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| Prakash Hariharan of Front Street Capital |
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| BUY | Altagas Ltd | ALA-T | 29.920 | Interesting company after the consolidation of the utility business. Just raised dividends yesterday. 60-year contract with inflation protection. Positioned to grow its cash flow over the next few years. | 2011-10-28 | ||
| DON'T BUY | BCE Inc. | BCE-T | 39.230 | Expensive right now. Dividend is safe. Are positioning themselves for the 4G network. ARPO is about $60, which is high among their piers. Prefers T-T | 2011-10-28 | ||
| DON'T BUY | Progressive Waste Solutions Inc | BIN-T | 21.570 | A defensive, overvalued name. Have not demonstrated they are recession-proof. Disappointed with exposure to broad economic conditions. | 2011-10-28 | ||
| Comment | Canadian Pacific Rail | CP-T | 63.800 | Doesn’t think there is a takeover brewing. The difference between CP and CNR has widened. | 2011-10-28 | ||
| DON'T BUY | Inter Pipeline Fund | IPL.UN-T | 17.190 | A Toppy name. 9 or 10 times cash flow. | 2011-10-28 | ||
| WEAK BUY | Potash Corp of Saskatchewan | POT-T | 49.730 | The trade is flat right now. Unless there is another catalyst like a takeout offer, it will be flat until December. But it is a good stock to hold for 3 years. | 2011-10-28 | ||
| HOLD | Superior Plus Corp | SPB-T | 7.170 | Stock is discounting a bad scenario regarding convertible dept and a stressed balance sheet. You are finding a bottom in the name. Does not think it will drop to zero. | 2011-10-28 | ||
| PAST TOP PICK | Sherritt International Corp. | S-T | 5.650 | Oct, 2014 Bond (Top Pick Mar 9/11, Up 5.45%) He moved into a new issue. | 2011-10-28 | ||
| TOP PICK | Wi-Lan Inc. | WIN-T | 6.880 | (Top Pick Mar 9/11, Up 20.40%) The stock should be way higher than where it is now. If they do 60 cents of earnings this year, which he thinks is a possibility, the stock at $6 is an incredible value. | 2011-10-28 | ||
| WAIT | Crescent Point Energy Corp | CPG-T | 43.260 | Has lagged some it its piers with the run up in oil prices. People are kind of antsy about how they are going to report this quarter. It’s a cost-averaging name if it goes down. Prefers Baytex. | 2011-10-28 | ||
| PAST TOP PICK | Canaccord Financial Inc | CF-T | 9.530 | (Top Pick Mar 9/11, Up 36.43%) Likes it and where it is positioned right now. Access to low cost natural gas. Generating a tremendous amount of cash flow. Trimming his position but you can always get back in during a pullback. | 2011-10-28 | ||
| BUY | UEX Corp. | UEX-T | 0.730 | Juniors in uranium look very attractive right now. | 2011-10-28 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Market: It is a contagion-off trade. People pressed the panic button and now it is over. The panic is fear overdone. There are a lot of algorithmic traders in this business. Defensive and dividend paying stocks are getting a bit long in the tooth. You want growth-oriented opportunities. He is rotating into growth companies. | 2011-10-28 | ||
| TOP PICK | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Case New Holland Series B 7.875% 2017. Stock has been on fire recently. Take-over chatter. Business is healthy. Earnings outlook will gain momentum in his opinion. You could see ratings upgrade soon. | 2011-10-28 | ||
| WAIT | New Flyer Industries Inc. | NFI.UN-T | 62.000 | Disappointed with the management because they were talking about their backlog for 5 years. It’s a show me execution story and would wait for a bounce before getting back in. | 2011-10-28 | ||
| BUY on WEAKNESS | Premium Brands Holdings Corp | PBH-T | 15.680 | Dividend is save even though payout ratio is high. The stock is always ahead of itself. It goes up because it keeps acquiring new businesses. IF you want safety of dividend, you can get it. Buy it on pullbacks. | 2011-10-28 | ||
| DON'T BUY | National Bank of Greece SA | NBG-N | 0.590 | Was looking at all the Greek banks consolidating or merging but looking at the last couple of weeks, nationalizing of banks looks more likely. | 2011-10-28 | ||
| WAIT | Alliance Grain Traders Inc. | AGT-T | 21.550 | Bought a company in Turkey and consolidated it. Now they are making more acquisitions. Markets have been paying up for them for a long time. It has held well in an unsteady market. But stay away until he sees how the integration plays out. See it steady for a couple of quarters. | 2011-10-28 | ||
| WAIT | GLG Life Tech | GLG-T | 1.750 | Have this issue in terms of the China story. Accounting and corporate governance risk. He is concerned about execution risk in China. You can always get back when there is a bounce. | 2011-10-28 | ||
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| BUY | Claymore Global Agriculture ETF | COW-T | 21.330 | ETFs are not a bad idea for a retail investor to get exposure to the agriculture sector. Could allocate 50/50 between COW and MOO. Will do well over the next couple of years. | 2011-10-28 | ||
| DON'T BUY | Canyon Services Group | FRC-T | 12.510 | Prefers pressure pumpers. | 2011-10-28 | ||
| TOP PICK | Pure Technologies Ltd | PUR-T | 3.300 | Stock got beaten down. Water infrastructure play. They have some cutting edge technology. Had a lot of exposure to Libya and stock got killed. Made a lot of acquisitions over the last two years. Really well positioned. Growth story. Revenues will pick up in the next year. | 2011-10-28 | ||
| BUY | Stonegate Agricom Ltd | ST-T | 1.050 | Very interesting project. Phosphate business. Deposits in Idaho are the highest grade you can find. They also have a property in Peru with a slightly lower grade. The big catalyst is if a larger player wants to take them out. | 2011-10-28 | ||
| SPECULATIVE BUY | Encanto Potash | EPO-X | 0.225 | Lana has great deposits and so is ahead. The other is slightly behind. It is a junior that stands out to him. May or may not be a takeout candidate. There could be a play at some point in time. | 2011-10-28 | ||
| TOP PICK | Flint Energy Services Ltd | FES-T | 13.480 | 7.5% June 2019 bond. This company has had a problem with their production services division. Had a couple of earnings misses and the stock got clobbered. Needed to raise money so they came out with this bond issue. Company should have a better back end of the year. | 2011-06-29 | ||
| BUY on WEAKNESS | Inter Pipeline Fund | IPL.UN-T | 15.570 | Stock is basically moved with the natural gas/liquid spread. Also have a storage business in the UK, which creates a lot of cash flow for them. You’re paying 8-9 times cash flow, which is a bit pricey. | 2011-06-29 | ||
| Comment | Manulife Financial | MFC-T | 16.450 | Fundamentally it is one of the few insurance companies with such a vast capital structure. There needs to be some way to go up from here given the cost of capital. Reported some gains in the short book, which was not noticed by the market. | 2011-06-29 | ||
| BUY on WEAKNESS | Mosaid | MSD-T (Dead) | 27.970 | Prefers Wi-Lan (WIN-T), which has a better currency right now. This company is seen more as a defensive play as opposed to a growth company. There is also a bit of a management overlap right now. Good name to get into under $25. | 2011-06-29 | ||
| Comment | Royal Bank | RY-T | 54.730 | Toronto Dominion (TD-T) versus Royal Bank (RY-T) for a long-term hold and dividend yield? TD has been building a strong retail franchise and is his favourite. There consumer loan book has been growing. Likes their acquisition of Chrysler Financial. Royal has had way too much leverage/exposure to trading revenue. | 2011-06-29 | ||
| PAST TOP PICK | Sherritt International Corp. | S-T | 6.220 | (A Top Pick March 9/11. Up 5.15%.) Bond 8.25% Oct. 24/14. | 2011-06-29 | ||
| Comment | Toronto Dominion | TD-T | 80.840 | Toronto Dominion (TD-T) versus Royal Bank (RY-T) for a long-term hold and dividend yield? TD has been building a strong retail franchise and is his favourite. There consumer loan book has been growing. Likes their acquisition of Chrysler Financial. Royal has had way too much leverage/exposure to trading revenue. | 2011-06-29 | ||
| PAST TOP PICK | Wi-Lan Inc. | WIN-T | 7.490 | (A Top Pick March 9/11. Up 31.57%.) Monetizes patent portfolios. Still looking for a second leg of growth for them. Still a buy. | 2011-06-29 | ||
| DON'T BUY | Yellow Media Inc | YLO-T | 2.690 | Preferred A shares with a retractable date at the end of Dec/12 paying 4.5% yield. Had a bad run because of poor decision-making. He is wary of them being able to cover the principal at maturity. Would prefer their bonds instead. | 2011-06-29 | ||
| WAIT | Crescent Point Energy Corp | CPG-T | 44.100 | Extremely leveraged to crude oil prices. They said dividend but at the end of the day it is extremely aggressive because they are the biggest player in the Bakken. Would hold off until oil prices settle. | 2011-06-29 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Markets. There are some negative signs out there. There is a vast amount of commercial mortgage backed securities that needs to find a home. Fundamentally he is a believer in human ingenuity and you will find good companies and good businesses will prosper. Currently it looks a little bit bearish to him but he is finding opportunity in different sectors. | 2011-06-29 | ||
| BUY | Syngenta AG | SYT-N | 67.480 | In the feed genetic space. Good company and a nice value play. Very strong balance sheet and well-positioned in Europe. Has been making a lot of forays into South America and gaining market traction. Chemical division has been a bit of a drag. | 2011-06-29 | ||
| BUY | Claymore Global Agriculture ETF | COW-T | 21.520 | Global Agriculture ETF. Gives exposure to agriculture stocks on a global basis. | 2011-06-29 | ||
| PAST TOP PICK | CF Industries Holdings Inc. | CF-N | 149.350 | (A Top Pick March 9/11. Up 18.65%.) Biggest nitrogen fertilizer producer in North America. Can see it going to $150-$160. | 2011-06-29 | ||
| Comment | Western Potash | WPX-T | 1.470 | Junior potash player in Manitoba. Has been talk about the company being positioned for a take out but this could take anywhere from three months to a couple of years. | 2011-06-29 | ||
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| DON'T BUY | PetroBakken Energy | PBN-T | 13.070 | He would prefer Crescent Point (CPG-T). They both operate in the Bakken fields, but Crescent point is the more aggressive of the two. They have been quagmired in their balance sheet and he would worry that they might suspend their dividends. | 2011-06-29 | ||
| TOP PICK | Pure Technologies Ltd | PUR-T | 3.800 | Water technology. Got really beaten-down because of the sell off on the growth and mid-cap segment. Also had exposure to Libya. This could be a force with a critical mass. Bought out one of the biggest competitors in this space. | 2011-06-29 | ||
| BUY | Stonegate Agricom Ltd | ST-T | 1.030 | Phosphate deposit they have an Idaho have yielded very good results. He is optimistic about their project going on stream. Good name to own. | 2011-06-29 | ||
| BUY | Allana Potash Corp | AAA-T | 1.510 | Had owned but has been trading out of it as it moved up. Likes the quality of their deposits and their proximity to India and Asia. Very strong grade of potash at about 25%. | 2011-06-29 | ||
| DON'T BUY | Karnalyte Resources | KRN-T | 11.000 | Unique asset in a way they process of technology they use for extraction of potashes from a solutions base. IPO went for about $8.50 stock now is around $12. Prices now based on the sentiment of ag stocks, which is currently recently bullish. Fairly valued right now. | 2011-06-29 | ||
| Comment | HAP Enhanced Income Equity ETF | HEX-T | 9.400 | Enhanced Income Equity ETF. Volatility as an asset class is a very good place to be as opposed to buying fixed income securities. Covered call strategy is a good place to be. | 2011-06-29 | ||
| TOP PICK | Dean Foods | DF-N | 12.200 | 7% June 2016 bond. Top milk producer in the US. Bonds sold off on account of covenant breach concerns. A name to own in a choppy market. | 2011-06-29 | ||
| PAST TOP PICK | JP Morgan Chase & Co | JPM-N | 46.560 | (Top Pick Mar 1/10, Up 11.40%) Still likes it. There is still some upside left in it. It was a pick because credit metrics lined up. It is turning out to be more of a defense play. They have been removing the toxic mortgages in a systematic way. The book value of the company is growing steadily. | 2011-03-09 | ||
| PAST TOP PICK | Methanex Corp | MX-T | 28.370 | (Top Pick Mar 1/10, Up 13.40%) He scaled back. He had an issue with their exposure in the middle east. It’s a good name to own, a good leverage to oil. | 2011-03-09 | ||
| BUY | Northland Power Inc | NPI-T | 15.140 | This company had some transition issues getting to a corporation from an income fund. It has myriad assets that are diversified and renewable exposure, which he likes. There seems to be a growth profile in their pipeline, which is not reflected. Likes it for the yield. Some excellent renewable projects on the way. | 2011-03-09 | ||
| BUY | Royal Bank | RY-T | 60.790 | The banks trade together. RY has been a laggard. Last quarter was a surprise. Credit metrics have gotten better. He is concerned about commercial real estate exposure in the US. They are getting their act back together. If they make acquisitions, he would see them catching up. | 2011-03-09 | ||
| DON'T BUY | Sunlife Financial | SLF-T | 31.090 | The problem is that they need to hit at least 12-13% return on equity to get back into their glory days of growth. The regulatory overhang needs to be resolved. | 2011-03-09 | ||
| TOP PICK | Sherritt International Corp. | S-T | 8.150 | Bond 8.25% Oct. 24/14. It’s a play on credit quality. They’ve been having trouble managing their balance sheet. They over-spent on building the Madagascar nickel mine. If that comes on line later this year as management says it will, they are going to take pretty strong measures to increase their credit quality. | 2011-03-09 | ||
| DON'T BUY | Transalta Corp | TA-T | 20.150 | Has this decrepit coal fired plant that needs to be turned around. He prefers Moore Capital Power. Prices are so suppressed right now, if they go up, TA will benefit. | 2011-03-09 | ||
| WEAK BUY | Trans Canada Corp | TRP-T | 38.390 | Go-to name. With the dilution in the stock due to cap-x spending behind them, they are generating a lot of free cash flow. Could be a dividend increase in the near term. Only issue he has is the toll increase the have been talking about. He needs clarification. | 2011-03-09 | ||
| TOP PICK | Wi-Lan Inc. | WIN-T | 5.730 | Interesting company, very nice sweet spot. Pays a dividend, lots of cash. Excellent patent portfolio. Has a reasonable cash position. Pays a dividend. Should be doing $110-$120 Million in top line growth which would translate into 50-60 cents / share in earnings. | 2011-03-09 | ||
| BUY | Archer Daniels Midland Company | ADM-N | 36.600 | Used to be his top pick. He has always liked the name. They need to watch for $7 corn because the spread within Corn/Ethanol will be problematic is corn starts to creep up. They are the top ethanol producer in the US. It’s always a great stock to get on pullbacks. It’s a good name to own as a defense against grain prices. | 2011-03-09 | ||
| BUY | Armtec Infrastructure | ARF-T | 16.630 | Has had a pullback. Huge leverage due to infrastructure spending. You had a run up on account of the stimulus spending. Wait for their report, which is in a little while. Thinks the squeezing out has been played out. The yield suggests there is a problem with the dividend. Near term it is ok. He’s been buying it over the last few days. | 2011-03-09 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Markets: Canadian $ getting stronger and equities going down. Forex traders have been dumping the US$. Maybe at some point this will settle down. Maybe when it is $1.04 Canadian. When European situation comes down to the forefront you could see more bit back into the US$. There will be a lot of volatility. The markets have been waiting for a bailout in Europe. You could see a haircut in a couple of sovereign debt issues. Portugal refinanced at 7%. The key issue is going to be Spain. Favourite part of debt market is the 2-5 year corporate debt. Likes the banks. He has never seen the balance sheets so strong. | 2011-03-09 | ||
| Comment | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Bond Funds: depending on the type of the manger and the duration of the bonds. 2-5 years is good since the manager can mitigate the interest rate risks. Typically these funds under perform as interest rates go up. He prefers to hold the bonds directly. | 2011-03-09 | ||
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| WAIT | Daylight Energy Ltd | DAY-T (Dead) | 10.350 | They need to get their act together in terms of production profile and they need to get their credit situation in better shape. He would hold off for a bit before buying. Prefers gas companies that are more exploratory in nature. | 2011-03-09 | ||
| WAIT | Bird Construction Income Fund | BDT-T | 38.820 | Has huge exposure to the infrastructure build-out. $35 is a good entry point. On a cash flow multiple it is pretty inviting. The US exposure has always been a cause for concern, but the concern about infrastructure stocks has been put behind them. Every time it drops he gets back into the name. | 2011-03-09 | ||
| PAST TOP PICK | Pengrowth Energy | PGF-T | 12.400 | (Top Pick Mar 1/10, Up 20.60%) He scaled back on the position. Great management team. They had some problems but now they are back online. | 2011-03-09 | ||
| WAIT | Hemisphere GPS Inc. | HEM-T | 1.110 | They have a history of missing guidance and the price has always dropped afterwords. They had problems spending money at the wrong time. They had this massive buildup in inventories but this has fallen back nicely. If it breaks $70-75 Million, next year, you could see a turnaround in this name. | 2011-03-09 | ||
| TOP PICK | CF Industries Holdings Inc. | CF-N | 126.530 | It is the go-to play on the Nitrogen side. Eventually you are going to see about 85-90 Million acres of corn planted in the US. As long as you have the Corn/Ethanol mandate and as long as the Chinese are going to import corn, you are going to need a lot of fertilizer. All the Agri stocks have pulled back due to the spike in oil. This company could generate $15-16 in earnings per share. | 2011-03-09 | ||
| BUY | Allana Potash Corp | AAA-T | 1.660 | They had excellent resource updates. It is a junior that stands out right now. The management team needs to pull up their socks. Is this a junior that is looking to get bought or not. This is a name that looks very strong to him. | 2011-03-09 | ||
| WAIT | Karnalyte Resources | KRN-T | 12.000 | Had a good run and then pulled back with the market. The market is waiting for a price settlement for the Potash with the Indians. He keeps adding to it on pullbacks. | 2011-03-09 | ||
| WAIT | Agrium | AGU-T | 68.140 | Overhead because of acquisition of CF industries. Need to wait to see how it plays out and then you could see a bounce back. It is the best gears for the Nitrogen complex in Canada. You could see some movement in the sock later on. | 2010-03-01 | ||
| BUY | Davis + Henderson | DH-T | 16.990 | (Market Call Minute) Great name. Bought two companies and did well. Good payout ratio and sustainable yield. | 2010-03-01 | ||
| HOLD | Great West Lifeco | GWO-T | 27.070 | (Market Call Minute) Worried about insurance companies being soft. | 2010-03-01 | ||
| TOP PICK | JP Morgan Chase & Co | JPM-N | 41.970 | From a credit perspective, the high yield bonds are now 3.5-4% so there is significant improvement in the credit risk. The expectation is that the US banks will improve their book values. They should re-instate the dividend by year-end. | 2010-03-01 | ||
| TOP PICK | Methanex Corp | MX-T | 24.910 | Seen coal prices go up in China so expects them to start importing methanol and as they drive more cars, the fuel will require more methanol. It’s a play on oil and more so on terminal coal prices. Are increasing their production capacity in a rising price environment. | 2010-03-01 | ||
| BUY | Potash Corp of Saskatchewan | POT-T | 116.000 | Prefers it to MOS-N and CPG-T. | 2010-03-01 | ||
| BUY | Potash Corp of Saskatchewan | POT-T | 116.000 | (Market Call Minute) | 2010-03-01 | ||
| BUY on WEAKNESS | Sunlife Financial | SLF-T | 30.000 | (Market Call Minute) Likes the name. Disappointed in the last quarter. | 2010-03-01 | ||
| HOLD | Stake Technology | SOY-T | 3.170 | Had a number of accounting issues. It has been a turn-around story since then. Wait and see what happens in the next quarter report. | 2010-03-01 | ||
| BUY | Superior Plus Corp | SPB-T | 13.930 | Converted to a corp. They have been really coming out of the gate. 3 Business: Sodium Chloride; Construction Chemicals; and Propane. The first two are where the growth is. The payout ratio and yield is ok. It’s a prudent name to own I you think the construction business in the US will turn around. 11.6% sustainable. | 2010-03-01 | ||
| BUY | Viterra Inc | VT-T | 9.720 | Significant agricultural company. Now in a position to consolidate grain on a global scale as they acquired an Australian company. Significant pickup in margins for grain handling. As they are able to report significantly stronger margins, in the grain business, this should do well in the near term. | 2010-03-01 | ||
| PAST TOP PICK | Vermilion Energy Inc | VET-T | 34.820 | (Top Pick Sep 29/09, Up 15.4%) Likes this name for a while because it never cut distribution costs. Internationally diversified. Safe payout ratio and little or no debt. | 2010-03-01 | ||
| SPECULATIVE BUY | Westshore Terminals Inc. | WTE.UN-T | 15.730 | 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 | ||
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| PAST TOP PICK | Archer Daniels Midland Company | ADM-N | 41.540 | (Top Pick Sep 29/09, Up 7.2%) (Preferred A.)It’s in the conversion range right now. Likes the company. Margins of Corn Ethanol have been strong. Lot of cash in their balance sheet. 6.5% dividend. Safe as it come close to its conversion price. | 2010-03-01 | ||
| BUY | Crescent Point Energy Corp | CPG-T | 39.000 | Likes it. Did a recent asset swap with Pen West. Gravitates toward this one because of yield component. A strong component in an oil rally. Made some acquisitions.. | 2010-03-01 | ||
| BUY | Hanfeng Evergreen | HF-T | 7.320 | It was a good time to buy it before today’s 9% increase. The play is the growth in the Chinese fertilizer market. It’s an interesting company. Still a good entry point. Agrium owns 50-60% so could buy it to get into China. | 2010-03-01 | ||
| BUY | Armtec Infrastructure | ARF-T | 24.260 | (Market Call Minute) Very interesting name, sustainable yield. Great play on infrastructure space. | 2010-03-01 | ||
| N/A | A Comment -- General Comments From an Expert | A Commentary | 0.020 | TOPIC: Fixed Income, Dividend and Agricultural stocks. BONDS: We were over bought in December. It is fairly priced right now. In the 7-10 term, you are looking at good picks in the corporate space. The flow of credit has been good and so spreads are coming in. GREECE: He doesn’t see a massive contagion ion sovereign risk spilling over into other asset classes. But maybe the spread between corporate bonds and sovereign bonds could narrow a little bit, but fundamentally this fear of sovereign risk getting priced out of hand is substantially over blown. | 2010-03-01 | ||
| PAST TOP PICK | A Comment -- General Comments From an Expert | A Commentary | 0.020 | (Top Pick Sep 29/09, Up 0.6%) Fairfax 2018 7.35% bonds.. Insurance business has been doing very well. Bonds are a good buy. | 2010-03-01 | ||
| WAIT | Ag Growth International Inc | AFN-T | 36.710 | Was his top pick middle of last year, but it had a great run since then. Likes the business. Had operating issues about a year back but they have turned the former and are operating at capacity. Dividend is safe and payout ratios are fine. Wait for an acquisition in order to buy. | 2010-03-01 | ||
| DON'T BUY | Penn West Petroleum | PWT-T | 21.570 | Not a big fan. They did an asset swap with Crescent Point. This was good. They had a debt issue and needed to do something to meet the distribution target. Feels there are better names out there. | 2010-03-01 | ||
| TOP PICK | Pengrowth Energy | PGF-T | 11.000 | Had a good run and in the process of re-calibrating as a company with the new management team. With new team, the stock is in the process of re-calibrating. Safe dividend payout. Cut down debt. Payout ratio looks sustainable. | 2010-03-01 | ||
| SELL | Alliance Grain Traders Inc. | AGT-T | 34.500 | Took profits. Was a great name last year. Had such a big run that a lot of growth is priced in. Not geared to growing dividends. | 2010-03-01 | ||
| BUY | Potash One Inc. | KCL-T (Dead) | 3.090 | (Market Call Minute) | 2010-03-01 | ||
| WEAK BUY | Claymore Global Agriculture ETF | COW-T | 18.640 | Not a big fan of ETFs, but this a good way to own a portfolio of agri-stocks. He is an active portfolio manager and this is a passive ETF. MOO-N has higher fertilizer weighting than COW. | 2010-03-01 | ||
| HOLD | BioExx Specialty Proteins Ltd. | BXI-T | 2.100 | It’s a breakthrough business. A kind of biotech company. They have been hitting their milestones. Now they are moving to execution. The risk is more engineering and execution than technology. Believes the management team is determined. Seem to be on the right path. The sales cycle for these products is quite long. | 2010-03-01 | ||
| SPECULATIVE BUY | Western Potash | WPX-T | 0.720 | Long way to go to be a tier one operator. A long way to go until the mine is in production. The solution mining technique loads down the time frame to get the potash from the ground. You own the stock in the hopes of a takeout or a consolidation. He has his doubts. | 2010-03-01 | ||
| TOP PICK | Algonquin Power & Utilities Corp | AQN-T | 3.510 | They had a problem with conversion from income trust. They cut their distributions by 50%. They had non-performing assets. Now he can see some utility rate increases coming. Yield 6.8%. He likes the renewables space and they are a proxy on renewables. | 2009-12-01 | ||
| BUY | Canadian Apartment Properties | CAR.UN-T | 13.000 | (Market Call Minute) Cap X has been the big overhang and they seem to be getting over it. | 2009-12-01 | ||
| BUY | Canadian Imperial Bank of Commerce | CM-T | 68.730 | They have fortified their balance sheet against dividend cuts. It has under performed. We always feel that the worst is over. If you line it up with the other banks, it looks cheaper. | 2009-12-01 | ||
| BUY | First Capital Realty | FCR-T | 20.150 | Is an excellent company. They carved out the US assets from the Canadian operations. Likes the management team. The upside is there. The TLF program has been supporting the CMBS markets like never before and it will be interesting to see how the CMBS market reacts once the TLF program is withdrawn. Then the credit spreads and cap rates for REITs will get impacted accordingly. | 2009-12-01 | ||
| BUY | Inter Pipeline Fund | IPL.UN-T | 10.640 | (Market Call Minute) Just signed contract with Imperial Oil | 2009-12-01 | ||
| BUY | Manulife Financial | MFC-T | 18.700 | Below $19 there is only upside to the name. SLF would be his pick. | 2009-12-01 | ||
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| BUY | Northland Power Inc | NPI-T | 10.950 | (Market Call Minute) They seem to have got their act together after all their issues with their shareholders converting into the income fund and amalgamating it with the parent company and they just bought some assets out in BC that have upside. | 2009-12-01 |
