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| Michael Brown of Inhance Investment Management |
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| DON'T BUY | Bank of America | BAC-N | 3.590 | Fallen below its $4 support. Too many unknowns with the Merrill Lynch acquisition. Any of the Canadian banks, especially Royal Bank (RY-T) or Bank of Nova Scotia (BNS-T), would be better investment choices if you want to be in financials. | 2009-03-04 | ||
| TOP PICK | China Mobile Hong Kong | CHL-N | 44.340 | Has grown about 30% in the last 10 years and is projected at 20% a year going forward. Trading at 10X with a 4% yield. One of the largest companies in China so many flowing in will tend to go here. | 2009-03-04 | ||
| DON'T BUY | Canadian Natural Rsrcs | CNQ-T | 38.540 | On his disqualified list. Would look at Suncor (SU-T) in terms of being the leader in environmental reporting and practices. | 2009-03-04 | ||
| DON'T BUY | Canadian Oil Sands | COS-T | 20.500 | Would look at Suncor (SU-T) in terms of being the leader in environmental reporting and practices. This one is on his disqualified list. | 2009-03-04 | ||
| BUY | General Mills | GIS-N | 51.360 | Significant organic presence. Dividend yield, free cash flow and secure balance sheet. | 2009-03-04 | ||
| Comment | Kinross Gold | K-T | 19.800 | Leader in the gold industry in terms of progressive practices. Also has one of the better growth profiles in terms of gold companies. Driver behind gold is either a hedge against inflation or against chaos. Currently there is a lot of chaos, which explains the rally in gold. | 2009-03-04 | ||
| Comment | Nexen Inc | NXY-T | 17.100 | Quite favourable on their sustainability activities. Have participated in reporting on their carbon emissions and taking steps to reduce it. | 2009-03-04 | ||
| Comment | Potash Corp of Saskatchewan | POT-T | 95.700 | Had changed their practices on his company's recommendations so they now qualify for his fund. | 2009-03-04 | ||
| SELL | Stake Technology | SOY-T | 1.250 | There was a lot of uncertainty in terms of the ethanol business and had really stretched the on their core mandate. Consider switching into a larger cap names such as General Mills (GIS-N) that still has significant organic presence but offers a dividend yield, free cash flow and more secure balance sheet. | 2009-03-04 | ||
| BUY | Suncor Energy Inc | SU-T | 26.990 | A leader in environmental reporting and practices. They do land reclamation and building wind farms to help offset emissions in their operations. Also looking at carbon capture and sequestration. | 2009-03-04 | ||
| Comment | Naikun Wind Energy Group Inc. | NKW-X | 0.430 | With the new US administration and the new greening of Canada, there is a lot of growth in the wind industry. Coming off a small base so the growth prospects are good for the next few years. In the current market environment, you can invest in much more established companies with secure prospects as opposed to this one. Very speculative. | 2009-03-04 | ||
| BUY on WEAKNESS | Visa Inc. | V-N | 55.290 | The unique concept of this company is that it is not actually exposed to the credit card debt but only on the payment transaction. Has had a significant run year-to-date but would recommend buying closer to $50. | 2009-03-04 | ||
| DON'T BUY | Veolia Environnement | VE-N | 21.090 | French company primarily dealing in sewage treatment as well as water facility treatment. Underwent a period of expansion in the last couple of years fuelled primarily by debt. When the credit crisis began they had significant trouble. 9% yield seems awfully high. A lot of uncertainty at these levels. | 2009-03-04 | ||
| DON'T BUY | Constellation Energy Group Inc. | CEG-N | 16.890 | Have recently been selling energy assets off to France. Has a troubled balance sheet and has cut its dividend once. There are better places to put your money. | 2009-03-04 | ||
| TOP PICK | Ecolab Inc. | ECL-N | 30.770 | A leader in industrial cleaning products for hospitals, schools, hotels, restaurants, etc. Has had a steady record of recession resistant earnings growth. Strong balance sheet and good free cash flow generation. Currently trading close to its November lows, the lowest multiple in the last 10 years. | 2009-03-04 | ||
| TOP PICK | Iberdrola Renovables | IBR-MD | 0.010 | Madrid exchange. Largest producer of renewable power (wind) globally. The #1 player in Spain and the UK and #2 in the US. From 2007 to 2008 they increased wind production by 71%. The conservative target going forward is 30% a year. | 2009-03-04 |
