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Stock Opinions by Steve MacInnes

BUY
Canadian Financials: - Market has slowly taken confidence from all the rig fencing of the credit crisis. Royal Bank’s of of write-downs was less than expected. Market is starting to climb the wall of worry. Perhaps the money and resources will start rolling back into this sector. The road to recovery will be bumpy, but wouldn’t be afraid to Buy with a longer-term perspective.
Unknown
BUY
As a short-term trade, it is probably fairly rich here. On a longer-term view of a year and a half and beyond you could Buy it here. One of the most profitable and highest growth stocks in their space.
electrical / electronic
BUY
The strength in this bank is the tremendous domestic franchise. Their capital markets position is pre-eminent. Didn’t get into major trouble on this last cycle. Well managed.
banks
HOLD
Have tremendous high-quality asset base. He has trimmed his holdings a little bit. Pretty richly valued. Wouldn’t be surprised if earnings estimates were revised up, but a lot of this is built in.
Mining
COMMENT
Seems to be the perennial value story in the oil patch. Good suite of assets but in many respects not that exciting in doing anything earth shattering. Cheap and probably has room to grow but not his favourite.
integrated oils
BUY
A little bit in the doghouse. Had a lacklustre quarter recently. A great brand and he likes the business model. Has bottomed here and is very good value.
specialty stores
COMMENT
Have a very efficient fleet. They may slow the scale of their purchases down. Expect they will get connections with international carriers, which will help them. Management executes brilliantly.
Transportation
TOP PICK
Gas oriented. Less well known. Management has had a fantastic track record over the past 5 years. Acquired Ryder Resources, a brilliantly timed acquisition at very attractive purchase metrics. Well balanced between deep gas and shallow gas and heavy oil prospects.
oil / gas
TOP PICK
If you are skittish about commodity prices or the risks to mining, this is a way of participating in the resource boom. 2nd biggest contract driller in the mining business in the world. Over 500 rigs in 20 countries. Specializes in harder more challenging drilling where the margins are better.
mining services
TOP PICK
Has achieved something like 20% annualized growth since its IPO in 1994. Management is talking very conservatively and one of their major practices is in residential and non-residential construction and this has hit the stock. The environmental and infrastructure sides of the business are booming. Cheap.
consulting
TOP PICK
A great play to participate in the ongoing high levels of activity in Alberta economy and infrastructure build out. Spectacular record of acquisitions. Has been oversold. 10% yield.
Transportation
TOP PICK
Canada's most international bank. Fundamentals for banking are superb. Looking to improve their domestic franchise. Caribbean and South America are some of the hottest economies right now and he likes their position there.
banks
TOP PICK
Rails are a very environmentally friendly means of transportation. This company has lagged some of the other rails, but under a revamped management structure you can see at catching up in a hurry.
Transportation
BUY
Monopolistic position with no competition. Throws off tremendous excess cash. Very shareholder friendly. He is bullish on equity markets.
other services
BUY
A value play in the oil patch. Good growth profile.
integrated oils
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