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Stock Opinions by Cameron Webster

BUY
A really good proxy for the emerging market consumer. European, UK and US consumers may struggle for the next 12 to 18 months. The Asian consumer is still employed and earning higher wages with a pent-up demand for these toys. This is the biggest player there.
Telecommunications
SELL
Being impacted by the credit markets. The UK is a bit of a rough market to be in. They don't have direct lending in terms of sub prime but have had some recessionary clues in terms of that market. Use any type of strength to lighten up and diversify into other sectors or a different geography.
banks
COMMENT
This particular product is a closed end fund, which tend to trade at discounts to go realizable value. The assets within these funds are usually and always publicly traded companies. Liquidity is pretty low. Look at their website to see what is actually held and compare it to other stocks in the agricultural side that you might he looking at.
income trust
WAIT
Has had a huge run. There is a consistent message that it may not be as strong by the end of the year. The market has been pricing it up for perfection. He feels there will be a pullback in some of the commodity prices, which would be a more opportunistic time to step in. Good diversified business.
chemicals
BUY
Pretty diversified but really a play on medical devices and medical testing in China. Layer on the demographics and the need for continued health-care and support for that from the Chinese government. Stocks have been really beaten down but the businesses are still growing. Likes this one for the dynamics.
biotechnology / pharmaceutical
TOP PICK
A global star if you look down their revenue streams and where they're getting their money. Pretty much outside of North America and Europe. Not super cheap, but the order book last year was really strong. There is a worldwide shortage of pilots and they pretty much do all the simulation.
transportation equip & components
TOP PICK
A global play on electricity infrastructure. Over a full third of their revenues is in the high growth emerging markets. Also, their developed markets are growing at mid-double digits so you are getting a 20% earnings growth stock for about 17X earnings. Strong dividend growth. Anywhere around $28 would be a comfortable level to buy.
electrical / electronic
TOP PICK
(German stock exchange.) Nice global platform. Have assets that are not getting full value. Own a big piece of L’Oreal (cosmetics) and a big piece of Alcon (eye care). Recently sold a piece of Alcon to Novartis (NVS-N). Core businesses are global in nature. Getting about 15%-20% earnings at 17X.
food processing
BUY on WEAKNESS
2 marquee stocks that he is watching right now are Visa (V-N) and MasterCard (MA-N). They have no credit risk. They are transactional-based businesses. The multiples in terms of earnings are a bit rich. Wait for a pullback. If you want global growth, MasterCard would be the better.
other services
BUY on WEAKNESS
2 marquee stocks that he is watching right now are Visa (V-N) and MasterCard (MA-N). They have no credit risk. They are transactional-based businesses. The multiples in terms of earnings are a bit rich. Wait for a pullback. If you want global growth, MasterCard would be the better.
other services
BUY
An interesting play on fertilizer. Listed in Toronto but the entire business is in China. Very interesting play and you are probably getting up at a decent discount to Agrium (AGU-T). Agrium owns a big chunk of this one.
other services
DON'T BUY
Compared to Agrium (AGU-T) the valuation is pretty hard to understand. Would be wary of it at these levels. Highly volatile. Stronger Cdn$ is going to hurt growth. Consider taking profits if you own.
integrated mines
DON'T BUY
Would avoid US financials until there is some clarity as to who owns what. There’ll be lots of volatility here.
investment companies / funds
DON'T BUY
US financials are too volatile and you are just guessing. There are better places around the globe.
investment companies / funds
DON'T BUY
The issues here are more execution all and whether you get increased capacity. They have a huge asset, but it has to be developed to make some money off it. The other issue is there elongated contracts where they are not necessarily getting full benefit of the spot price. With this one, you are relying on high long-term energy prices. Prefers Uranium Participation (U-T).
integrated mines
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