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James Leung KCP Income Fund KCP.UN-T TOP PICK Nov 11, 2005

No-name bleach producer. Had to wait for a price increase from their main competition, Chlorox which has now happened twice this year. Have acquired additional businesses which allowed them to pass along raw material costs.

James Leung

Owned

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$9.970

Stock price when the opinion was issued

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TOP PICK

Bleach manufacturer. Once Clorox hedges come off they will be able to raise their prices. Recently diversified into the consumer health sector by becoming a contract manufacturer for Johnson & Johnson (JNJ-N), Pfizer (PFE-N), etc. Distribution of 10.6%.

WEAK BUY

Somewhat aggressive name. Made some good moves in the past. Ran into difficulties a couple of years ago and cut their distributions. Have since made acquisitions and grown their business. Subject to rising raw material costs which could affect them negatively.

BUY

Good management team. Would stand up through a recession.

BUY

A very good manufacturer of no name products and custom manufacturer for large corporations. He tends to buy during dips like this.

WEAK BUY

One of the largest producers of private label bleach products. Very tight margins. Well run and has a good future, but watch for volatility on the profit line. 13.5% yield.

DON'T BUY

Yield is now approaching above 13%. A stock that does very well in strong manufacturing times, but pull back when things slow. Payout may be vulnerable over the next while.

PAST TOP PICK

(A Top Pick April 26/06. Down 21.3%.) Had looked on this as a turn around play and their bleach business has turned around nicely. Acquisition of the custom manufacturing business has been disappointing.

HOLD

Had some concerns about the operating fundamentals and sold for holdings last summer. A relatively well run business and with pressure coming off from resin prices, operating picture should start to improve.

COMMENT

Have an extraordinary amount of currency exposure and stand to benefit from the weakening Cdn$. Had a pretty substantial price move over the last month. Have put them selves up for sale, but would be surprised if it sold for more than its current price. Expect it will weaken.

BUY

Had some problems, but with healthcare issues and reduced raw material input costs, he thinks problems can be fixed. Management is looking to cut costs. Payout ratio of about 95%. Has a bit higher debt level then he likes. Cheap.

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James Leung KCP Income Fund KCP.UN-T TOP PICK Nov 11, 2005

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