KCP Income Fund (KCP.UN.TO) Buy, Sell or Hold

KCP Income Fund (KCP.UN.TO)

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TOP PICK

New president. Solid management. Good risk/reward. Custom mfg. national brands and retailer brands of bleach. Had problems with private label. Diversified into custom mfg. which has lower margins, bot more stable.

PAST TOP PICK

(A Top Pick Nov 11/05. Up 6.8%.) For the past few years, they've had some operational problems but that seems to be behind them. Still likes.

TOP PICK

One of North America's largest custom manufacturers of national brand and private-label consumer products such as laundry products, household cleaners, health and beauty care. Operate in Canada and the US. Input costs for bleach went up, but competitor Chlorox finally raised their prices allowing for higher margins now. Just made an acquisition which gives them good diversification.

TOP PICK

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.

DON'T BUY

In a very competitive industry. Very small margins. A tough business in which to make money.

HOLD

Think it's a good trust, we continue to hold. Don't see any risk, comfortable holding it moving forward.

BUY

Has had some business problems to work through on the cost input side. Have been hurt by resin prices which have been affected by oil prices. Now hedging their costs. Believes management can turn it around. Just made a big acquisition and will watch to see how management does with it.

DON'T BUY

Private label bleach producer and also getting into the contract manufacturing business. Just bought a division of CCL Industries (CCL.NV.B-T). Ran into some difficulty with currency and with their core markets last year so had to cut distributions which have now been reinstated at management's expense. Acquisition has some strategic merit. Distribution increase is not assured.

WAIT

A classic example of how variable input costs can affect your margins. When resin prices ran on them, they were not able to pass through because their competitor was Clorox (CLX-N) which was well cashed and prepared to live with thin margins and squeeze the little guy.

BUY

Have faced some operational problems in the last year or so. Cut their distribution at the start of 2004 as they faced some margin pressures. Management has dealt with the situation by subordinating their own distributions. Have now been able to put through some of their raw material price increases. Waiting for Chlorox to increase product prices which will allow them to increase also. Should be some good upside when that happens.

DON'T BUY

Expects they will have difficulty in maintaining their distributions. Competition has put pressure on their margins. Resin prices are higher creating higher costs for them. Could drop lower.

WAIT

Have had some challenges to deal with because of their input costs increases on producing their bottles. Wait to see what happens. Good long-term trust.

PAST TOP PICK

(A top pick Nov 7/03. Down 1.7%.) A whole slew of things have affected this fund. It still is a good trust. Management has a significant ownership stake.

TOP PICK

Has been hit with the rising Canadian dollar, increasing input prices particularly resin and got caught up in the IRS tax threat. Still thinks the story is fundamentally in place.

BUY ON WEAKNESS

Expects it to grow its operations, business and distributions over time. Have suffered from higher resin prices and currency changes. Could be volatile.

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KCP Income Fund (KCP.UN.TO)