| WATCH | | Research In Motion | RIM-T | 72.100 | Likes its position in the mobile communication sector. They are the number one leader. There are some challenges coming up through Microsoft and Nokia however, the market is big enough for them to coexist. In the near term, the biggest issue is the patent dispute. In the case of an injunction, they have workaround solutions. | 2005-12-06 | |
| WATCH | | Sears Canada | SCC-T | 36.450 | Its US parent has made a bid for it. At the current level, it is fairly valued. | 2005-12-06 | |
| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 56.400 | Management has been very capable in managing casts and consolidating small properties into profitable bigger companies. Likes their Horizon project in the oil sands and the stock could be $80 when this is complete. | 2005-12-06 | |
| DON'T BUY | | TransForce Inc. | TFI-T | 17.550 | One of the earlier pioneers in converting into a trust. Has done very well in consolidating the trucking business. Being a bigger company has given them an advantage in competition for drivers. Have controlled their fuel expense fairly well. Currently priced to perfection. | 2005-12-06 | |
| DON'T BUY | | Four Seasons Hotel | FSH-T | 55.700 | They have done very well in the past. What has happened in the last couple of years is that they have had some non-core operating problems, especially in developing countries. They are missing the cycle. All other hotels are doing well. The next quarter will be the telling one. | 2005-12-06 | |
| WEAK BUY | | ExAlta Energy Inc. | EXA-T | 6.150 | This company is led by the ex-Husky executive who is quite capable. Has a good team around him. Good balance of properties in the West. Reasonably cheap and has done reasonably well since its operation. There are other names where he sees a bigger potential. | 2005-12-06 | |
| TOP PICK | | Ace Aviation Holdings Inc. (B) | ACE.B-T | 37.300 | Has reconstituted itself since the bankruptcy. The costs are lower and they are better operators than what they were before. They continue to have strategies to spin off more assets. | 2005-12-06 | |
| DON'T BUY | | First Calgary Petroleums | FCP-T | 7.700 | Had a nice pop when new executives were named. There also may be some takeover rumours. They have a lot of gas reserves in Algeria and North Africa however it is very difficult to commercialize these gases. Probably a little bit overpriced. | 2005-12-06 | |
| BUY | | Canadian National R.R. | CNR-T | 95.050 | If you buy with the view for the next 3 to 5 years you should do very well. Amazing efficiency operations. They have the pricing power with the ability to pass on fuel costs. | 2005-12-06 | |
| WEAK BUY | | BCE Inc. | BCE-T | 27.310 | They are in a tough spot. There is a lot of competition in new technology that is making it difficult for them. | 2005-12-06 | |
| TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 15.510 | Have a good business with very little capital employed. This allows them to generate a lot of revenue and cash flow. Their real asset is the relationship they have through Yellow Pages. | 2005-12-06 | |
| WEAK BUY | | Biovail Corp. | BVF-T | 27.600 | Not a stock for the fainthearted. They're doing quite well right now with good partners and good market share. Their problem is generic products that come in and take away market share driving margins down. Have to keep coming out with good products. Trading at a reasonable level. Probably a 15/20% upside for the next couple of years.' | 2005-12-06 | |
| BUY | | UTS Energy | UTS-T | 4.520 | Has a potential 50% upside. It's an early stage developing oil sands company. Have great partners. They could expand their reserves in this project. Also have leads outside of this project which could come into play. Very shrewd management. | 2005-12-06 | |
| HOLD | | Bombardier Inc (B) | BBD.B-T | 3.570 | Things are getting better after a couple of tough years. The travel industry is recovering. The real upside here is from the business jets. Could get to $4.50, maybe $5. | 2005-08-22 | |
| HOLD | | BCE Inc. | BCE-T | 30.470 | In a transition now. They need to reposition from the old technology to the new internet based technology which they are doing. The flip side of that is they are having to spend over the last couple of years. Competition is getting more fierce. Has a lot of free cash flow giving them a lot of options. Can't see a lot of upside. | 2005-08-22 | |
| TOP PICK | | PetroKazakhstan Inc | PKZ-T | 64.580 | More a case of holding for the $55 cash bid rather than buying. Has lots of oil and is trading very cheaply. Thinks there will eventually be a spinout of a junior oil by the current management which will create value. | 2005-08-22 | |
| BUY | | Penn West Energy Trust | PWT.UN-T | 32.830 | Likes the management and asset base. Price has gone up quite a bit in the last couple of months. The potential is in the large land base and all the assets they have. | 2005-08-22 | |
| HOLD | | Canadian National R.R. | CNR-T | 80.100 | Had some bad luck lately, but they'll overcome that. He likes the company. Buy for the long term rather than the short term. Fairly valued, but not over valued. | 2005-08-22 | |
| TOP PICK | | ACE Aviation Holdings Inc (A) | ACE.A-T | 38.310 | Right now, this airline stock looks compelling. The airline business is recovering. People are travelling again, the economy's good. Even though the oil prices are high, they are able to pass on a lot of costs. Aeroplan is worth $2.3 billion to them. | 2005-08-22 | |
| WEAK BUY | | Angiotech Pharmaceuticals | ANP-T | 15.750 | Had some rough patches lately. Biggest claim to fame is licensing of their technology to Boston Scientific. They continue to be successful, the problem is, what do they do for an encore. Sales are set to decline. Have a good cash position and hopefully they will come up with a new product that will be successful. High risk and potentially high reward. | 2005-08-22 | |
| BUY | | Cameco Corporation | CCO-T | 56.280 | Their fortune is riding on the whole energy complex. In a unique position to take a big market share. They should continue to do well. | 2005-08-22 | |
| TOP PICK | | Yellow Pages Income Fund | YLO.UN-T | 15.710 | Very stable cash flow. High profit margins and a lot of free cash flow. Able to control their costs and leverage their economic growth. Have been able to do 5/6% growth. | 2005-08-22 | |
| BUY | | Alcan Aluminum | AL-T | 41.100 | High energy prices have been holding them back. Aluminum is very well controlled, so their challenge is to be able to control their costs and make it available for more products. A long term holding. | 2005-08-22 | |
| WEAK BUY | | Petrobank Energy and Resources | PBG-T | 6.760 | Has 2 big projects, one in Columbia which has not doing as well as expected. The Canadian project is doing quite well. The real attraction is the enhanced oil recovery projects. A bit of a high risk situation. | 2005-08-22 | |
| BUY | | Mosaid | MSD-T | 22.000 | Has cash flow, but the biggest value of this stock is in patents. Won a case against Samsung, but not a lot of disclosure on settlement and length of patent. Difficult to judge fundamental valuations, but if it can have similar arrangements with the major semi-conductor companies, ther is probably more upside than downside. | 2005-01-19 | |
| BUY | | Canadian Imperial Bank of Commerce | CM-T | 69.300 | Expects bank stocks will do quite well over a 5 year horizon. They do well in retail, wealth management and sometimes in international growth. Have a lot of cash on their balance sheets and can buy back stocks, pay extra dividends or do acquisitions. In the next 12 months the return will be lower than previous. | 2005-01-19 | |
| BUY | | Bank of Montreal | BMO-T | 55.670 | Expects bank stocks will do quite well over a 5 year horizon. They do well in retail, wealth management and sometimes in international growth. Have a lot of cash on their balance sheets and can buy back stocks, pay extra dividends or do acquisitions. In the next 12 months the return will be lower than previous. | 2005-01-19 | |
| BUY | | Bank of Nova Scotia | BNS-T | 39.800 | Expects bank stocks will do quite well over a 5 year horizon. They do well in retail, wealth management and sometimes in international growth. Have a lot of cash on their balance sheets and can buy back stocks, pay extra dividends or do acquisitions. In the next 12 months the return will be lower than previous. | 2005-01-19 | |
| BUY | | Royal Bank | RY-T | 63.460 | Expects bank stocks will do quite well over a 5 year horizon. They do well in retail, wealth management and sometimes in international growth. Have a lot of cash on their balance sheets and can buy back stocks, pay extra dividends or do acquisitions. In the next 12 months the return will be lower than previous. | 2005-01-19 | |
| TOP PICK | | Toronto Dominion | TD-T | 49.100 | Biggest challenge for banks is how to grow revenue. TD has gone outside of Canada and bought a 51% stake in Bank North. This has created a platform in the US to continue to grow and increase revenues. Of all the 5 banks, TD and Bank of Nova Scotia have the most amount of cash on their balance sheets. | 2005-01-19 | |
| TOP PICK | | PetroKazakhstan Inc | PKZ-T | 45.600 | Even after the rise they've had over the last 5 years, they are trading at very low mutiples, 5 X this year's earnings and 6 X cash flow. This is because of their location in Kazakhstan which makes investors nervous. The government is very good in maintaining law and order. Doing buisness at a low cost and making a lot of money. | 2005-01-19 | |
| BUY | | Jean Coutu Group (PJC) (A) | PJC.A-T | 16.430 | Their business has been primarily in Quebec and North Eastern US and their acquisition of Eckerd's, although risky, should pay off. This quarter is the first one where they show the results of Eckerd's and there will be a lot of transition costs. Very good management. May have to be patient. Good sector. | 2005-01-19 | |
| BUY | | Ivanhoe Mines | IVN-T | 8.650 | Not a low risk situation. China is right next door to their Mongolian holdings and they need the copper. Under proper conditions, they would probably be willing to provide capital for the project. The question is, on what terms. High risk/high reward. Expect a lot of volatility and be patient. | 2005-01-19 | |
| TOP PICK | | Cameco Corporation | CCO-T | 42.600 | One of his riskier picks. Has risen many, many times over the last few years, but he likes uranium. It's in sync with his overall preference for energy. Thinks $30 a pound or higher for uranium is quite likely. | 2005-01-19 | |
| BUY | | Crystallex International | KRY-T | 3.830 | They have the rights to a Velezuelan mine and there is some disputeas to title. This should fade away. When they get their mine up and running, it should be worth $7/8 a share, but in the meantime there are a few hoops they have to jump through. Leveraged to gold and if gold goes up, they should do OK. | 2005-01-19 | |
| HOLD | | Canadian Tire Corporation Ltd | CTC-T | 69.000 | A pre-eminent Canadian retail franchise. Likes the company. In the short term, the stock is fully priced. In the last few years, they have done well in cutting costs and creating more shelf space and generating sales and that is now near its end. One of the big drivers has been credit cards. Will probably tread water. | 2005-01-19 | |
| BUY | | Russel Metals | RUS-T | 15.250 | Very well managed. Very conservative in their management of inventory in steel price cycles. Pays a dividend. Long term, a good hold. Short term there are some stell price risks. Relatively safe. You can buy for a long term hold, otherwise hold off. | 2005-01-19 | |
| BUY | | Great West Lifeco | GWO-T | 39.900 | Will realize synergy savings and increased revenues from their Canada Life acquisition. | 2003-06-02 | |
| BUY | | Cameco Corporation | CCO-T | 41.120 | The flooding of the mine is getting under control. Their part interest in the Bruce Power acquisition drove all their earnings in the last quarter. | 2003-06-02 | |
| BUY | | Nexen Inc | NXY-T | 32.400 | Their biggest asset is in Yemen. Has a political risk. Very cheap. | 2003-06-02 | |
| BUY | | Kinross Gold | K-T | 9.410 | Has great leverage to the price of gold. Has a lot of liquidity. | 2003-06-02 | |
| BUY | | Eldorado Gold | ELD-T | 2.120 | A sizable find in Turkey which is stll awaiting permits. Good growth potential. | 2003-06-02 | |
| BUY | | Alcan Aluminum | AL-T | 42.750 | Should move further up. | 2003-06-02 | |
| TOP PICK | | Canadian Natural Rsrcs | CNQ-T | 53.850 | Very cheap at less than 3 X current and forward cash flow. Like the asset base of natural gas (50%) and light oil. | 2003-06-02 | |
| TOP PICK | | PetroKazakhstan Inc | PKZ-T | 16.600 | Higher risk, but should be able to produce cheap oil. | 2003-06-02 | |
| WAIT | | Southwestern Resources | SWG-T | 8.350 | Have had some good core samples, but needs more samples for confirmation. Speculative and will take time. Could treat as a trading stock. | 2003-06-02 | |
| WEAK BUY | | Tiberon Minerals Ltd. | TBR-T | 2.750 | Vietnam mining laws are being developed. Project and economics looks fantastic. Political and financing risks are fairly big. Could be a 2/3 year wait. | 2003-06-02 | |
| BUY | | Suncor Energy Inc | SU-T | 24.150 | Higher commodity prices have been eroded by higher production costs. Good price and in a strategic position. | 2003-04-24 | |
| BUY | | Focus Energy Trust | FET.UN-T | 11.360 | Good asset base. Internally managed. | 2003-04-24 | |
| DON'T BUY | | Bema Gold | BGO-T | 1.620 | On the expensive side for a junior. They have an option on the price of gold getting higher. | 2003-04-24 | |
| TOP PICK | | Canico ResourceCorp. | CNI-T | 6.250 | High grade nickel assets and there is a positive view on nickel going higher. Not a lot of nickel projects at this time.Inco has an 18% position in this company. | 2003-04-24 | |
| TOP PICK | | Talisman Energy | TLM-T | 57.820 | Has a large amount of cash. Buying back shares. Production is expected to increase 10%. A take out candidate. | 2003-04-24 | |
| WEAK BUY | | Agnico-Eagle Mines | AEM-T | 15.100 | Good assets in Quebec. Have recently had operating problems. Now in a "show me" stage. | 2003-04-24 | |
| BUY | | Southwestern Resources | SWG-T | 6.320 | Great property of assets and have just made a possible great discovery. Speculative. | 2002-12-10 | |
| BUY | | Eldorado Gold | ELD-T | 1.530 | Could be a takeover. Has good internal growth. | 2002-12-10 | |
| BUY | | Aur Resources | AUR-T | 3.350 | May be a little ahead of itself. | 2002-12-10 | |
| DON'T BUY | | Paramount Resources | POU-T | 14.850 | Not a favourite. | 2002-12-10 | |
| TOP PICK | | LionOre Mining International | LIM-T | 4.500 | Undercovered. Earnings are growing. Very cheap. | 2002-12-10 | |
