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Alice Tsang , Portfolio Manager

Marquest Asset Management

Date Signal Symbol Company Opinion Price
2013-04-05 N/A A Commentary A Comment -- General Comments From an Expert

Commodities. Expects fairly flat growth in global economies. Supply/demand in copper is balanced this year so copper as well as oil are trading within their ranges. Expects copper to trade between $3.20 and $3.80 this year and oil from $80 to $90. Until we see stronger growth and stronger demand coming for these commodities, will probably see them trading around these ranges. Expects commodities to have a fairly tight situation for 2-3 years. In the juniors, a lot of stocks have pricing at very low valuation. On the producers’ side in the copper space, consensus is still too high. She’ll be looking for lower levels before stepping in.

 Price:
$0.020
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
_N/A
2013-04-05 BUY ALA-T Altagas Ltd

Doesn’t think it has reached its full potential yet. In a low growth environment, these are the ideal stocks you want to own. Generates 4%-5% growth year after year. Infrastructure and power, so a fairly reasonable, stable cash flow. Should have room to increase their dividends down the road.

 Price:
$35.120
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2013-04-05 TOP PICK ANS-T Ainsworth Lumberf Co. Ltd.

Oriented strand board (OSB). Very much levered to the housing markets, especially in the US. Expecting margins to improve. Trading at about 3X enterprise over EBITDA while their peers are trading about 6 times.

 Price:
$3.940
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2013-04-05 HOLD BTE-T Baytex Energy Corp

Great resource play. Valuation trades fairly close to some of its US peers. Technically it is oversold and she does see a rebound in the stock. High-quality stock. 6.3% dividend yield. A good long-term hold story.

 Price:
$41.740
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
No
2013-04-05 TOP PICK CFF-X Conifex Timber Inc

A lumber company that is playing the laggard. Feels the lumber story is still in the 1st and 2nd innings and has a long ways to go. Through this downturn, a lot of the lumber stocks have recapitalized their plants and this company did the same for one of their plants so production output, as well as costs, is moving in the right direction. Margins should improve and expects them to have positive cash flows this year. Trading 2 or 3 points below their peers.

 Price:
$9.090
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2013-04-05 BUY CLQ-T Canada Lithium Corp.

Buying opportunity for a 1 to 3 year horizon? Completely agrees with this. Technically the stock is trading at a very good level so she would step in at this point. One of the few producers that will be in the lithium space and supply is fairly tight.

 Price:
$0.650
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2013-04-05 HOLD ER-T Eastmain Resources Inc

Good for a long-term hold? Likes the story. Have a deposit in Québec and they may have 1,000,000 ounces of really high-grade, open pit of 3-4 g per ton. Very economic and very close to Goldcorp’s (G-T) Elinore. In this environment, it could stay at this price for a year or so.

 Price:
$0.590
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Unknown
2013-04-05 COMMENT FIS-X (Dead) Fission Energy

50%-51% on the joint venture on the Pattison Lake in Athabasca. Have a discovery which is looking very promising. Looks like they may have discovered a very large, high-grade, shallow deposit. Have a lot of cash so they can afford to do a lot of exploration in the area. Very speculative.

 Price:
$1.020
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2013-04-05 PAST TOP PICK IAE-T Ithaca Energy Inc.

(A Top Pick June 11/12. Up 2.35 %.) Sold her holdings but just bought back in yesterday. Production has been fairly disappointing however, valuation has gotten to a point where it is trading at 1X cash flow. It now looks very attractive to her technically.

 Price:
$1.810
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2013-04-05 DON'T BUY NDM-T Northern Dynasty Minerals Ltd

Very low grade deposit but a very large resource. We need higher copper prices. If copper were to stay at around $3.10-$3.30, she doesn’t see this project going forward. You probably need $3.75-$4 to make the stock work.

 Price:
$2.930
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Unknown
2013-04-05 PAST TOP PICK OSK-T Osisko Exploration Ltd.

(A Top Pick June 11/12. Down 30.9%.) Sold her holdings. Had some restarting issues and some Québec issues about developing in the high-grade area.. She thinks a lot of that is behind them. Very cheap at this level. In the gold space, she is very selective and this is one of a higher cost producers. If you own, consider moving over to Yamana (YRI-T), a low-cost producer and a much more sustainable model.

 Price:
$5.440
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
No
2013-04-05 TOP PICK SOG-X Strategic Oil & Gas Ltd

About a $250 million market cap and likes the current level of the stock. Developing a play at Steen River (?). For a small company, they own a lot of land and infrastructure in the area. Some of the wells they have been bringing on have extremely high payback. Company has been growing significantly. Exited 2012 with the production of about 3000-3200 barrels. She can comfortably see them bringing production to 10,000 barrels per day in 2-3 years. 9.9% price to cash flow.

 Price:
$1.180
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Yes
2013-04-05 PAST TOP PICK SSL-T Sandstorm Gold Ltd.

(A Top Pick June 11/12. Up 3.12%.) Sold her holdings.

 Price:
$9.370
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
No
2013-04-05 DON'T BUY TRQ-T Turquoise Hill Resources

Great assets in a risky jurisdiction. Even at this level she wouldn’t step in. She would want to see more clarity with the Mongolian government and what action they may take. On top of this, copper prices are falling.

 Price:
$6.280
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
No
2013-04-05 PARTIAL BUY WCP-T Whitecap Resources

Very good story. Management is very focused on costs and returning capital. Quarter after quarter they have been beating and exceeding expectations. If there were a yield play she would want in the smaller cap space, it would be this one. The only knock against it is that it is currently yielding about 6.5%, which is lower than Crescent Point (CPG-T). With oil coming down, it might be a buy at a slightly lower level but you could pick some up at this point and by more as time goes on..

 Price:
$9.660
Subject:
CANADIAN RESOURCE
Bias:
CAUTIOUS
Owned:
Unknown
Showing 1 to 15 of 193 entries
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