Stock Opinions by James Leung - Stockchase Experts
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James Leung

On Stockchase since : Nov 2005

Assistant Vice President of Investments at MacKenzie Financial

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James Leung Latest Top Picks...

Stock Opinions by James Leung - Stockchase Experts

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TOP PICK
(A Top Pick Jan 27/06. Down 24%.) Was hurt quite a lot because of the perception that currency exposure would hurt. Valuations are compelling. Probably one of the best operators in the specialty hospital business. Cash flow is very secure and their currency hedge protects this until 2008. Payout ratio is 85%.
other services
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(A Top Pick Jan 27/06. Down 24%.) Was hurt quite a lot because of the perception that currency exposure would hurt. Valuations are compelling. Probably one of the best operators in the specialty hospital business. Cash flow is very secure and their currency hedge protects this until 2008. Payout ratio is 85%.
other services
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James Leung

Assistant , MacKenzie Financial...

Price Price
$9.200
Owned Owned
Yes

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TOP PICK
Bleach manufacturer. Once Clorox hedges come off they will be able to raise their prices. Recently diversified into the consumer health sector by becoming a contract manufacturer for Johnson & Johnson (JNJ-N), Pfizer (PFE-N), etc. Distribution of 10.6%.
investment companies/funds
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Bleach manufacturer. Once Clorox hedges come off they will be able to raise their prices. Recently diversified into the consumer health sector by becoming a contract manufacturer for Johnson & Johnson (JNJ-N), Pfizer (PFE-N), etc. Distribution of 10.6%.
investment companies/funds
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James Leung

Assistant , MacKenzie Financial...

Price Price
$9.850
Owned Owned
Yes

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TOP PICK
Mattresses are big-ticket items. A recession resistant type of business. Management always under promises and over delivers on their financial results. Payout ratio has decreased since their IPO to about 75%. Will probably expense some costs because of their Quebec acquisition.
specialty stores
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Mattresses are big-ticket items. A recession resistant type of business. Management always under promises and over delivers on their financial results. Payout ratio has decreased since their IPO to about 75%. Will probably expense some costs because of their Quebec acquisition.
specialty stores
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James Leung

Assistant , MacKenzie Financial...

Price Price
$23.230
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Jan 27/06. Up 2.5%.) Expect the synergies from their last year’s acquisition will come through in the next 6 months. Payout ratio is very comfortable at 85%.
investment companies/funds
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(A Top Pick Jan 27/06. Up 2.5%.) Expect the synergies from their last year’s acquisition will come through in the next 6 months. Payout ratio is very comfortable at 85%.
investment companies/funds
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James Leung

Assistant , MacKenzie Financial...

Price Price
$25.990
Owned Owned
Yes

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PAST TOP PICK
(A Top Pick Jan 27/06. Down 13%.) Hurricane hit one of their plants last year so they had to undergo some downtime and raw material costs have gone up. Believes these issues are temporary. 14% yield is pricing in any risk factor.
investment companies/funds
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(A Top Pick Jan 27/06. Down 13%.) Hurricane hit one of their plants last year so they had to undergo some downtime and raw material costs have gone up. Believes these issues are temporary. 14% yield is pricing in any risk factor.
investment companies/funds
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James Leung

Assistant , MacKenzie Financial...

Price Price
$10.280
Owned Owned
Yes

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DON'T BUY
7% yield which is considered quite low. Same store sales growth has been spectacular. Has not been lower than 6% in the last 10 years. One of the problems he has is the expectation of the price. Holds only a small weighting. If you have a diversified portfolio, it is probably OK.
investment companies/funds
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7% yield which is considered quite low. Same store sales growth has been spectacular. Has not been lower than 6% in the last 10 years. One of the problems he has is the expectation of the price. Holds only a small weighting. If you have a diversified portfolio, it is probably OK.
investment companies/funds
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James Leung

Assistant , MacKenzie Financial...

Price Price
$17.500
Owned Owned
Yes

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DON'T BUY
Cineplex Inc(CGX-T) 

June 30, 2006

Largest theatre chain in Canada. Have some concerns on the overall health of the entertainment/theatre industry.
other services
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Largest theatre chain in Canada. Have some concerns on the overall health of the entertainment/theatre industry.
other services
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James Leung

Assistant , MacKenzie Financial...

Price Price
$13.530
Owned Owned
No

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BUY
Weighted a little bit more are on the gassy side. Continuing to make acquisitions, so the percentage will change. Payout ratio is very comfortable so shouldn't be affected too much by changes in gas prices.
oil/gas
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Weighted a little bit more are on the gassy side. Continuing to make acquisitions, so the percentage will change. Payout ratio is very comfortable so shouldn't be affected too much by changes in gas prices.
oil/gas
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James Leung

Assistant , MacKenzie Financial...

Price Price
$21.830
Owned Owned
Yes

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BUY
Provide rentals of drilling related equipment, mainly hardware and software. These services are in high demand. High ROE of about 23% for the past five years. No debt. Low payout ratio of about 50%.
oil/gas field services
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Provide rentals of drilling related equipment, mainly hardware and software. These services are in high demand. High ROE of about 23% for the past five years. No debt. Low payout ratio of about 50%.
oil/gas field services
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James Leung

Assistant , MacKenzie Financial...

Price Price
$10.820
Owned Owned
Yes

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COMMENT
Low priced beer. Likes the management. If the big brewers become active, there is a competition risk and they would have to adjust accordingly. Sold his holdings when the valuation went up.
breweries/beverages
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Low priced beer. Likes the management. If the big brewers become active, there is a competition risk and they would have to adjust accordingly. Sold his holdings when the valuation went up.
breweries/beverages
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James Leung

Assistant , MacKenzie Financial...

Price Price
$16.100
Owned Owned
No

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DON'T BUY
1 of 3 lottery ticket providers in Ontario. Downgraded to a secondary provider on a contract with the state of New York. Until they have some clarity as to what they can do to replace the loss of revenues, he would stay clear.
INDUSTRIAL PRODUCTS
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1 of 3 lottery ticket providers in Ontario. Downgraded to a secondary provider on a contract with the state of New York. Until they have some clarity as to what they can do to replace the loss of revenues, he would stay clear.
INDUSTRIAL PRODUCTS
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James Leung

Assistant , MacKenzie Financial...

Price Price
$10.050
Owned Owned
No

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BUY
World's largest producer of calcined petroleum coke. Managed to earn a comfortable margin in 2005. In 2006, the volumes are off a little bit but they also have very strong commodity prices. Have a currency hedge in place for a couple of more years.
investment companies/funds
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World's largest producer of calcined petroleum coke. Managed to earn a comfortable margin in 2005. In 2006, the volumes are off a little bit but they also have very strong commodity prices. Have a currency hedge in place for a couple of more years.
investment companies/funds
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James Leung

Assistant , MacKenzie Financial...

Price Price
$9.600
Owned Owned
Yes

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BUY
Yellow Media Inc(Y-T) 

June 30, 2006

One of the premier income trusts. Yield is about 6.5/7%. Valuation is still very fair. Working on some good activities for their clients.
communications/media
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One of the premier income trusts. Yield is about 6.5/7%. Valuation is still very fair. Working on some good activities for their clients.
communications/media
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James Leung

Assistant , MacKenzie Financial...

Price Price
$16.100
Owned Owned
Yes

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BUY
Extendicare Inc(EXE-T) 

June 30, 2006

A major nursing home operator in North America. 80% of the earnings come from the US. Converting to in income trust which could result in a $28/29 price. Have one of the best franchises in the business. Occupancy rates are very good. Margins are high.
other services
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A major nursing home operator in North America. 80% of the earnings come from the US. Converting to in income trust which could result in a $28/29 price. Have one of the best franchises in the business. Occupancy rates are very good. Margins are high.
other services
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James Leung

Assistant , MacKenzie Financial...

Price Price
$25.150
Owned Owned
Unknown

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BUY
Very high quality assets. 75% natural gas. Have had some recent drilling success. Have hedged a lot of their natural gas exposure.
oil/gas
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Very high quality assets. 75% natural gas. Have had some recent drilling success. Have hedged a lot of their natural gas exposure.
oil/gas
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James Leung

Assistant , MacKenzie Financial...

Price Price
$16.300
Owned Owned
Yes

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