Brookfield Asset Management Inc (A)…

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Brookfield Asset Management Inc (A) (BAM.A.TO)

0.00

-0.00 (0.00%)

971 watching

COMMENT

Still has to get out from under its office problems. It will be some time before that real estate arm picks up.

TOP PICK

Very successful in building top-notch portfolio of office properties. Asset management business has tremendous growth potential. They are also one of the largest independent hydro generators in Canada. Energy, Infrastructure and cash flow play here.

BUY

Trading at 40X forward earnings and 3.3X price to book. Price/earnings on this type of company is not as important as others because it is a portfolio of activities. The company has done great things. A core holding you should have in your portfolio. 1.5% dividend yield.

TOP PICK

His segue into industrial/commercial real estate in general. Not a pure play of a REIT but a company that continues to do good business and were involved in a takeover during a credit crunch starting last year so the stock has come off quite a bit. Expect it will start to come back when credit starts to loosen up.

COMMENT

Common stocks or preferred shares? Depends on whether you are looking for growth or income. Preferreds give you yields of about 6%. The dividend tax credit of about 40% (Ont) gives a pre-tax yield of about 8.4%. On the stock side you are taking a longer-term view of the overall management Corporation. If you think there is a turn coming, it can offer you a much greater capital appreciation.

BUY

(Market Call Minute.) Very inexpensive stock. A lot of moving parts but very smart management.

HOLD

Currently trading close to its NAV. A lot of the driver of the valuation is Brookfield Properties (BPO-T) so you have to have a positive view towards real estate. Fairly valued.

DON'T BUY

The company depends on being able to raise funding to buy assets. Over the last 9 months, the price people are willing to pay for assets has come down and the funding costs have increased. They are seeing a squeeze. Less attractive. Not the right stock for this type of environment.

BUY

They have vast holdings in the power and resources, but they've been marked down almost in half, because of fears in the financial areas. They have huge cash flow and he isn't concerned about them.

TOP PICK

Preferred Ms. 4.75% coupon. Pays a dividend. Pre-tax yield is 8.4%. Call provision in December of 2011 in which they’ll pay $26. Beat GIC’s in a big way.

BUY

A great company and it's going down because real estate is slightly tainted and has been brought down because of the subprime mess. It's a good buy for the long term.

PAST TOP PICK

(A Top Pick Mar 6/07. Down 29%.) If there is one market that will hold up, it is the financial centre of the US. This is a wonderful inflation hedge.

HOLD

Likes their strategy of divesting themselves of direct ownership of assets and becoming asset managers. Has had a hard time over the last year because of the extent of their involvement in the real estate industry in the US. Very smart managers.

HOLD

They have a great model. They buy assets, lever them up and then find pension funds to partner in with them. They are then able to take an asset with an 8% return and turn it into 15% ROE for their shareholders. At the moment investors don't have a great deal of confidence in a company like this. You have to accept volatility when you buy this.

DON'T BUY

You never have a really good idea of exactly what earnings are going to be. More of an asset story. In this downturn, the balance sheet is okay, but it does have real estate debt in there. When the market recovers, the stock will do better again, but there is no rush.

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Brookfield Asset Management Inc (A) (BAM.A.TO)