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Stock Opinions by Irwin Michael, B.Com, MBA

N/A

Markets. Value is a moving target. He has to look at a lot more stocks to find one to buy right now. Not into the banks. Below tangible book, hidden assets, etc. are what he looks for. People are always looking over their shoulder even though markets have done so well. Better economic news could be a catalyst. Better earnings would be helpful. Lots of M&A. Weakness would be an indicator to buy. It’s a trading market and a stock picking market. Expects Santa Clause rally. The rotation from bonds into equities is happening.

Unknown
BUY

Likes it. An Irish company but Canadian in name only. Company is fundamentally cheap. Has a NAV of $1.50 he believes. They have a good spread on the oil price. Likes management.

oil / gas
BUY

5.25% dividend yield. Well run. They want to take on a few more ships. It is not well followed. Management nixed the deal and raised the money in another way. He likes the company. Believes the global economies are improving and that this company should benefit.

Transportation
BUY

Likes it. Likes management. Company could be in play and could be a takeover candidate. Likes the service side of this company. 3.9% dividend.

oil / gas
DON'T BUY

Used to own it. Likes management and liked what they were doing. Tangible book value is about $5.75. he has no intention of going back in until everything about the law suit is settled. Prefers SUP-N. He is finding a lot of value in US micro-cap.

metal fabricators
SELL ON STRENGTH

Buy at $2 and sell at $2.75-$3. The Street loves it. Trading well below NAV. It could be in play. Take a little profit above $2.60.

oil / gas
BUY

There is a new player in the space right now, but he believes the Canadian dollar will improve as well as the economy. You will see greater employment down the road and this company will benefit. They have done an excellent job, dividend increase, share buyback. People expected the Canadian market to collapse. 4.1% dividend.

0
BUY

Services companies are amongst the cheapest. 4.5% dividend. Just moved into Australia. Going to 14 rigs by end of next year. Hard book value is about $10.

oil / gas field services
PAST TOP PICK

(Top Pick Nov 16/12, Down 74.10%) Management stumbled several times and stock is in the penalty box. By end of November, they had a large royalty deal, but they had under delivered. There has been a management change. New Management is very capable. He thinks it is officially cheap. He is sticking with it. Nothing wrong with the company.

precious metals
PAST TOP PICK

(Top Pick Nov 16/12, Up 41.94%) Well positioned for western Canadian oil and gas services. If you believe in LNG, they will do well. Thinks it is fundamentally cheap.

oil / gas
PAST TOP PICK

(Top Pick Nov 16/12, Down 25.74%) It is a sum of the parts story. It is the Madagascar project and people are looking at the nickel price. If it stays down a long time a lot of their competitors will shut down. Over 5% dividend. He would like the company to buy back stock.

integrated mines
BUY

Very well run. He has taken some profits. Done an excellent job of turning around the company. Trading above tangible book (1.4 times). Could be a merger or takeover target. Have increased their dividend and returned earnings to shareholders. 1.5% dividend.

Financial Services
BUY

Well run. New operation has only been going for 6 weeks. He likes it. They have moved up from a small cap to more of a mid cap. It is now 60% American but you buy in Canadian dollars. Thinks it will go higher and it could be a takeover play. With Copper, the wild card is China but he is comfortable.

precious metals
HOLD

He held it for 5 years but trimmed. Normally he doesn’t buy high tech but he thought it was fundamentally cheap. They turned around their business. Management is excellent. If it is a play company, it will go higher than $5, but the government will be very careful who is allowed to buy into it.

Telecommunications
BUY on WEAKNESS

Well run. Involved in steel fabrication. They stumbled but they turned it around. He sold and is now out. Likes management. He may buy it again if it ever comes down. A lot of institutions want to see a dividend.

metal fabricators
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