Peter Imhof Macro Enterprises MCR-X HOLD Oct 24, 2013

LNG infrastructure play. No way to play this in a large cap that is safe and secure. This is a smaller company. Bought the assets that were used to build the Transmountain/Kindor Morgan pipeline to the West coast. These are called side booms and basically are used to hold up pipelines when they are being built. Were bought for book value and are very valuable. If a West Coast gas pipeline or an oil pipeline goes ahead, this company will do very well. Well-positioned. Reported good earnings over the past 6 quarters, but it is hard to put a multiple on it because it is seasonal and cyclical.

Tends to be used as more of a play in LNG on the West Coast.

Has been a very good story. He took his money off the table too early. The long term outlook for them in BC is quite strong. Management lets the numbers do the talking. Expects more analysts as the market cap increase. Thinks the stock will continue to move up.

Looks like it is in a bit of a topping situation. Had a huge parabolic move during 2013 but looks like the trend has broken. Chart is now showing a series of lower highs and lower lows and it broke through another bit of support recently. Don’t buy a falling knife.

Knows this a bit, but is going to look at it a bit more. Think they disappointed recently so the stock has sold off. However, the numbers going forward are still positive. ROE is 57%.

They do a lot of pipeline work. If the LNG comes through, the stock will be a gem.

If you believe in BC natural gas, this is the company to play. He would prefer Enterprise Group (E-T).

They took a bit of a loss on a contract to engage some small guys. Does not think the next quarter will be any better. Prefers PRW-T.

Competitor of Petro West and Enterprise. The sector has taken a downturn and this company has not executed as well as others.