Stock Opinions by Patrick Kim - Stockchase Experts
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Patrick Kim

On Stockchase since : Jun 2005

Vice President and Portfolio Manager at KBSH Capital Management

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Patrick Kim Latest Top Picks...

Stock Opinions by Patrick Kim - Stockchase Experts

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TOP PICK
Le Chateau Inc. (A)(CTU-X) 

November 2, 2007

A very cheap name right now. Investors are frightened of the retail space, primarily because of the weak US$ and cross-border shopping cutting into the margins. Same-store sales growth has been double digit. No debt.
clothing stores
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0 comments
A very cheap name right now. Investors are frightened of the retail space, primarily because of the weak US$ and cross-border shopping cutting into the margins. Same-store sales growth has been double digit. No debt.
clothing stores
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$13.600
Owned Owned
Yes

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TOP PICK
Natural gas pipelines in Western Canada. A solid name that has been overlooked by the market. Very experienced, well-run management team. Good asset growth with some small tuck-in construction. Very cheap.
oil/gas
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0 comments
Natural gas pipelines in Western Canada. A solid name that has been overlooked by the market. Very experienced, well-run management team. Good asset growth with some small tuck-in construction. Very cheap.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$9.680
Owned Owned
Yes

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TOP PICK
TC Energy(TRP-T) 

November 2, 2007

This is going to be a great industry to be in. Investors will value stability a lot more going forward. There will be a sector rotation eventually into the ultra defensive names.
oil/gas pipelines
0 0 0 0 0
0 comments
This is going to be a great industry to be in. Investors will value stability a lot more going forward. There will be a sector rotation eventually into the ultra defensive names.
oil/gas pipelines
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$40.060
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Nov 1/06. Down 5%.) Rents continue to go up and vacancies continue to do well. There is a larger debate as to where interest rates should be right now.
property mngmnt/investment
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0 comments
(A Top Pick Nov 1/06. Down 5%.) Rents continue to go up and vacancies continue to do well. There is a larger debate as to where interest rates should be right now.
property mngmnt/investment
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$21.900
Owned Owned
Yes

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PAST TOP PICK
Yellow Media Inc(Y-T) 

November 2, 2007

(A Top Pick Nov 1/06. Up 15.5%.) As one of the larger names, he looks at this as a bellwether. Fantastic market share. Spins off a lot of free cash flow. Very aggressive.
communications/media
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0 comments
(A Top Pick Nov 1/06. Up 15.5%.) As one of the larger names, he looks at this as a bellwether. Fantastic market share. Spins off a lot of free cash flow. Very aggressive.
communications/media
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$14.190
Owned Owned
Yes

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PAST TOP PICK
Vermilion Energy Inc(VET-T) 

November 2, 2007

(A Top Pick Nov 1/06. Up 20%.) Gas. Has outperformed a lot of the trusts. International assets, so not focused in Alberta.
oil/gas
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0 comments
(A Top Pick Nov 1/06. Up 20%.) Gas. Has outperformed a lot of the trusts. International assets, so not focused in Alberta.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$40.310
Owned Owned
Yes

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HOLD
Merging with Penn West (PWT.UN-T). If you own the, you will be in a better position as they had been under a lot of pressure. You will also get more visibility, particularly in the US.
investment companies/funds
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0 comments
Merging with Penn West (PWT.UN-T). If you own the, you will be in a better position as they had been under a lot of pressure. You will also get more visibility, particularly in the US.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$15.270
Owned Owned
Unknown

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BUY
Operates mainly is Saskatchewan, so not affected by the Alberta royalty issues. Predominantly an oil producer. Feels they will continue their momentum. Have nice tuck in acquisitions.
oil/gas
0 0 0 0 0
0 comments
Operates mainly is Saskatchewan, so not affected by the Alberta royalty issues. Predominantly an oil producer. Feels they will continue their momentum. Have nice tuck in acquisitions.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$23.520
Owned Owned
Unknown

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BUY
Toronto Dominion(TD-T) 

November 2, 2007

Over the long term you will be a winner with either Toronto Dominion (TD-T) or Royal RY-T). Fantastic retail franchises, which will really determine the winners in the banking space. This stock has been knocked back a bit so you are getting a better valuation than with Royal.
banks
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0 comments
Over the long term you will be a winner with either Toronto Dominion (TD-T) or Royal RY-T). Fantastic retail franchises, which will really determine the winners in the banking space. This stock has been knocked back a bit so you are getting a better valuation than with Royal.
banks
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$69.210
Owned Owned
Unknown

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COMMENT
Royal Bank(RY-T) 

November 2, 2007

Over the long term you will be a winner with either Toronto Dominion (TD-T) or Royal RY-T). Fantastic retail franchises, which will really determine the winners in the banking space. TD has been knocked back a bit so you get a better valuation with it.
banks
0 0 0 0 0
0 comments
Over the long term you will be a winner with either Toronto Dominion (TD-T) or Royal RY-T). Fantastic retail franchises, which will really determine the winners in the banking space. TD has been knocked back a bit so you get a better valuation with it.
banks
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$53.900
Owned Owned
Unknown

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BUY
Zinc refinery in Quebec. Stock does not swing widely with the commodity price. Very stable, visible cash flow stream.
investment companies/funds
0 0 0 0 0
0 comments
Zinc refinery in Quebec. Stock does not swing widely with the commodity price. Very stable, visible cash flow stream.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$10.200
Owned Owned
Yes

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COMMENT
Precision Drilling(PD-T) 

November 2, 2007

The classic value pick for the contrarian investor. Market does not like the energy services space right now. Over the long term, this will bounce back. If you Buy you will have to hold until 2009, which will be the first time for a significant turnaround in terms of utilization rates.
oil/gas field services
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0 comments
The classic value pick for the contrarian investor. Market does not like the energy services space right now. Over the long term, this will bounce back. If you Buy you will have to hold until 2009, which will be the first time for a significant turnaround in terms of utilization rates.
oil/gas field services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$17.000
Owned Owned
Unknown

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BUY
Armtec Infrastructure(ARF-T) 

November 2, 2007

A part of the infrastructure and this is a wonderful place to be in Canada. A lot of money is sloshing around Government coffers right now. This company is doing a good job. Has a good presence in western Canada.
INDUSTRIAL PRODUCTS
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0 comments
A part of the infrastructure and this is a wonderful place to be in Canada. A lot of money is sloshing around Government coffers right now. This company is doing a good job. Has a good presence in western Canada.
INDUSTRIAL PRODUCTS
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$19.600
Owned Owned
Yes

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BUY
As an interest sensitive holding, it is going to get whipped around a fair bit. Its main legs are real estate and infrastructure in regards to power assets. Over the long term, it is an excellent company. Good strategy of offloading their assets and they remain as management.
management/diversified
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0 comments
As an interest sensitive holding, it is going to get whipped around a fair bit. Its main legs are real estate and infrastructure in regards to power assets. Over the long term, it is an excellent company. Good strategy of offloading their assets and they remain as management.
management/diversified
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$35.040
Owned Owned
Yes

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BUY
Distributions are going to be cut to zero as they prematurely covert into a corporation. At under $7 he believes there is significant upside. Management has a good track record to grow.
oil/gas
0 0 0 0 0
0 comments
Distributions are going to be cut to zero as they prematurely covert into a corporation. At under $7 he believes there is significant upside. Management has a good track record to grow.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$6.870
Owned Owned
Unknown

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COMMENT
General Market Comment 

November 2, 2007

Preferred Shares – Are currently down. A lot of blue chip stocks are down because of credit concerns. There is a bit of a supply glut. A lot of companies are issuing preferreds because other venues are too expensive, or even closed down to them. Once the glut clears trading will go back a bit more to the fiundamentals.
0 0 0 0 0
0 comments
Preferred Shares – Are currently down. A lot of blue chip stocks are down because of credit concerns. There is a bit of a supply glut. A lot of companies are issuing preferreds because other venues are too expensive, or even closed down to them. Once the glut clears trading will go back a bit more to the fiundamentals.
Unknown
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
Bell Aliant(BA-T) 

November 2, 2007

Secondary market landlines rather than wireless. Slow growth. A fairly stable earnings growth story. When BCE gets de-listed there will be additional demand as people look for other telecom names to go to. For better growth prospects look at Telus (T-T).
Utilities
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0 comments
Secondary market landlines rather than wireless. Slow growth. A fairly stable earnings growth story. When BCE gets de-listed there will be additional demand as people look for other telecom names to go to. For better growth prospects look at Telus (T-T).
Utilities
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$30.910
Owned Owned
Unknown

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COMMENT
Mullen Group Ltd(MTL-T) 

November 2, 2007

A 2 pronged company with oil field services and trucking outside of western Canada. The oil field is dominating the sentiment right now. Won’t be fixed in the winter of 2008. This company will be one of the survivors. Good track record.
Transportation
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0 comments
A 2 pronged company with oil field services and trucking outside of western Canada. The oil field is dominating the sentiment right now. Won’t be fixed in the winter of 2008. This company will be one of the survivors. Good track record.
Transportation
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$17.830
Owned Owned
Unknown

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BUY
Alcanna(CLIQ-T) 

November 2, 2007

Bullish on this company. Good population growth and earnings generation in western Canada. Same store sales growth is clicking.
merchandising/lodging
0 0 0 0 0
0 comments
Bullish on this company. Good population growth and earnings generation in western Canada. Same store sales growth is clicking.
merchandising/lodging
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$23.400
Owned Owned
Yes

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BUY
He’s quite positive at these levels. Has a concentration in western Canada.
investment companies/funds
0 0 0 0 0
0 comments
He’s quite positive at these levels. Has a concentration in western Canada.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$14.200
Owned Owned
Yes

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BUY
An unloved name right now for because of their asset backed commercial paper. Thinks the market has overdone it and has baked in the worse case scenario. Even in the worse situation, the target price would be in the mid to high $50 range.
banks
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0 comments
An unloved name right now for because of their asset backed commercial paper. Thinks the market has overdone it and has baked in the worse case scenario. Even in the worse situation, the target price would be in the mid to high $50 range.
banks
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$53.640
Owned Owned
Unknown

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BUY
Chorus Aviation Inc(CHR-T) 

November 2, 2007

Transportation space can be fickle, but this name is a relatively conservative way to play the airline space.
Transportation & Environmental Services
0 0 0 0 0
0 comments
Transportation space can be fickle, but this name is a relatively conservative way to play the airline space.
Transportation & Environmental Services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$7.810
Owned Owned
No

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BUY
Northland Power Inc(NPI-T) 

November 2, 2007

A good name within the power group for both the near and long term. Won’t be volatile because of the long-term nature of its contract. Have some nice tuck-in acquisitions.
Utilities
0 0 0 0 0
0 comments
A good name within the power group for both the near and long term. Won’t be volatile because of the long-term nature of its contract. Have some nice tuck-in acquisitions.
Utilities
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$12.630
Owned Owned
Unknown

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TOP PICK
Cineplex Inc(CGX-T) 

September 21, 2007

A lot of their revenues and cash flows come from concessions, which have high margins. What is very exciting is the ancillary services such as digital advertising (a 20% growth division for them.)
other services
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0 comments
A lot of their revenues and cash flows come from concessions, which have high margins. What is very exciting is the ancillary services such as digital advertising (a 20% growth division for them.)
other services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$18.100
Owned Owned
Yes

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TOP PICK
Le Chateau Inc. (A)(CTU-X) 

September 21, 2007

Girls’ clothing. One of the best executors out there. Has been beaten up in the last couple of weeks because of a weaker back-to-school report. Has been oversold. 3.65% yield.
clothing stores
0 0 0 0 0
0 comments
Girls’ clothing. One of the best executors out there. Has been beaten up in the last couple of weeks because of a weaker back-to-school report. Has been oversold. 3.65% yield.
clothing stores
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$14.000
Owned Owned
Yes

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TOP PICK
TC Energy(TRP-T) 

September 21, 2007

A great blue chip name. Worries about the US economy, slowdowns and lower interest rates, drives the flight of money to quality. Good growth. 3.8% yield.
oil/gas pipelines
0 0 0 0 0
0 comments
A great blue chip name. Worries about the US economy, slowdowns and lower interest rates, drives the flight of money to quality. Good growth. 3.8% yield.
oil/gas pipelines
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$36.000
Owned Owned
Yes

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DON'T BUY
Baytex Energy Corp(BTE-T) 

September 21, 2007

A very solid portfolio of assets. Primarily weighted to oil with significant heavy oil exposure. Has been some volume disappointments.
oil/gas
0 0 0 0 0
0 comments
A very solid portfolio of assets. Primarily weighted to oil with significant heavy oil exposure. Has been some volume disappointments.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$18.320
Owned Owned
Unknown

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SELL
Restaurant trusts in eastern Canada. 14.3% yield is stretched. Momentum on the earnings is not strong.
Financial Services
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0 comments
Restaurant trusts in eastern Canada. 14.3% yield is stretched. Momentum on the earnings is not strong.
Financial Services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$10.020
Owned Owned
No

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DON'T BUY
Has always been one of the highest value names because it is recognized as an almost pure Western Canada play. Have enjoyed some of the highest same-store sales growth because of the Western economy. However, a lot of that has already been reflected in the price.
investment companies/funds
0 0 0 0 0
0 comments
Has always been one of the highest value names because it is recognized as an almost pure Western Canada play. Have enjoyed some of the highest same-store sales growth because of the Western economy. However, a lot of that has already been reflected in the price.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$14.710
Owned Owned
Unknown

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HOLD
Gas weighted trust and feels you will eventually be rewarded by holding on. Commodities have had a positive run in the last week or so and feel that this will continue.
oil/gas
0 0 0 0 0
0 comments
Gas weighted trust and feels you will eventually be rewarded by holding on. Commodities have had a positive run in the last week or so and feel that this will continue.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$17.030
Owned Owned
Unknown

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BUY
Arc Resources Ltd(ARX-T) 

September 21, 2007

A great long-term core holding. When you're looking for energy exposure, this will be one of the long-term stable names. Have a fantastic asset base. One of the few that have been lowering their costs of operations.
oil/gas
0 0 0 0 0
0 comments
A great long-term core holding. When you're looking for energy exposure, this will be one of the long-term stable names. Have a fantastic asset base. One of the few that have been lowering their costs of operations.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$20.310
Owned Owned
Unknown

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HOLD
Capital Power L.P.(CPA.UN-T) 

September 21, 2007

Dividend is fairly safe. Have had concerns about some of their long-term contracts as to whether they will be able to roll them over at the current attractive rates. Should be okay for a couple of years. Well diversified asset base.
electrical utilities
0 0 0 0 0
0 comments
Dividend is fairly safe. Have had concerns about some of their long-term contracts as to whether they will be able to roll them over at the current attractive rates. Should be okay for a couple of years. Well diversified asset base.
electrical utilities
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$24.480
Owned Owned
Unknown

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BUY
Focus Energy Trust(FET.UN-T) 

September 21, 2007

A great gassy trust, very low cost. The majority of their properties are outside of Alberta so the royalty review process does not impact them significantly.
oil/gas
0 0 0 0 0
0 comments
A great gassy trust, very low cost. The majority of their properties are outside of Alberta so the royalty review process does not impact them significantly.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$16.750
Owned Owned
Unknown

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WEAK BUY
Veresen Inc(VSN-T) 

September 21, 2007

Prospects are looking better. Completed an acquisition of Countryside Power which has created new platform for power generation. Turning into more of a conservative play than last year. Should turn around. This is sector you want to be in.
pipelines
0 0 0 0 0
0 comments
Prospects are looking better. Completed an acquisition of Countryside Power which has created new platform for power generation. Turning into more of a conservative play than last year. Should turn around. This is sector you want to be in.
pipelines
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$10.150
Owned Owned
Unknown

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WEAK BUY
Pizza Pizza Royalty(PZA-T) 

September 21, 2007

Hasn’t gotten respect they deserved. Have delivered a lot of consistent sales returns. Flown under the radar. Benefit from inflation. Murky in long term.
merchandising/lodging
0 0 0 0 0
0 comments
Hasn’t gotten respect they deserved. Have delivered a lot of consistent sales returns. Flown under the radar. Benefit from inflation. Murky in long term.
merchandising/lodging
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$10.350
Owned Owned
Unknown

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PAST TOP PICK
(A top pick Nov 1/06, up 6.9%) Still happy with it. Core holding within real-estate. Net operating income growing well. Risks have been overblown. One of bluest chip names you can hold. Shareholders will be rewarded.
property mngmnt/investment
0 0 0 0 0
0 comments
(A top pick Nov 1/06, up 6.9%) Still happy with it. Core holding within real-estate. Net operating income growing well. Risks have been overblown. One of bluest chip names you can hold. Shareholders will be rewarded.
property mngmnt/investment
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$22.880
Owned Owned
Yes

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PAST TOP PICK
Yellow Media Inc(Y-T) 

September 21, 2007

(A top pick Nov 1/06, up 18.1%) very liquid. “old-faithful”. Continue to soldier on, online business is fantastic: 10% of total revenue. Will be steady climb up.
communications/media
0 0 0 0 0
0 comments
(A top pick Nov 1/06, up 18.1%) very liquid. “old-faithful”. Continue to soldier on, online business is fantastic: 10% of total revenue. Will be steady climb up.
communications/media
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$13.690
Owned Owned
Unknown

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PAST TOP PICK
Vermilion Energy Inc(VET-T) 

September 21, 2007

(A top pick Nov 1/06, up 20.5%) best oil/gas royalty trust performer in 2007. unique portfolio, a lot of assets outside of Canada. A bit riskier.
oil/gas
0 0 0 0 0
0 comments
(A top pick Nov 1/06, up 20.5%) best oil/gas royalty trust performer in 2007. unique portfolio, a lot of assets outside of Canada. A bit riskier.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$37.300
Owned Owned
Unknown

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WEAK BUY
Cinram(CRW.UN-T) 

September 21, 2007

Need to be very aggressive investor to hold position right now. People are worried about new technology. Definitely a decline in volumes they’re shipping. They want to be known as a logistics company. A transformation story. Not worth risk unless aggressive.
misc industrial products
0 0 0 0 0
0 comments
Need to be very aggressive investor to hold position right now. People are worried about new technology. Definitely a decline in volumes they’re shipping. They want to be known as a logistics company. A transformation story. Not worth risk unless aggressive.
misc industrial products
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$19.900
Owned Owned
Unknown

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VAGUE
TFI International Inc(TFII-T) 

September 21, 2007

Wont be affected really by U.S dollar value. May be affected by slowdown in U.S economy.
Transportation
0 0 0 0 0
0 comments
Wont be affected really by U.S dollar value. May be affected by slowdown in U.S economy.
Transportation
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$11.210
Owned Owned
Unknown

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DON'T BUY
Parkland Fuel Corp(PKI-T) 

September 21, 2007

Been a very successful run lately, because of play on gasoline margins. A lot of earnings income’s come from favourable margins, which can be volatile. Expect there to be pullback. Too volatile to own.
merchandising/lodging
0 0 0 0 0
0 comments
Been a very successful run lately, because of play on gasoline margins. A lot of earnings income’s come from favourable margins, which can be volatile. Expect there to be pullback. Too volatile to own.
merchandising/lodging
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$17.640
Owned Owned
No

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WAIT
Obsidian Energy(OBE-T) 

September 21, 2007

Been frustrating name. Diversified asset base. Have been operational problems. Need to show volume turnarounds. A lot of people calling for distribution to be cut. Has been under performing its peers.
oil/gas
0 0 0 0 0
0 comments
Been frustrating name. Diversified asset base. Have been operational problems. Need to show volume turnarounds. A lot of people calling for distribution to be cut. Has been under performing its peers.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$29.350
Owned Owned
Unknown

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WAIT
Canadian Oil Sands(COS-T) 

September 21, 2007

Worst-case scenario $28-30. You should wait. See if its drops, and buy below $30. buy companies with less exposure to oil sands.
oil/gas
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0 comments
Worst-case scenario $28-30. You should wait. See if its drops, and buy below $30. buy companies with less exposure to oil sands.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$33.150
Owned Owned
Unknown

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WATCH
Canexus Corp(CUS-T) 

September 21, 2007

In chemical manufacturing business. U.S dollar driving its price down. Highly leveraged play on U.S dollar. For those with strong stomach for volatility.
INDUSTRIAL PRODUCTS
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0 comments
In chemical manufacturing business. U.S dollar driving its price down. Highly leveraged play on U.S dollar. For those with strong stomach for volatility.
INDUSTRIAL PRODUCTS
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$4.950
Owned Owned
Unknown

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TOP PICK
The leading customs brokerage between Canada and the US. Stock price has come off in the last couple of days because of a weak Q1 report. Good as a trading stock. He sells when it gets up to $23-$24.
investment companies/funds
0 0 0 0 0
0 comments
The leading customs brokerage between Canada and the US. Stock price has come off in the last couple of days because of a weak Q1 report. Good as a trading stock. He sells when it gets up to $23-$24.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$21.210
Owned Owned
Yes

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TOP PICK
On a very positive upswing right now. Garners most of its earnings from the US. Strong organic growth. Very under appreciated.
Transportation & Environmental Services
0 0 0 0 0
0 comments
On a very positive upswing right now. Garners most of its earnings from the US. Strong organic growth. Very under appreciated.
Transportation & Environmental Services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$28.130
Owned Owned
Yes

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TOP PICK
TC Energy(TRP-T) 

May 14, 2007

For a yield investor that has a diversified portfolio of dividend paying stocks, this should be one of your holdings. One of the best-positioned utilities.
oil/gas pipelines
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0 comments
For a yield investor that has a diversified portfolio of dividend paying stocks, this should be one of your holdings. One of the best-positioned utilities.
oil/gas pipelines
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$39.760
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Nov 1/06. Up 8.7%.) Still a Buy. Continues to be global demand for Canadian real estate.
property mngmnt/investment
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0 comments
(A Top Pick Nov 1/06. Up 8.7%.) Still a Buy. Continues to be global demand for Canadian real estate.
property mngmnt/investment
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$24.810
Owned Owned
Yes

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PAST TOP PICK
Yellow Media Inc(Y-T) 

May 14, 2007

(A Top Pick Nov 1/06. Up 19%.) Very close to its target price.
communications/media
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0 comments
(A Top Pick Nov 1/06. Up 19%.) Very close to its target price.
communications/media
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$14.530
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Nov 1/06. Up 11%.) This is a core holding that you should look at. A lot of their assets are outside of Canada. Great diversified portfolio.
oil/gas
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0 comments
(A Top Pick Nov 1/06. Up 11%.) This is a core holding that you should look at. A lot of their assets are outside of Canada. Great diversified portfolio.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$36.750
Owned Owned
Yes

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BUY
Excellent entry point. One of the top trusts when looking at the underlying portfolio. Roughly 50%-50% oil/gas. Fantastic management record.
oil/gas
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0 comments
Excellent entry point. One of the top trusts when looking at the underlying portfolio. Roughly 50%-50% oil/gas. Fantastic management record.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$22.170
Owned Owned
Unknown

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BUY
Fortis Inc.(FTS-T) 

May 14, 2007

Acquiring Terasen (TER-T). A very high-quality utility stock. A fantastic company when it comes to growing. Likes the utility space in general.
electrical utilities
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0 comments
Acquiring Terasen (TER-T). A very high-quality utility stock. A fantastic company when it comes to growing. Likes the utility space in general.
electrical utilities
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$27.800
Owned Owned
Unknown

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WAIT
Petrowest Corp(PRW-T) 

May 14, 2007

Oilfields servicing sector. Well-run, but the last quarter was pretty dismal. A little less enthusiastic about near-term prospects. Feels the distribution is safe. Made 5 more acquisitions, and to put more debt on the balance sheet was not the right thing to do. Wait to see how they integrate.
oil/gas
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0 comments
Oilfields servicing sector. Well-run, but the last quarter was pretty dismal. A little less enthusiastic about near-term prospects. Feels the distribution is safe. Made 5 more acquisitions, and to put more debt on the balance sheet was not the right thing to do. Wait to see how they integrate.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$7.450
Owned Owned
Unknown

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BUY
Cinram(CRW.UN-T) 

May 14, 2007

Produces and duplicates DVDs, CDs, etc. A lot of people are concerned about how sustainable this business is. Last couple of earnings have been positive. Business is still resilient. Good track record of morphing and understanding trends.
misc industrial products
0 0 0 0 0
0 comments
Produces and duplicates DVDs, CDs, etc. A lot of people are concerned about how sustainable this business is. Last couple of earnings have been positive. Business is still resilient. Good track record of morphing and understanding trends.
misc industrial products
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$26.350
Owned Owned
Unknown

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BUY
One of the pre-eminent property and casualty companies. Good price. Fantastic track record of having some of the highest ROE’s in the business. Good management team.
insurance
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0 comments
One of the pre-eminent property and casualty companies. Good price. Fantastic track record of having some of the highest ROE’s in the business. Good management team.
insurance
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$50.070
Owned Owned
Unknown

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WATCH
Toronto Dominion(TD-T) 

May 14, 2007

Hasn't done as well as some of the other banks, mainly because of its US subsidiary Bank North. Now going to be run by TD. Canadian operations have been fantastic. Should see signs towards the end of the year of their progress.
banks
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0 comments
Hasn't done as well as some of the other banks, mainly because of its US subsidiary Bank North. Now going to be run by TD. Canadian operations have been fantastic. Should see signs towards the end of the year of their progress.
banks
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$69.730
Owned Owned
Unknown

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HOLD
K-Bro Linen Inc(KBL-T) 

May 14, 2007

Coming close to full value. 8% yield is very attractive. The Calgary contracts have now been settled.
other services
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0 comments
Coming close to full value. 8% yield is very attractive. The Calgary contracts have now been settled.
other services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$13.750
Owned Owned
Yes

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SELL
Investors buying into this name have been doing so for the potential takeover only. The underlying business is a pretty weak business. Their bulk of their business is from local and long-distance which is a brutal business.
telephone utilities
0 0 0 0 0
0 comments
Investors buying into this name have been doing so for the potential takeover only. The underlying business is a pretty weak business. Their bulk of their business is from local and long-distance which is a brutal business.
telephone utilities
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$49.250
Owned Owned
No

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DON'T BUY
BCE Inc.(BCE-T) 

May 14, 2007

(Question was on preferreds.) Preferred shares in reality fixed income, almost like buying a bond. While the Common shares are going up, the exact opposite is happening on preferred shares.
telephone utilities
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0 comments
(Question was on preferreds.) Preferred shares in reality fixed income, almost like buying a bond. While the Common shares are going up, the exact opposite is happening on preferred shares.
telephone utilities
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$37.040
Owned Owned
No

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BUY
A very strong franchise. Primarily an institutional investment dealer. Going forward, he believes there will be more diversification and not so much reliance on energy. High beta and that it will move very much with the TSX. Would prefer at $22.
investment companies/funds
0 0 0 0 0
0 comments
A very strong franchise. Primarily an institutional investment dealer. Going forward, he believes there will be more diversification and not so much reliance on energy. High beta and that it will move very much with the TSX. Would prefer at $22.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$24.030
Owned Owned
Yes

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WAIT
A play on natural gas. Current price is displaying some optimism in the market. Don't look for good news out of their quarterly reports until this winter. Price has gone up on speculation about M7A activity. All the good news is fully factored in. Wait for the summer doldrums.
oil/gas field services
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0 comments
A play on natural gas. Current price is displaying some optimism in the market. Don't look for good news out of their quarterly reports until this winter. Price has gone up on speculation about M7A activity. All the good news is fully factored in. Wait for the summer doldrums.
oil/gas field services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$29.180
Owned Owned
Unknown

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PAST TOP PICK
(A Top Pick Nov 1/06. Up 14%.) A lot of REITs are hitting their all-time highs. This is one of the most blue-chip ones.
property mngmnt/investment
0 0 0 0 0
0 comments
(A Top Pick Nov 1/06. Up 14%.) A lot of REITs are hitting their all-time highs. This is one of the most blue-chip ones.
property mngmnt/investment
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$26.230
Owned Owned
Yes

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PAST TOP PICK
Yellow Media Inc(Y-T) 

February 22, 2007

(A Top Pick Nov 1/06. Up 10.1%.) Continue to hit their targets. Deliver his organic growth of about 5%-7% year after year.
communications/media
0 0 0 0 0
0 comments
(A Top Pick Nov 1/06. Up 10.1%.) Continue to hit their targets. Deliver his organic growth of about 5%-7% year after year.
communications/media
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$13.710
Owned Owned
Yes

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PAST TOP PICK
Vermilion Energy Inc(VET-T) 

February 22, 2007

(A Top Pick Nov 1/06. Down 2.3%.) There is a lot of pessimism in terms of energy. This one is held in relatively well compared to other royalty trusts.
oil/gas
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0 comments
(A Top Pick Nov 1/06. Down 2.3%.) There is a lot of pessimism in terms of energy. This one is held in relatively well compared to other royalty trusts.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$32.070
Owned Owned
Yes

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TOP PICK
Petrowest Corp(PRW-T) 

February 22, 2007

Couldn't pass this one up because it is so cheap right now. Provide a lot of temporary road building, hauling services and equipment rental. Primarily in the Grand Prairie region which is more oily. 17% yield. Have a lot of cash and no debt.
oil/gas
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0 comments
Couldn't pass this one up because it is so cheap right now. Provide a lot of temporary road building, hauling services and equipment rental. Primarily in the Grand Prairie region which is more oily. 17% yield. Have a lot of cash and no debt.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$7.200
Owned Owned
Yes

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TOP PICK
AGF Management (B)(AGF.B-T) 

February 22, 2007

Has performed well. Have been delivering the numbers. International expertises with 40% of their assets in international equities.
investment companies/funds
0 0 0 0 0
0 comments
Has performed well. Have been delivering the numbers. International expertises with 40% of their assets in international equities.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$30.880
Owned Owned
Yes

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TOP PICK
The leading customs broker. One of the most blue chip industrial trusts that you can buy. Very conservative balance sheet. Conservative payout ratio. Stable business.
investment companies/funds
0 0 0 0 0
0 comments
The leading customs broker. One of the most blue chip industrial trusts that you can buy. Very conservative balance sheet. Conservative payout ratio. Stable business.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$21.500
Owned Owned
Yes

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BUY
Great West Lifeco(GWO-T) 

February 22, 2007

Putnam Fund acquisition in the US is being looked on very favourably. Issue could exposure to the US market and the equity market is strong.
insurance
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0 comments
Putnam Fund acquisition in the US is being looked on very favourably. Issue could exposure to the US market and the equity market is strong.
insurance
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$37.360
Owned Owned
Unknown

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COMMENT
Capstone Infrastructure(CSE-T) 

February 22, 2007

A very unique vehicle in that they are a hybrid of a power plant and some senior care facilities. Great management strength. Getting fairly valued, so consider trimming profits if you own.
management/diversified
0 0 0 0 0
0 comments
A very unique vehicle in that they are a hybrid of a power plant and some senior care facilities. Great management strength. Getting fairly valued, so consider trimming profits if you own.
management/diversified
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$11.510
Owned Owned
Yes

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DON'T BUY
Tree Island Steel(TSL-T) 

February 22, 2007

They are at an apex in change for the company. Yield of about 20% which he expects will be cut. Payout ratio is at least 125%.
INDUSTRIAL PRODUCTS
0 0 0 0 0
0 comments
They are at an apex in change for the company. Yield of about 20% which he expects will be cut. Payout ratio is at least 125%.
INDUSTRIAL PRODUCTS
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$7.350
Owned Owned
No

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COMMENT
Bell Aliant(BA-T) 

February 22, 2007

Sold their directory business to Yellow Pages (YLO.UN-T). Predominantly wire line with some wireless. Buying back stock. Prefers Telus (T-T), which has a decent yield and a much better growth potential.
Utilities
0 0 0 0 0
0 comments
Sold their directory business to Yellow Pages (YLO.UN-T). Predominantly wire line with some wireless. Buying back stock. Prefers Telus (T-T), which has a decent yield and a much better growth potential.
Utilities
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$29.310
Owned Owned
Unknown

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DON'T BUY
Royalty trust space has had a very rough 4 months. Has a fairly diverse portfolio. A fair bit of debt. Reserve life is a little shorter than average.
investment companies/funds
0 0 0 0 0
0 comments
Royalty trust space has had a very rough 4 months. Has a fairly diverse portfolio. A fair bit of debt. Reserve life is a little shorter than average.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$15.130
Owned Owned
No

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BUY on WEAKNESS
Conglomerate with real estate, power generation, infrastructure, timberland, etc. Stock has been on fire. It is restructuring and difficult to value. Would buy in the lower $60’s. If you have the patience, you could buy now.
management/diversified
0 0 0 0 0
0 comments
Conglomerate with real estate, power generation, infrastructure, timberland, etc. Stock has been on fire. It is restructuring and difficult to value. Would buy in the lower $60’s. If you have the patience, you could buy now.
management/diversified
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$64.120
Owned Owned
Unknown

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DON'T BUY
Multi-brand restaurant chain. Bullish on the restaurant group. This one has had some pretty lacklustre sales growth. Same-store sales growth has been anaemic at best.
Financial Services
0 0 0 0 0
0 comments
Multi-brand restaurant chain. Bullish on the restaurant group. This one has had some pretty lacklustre sales growth. Same-store sales growth has been anaemic at best.
Financial Services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$10.150
Owned Owned
No

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BUY
Newalta Corp(NAL-T) 

February 22, 2007

If you are looking for exposure to the oil field services, this is a good name to have. Not tied so directly to the production side of oil/gas companies.
Transportation & Environmental Services
0 0 0 0 0
0 comments
If you are looking for exposure to the oil field services, this is a good name to have. Not tied so directly to the production side of oil/gas companies.
Transportation & Environmental Services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$27.150
Owned Owned
Unknown

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BUY
Arc Resources Ltd(ARX-T) 

February 22, 2007

One of the best-run royalty trusts. Very high quality and long-term life assets. Distributions are at a relatively sustainable level. Should be a core holding as it will outperform the majority.
oil/gas
0 0 0 0 0
0 comments
One of the best-run royalty trusts. Very high quality and long-term life assets. Distributions are at a relatively sustainable level. Should be a core holding as it will outperform the majority.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$22.220
Owned Owned
Yes

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DON'T BUY
Fortis Inc.(FTS-T) 

February 22, 2007

Power generation. A fairly stable, boring business. Increases dividends regularly. Trading at about 20 X forward earnings, which is quite high. Had a good last quarter and surpassed estimates. There are others that provide more exciting growth potential.
electrical utilities
0 0 0 0 0
0 comments
Power generation. A fairly stable, boring business. Increases dividends regularly. Trading at about 20 X forward earnings, which is quite high. Had a good last quarter and surpassed estimates. There are others that provide more exciting growth potential.
electrical utilities
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$27.350
Owned Owned
Unknown

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BUY
Canadian Western Bank(CWB-T) 

February 22, 2007

Has been a great performer and has benefited greatly from the growth in the economy in Alberta. Pretty lofty multiple at 20 X’s, but is just reflective of the hot pace of growth.
banks
0 0 0 0 0
0 comments
Has been a great performer and has benefited greatly from the growth in the economy in Alberta. Pretty lofty multiple at 20 X’s, but is just reflective of the hot pace of growth.
banks
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$24.740
Owned Owned
Unknown

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BUY
Sun Life Financial Inc(SLF-T) 

February 22, 2007

If he had to rank the insurance companies, this would have to be his top pick. All 3 of the major names are doing well, but this one is closing the gap.
insurance
0 0 0 0 0
0 comments
If he had to rank the insurance companies, this would have to be his top pick. All 3 of the major names are doing well, but this one is closing the gap.
insurance
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$51.840
Owned Owned
Unknown

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BUY
Funeral services in the US. Technically not an income trust, but an Income Participation Security. Doesn't feel it is subject to the new income trust rules. Non-cyclical. A great long-term business. Good yield of about 12%.
other services
0 0 0 0 0
0 comments
Funeral services in the US. Technically not an income trust, but an Income Participation Security. Doesn't feel it is subject to the new income trust rules. Non-cyclical. A great long-term business. Good yield of about 12%.
other services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$8.450
Owned Owned
Unknown

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BUY
Eveready Inc(EIS-T) 

February 22, 2007

In the energy services field, but not tied to the short-term volatility of commodity prices. A good third to a quarter of their earnings are tied to oil sands, which are long-term projects.
oil/gas field services
0 0 0 0 0
0 comments
In the energy services field, but not tied to the short-term volatility of commodity prices. A good third to a quarter of their earnings are tied to oil sands, which are long-term projects.
oil/gas field services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$6.290
Owned Owned
Unknown

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TOP PICK
K-Bro Linen Inc(KBL-T) 

January 26, 2007

One of the largest laundry providers. Great business model. Very little competition and non-cyclical. Looks like it is ready to renew Calgary contracts.
other services
0 0 0 0 0
0 comments
One of the largest laundry providers. Great business model. Very little competition and non-cyclical. Looks like it is ready to renew Calgary contracts.
other services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$12.400
Owned Owned
Yes

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TOP PICK
Feels the tide has turned for them. Tuna costs are coming down rapidly. Fuel costs are far less. US$ is strengthening.
investment companies/funds
0 0 0 0 0
0 comments
Feels the tide has turned for them. Tuna costs are coming down rapidly. Fuel costs are far less. US$ is strengthening.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$11.250
Owned Owned
Yes

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TOP PICK
Eveready Inc(EIS-T) 

January 26, 2007

Although they are in the energy services field, they can also be described as an industrial company. Have a lot of stable work that is not tied to exploration. Good exposure to the oil sands.
oil/gas field services
0 0 0 0 0
0 comments
Although they are in the energy services field, they can also be described as an industrial company. Have a lot of stable work that is not tied to exploration. Good exposure to the oil sands.
oil/gas field services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$6.000
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Jan 13/06. Down 7.1%.) His favourite name in the industrial trusts. Have a fantastic market position.
investment companies/funds
0 0 0 0 0
0 comments
(A Top Pick Jan 13/06. Down 7.1%.) His favourite name in the industrial trusts. Have a fantastic market position.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$22.500
Owned Owned
Yes

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PAST TOP PICK
Enerplus Corp(ERF-T) 

January 26, 2007

(A Top Pick Jan 13/06. Down 12.7%.) This one should always be on the radar for investors looking to consolidate their position in royalty trusts. As fantastic, long-term, stable assets.
oil/gas
0 0 0 0 0
0 comments
(A Top Pick Jan 13/06. Down 12.7%.) This one should always be on the radar for investors looking to consolidate their position in royalty trusts. As fantastic, long-term, stable assets.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$49.640
Owned Owned
No

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PAST TOP PICK
Smart REIT(SRU.UN-T) 

January 26, 2007

(A Top Pick Jan 13/06. Up 18.9%.) A good place to be.
investment companies/funds
0 0 0 0 0
0 comments
(A Top Pick Jan 13/06. Up 18.9%.) A good place to be.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$29.700
Owned Owned
Unknown

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BUY
Petrowest Corp(PRW-T) 

January 26, 2007

Energy services, but not so much in the exploration side. More stable than the drilling sector. Likes the name. Good value.
oil/gas
0 0 0 0 0
0 comments
Energy services, but not so much in the exploration side. More stable than the drilling sector. Likes the name. Good value.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$7.990
Owned Owned
No

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BUY
Newalta Corp(NAL-T) 

January 26, 2007

Became significantly undervalued, compared to its peers. A lot of industrial applications outside of Alberta and British Columbia. Last quarter earnings were a little disappointing, but given their defensive position they should have been rewarded, not penalized.
Transportation & Environmental Services
0 0 0 0 0
0 comments
Became significantly undervalued, compared to its peers. A lot of industrial applications outside of Alberta and British Columbia. Last quarter earnings were a little disappointing, but given their defensive position they should have been rewarded, not penalized.
Transportation & Environmental Services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$24.690
Owned Owned
Unknown

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BUY
Pollard Banknote Ltd(PBL-T) 

January 26, 2007

Involved in the printing of lottery tickets. One of 3 significant players globally. Not particularly expensive and supply good yield for a portfolio. Non-cyclical. Could become privatized.
INDUSTRIAL PRODUCTS
0 0 0 0 0
0 comments
Involved in the printing of lottery tickets. One of 3 significant players globally. Not particularly expensive and supply good yield for a portfolio. Non-cyclical. Could become privatized.
INDUSTRIAL PRODUCTS
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$9.900
Owned Owned
Unknown

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BUY
CML Healthcare(CLC-T) 

January 26, 2007

Involved in lab services, blood test work and diagnostic imaging. Good choice for investors looking for stability. A non-cyclical play on the economy.
other services
0 0 0 0 0
0 comments
Involved in lab services, blood test work and diagnostic imaging. Good choice for investors looking for stability. A non-cyclical play on the economy.
other services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$15.610
Owned Owned
No

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BUY
Waste Connections(WCN-T) 

January 26, 2007

6th largest solid waste management company in North America. Have recovered quite nicely. Coming off very strong Q3 results. Expect they can grow quite nicely organically. Will benefit from a strengthening US$.
Transportation & Environmental Services
0 0 0 0 0
0 comments
6th largest solid waste management company in North America. Have recovered quite nicely. Coming off very strong Q3 results. Expect they can grow quite nicely organically. Will benefit from a strengthening US$.
Transportation & Environmental Services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$28.000
Owned Owned
Unknown

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BUY
Looks fairly attractive on a valuation basis. Leveraged to natural gas.
investment companies/funds
0 0 0 0 0
0 comments
Looks fairly attractive on a valuation basis. Leveraged to natural gas.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$15.250
Owned Owned
Unknown

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BUY
Market leaders in manufacturing and distributing ice. Fairly non-cyclical. Not all that exciting regarding their growth potential. Have delivered fairly stable returns over the long run. Reasonable buy long-term.
food processing
0 0 0 0 0
0 comments
Market leaders in manufacturing and distributing ice. Fairly non-cyclical. Not all that exciting regarding their growth potential. Have delivered fairly stable returns over the long run. Reasonable buy long-term.
food processing
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$12.720
Owned Owned
Unknown

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BUY
North West Company(NWC-T) 

January 26, 2007

An excellent buy. One of the major grocers and general merchandise retailers up in northern Canada and Alaska. Fantastic organic growth. Limited competition.
merchandising/lodging
0 0 0 0 0
0 comments
An excellent buy. One of the major grocers and general merchandise retailers up in northern Canada and Alaska. Fantastic organic growth. Limited competition.
merchandising/lodging
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$15.960
Owned Owned
Yes

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COMMENT
Will be privatizing. Price dropped $4 the amount shareholders will receive. Merely a readjustment of cash and shares of Bell Aliant (BA.UN-T).
investment companies/funds
0 0 0 0 0
0 comments
Will be privatizing. Price dropped $4 the amount shareholders will receive. Merely a readjustment of cash and shares of Bell Aliant (BA.UN-T).
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$12.250
Owned Owned
Unknown

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DON'T BUY
Obsidian Energy(OBE-T) 

January 26, 2007

The stock is in a bit of a difficult phase right now. Better value elsewhere at this time.
oil/gas
0 0 0 0 0
0 comments
The stock is in a bit of a difficult phase right now. Better value elsewhere at this time.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$35.000
Owned Owned
No

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HOLD
Bell Aliant(BA-T) 

January 26, 2007

Thinks it will go up in the near term. Not a huge fan of the business model relative to what else is available. Longer term, would look outside income trusts to something like Telus T-T).
Utilities
0 0 0 0 0
0 comments
Thinks it will go up in the near term. Not a huge fan of the business model relative to what else is available. Longer term, would look outside income trusts to something like Telus T-T).
Utilities
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$29.540
Owned Owned
No

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BUY
A revenue royalty trust. The 2nd largest hamburger chain in Canada. Have done very well. A fantastic industry.
investment companies/funds
0 0 0 0 0
0 comments
A revenue royalty trust. The 2nd largest hamburger chain in Canada. Have done very well. A fantastic industry.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$13.910
Owned Owned
Unknown

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DON'T BUY
WSP Global Inc.(WSP-T) 

January 26, 2007

Quebec-based construction/engineering professional services firm. Loves the infrastructure space. Governments have so much money that the outlook for infrastructure is fantastic. Sold his holdings because it went up 30% in the last month and the valuation is looking a little full.
Business Services
0 0 0 0 0
0 comments
Quebec-based construction/engineering professional services firm. Loves the infrastructure space. Governments have so much money that the outlook for infrastructure is fantastic. Sold his holdings because it went up 30% in the last month and the valuation is looking a little full.
Business Services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$15.300
Owned Owned
No

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BUY
Trilogy Energy Corp(TET-T) 

January 26, 2007

Thinks this one will survive in the long term. A pure natural gas play. Have cut their distributions to a much more sustainable level. If you believe in gas, this is a good buy.
oil/gas
0 0 0 0 0
0 comments
Thinks this one will survive in the long term. A pure natural gas play. Have cut their distributions to a much more sustainable level. If you believe in gas, this is a good buy.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$10.730
Owned Owned
Unknown

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BUY
Arc Resources Ltd(ARX-T) 

January 26, 2007

Has been one of the low performers in the royalty income trust space. As one of the highest quality asset bases out there. Very diversified. Great management team.
oil/gas
0 0 0 0 0
0 comments
Has been one of the low performers in the royalty income trust space. As one of the highest quality asset bases out there. Very diversified. Great management team.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$22.060
Owned Owned
Yes

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DON'T BUY
Aimia(AIM-T) 

January 26, 2007

Continually scratches his head over the valuation on this one. A good business model and its consumer segment is strong in Canada, but the valuation looks incredibly rich at 18 X EBITDA.
other services
0 0 0 0 0
0 comments
Continually scratches his head over the valuation on this one. A good business model and its consumer segment is strong in Canada, but the valuation looks incredibly rich at 18 X EBITDA.
other services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$18.490
Owned Owned
No

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TOP PICK
Vermilion Energy Inc(VET-T) 

November 1, 2006

(A Top Pick Nov 4/05. Up 22%.) Has benefited from the increase in oil prices. Likes their international diversification, which won't be as affected by the new tax rules.
oil/gas
0 0 0 0 0
0 comments
(A Top Pick Nov 4/05. Up 22%.) Has benefited from the increase in oil prices. Likes their international diversification, which won't be as affected by the new tax rules.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$33.250
Owned Owned
Yes

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TOP PICK
(A Top Pick Nov 4/05. Up 21%.) One of the highest quality, blue chip, commercial property in the REIT space. Exemption from the new taxes will add to their attractiveness.
property mngmnt/investment
0 0 0 0 0
0 comments
(A Top Pick Nov 4/05. Up 21%.) One of the highest quality, blue chip, commercial property in the REIT space. Exemption from the new taxes will add to their attractiveness.
property mngmnt/investment
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$23.000
Owned Owned
Yes

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TOP PICK
Yellow Media Inc(Y-T) 

November 1, 2006

At this price, this is one of the names that people will flock to because they feel very comfortable with the business structure. Profit margin is fantastic. 8.4% yield.
communications/media
0 0 0 0 0
0 comments
At this price, this is one of the names that people will flock to because they feel very comfortable with the business structure. Profit margin is fantastic. 8.4% yield.
communications/media
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$12.260
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Nov 4/05. Up 3.4%.) One of the businesses that will continue to be successful. Very solid business model. Expanding into different areas, like alarm systems. 8.2% yield.
income trust
0 0 0 0 0
0 comments
(A Top Pick Nov 4/05. Up 3.4%.) One of the businesses that will continue to be successful. Very solid business model. Expanding into different areas, like alarm systems. 8.2% yield.
income trust
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$12.950
Owned Owned
Yes

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COMMENT
General Market Comment 

November 1, 2006

Time to buy? - For the short-term investor, it will be extremely difficult to pick a bottom. A 15% reduction in valuation is what can be expected with reduced cash flows over the long term. For the long-term investor, a lot of trusts will be able to gain back that 15% over time.
0 0 0 0 0
0 comments
Time to buy? - For the short-term investor, it will be extremely difficult to pick a bottom. A 15% reduction in valuation is what can be expected with reduced cash flows over the long term. For the long-term investor, a lot of trusts will be able to gain back that 15% over time.
Unknown
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$0.020
Owned Owned
Unknown

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COMMENT
General Market Comment 

November 1, 2006

Affect on Yields: - before the tax change announcement, the average yield was about 9% for income trusts. If you were to buy trusts today, you would be looking at 10.5%-11% because of the drop in valuations.
0 0 0 0 0
0 comments
Affect on Yields: - before the tax change announcement, the average yield was about 9% for income trusts. If you were to buy trusts today, you would be looking at 10.5%-11% because of the drop in valuations.
Unknown
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$0.020
Owned Owned
Unknown

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DON'T BUY
Being hit with a double whammy. Not only are they getting hit with a tax, the TSX has dropped 300 points, which will hit their assets under management. The main focus should be how their assets under management will do. Wouldn't go in at this time.
investment companies/funds
0 0 0 0 0
0 comments
Being hit with a double whammy. Not only are they getting hit with a tax, the TSX has dropped 300 points, which will hit their assets under management. The main focus should be how their assets under management will do. Wouldn't go in at this time.
investment companies/funds
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$24.000
Owned Owned
Unknown

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BUY
Obsidian Energy(OBE-T) 

November 1, 2006

A high-quality name that should be held in your portfolio. Involved in a lot of exciting big resource plays when it comes to CO2 flooding and oil sands.
oil/gas
0 0 0 0 0
0 comments
A high-quality name that should be held in your portfolio. Involved in a lot of exciting big resource plays when it comes to CO2 flooding and oil sands.
oil/gas
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$36.120
Owned Owned
Unknown

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BUY
Precision Drilling(PD-T) 

November 1, 2006

The longer-term outlook is quite positive based on today's price. Trading at, or slightly below their corporate peers. Their short-term fortunes are going to be determined by the price of gas.
oil/gas field services
0 0 0 0 0
0 comments
The longer-term outlook is quite positive based on today's price. Trading at, or slightly below their corporate peers. Their short-term fortunes are going to be determined by the price of gas.
oil/gas field services
0 0 0 0 0
0 comments
Patrick Kim

Vice Presi, KBSH Capital Managem...

Price Price
$27.900
Owned Owned
Unknown

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SELL
Not a core holding that you need in this type of market. Would suggest you reduce your holdings. There are better ones out there.
investment companies/funds