldn't hold onto the stock. | 2006-10-25 | ||
| DON'T BUY | Potash Corp of Saskatchewan | POT-T | 135.570 | This company has a scarcity value attached to it. Returning pretty reasonable results. Feels a little momentuming to him, because of the speed with which it took off. | 2006-10-25 | ||
| BUY | Rona Inc | RON-T | 22.950 | Stock has probably bottomed. Too much hand wringing about the housing market. The stocks have discounted a lot of bad news in the housing market. Canadian housing is in much better shape. | 2006-10-25 | ||
| PAST TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 84.440 | (A Top Pick Mar 21/06. Up 12.1%.) Still Likes. | 2006-10-25 | ||
| BUY | Talisman Energy | TLM-T | 19.350 | One of the cheapest exploration/production plays out there. They are refocusing their efforts geographically. Very sensible in dealing with their assets. | 2006-10-25 | ||
| BUY | Thomson Reuters Corp | TRI-T | 47.650 | Unloading their Learning Division for $5 billion. Likes their focus on new management. | 2006-10-25 | ||
| Comment | Telus Corp | T-T | 63.100 | Telus (T-T) and BCE (BCE-T) are converting into trusts. What is going on with Telus as far as their payout ratio goes looks very attractive and there is probably better growth prospects. Would opt for Telus between the two. | 2006-10-25 | ||
| TOP PICK | Alimentation Couche-Tard (B) | ATD.B-T | 26.700 | (A Top Pick Mar 21/06. Up 7.6%.) Delivering the results he was looking for. The stability in gasoline will help to add stability to their quarterly numbers. Poised to continue to grow quite strongly. Looking for large acquisitions in the US. | 2006-10-25 | ||
| Comment | Hudbay Minerals Inc. | HBM-T | 18.850 | Has done extremely well. In a sweet spot, because it's a major producer of zinc. You have to be careful as a lot of the value is tied up in only one mine that has a long life. Also do their own smelting and have to buy product at current prices. | 2006-10-25 | ||
| TOP PICK | Gildan Activewear Inc. | GIL-T | 58.000 | Have a fabulous game plan in terms of how they plan on growing their business. Have delivered phenomenal growth to date. Extremely well capitalized. Management owns a lot of stock. | 2006-10-25 | ||
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| BUY on WEAKNESS | Paladin Resources | PDN-T | 5.060 | Cameco’s (CCO-T) mine problem put a big push on all the other uranium stocks. One of the more interesting juniors as it is just on the cusp of starting production. Wait for a pullback to possibly $4.50-$4.75. | 2006-10-25 | ||
| BUY | Uranium Participation Corp. | U-T | 11.070 | He is bullish on uranium. This is a structure that holds physical uranium. Had a big move. Market is starting to anticipate that next year there will be higher uranium prices. | 2006-10-25 | ||
| SELL | Algoma Steel | AGA-T (Dead) | 36.200 | Steel pricing continues to remain strong which indicates that either 1) things are going to continue to be good or 2) the market is saying things are going to start slowing down and steel will catch up on the downside. He would take some profits as it is probably up on speculation. | 2006-08-28 | ||
| BUY | Alcan Aluminum | AL-T (Dead) | 50.920 | Has had the good results of late, but he is becoming concerned that the market is looking at this as fully priced. Will probably have to work hard to make a lot of money from here. Will probably be a market performer from here. | 2006-08-28 | ||
| DON'T BUY | Bombardier Inc (B) | BBD.B-T | 3.400 | Gets hurt by the strong Cnd$. The concern is on the aerospace side as to whether they were going to commit themselves to a very large capital project. Have a pretty big pension shortfall liability. Hasn't been a lot of margin improvement. | 2006-08-28 | ||
| WAIT | Cott Corp | BCB-T | 18.250 | Gone through a tough time. Input costs increased which they weren't able to pass on fast enough. Has found a bottom and started to go up again on news of selling iced tea through Wal-Mart. Big change in management. Have only delivered one good quarter so would wait to see what happens. Not a fan of the soft drink business. | 2006-08-28 | ||
| TOP PICK | Cameco Corporation | CCO-T | 43.670 | Trading 44 X current earnings. Really likes the outlook for uranium. The outlook for production is not even going to be able to meet the demand in the near/medium term. They are not only in mining, but looking for other facets of nuclear energy. | 2006-08-28 | ||
| BUY | Canadian National R.R. | CNR-T | 48.150 | Rails have been pretty much hammered in the last 3 months and thinks it has been overdone. Reported the best quarter of the railway. Trading at 11 X earnings. Has a fabulous ROE. | 2006-08-28 | ||
| BUY | Canadian Pacific Rail | CP-T | 54.390 | Rails have been oversold in the last three months. Good price. | 2006-08-28 | ||
| PAST TOP PICK | Encana Corp | ECA-T | 61.160 | (A Top Pick Mar 21/06. Up 15%.) Next leg that will drive valuations is when they announce partner with their oil sands opportunity that is supposed to happen in the 3rd quarter. Gas prices are probably poised to go higher in the next 6 months. | 2006-08-28 | ||
| DON'T BUY | IPSCO Inc | IPS-T | 103.390 | Great operation, management, assets and low-cost, but he wouldn't be interested in playing the steels. | 2006-08-28 | ||
| DON'T BUY | JDS Uniphase | JDU-T | 2.970 | Trying to remain relevant. The whole fibre-optic thing has died down tremendously. Not making any real money. | 2006-08-28 | ||
| HOLD | Manulife Financial | MFC-T | 36.550 | Likes this from a longer-term perspective. A very broadly diversified business model. Have a very strong franchise in Asia. A buy at $33/34. | 2006-08-28 | ||
| BUY | Maple Leaf Foods | MFI-T | 12.140 | Started looking at this stock because of a lot of consolidation among the major meat producer/packers. Not a bad company. Stock has sold off pretty hard. Could be a takeover candidate or consolidated. Not expensive. | 2006-08-28 | ||
| DON'T BUY | Nortel | NT-T (Dead) | 2.330 | Think they finally have a man in charge that really has a credible game plan. Thinks his long-term plan is to become a Motorola (MOT-N) type model. Trying to become dominant in a couple of major lines business where they can be a major player. Pension liability is still a big issue. | 2006-08-28 | ||
| WEAK BUY | Petro-Canada | PCA-T | 48.510 | One of the few integrateds that has been seeing earning revisions downwards as opposed to upwards. Still pretty cheap, but not a good enough reason to buy. If you believe energy is going to remain strong, you could nibble away at this one on weakness. | 2006-08-28 | ||
| HOLD | Rogers Communcations (B) | RCI.B-T | 55.850 | Had been expecting there would be a slowing generally in wireless but they are delivering fabulous numbers. Would look at this at around $50. | 2006-08-28 | ||
| DON'T BUY | Shell Canada | SHC-T | 36.850 | Their results have not been as good as some of the other integrated players, but not an expensive stock. Certainly defensive in this type of volatile market. People are probably concerned about their participation in the oil sands projects they are involved in and they are clearly going to have to spend a lot more money to execute these projects. | 2006-08-28 | ||
| TOP PICK | Toronto Dominion | TD-T | 64.820 | Very strong on the domestic side for both retail and institutional sides. They have a great opportunity in Ameritrade. Entered the US market through Bank North in a very sensible fashion. | 2006-08-28 | ||
| PAST TOP PICK | Teck Resources Ltd. (B) | TCK.B-T | 76.160 | (A Top Pick Mar 21/06. Up 2%.) Fears of the US economy have probably contributed to the drop in price. As this is a global company, the fears are probably unfounded. Good growth. Well diversified globally. | 2006-08-28 | ||
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| BUY | Talisman Energy | TLM-T | 19.470 | Believes that oil is going to stay well above normal prices. One of the cheapest exploration production producers. Good growth. Well diversified globally. Excellent management. | 2006-08-28 |
