TFI International Inc

TFII-T

(A Top Pick Aug 25/06. Down 12.6%.) Was hit by the new income trust rules. Likes it as a trust or a corporation. Management has significant ownership. While diversified.

The largest trucking firm in Canada. Good management. Payout ratio of about 80%. There could be some softness in central Canada, but longer-term, they will continue to grow and consolidate.

Trading at a discount to its comparables. Expect there is some money to be made with this company.

Expectations of a slowing economy in Ontario and Quebec have had an effect on the price. Good management. Expanding into the western provinces.

(A Top Pick Aug 25/06. Down 12.4%.) Likes the way the business is run. Retaining cash flow in order to grow through acquisition. Feels distributions are solid.

Trucking. More cyclical than he likes. Has performed well as a trust. They continue to need growth by acquisition so new government rules may slow them down. Concerned with the economy affecting this company.

(A Top Pick Aug 25/06. Down 6.1%.) Like it as a company, not an income trust. Economy is slowing and trucking tends to slow as well. They where an acquisitive company but were using income units as currency. Feels they will be able to work their way through this.

Yielding about 9.5%. Very acquisitive and probably the largest trucking company out there. Management owns a big position in it. Has come under pressure recently, along with transportation, The most dominant trucking company in Canada. About 80% payout ratio.

He was not willing to accept the cyclicality in his portfolio. However, it has been one of the better performing trucking income trusts. In the most recent quarter, they are showing some cracks in their armour. Growth rate is slowing down.

A trucking business. Actively growing their Alberta presence. Business is a little soft which has shown in the stock price. Good management and they will do well.

Will probably have very decent earnings and very decent cash flow going forward. Have had good success in passing on the cost of fuel to the end users.

Canada's largest trucking company. They grow by accretive acquisitions. Their margins are very high because of their pricing power. They have increased distributions steadily. Getting to be fully valued.

One of the earlier pioneers in converting into a trust. Has done very well in consolidating the trucking business. Being a bigger company has given them an advantage in competition for drivers. Have controlled their fuel expense fairly well. Currently priced to perfection.

(A Top Pick June 23/05. Down 10%.) Down because of the federal government's statement on trusts. Very interesting company and is trying to consolidate a very fragmented segment. A good entry point.

Historically the trucking business in Canada has been very fragmented and this company is acquiring firms, trying to put together a dominant company and doing a pretty good job of it. Has sold off a bit because of concerns on fuel prices, but transport companies have no difficulty in passing on fuel increases to their shippers.

(A Top Pick June 23/05. No change.) There are a lot of people who are concerned with trucking companies because of fuel prices. They pass fuel increases on to their customers through a fuel surcharge. Still likes. Nice distribution. Still some upside.

Trying to consolidate the trucking company. Feels it has been sold off in recent weeks because of fuel costs. At 8.25% it's not a bad yield.

Trucking business. Buying up other companies. Yield is not bad. Probably has the legs to get to $20 in the next 1/2 years.

The biggest trucking company in Canada and transportation is doing fantastically. Acquiring other companies that are having problems with costs on inflation, insurance or wages. Expect they will raise distributions.

Canada's largest trucking company and known for its success in integrating acquisitions. Solid balance sheet. Has a sector outperform on this trust. Would buy on a lower level.

Wait for bad news, then buy this stock. Strong brand. Long term business, will be around awhile.

Recommend the stock. Low pay-out. Not a high risk.

A lot of competition. Not a fan of cyclical business's in trusts.

Have to see a couple of years of their financials. Likes their concept.

Good, secure distributions. A rising interest rate environment in the future could be a problem.