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Sandy McIntyre of Sentry Select Capital Corp
The Exchange Tower
130 King Street West, Suite 2850
Toronto ON
M5X 1A4
416-861-8729
Sandy McIntyre's website
Toll Free: 1-888-246-6656
Fax: 416-364-1197
info@sentryselect.com

Opinions from Sandy McIntyre

TOP PICKRussel MetalsRUS-T30.430Chose this for the regular distribution. No net debt. $500 million in inventory. Beneficiary of an uptick in tubular for the oil patch. 6% dividend with a history of paying out all of its earnings in a dividend. Long-term growth profile.2008-05-05
TOP PICKReitmansRET-T17.750Dominant women's wear retailer in Canada. 4% yield.2008-05-05
TOP PICKA Comment -- General Comments From an ExpertA Commentary0.020Canadian Banks: - He is playing the junkier end of the spectrum such as Bank of Montreal (BMO-T) and National Bank (NA-T), the ones where people have over discounted problems. Treat them as trades. (Canadian Imperial (CM-T) has one more shoe to fall. Buy this one on the news.)2008-05-05
PAST TOP PICKCalloway REITCWT.UN-T21.750(A Top Pick July 3/07. Down 9% including distributions.) Actually, US real estate is going up. This one is amongst the top quality asset base in real estate and is trading at a discount to its value. Generates over 6% yield. We'll have a growth profile going forward. Still a Buy.2008-05-05
PAST TOP PICKYellow Pages Income FundYLO.UN-T10.710(A Top Pick July 3/07. Down 17% including distributions.) A couple of US yellow page providers got into difficulty in funding dividends and this was guilty by association. Would be a buyer in the $9 range.2008-05-05
PAST TOP PICKKeyera Facilities Income FundKEY.UN-T21.410(A Top Pick July 3/07. Up to 17%.) Sees a step change in natural gas development west of 5. Going to deep wells and horizontal legs. The multi-fracturing development is bringing out gas that was previously not producible that will go through their facilities.2008-05-05
HOLDCanadian Oil Sands TrustCOS.UN-T44.500Doesn't have any near-term growth because its partners have not decided if they will expand production. As soon as there is an opportunity for growth, which involves capital, he will be increasing his holdings. 8% yield. Well managed.2008-05-05
CommentAlgonquin Power Income FundAPF.UN-T7.630Power generation trust. His least favourite sector as there is very limited pricing power. This one has a water processing business in the southwest US that is quite fascinating. Hopes they are able to surface the value in this business. A business that recycles and reprocesses a scarce commodity like water is one that you can grow a net value with. At an interesting price.2008-05-05
SELLFording Canadian Coal Trust (Inc Trust)FDG.UN-T67.510Yield of less than 4%. One-year chart shows a steep climb of 148% and he has a difficult time buying companies like this. He would be a seller on a chart like this. The price of metallurgical coal at the current rate, he feels, is unsustainable. Highly speculative.2008-05-05
BUYTrimac Income FundTMA.UN-T7.780Outlook for recovery is very good. This is one of the dominant truckers in the bulk business. Well capitalized and management owns a ton of stock. Very well run. 13% distribution, which is fully funded out of cash flow.2008-05-05
CommentFuturemed Healthcare Income FundFMD.UN-T10.270Sells supplies to nursing homes, which is a growth industry long-term. Good management team.2008-05-05
BUYK-Bro Linen Income FundKBL.UN-T12.280Linen supplies for hospitals and hotels. 9% yield.2008-05-05
BUYMullen Group Income FundMTL.UN-T20.430Largely concentrated in transportation out west. Their specialty is moving rigs in and out of the oil fields. Drilling environment is becoming pretty dynamic and this is a prime beneficiary.2008-05-05
BUYCML Healthcare Income FundCLC.UN-T15.230Dominant market is Ontario, which has no capacity to bring on new labs. Changing into a corporation in 2011 does not change them into a growth company, so they will stay as a trust. Good company.2008-05-05
CommentHarvest Energy TrustHTE.UN-T23.04015.5% yield. Doesn't like the balance sheet. Too many issues of convertible debt. Have a refinery in Come by Chance Newfoundland, which has been going through a seasonally weak period and will likely come into a seasonally strong period through July and August. Would Sell, but wait until the strong period.2008-05-05
BUYPizza Pizza Royalty Income FundPZA.UN-T9.130The dominant pizza chain in Ontario.2008-05-05
HOLDInter Pipeline FundIPL.UN-T9.580The income stream has a very modest growth profile but of a long duration. Has pipeline development on the go. Expect they will be able to continue paying their distribution after 2011.2008-05-05
CommentBoyd Group Income FundBYD.UN-T2.740Too much debt on the balance sheet 2 or 3 years ago. He understands that they have done a good job in tidying this up to a very acceptable level. Has insider buying, which is always a good sign. This is on his radar screen.2008-05-05
HOLDConsumers Waterheater FundCWI.UN-T12.900(Market Call Minute.) Stable income story but not much growth.2008-05-05
HOLDPengrowth Energy TrustPGF.UN-T20.250(Market Call Minute.) Too high a payout ratio. Needs to right size its distribution.2008-05-05
BUYTeranet Income FundTF.UN-T9.560(Market Call Minute.) Land Registry office for the province of Ontario. Great technical capability.2008-05-05
BUY on WEAKNESSCrescent Point Energy TrustCPG.UN-T33.830(Market Call Minute.) A hold, but buy it on dips. Went up too fast for him.2008-05-05
BUYRioCan Real Estate InvestmentREI.UN-T21.800(Market Call Minute.) Great value story. Great management team.2008-05-05
BUYArtis Real Estate Investment TrustAX.UN-T14.560(A Top Pick Apr 13/07. Down 10% including distributions.) There has been concern about the Alberta economy, which has resulted in this stock selling off. GP and income growths in Alberta continue to lead the nation. Their ability to mark rents to market is well above their industry peers.t2008-02-26
TOP PICKBank of Nova ScotiaBNS-T49.000Not exposed to loan losses in the US. Have a great credit standard. Their expansion into Latin America and Caribbean is very well thought out.2008-02-26
TOP PICKSpectra Energy Income FundSP.UN-T9.750They are a gatherer and processor of natural gas. Has been very much oversold relative to its direct competition such as Alta Gas, Tierra, and Inter Pipeline Fund.2008-02-26
PAST TOP PICKCanadian Oil Sands TrustCOS.UN-T41.800(A Top Pick Apr 13/07. Up 46% including distributions.) Chose this because of its growth in both cash flow and production. No longer a growth expansion. To get some growth in the oil sands, he took a little money off the table and put it in UTS Energy (UTS-T). Not a Buy at this time.2008-02-26
PAST TOP PICKThe Data Group Income FundDGI.UN-T9.450(A Top Pick Apr 13/07. Down 1% including distributions.) Primarily commercial printing. A stable business. Still likes.2008-02-26
BUYH&R Real Estate Inv TrustHR.UN-T20.850Very high-quality REIT. Principally commercial office where they match long-term leases with creditworthy tenants to long term financing to harvest the spread.2008-02-26
CommentConsumers Waterheater FundCWI.UN-T13.950Rental of water heaters in Ontario. Has provided a very stable income stream. He doesn't see the growth profile that he likes relative to the business risk. 9.2% yield.2008-02-26
CommentPenn West Energy TrustPWT.UN-T29.240Likes the 2009 and 2010 stories with their development of their heavy oil project at Seal. Have a very challenging asset-base from the point of view of meeting production declines and have not consistently hit their numbers. 18.3% yield.2008-02-26
BUYUTS EnergyUTS-T5.850Involved with Petro Canada (PCA-T) and Tech Cominco (TCK.B-T) in developing the Fort Hills project. Should be coming into production in the 2009/2010 timeframe.2008-02-26
WAITBaytex Energy TrustBTE.UN-T21.400Has a bias towards heavy oil. Into the heavy oil project at Seal. Prefers over Penn West (PWT.UN-T). Following 2011, the cash taxes will be mitigated to a great degree by preservation of tax pools in the period leading up to 2011. If you are into market timing, you may want to wait until the snow clears.2008-02-26
BUYGenivar Income FundGNV.UN-T25.190Has done a very nice job of growing. Likes the engineering aspect of it for the infrastructure build that they will take part in.2008-02-26
BUYMedical Facilities Corp.DR.UN-T11.250If they could get access to additional capital, there are lots of acquisition opportunities in both hospitals and ambulatory care centres in the US. Long-term health care is a growth industry. Post-2011, he expects they will be in some form of a dividend paying US security.2008-02-26
DON'T BUYAg Growth Income FundAFN.UN-T35.910A lot of agriculture stocks hit 52-week highs yesterday including this one. There are tight supplies and low inventories going into 2008. 4.75% yield. Too expensive at this time.2008-02-26
CommentProgress Energy TrustPGX.UN-T13.390This is his favourite stock in the gas area with exposure to North East B.C. tight gas. Be cautious about buying natural gas stocks in February as it is coming into the shoulder season. 2008-02-26
CommentProEx Energy Ltd.PXE-T14.840Likes this as a natural gas stock. Be cautious about buying natural gas stocks in February as it is coming into the shoulder season.2008-02-26
CommentEncana CorpECA-T73.850Great diversification. Be cautious about buying natural gas stocks in February as it is coming into the shoulder season.2008-02-26
HOLDTrinidad Energy ServicesTDG.UN-T11.450One of the best operators of the types of rigs needed to drill tight gas wells. These are high-cost wells so you need the best operators to keep costs down. Have been expanding in the US and building capacity so it is a bit of a growth story. Converting to a corporation has shaken some holders, so would Hold for 2 years until this was over.2008-02-26
DON'T BUYSuperior Plus Income FundSPF.UN-T12.18012.8% yield and distribution appears to be sustainable. Went through a period where they expanded too much with a little too much leverage and they had to shrink the number of businesses they were in to pay down debt. Doesn't qualify for his balance sheet ratios.2008-02-26
BUYYellow Pages Income FundYLO.UN-T11.790The downgrade by Blackmont (?) was clearly an issue for the stock. It was based on weak operating results in some US print analogs, but they don't have the same business model as this company. The business model to drive the Web strategy is a very good one. Partnered with Google in Canada. If you have a 1 to 2 year timeline, Buy.2008-02-26
CommentCrescent Point Energy TrustCPG.UN-T27.400Well run company that has locked on to the largest position of an oil play in southeast Saskatchewan, the Bakkens. The technology used will deliver very good finding and development costs. 8.75% yield. He has taken some profits off the table.2008-02-26
BUYPizza Pizza Royalty Income FundPZA.UN-T9.470Very competent operator. Share price bounces in the $9 to $10 range. 9.7% yield. He is comfortable owning this one for the long term.2008-02-26
BUYCI Financial Income FundCIX.UN-T23.500Very good entry point. Extremely well run. The selloff is cyclically related. People are concerned about the health of the asset management industry. He is a bull on this industry long-term and believes in buying them in cyclical troughs.2008-02-26
BUYAlliance GrainTraders Income FundAGT.UN-X10.000Lentils, beans exported into the middle and Far East markets. Under the radar screen, so is cheap.2008-02-26
CommentEnerplus Resources FundERF.UN-T42.050At the forward current strip he is quite comfortable with their distribution at today's levels. If there is a material downtick in oil and gas there might be some risk of a minor trim. This is one of the longest duration asset-base of the conventional oil/gas income trusts with a very high quality. This is his #1 oil/gas position.2008-02-26
WAITContrans CorpCSS.UN-T8.500And economy cyclical. Involved in the trucking industry. Carries no debt. Management owns a ton of the stock. Have been great operators through the cycles. Thinks the recession risk is already priced into the stock. He senses that there will be an opportunity over the next 3 to 5 months, where it is currently at a very good entry point.2008-02-26
HOLDPengrowth Energy TrustPGF.UN-T18.700(Market Call Minute.) Too high a payout ratio.2008-02-26
WAITTransForce Inc.TFI-T8.990(Market Call Minute.) There will be an opportunity over the next 3 to 5 months.2008-02-26
SELLCinramCRW.UN-T5.900(Market Call Minute.) Doesn't like the business.2008-02-26
BUYNewalta Income FundNAL.UN-T17.910(Market Call Minute.) Garbage is always in fashion.2008-02-26
BUYPrecision Drilling Corp.PD.UN-T22.470(Market Call Minute.) Would buy this for the recovery in the gas market.2008-02-26
BUYBadger Income FundBAD.UN-T21.480(Market Call Minute.)2008-02-26
TOP PICKBrookfield PropertiesBPO-T24.840The best real estate available to a Canadian investor. Excellent price. Feels that rents will be going higher within the next year.2007-08-13
TOP PICKAllied Properties REITAP.UN-T20.500Brick and beam. Option value on downtown Toronto. They are the dominant landlord in the region which is experiencing very rapid redevelopment. Distribution is safe.2007-08-13
TOP PICKStudent Transport of America Ltd.STB.UN-T11.600Making an offer of all holders of their subordinate debentures for an exchange to common shares. A well-capitalized equity with a high dividend in a year from now. Good price.2007-08-13
PAST TOP PICKFocus Energy TrustFET.UN-T17.800(Past Top Pick Dec 29/06. Down 2.4%.) Still likes. Buy on any weakness in gas prices.2007-08-13
PAST TOP PICKAtlantic Power Corp.ATP.UN-T10.570(Past Top Pick Dec 29/06. Down 6%.) Consistent with the interest sensitive sector of the trust market. Took some profit when it was high. Has outperformed many of the power peers. Still likes. A Buy.2007-08-13
PAST TOP PICKCanadian Oil Sands TrustCOS.UN-T31.230(Past Top Pick Dec 29/06. No change.) Was a disappointment. An oil weighted name and he had a bullish view on oil but this one did not respond. Offsetting it was the increase in the Cdn$. Long term Hold.2007-08-13
DON'T BUYDaylight Energy TrustDAY.UN-T7.510Like all oil/gas trusts, this is affected by commodity prices and currency. This has natural gas exposure. Reduced their distribution recently. Have some debt that needs to be refinanced. Very impressed with management and it's on his Watch list. Not impressed with the financial structure.2007-08-13
BUYBonavista Energy TrustBNP.UN-T29.910On a strict cash flow to distribution plus capX, they are paying too high a distribution. However, have a number of outstanding exchangeable shares and dividend reinvestment plan, so their net cash in/cash out is okay. Excellent management.2007-08-13
CommentCargojet Income FundCJT.UN-T12.640A niche trust that will be taxable in 3.5 years, so you have to look at what the business will be like at that time. Because he was bullish on energy prices, he expected their cost prices to go up, which didn't happen. He would still prefer to be defensive.2007-08-13
CommentMullen Group Income FundMTL.UN-T18.800Their prime business is transportation, oil rigs, oilfield equipment, etc.. 2nd quarter was dreadful for oil/gas servicing industry, but they posted some pretty good numbers in a weak environment.2007-08-13
BUYLivingston Int'l Income FundLIV.UN-T17.650Earnings came out and they were acceptable. Near a 52-week low which is probably due to the general malaise. Good long-term buy.2007-08-13
BUYPenn West Energy TrustPWT.UN-T30.850Has yet to hit their production numbers. Disappointed quarter after quarter. Have some great properties and some great option values that will surface 2, 3 years down the road. Bias when it is cheap and sells when it goes up. Prefers others.2007-08-13
BUYThe Data Group Income FundDGI.UN-T10.660Were a little bit light on their cash flow numbers. This is weakness in the southern Ontario economy showing up in their sales.2007-08-13
BUYVermilion Energy TrustVET.UN-T37.200Allocates about 40% of their cash flow to distribution and about 50% to maintain and grow production with the balance going towards debt repayment.2007-08-13
BUYLakeview Hotel REITLHR.UN-X5.000Manages limited service motels. Well run.2007-08-13
BUYNorthern Property REITNPR.UN-T22.790Northern Territories of Canada are one of the fastest-growing economies and population. A mix of residential, commercial and some retirement homes focused on fast-growing communities in western and northern Canada. Good price.2007-08-13
HOLDArc Energy Trust UnitsAET.UN-T20.100Great company that pays a double-digit yield of 12%. One of the finest developers of oil/gas properties.2007-08-13
DON'T BUYCinramCRW.UN-T20.790This is a business that he doesn't know what it would look like 4 years from now. Entertainment content is in the midst of transition. Will there be a continual demand for DVDs and CDs, can the margins continue to be maintained or will excess capacity chop the margin.2007-08-13
BUYEnerplus Resources FundERF.UN-T45.300A bit more gassy (58%?) than oil. Very close to a 52-week low. A very good long-duration asset base. Distribution is reasonably well covered.2007-08-13
WAITHarvest Energy TrustHTE.UN-T30.570Purchase of the refinery in Newfoundland turned out to be good. Used excess cash flow to pay down debt. Right now refining margins are relatively weak. Seasonally, you should buy it in the fall for run-up in refinery margins that occur in April, May and June.2007-08-13
BUYCI Financial Income FundCIX.UN-T25.330One of the best fund companies in Canada. Good price. Well-run company.2007-08-13
BUYBaytex Energy TrustBTE.UN-T18.230Good energy company. Treat the correction as a buying opportunity.2007-08-13
CommentPrecision Drilling Corp.PD.UN-T20.800He tends to avoid the service sector except for production related companies rather than exploration companies. Good balance sheet. This one will suffer more in down periods, but will recover more quickly.2007-08-13
TOP PICKCalloway REITCWT.UN-T25.390Inflation advantaged. When inflation goes up rents go up. The value of the asset goes up with inflation. Good price.2007-07-03
CommentCanadian Oil Sands TrustCOS.UN-T32.100Intending to pay down debt in the order of $1.3-$1.4 billion area. With the current production and current commodity prices, there could be another couple of distribution increases over the next year, but not much beyond that.2007-07-03
BUYFreehold Royalty TrustFRU.UN-T14.590These are the old freehold lands that were attached to the CN Railway. They get a royalty on companies that want to explore on their lands. Very low-cost production for them and high net back.2007-07-03
BUYNorth West Company FundNWF.UN-T18.870This is the right way to run and income fund. They pay out less than net income. There is no return of capital. They invest actively in improving their stores and inventory turns.2007-07-03
BUY on WEAKNESSCI Financial Income FundCIX.UN-T27.440With treat it as a buy in the $26.50 area. One of the best marketers of investment funds in Canada.2007-07-03
TOP PICKYellow Pages Income FundYLO.UN-T14.050About 7.75% yield. Sound business model. Their print book drives their web strategy, which is a growth strategy. One of the higher-quality income funds.2007-07-03
CommentPenn West Energy TrustPWT.UN-T35.780Natural gas prices are very weak. Oil prices are not as strong as people think. Production will be a little bit weak due to severe weather in Alberta. Has one of the most diverse asset bases.2007-07-03
DON'T BUYBoardwalk REITBEI.UN-T49.490It needs the up tick in rents in Calgary and Edmonton to validate its current share price. He has sold some of his holdings.2007-07-03
BUYBFI Canada Income FundBFC.UN-T28.350A great company.2007-07-03
TOP PICKKeyera Facilities Income FundKEY.UN-T18.950Run gas plants that process sour gas; take natural gas liquids off, etc. Very stable and growing cash flow. Expected to be a potential takeout candidate.2007-07-03
BUYConsumers Waterheater FundCWI.UN-T16.640Not a bad business.2007-07-03
BUYMedical Facilities Corp.DR.UN-T11.200Run private hospitals in the US. A great business model.2007-07-03
DON'T BUYVault Energy TrustVNG.UN-T5.240Higher cost production. They have a capital allocation problem. Distributions plus Cap-X is greater than their cash flow so they need an external source of capital to fund some of their distribution. Too much debt.2007-07-03
TOP PICKCanadian Oil Sands TrustCOS.UN-T29.220Has lagged in the commodities and with other oil sands players. Has most of its capital expenditures behind it and is coming into production.2007-04-13
TOP PICKThe Data Group Income FundDGI.UN-T10.300Predictable and doesn't require a lot of capital and free cash flow can be maximized. Good management. 1.5% yield.2007-04-13
TOP PICKArtis Real Estate Investment TrustAX.UN-T17.000Retail, industrial and office. 60% of properties are in Alberta.2007-04-13
PAST TOP PICKMedical Facilities Corp.DR.UN-T10.700(A Top Pick May 12/06. Up 15.8%.) Still likes.2007-04-13
PAST TOP PICKNew Flyer Industries Inc.NFI.UN-T9.600(A Top Pick May 12/06. Down 1.6%.) Developing buses that will increase fuel efficiency. Probably be a takeout within 12 months. He sold for tax losses.2007-04-13
PAST TOP PICKPrimary Energy RecyclingPRI.UN-T8.950(A Top Pick May 12/06. Down 8.5%.) Recycles waste energy in steel mills. Dropped in price when it was no longer a takeout candidate. Good price.2007-04-13
BUYArc Energy Trust UnitsAET.UN-T21.300Amongst the best of the energy trusts. Great management team.2007-04-13
HOLDBonnett's Energy Services TrustBT.UN-T11.640Energy services. Integral in drilling new oil/gas wells. When down sharply on drop of energy prices. Will benefit from drilling in late 2007, early 2008.2007-04-13
BUYCineplex Galaxy Income FundCGX.UN-T16.680Have made a neat business out of on-screen advertising.2007-04-13
BUYGeneral Donlee Income FundGDI.UN-T9.570Manufactures aircraft parts. Backlog is good.2007-04-13


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