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| Steve MacInnes of Inhance Investment Management |
|---|
| Suite 1200 -- 900 W. Hastings St. |
| Vancouver BC |
| V6C 1E5 |
| 604 975-3300 |
| Steve MacInnes's website |
| Toll Free: 1 866 646-5850 |
| Fax: 604 975-3319 |
| info@inhance.ca |
| TOP PICK | Nuvista Energy Ltd | NVA-T | 18.920 | Gas oriented. Less well known. Management has had a fantastic track record over the past 5 years. Acquired Ryder Resources, a brilliantly timed acquisition at very attractive purchase metrics. Well balanced between deep gas and shallow gas and heavy oil prospects. | 2008-05-15 | ||
| Comment | Petro-Canada | PCA-T | 55.950 | Seems to be the perennial value story in the oil patch. Good suite of assets but in many respects not that exciting in doing anything earth shattering. Cheap and probably has room to grow but not his favourite. | 2008-05-15 | ||
| BUY | Research In Motion | RIM-T | 140.990 | As a short-term trade, it is probably fairly rich here. On a longer-term view of a year and a half and beyond you could Buy it here. One of the most profitable and highest growth stocks in their space. | 2008-05-15 | ||
| BUY | Royal Bank | RY-T | 50.630 | The strength in this bank is the tremendous domestic franchise. Their capital markets position is pre-eminent. Didn’t get into major trouble on this last cycle. Well managed. | 2008-05-15 | ||
| TOP PICK | Stantec Inc | STN-T | 29.780 | Has achieved something like 20% annualized growth since its IPO in 1994. Management is talking very conservatively and one of their major practices is in residential and non-residential construction and this has hit the stock. The environmental and infrastructure sides of the business are booming. Cheap. | 2008-05-15 | ||
| HOLD | Teck Resources Ltd. (B) | TCK.B-T | 50.210 | Have tremendous high-quality asset base. He has trimmed his holdings a little bit. Pretty richly valued. Wouldn’t be surprised if earnings estimates were revised up, but a lot of this is built in. | 2008-05-15 | ||
| Comment | Westjet Airlines | WJA-T | 16.010 | Have a very efficient fleet. They may slow the scale of their purchases down. Expect they will get connections with international carriers, which will help them. Management executes brilliantly. | 2008-05-15 | ||
| TOP PICK | Major Drilling Group International Inc | MDI-T | 56.130 | If you are skittish about commodity prices or the risks to mining, this is a way of participating in the resource boom. 2nd biggest contract driller in the mining business in the world. Over 500 rigs in 20 countries. Specializes in harder more challenging drilling where the margins are better. | 2008-05-15 | ||
| BUY | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian Financials: - Market has slowly taken confidence from all the rig fencing of the credit crisis. Royal Bank’s of of write-downs was less than expected. Market is starting to climb the wall of worry. Perhaps the money and resources will start rolling back into this sector. The road to recovery will be bumpy, but wouldn’t be afraid to Buy with a longer-term perspective. | 2008-05-15 | ||
| BUY | Canadian Tire Corporation Ltd. (A) | CTC.A-T | 60.990 | A little bit in the doghouse. Had a lacklustre quarter recently. A great brand and he likes the business model. Has bottomed here and is very good value. | 2008-05-15 | ||
| Comment | Arc Resources Ltd | ARX-T | 20.090 | Prefers trusts that have stable payouts. Resource trusts are depleting and are subject to commodity price trends. He prefers longer-term holds with more stable distributions. Those connected with the oil sands would be safer than others. | 2007-01-11 | ||
| HOLD | BCE Inc. | BCE-T | 29.990 | Excellent yield of 5%. Management has made some good moves to increase shareholder value. | 2007-01-11 | ||
| TOP PICK | Bank of Nova Scotia | BNS-T | 50.550 | Canada's most international bank. Fundamentals for banking are superb. Looking to improve their domestic franchise. Caribbean and South America are some of the hottest economies right now and he likes their position there. | 2007-01-11 | ||
| Comment | Cameco Corporation | CCO-T | 45.810 | Nuclear related activities, including exploration and production of uranium, don’t meet his criteria. Feels that nuclear power has tremendous risks. How you dispose of nuclear waste is a long-term major problem. Very capital intensive and feels the private sector has no business being in. | 2007-01-11 | ||
| BUY | Canadian National R.R. | CNR-T | 50.640 | Likes the rails, which transports 60% of the freight in Canada, but only accounts for 3% of the greenhouse gas emissions. This one is the most efficient in North America. | 2007-01-11 | ||
| Comment | Canadian Oil Sands | COS-T | 26.700 | Prefers trusts that have stable payouts. Resource trusts are depleting and are subject to commodity price trends. He prefers longer-term holds with more stable distributions. Those connected with the oil sands would be safer than others. | 2007-01-11 | ||
| TOP PICK | Canadian Pacific Rail | CP-T | 61.820 | Rails are a very environmentally friendly means of transportation. This company has lagged some of the other rails, but under a revamped management structure you can see at catching up in a hurry. | 2007-01-11 | ||
| HOLD | Cognos | CSN-T | 51.670 | Should be a good hold for the next year or two. Goes through different product cycles and its latest product is just getting out into the marketplace. Could have a good healthy year of strong sales. | 2007-01-11 | ||
| HOLD | Encana Corp | ECA-T | 52.650 | A hold for the next 2-3 years. As high-quality production assets. Massive inventory of conventional and unconventional prospects. Strong growth profile. | 2007-01-11 | ||
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| Comment | Inmet Mining | IMN-T | 55.770 | Doesn't meet his environmental social governance criteria. The pullback in the metals is a buying opportunity. You may have to treat it as a trading vehicle. Feels analysts are underestimating the earning ability of these companies. | 2007-01-11 | ||
| HOLD | Loblaw Companies Ltd | L-T | 50.900 | Problems they're running into and their lack of execution has affected their performance. | 2007-01-11 | ||
| HOLD | Manitoba Telecom Services | MBT-T | 45.580 | Feels it will be able to maintain its dividend. Have substantial tax losses available, so could be an acquisition target. | 2007-01-11 | ||
| BUY | Manulife Financial | MFC-T | 38.970 | Has a massively positive franchise in North America. The John Hancock acquisition has been well integrated. Likes their Asian exposure. Expects to see solid earnings growth in future. | 2007-01-11 | ||
| DON'T BUY | Nortel | NT-T (Dead) | 30.980 | Doesn't meet his financial criteria. They are still losing money. Still trying to find their way in the tech world. | 2007-01-11 | ||
| BUY | Petro-Canada | PCA-T | 42.910 | A value play in the oil patch. Good growth profile. | 2007-01-11 | ||
| DON'T BUY | Power Corp | POW-T | 35.110 | Doesn't meet his environmental social governance criteria. | 2007-01-11 | ||
| DON'T BUY | Power Financial Corp | PWF-T | 36.960 | Doesn't meet his environmental social governance criteria but does hold its two major subsidiaries, Great West Life (GWO-T) and Investors Group (IGM-T). | 2007-01-11 | ||
| HOLD | Royal Bank | RY-T | 53.910 | A superb Canadian domestic franchise. Have cleaned up their US expansion problems. Doing very well, particularly with their wealth management. | 2007-01-11 | ||
| DON'T BUY | Telus Corp | T-T | 54.330 | A fine company but has had a chequered history of labour relations. Doesn't meet his criteria. | 2007-01-11 | ||
| BUY | TSX Group | X-T | 45.850 | Monopolistic position with no competition. Throws off tremendous excess cash. Very shareholder friendly. He is bullish on equity markets. | 2007-01-11 | ||
| BUY | Yellow Media Inc | YLO-T | 13.100 | A classic trust structure. They dominate their business. Basically have a monopoly on all the Yellow Pages in the country. Still some growth potential. | 2007-01-11 | ||
| TOP PICK | Mullen Group Ltd | MTL-T | 17.650 | A great play to participate in the ongoing high levels of activity in Alberta economy and infrastructure build out. Spectacular record of acquisitions. Has been oversold. 10% yield. | 2007-01-11 | ||
| BUY | Brookfield Asset Management (A) | BAM.A-T | 55.500 | Gives the investor exposure to asset structure and management which they average investor wouldn't have access to. Great holding. Long-term hold. | 2007-01-11 |
