Leslie Lundquist
Member since: Sep '03
Lead Manager at
Jones Heward Investment Counsel
Jones Heward Investment Counsel
214 Opinions
Latest Top Picks
Have about 2/3 of theatre assets in Canada. Controls about 83% of the on screen advertising market, so they have excellent bargaining power.
Oil/gas. A trust that will survive the tough times and thrive in the good times. Has a great long-term track record of creating value. Excellent portfolio of properties and excellent management. Good price.
Properties are almost entirely in Quebec city and Montreal. Reasonable levels of debt. Diversified portfolio of properties. Yield is about 6%.
(A Top Pick July 13/06. Down 23.2%.) Drop was due to natural gas prices. Still likes. Low payout ratio. Excellent quality properties and excellent management. Long-term investors will do well with this.
(A Top Pick July 13/06. Up 7.3%.) Still likes.
Signal
Opinion
Expert
Chart
TOP PICK
TOP PICK
July 25, 2007
Have about 2/3 of theatre assets in Canada. Controls about 83% of the on screen advertising market, so they have excellent bargaining power.
Show full opinionHide full opinion
Have about 2/3 of theatre assets in Canada. Controls about 83% of the on screen advertising market, so they have excellent bargaining power.
other services
TOP PICK
TOP PICK
July 25, 2007
Oil/gas. A trust that will survive the tough times and thrive in the good times. Has a great long-term track record of creating value. Excellent portfolio of properties and excellent management. Good price.
Show full opinionHide full opinionOil/gas. A trust that will survive the tough times and thrive in the good times. Has a great long-term track record of creating value. Excellent portfolio of properties and excellent management. Good price.
oil/gas
TOP PICK
TOP PICK
July 25, 2007
Properties are almost entirely in Quebec city and Montreal. Reasonable levels of debt. Diversified portfolio of properties. Yield is about 6%.
Show full opinionHide full opinionProperties are almost entirely in Quebec city and Montreal. Reasonable levels of debt. Diversified portfolio of properties. Yield is about 6%.
investment companies/funds
BUY
BUY
July 25, 2007
A stable core long-term holding. Has some interesting opportunities after the next quarter.
Show full opinionHide full opinionA stable core long-term holding. Has some interesting opportunities after the next quarter.
oil/gas
HOLD
HOLD
July 25, 2007
Largest custom brokerage firm in Canada. 1st quarter was rather disappointing. Recently announced the retirement of their transportation/logistics man and she feels the 2nd quarter may be weak.
Show full opinionHide full opinionLargest custom brokerage firm in Canada. 1st quarter was rather disappointing. Recently announced the retirement of their transportation/logistics man and she feels the 2nd quarter may be weak.
investment companies/funds
COMMENT
COMMENT
July 25, 2007
Power generator with assets both in Canada and the US. Many of the assets are fired by natural gas, whose prices have gone up faster than power contracts. In the short term, there is very little risk, but longer term you have to wonder about the currency exposure.
Show full opinionHide full opinionPower generator with assets both in Canada and the US. Many of the assets are fired by natural gas, whose prices have gone up faster than power contracts. In the short term, there is very little risk, but longer term you have to wonder about the currency exposure.
electrical utilities
COMMENT
COMMENT
July 25, 2007
Should have secured distributions for the foreseeable future. Extremely stable assets and very stable distribution policy. Low payout ratio. Very low yield and you may be better off with a bond.
Show full opinionHide full opinionShould have secured distributions for the foreseeable future. Extremely stable assets and very stable distribution policy. Low payout ratio. Very low yield and you may be better off with a bond.
property mngmnt/investment
BUY
BUY
July 25, 2007
Should have secured distributions for the foreseeable future.
Show full opinionHide full opinionShould have secured distributions for the foreseeable future.
communications/media
BUY
BUY
July 25, 2007
Should have secure distributions for the foreseeable future.
Show full opinionHide full opinionShould have secure distributions for the foreseeable future.
pipelines
PAST TOP PICK
PAST TOP PICK
July 25, 2007
(A Top Pick July 13/06. Down 23.2%.) Drop was due to natural gas prices. Still likes. Low payout ratio. Excellent quality properties and excellent management. Long-term investors will do well with this.
Show full opinionHide full opinion(A Top Pick July 13/06. Down 23.2%.) Drop was due to natural gas prices. Still likes. Low payout ratio. Excellent quality properties and excellent management. Long-term investors will do well with this.
oil/gas
PAST TOP PICK
PAST TOP PICK
(A Top Pick July 13/06. Up 7.3%.) Still likes.
other services
PAST TOP PICK
PAST TOP PICK
July 25, 2007
(A Top Pick July 13/06. Down 3%.) Ran into difficulties with the US housing market. Have restructured and think they have a pretty good plan. She is not into turnaround stories so has sold her holdings.
Show full opinionHide full opinion(A Top Pick July 13/06. Down 3%.) Ran into difficulties with the US housing market. Have restructured and think they have a pretty good plan. She is not into turnaround stories so has sold her holdings.
INDUSTRIAL PRODUCTS
COMMENT
COMMENT
July 25, 2007
Probably the pre-eminent trust in the trust universe. Has done spectacularly well. There is a lot of speculation that they might increase their distribution.
Show full opinionHide full opinionProbably the pre-eminent trust in the trust universe. Has done spectacularly well. There is a lot of speculation that they might increase their distribution.
oil/gas
COMMENT
COMMENT
July 25, 2007
There was a run-up due to very attractive refining margins. The margins are less attractive, so the stock has pulled back. 15% yield, which is quite high. Could be an indication of a distribution cut.
Show full opinionHide full opinionThere was a run-up due to very attractive refining margins. The margins are less attractive, so the stock has pulled back. 15% yield, which is quite high. Could be an indication of a distribution cut.
investment companies/funds
SELL
SELL
July 25, 2007
A distributor of hardwood to manufacturers of hardwood products, not flooring. About 70% of its business is in the US, so there could be a currency problem. The slowdown in housing in the US is a negative.
Show full opinionHide full opinionA distributor of hardwood to manufacturers of hardwood products, not flooring. About 70% of its business is in the US, so there could be a currency problem. The slowdown in housing in the US is a negative.
merchandising/lodging
BUY
BUY
July 25, 2007
Oilfield services plus trucking. Feels the distribution is safe. Has a long history of exceeding its promises.
Show full opinionHide full opinionOilfield services plus trucking. Feels the distribution is safe. Has a long history of exceeding its promises.
Transportation
DON'T BUY
DON'T BUY
July 25, 2007
Producers of Pet Foods, which was recently subject to a massive recall and they are not over this yet. Debt levels are going up.
Show full opinionHide full opinionProducers of Pet Foods, which was recently subject to a massive recall and they are not over this yet. Debt levels are going up.
investment companies/funds
DON'T BUY
DON'T BUY
July 25, 2007
Primarily a landline phone operator. There is increasing competition from wireless assets. Didn't think the growth was sufficient to offset their competition.
Show full opinionHide full opinionPrimarily a landline phone operator. There is increasing competition from wireless assets. Didn't think the growth was sufficient to offset their competition.
Utilities
HOLD
HOLD
July 25, 2007
She has been reducing her holdings over the last few quarters because of better values elsewhere.
Show full opinionHide full opinionShe has been reducing her holdings over the last few quarters because of better values elsewhere.
oil/gas
COMMENT
COMMENT
July 25, 2007
A collection of businesses all related to the oil/gas sector. Distribution is quite stable and has opportunities to increase over time.
Show full opinionHide full opinionA collection of businesses all related to the oil/gas sector. Distribution is quite stable and has opportunities to increase over time.
oil pipelines
BUY
BUY
July 25, 2007
Waste disposal. Reasonably valued. Feels the market is just lumping it in with all the other oil service trusts, but their businesses are such that they will not suffer the way other service companies will.
Show full opinionHide full opinionWaste disposal. Reasonably valued. Feels the market is just lumping it in with all the other oil service trusts, but their businesses are such that they will not suffer the way other service companies will.
Transportation & Environmental Services
SELL
SELL
July 25, 2007
Has been subject to a recall because of botulism, but this will only affect a small part of their business. However, this could be a growing problem.
Show full opinionHide full opinionHas been subject to a recall because of botulism, but this will only affect a small part of their business. However, this could be a growing problem.
investment companies/funds
SELL
SELL
July 13, 2006
Ran into difficulty earlier this year and cut their distributions and announced a restructuring. They are planning on selling their cold rolled aluminum division and apply the proceeds towards debt. CEO and CFO are being changed. Debt levels and payout ratio are too high.
Show full opinionHide full opinionRan into difficulty earlier this year and cut their distributions and announced a restructuring. They are planning on selling their cold rolled aluminum division and apply the proceeds towards debt. CEO and CFO are being changed. Debt levels and payout ratio are too high.
wholesale distributors
TOP PICK
TOP PICK
July 13, 2006
Pays 8.5%. Cut their distribution from $.19 to $.16 per month. Gas weighted. Now is not a bad time to be buying gas. They are a sustainable trust and are not living beyond their means. Top quality management team, excellent properties and reasonable payout ratio and debt levels.
Show full opinionHide full opinionPays 8.5%. Cut their distribution from $.19 to $.16 per month. Gas weighted. Now is not a bad time to be buying gas. They are a sustainable trust and are not living beyond their means. Top quality management team, excellent properties and reasonable payout ratio and debt levels.
oil/gas
STRONG BUY
STRONG BUY
July 13, 2006
A diversified REIT by geography and type of property. Was going to be a Top Pick tonight but changed her mind. If you could only own one REIT, this would be the one. One of the most conservative with low debt, low payout ratio.
Show full opinionHide full opinionA diversified REIT by geography and type of property. Was going to be a Top Pick tonight but changed her mind. If you could only own one REIT, this would be the one. One of the most conservative with low debt, low payout ratio.
investment companies/funds
HOLD
HOLD
July 13, 2006
Has not done well since its IPO. Thinks the worst times for this business are past. Extremely inexpensive. They have 2 years to grow their business to a point where they can offset an upcoming hedge that's coming off for currency.
Show full opinionHide full opinionHas not done well since its IPO. Thinks the worst times for this business are past. Extremely inexpensive. They have 2 years to grow their business to a point where they can offset an upcoming hedge that's coming off for currency.
merchandising/lodging
DON'T BUY
DON'T BUY
July 13, 2006
This was a spin off of rural phone lines from Bell Canada (BCE-T). Generally, rural phone lines are less competitive than city lines. Doesn't like government control and can see much growth. Will be very tough for them to compete.
Show full opinionHide full opinionThis was a spin off of rural phone lines from Bell Canada (BCE-T). Generally, rural phone lines are less competitive than city lines. Doesn't like government control and can see much growth. Will be very tough for them to compete.
Utilities
TOP PICK
TOP PICK
July 13, 2006
Pays about 8%. Haven't done well in the market over the last couple of quarters. Excellent track record in terms of operating their business conservatively and increasing distributions. Low debt. Made an acquisition which the market didn't like but she feels will be valuable in the longer term.
Show full opinionHide full opinionPays about 8%. Haven't done well in the market over the last couple of quarters. Excellent track record in terms of operating their business conservatively and increasing distributions. Low debt. Made an acquisition which the market didn't like but she feels will be valuable in the longer term.
other services
COMMENT
COMMENT
July 13, 2006
Although it is a mature business and has done well over the years, it is in the wealth management business and its results will likely be correlated to how well the market does overall.
Show full opinionHide full opinionAlthough it is a mature business and has done well over the years, it is in the wealth management business and its results will likely be correlated to how well the market does overall.
investment companies/funds
WEAK BUY
WEAK BUY
July 13, 2006
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.
Show full opinionHide full opinionSomewhat 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.
investment companies/funds
BUY
BUY
July 13, 2006
Has 2 divisions, diagnostics and medical imaging. They could have growth on the imaging side. Expect they are looking for acquisitions on the imaging.
Show full opinionHide full opinionHas 2 divisions, diagnostics and medical imaging. They could have growth on the imaging side. Expect they are looking for acquisitions on the imaging.
other services
TOP PICK
TOP PICK
July 13, 2006
Pays a 17% yield. A much riskier name then what she would normally suggest. Payout ratio of about 103% over the trailing 12 months. Thinks the market is expecting a distribution cut but she does not think so. A compelling buy at this price.
Show full opinionHide full opinionPays a 17% yield. A much riskier name then what she would normally suggest. Payout ratio of about 103% over the trailing 12 months. Thinks the market is expecting a distribution cut but she does not think so. A compelling buy at this price.
INDUSTRIAL PRODUCTS
DON'T BUY
DON'T BUY
July 13, 2006
70% of production is natural gas. This company has had a history of production shortfalls and disappointments. Have quite high debt. It may not be a bad time to be buying gas-weighted names but there are a better names of there.
Show full opinionHide full opinion70% of production is natural gas. This company has had a history of production shortfalls and disappointments. Have quite high debt. It may not be a bad time to be buying gas-weighted names but there are a better names of there.
oil/gas
DON'T BUY
DON'T BUY
July 13, 2006
Shocked the market when it reduced its distributions, which it was never supposed to do because it was supposed to be a very stable, conservative trust.
Show full opinionHide full opinionShocked the market when it reduced its distributions, which it was never supposed to do because it was supposed to be a very stable, conservative trust.
gas pipelines
BUY
BUY
May 17, 2006
Has been beaten up. Released a quarter that was a little bit softer then some investors had expected. This gives a good opportunity to get in. Longer-term outlook is still very good.
Show full opinionHide full opinionHas been beaten up. Released a quarter that was a little bit softer then some investors had expected. This gives a good opportunity to get in. Longer-term outlook is still very good.
oil/gas
BUY
BUY
May 17, 2006
1st quarter results came in very good. They bought Petro Fund which was a benefit. Should have a good future ahead of it.
Show full opinionHide full opinion1st quarter results came in very good. They bought Petro Fund which was a benefit. Should have a good future ahead of it.
oil/gas
TOP PICK
TOP PICK
May 17, 2006
Undervalued relative to some of its peers. Good exposure to both oil and gas. Operates out of Canada in stable countries. This generally means you get lower acquisition costs. Have a yield of 6.1% that she thinks will go higher.
Show full opinionHide full opinionUndervalued relative to some of its peers. Good exposure to both oil and gas. Operates out of Canada in stable countries. This generally means you get lower acquisition costs. Have a yield of 6.1% that she thinks will go higher.
oil/gas
BUY
BUY
May 17, 2006
Has come off because of market weakness, not any fundamentals with the company. Buy for the stable distributions, not for growth.
Show full opinionHide full opinionHas come off because of market weakness, not any fundamentals with the company. Buy for the stable distributions, not for growth.
communications/media
HOLD
HOLD
May 17, 2006
Reported a good quarter and showed increased same store sales growth. Prefers Boston Pizza (BPF.UN-T) with its longer track record.
Show full opinionHide full opinionReported a good quarter and showed increased same store sales growth. Prefers Boston Pizza (BPF.UN-T) with its longer track record.
merchandising/lodging
TOP PICK
TOP PICK
May 17, 2006
Relative to its large, liquid and stable peers, it is trading at a little bit of a discount. Relatively cheap.
Show full opinionHide full opinionRelative to its large, liquid and stable peers, it is trading at a little bit of a discount. Relatively cheap.