Patrick Kim E. D. Smith Income Fund JAM.UN-T HOLD Aug 04, 2006

Stock has had a rocky ride with concerns on its payout sustainability. Not out of the woods yet. Made a significant acquisition recently. Payout is over 100% for 2006 and this is not sustainable. Over the longer term, they do have a lot of sales growth.

Patrick Kim

Unknown

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$8.560

Stock price when the opinion was issued

food processing

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DON'T BUY

Has dropped with other trusts and is around its issue price. Has exposure to US$ currency. Some growth to the story, but because of the US exposure and being near 100% payout ratio, It's probably fairly valued.

DON'T BUY

In a tough business of processing fruit. High packaging costs and high transportation costs. Hard to pass on higher costs.

BUY

Recently did a major acquisition. Good value at this price.

WEAK BUY

Doesn't fit his criteria for picking small cap trusts. There is not the year over year growth that he would expect. However, it has a strong brand name and there is stability. A conservative approach.

SELL

It is a tough market. Smaller cap funds will be orphaned or become privatized. Recommends selling

DON'T BUY

They have had management and cost issues. Wouldn't get involved.

DON'T BUY

Has disappointed from its IPO. CEO resigned in the last several months. Have been hit by rising input costs. Payout ratio is too high and too much debt.

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Patrick Kim E. D. Smith Income Fund JAM.UN-T HOLD Aug 04, 2006

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