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BUY
Makes nails and steel wire products. A bit more complex in that it has facilities both in the US and Canada. Has done very well since their IPO. Have some currency exposure. Had an amazingly good strong year last year and the market may be a bit concerned about how far it's come down. Thinks the outlook is very good.
INDUSTRIAL PRODUCTS
BUY
Looking 12 months down the road, the outlook is murky but good. Wants to expand beyond oil/gas pipelines. There's some consternation about this from the institutional community bacause there is an external management contract resulting in a fee. Expects good things, but it could be a bit of a rough ride getting there.
oil pipelines
DON'T BUY
Have had a bit of a difficult time. Had a very weak 1st quarter which hadn't been communicated very well in advance. Now waiting for the 2nd quarter results and the indication is that they will be kind of weak also. Some of its problems have been its US exposure and there is a currency risk.
investment companies
funds
DON'T BUY
Growing through expansion/acquisition. Can't see any real competitive reason to expand except to get bigger. As long as they can continue to keep doing what they've been doing, they'll probably do well, but a lot of the expectation that they will congtinue to grow like that has already been priced onto the units. Not inexpensive.
merchandising
lodging
HOLD
The only pure play way to get exposure to the oil sands through the syncrude project. Although it is a trust and gives a yield, it is probably being bought as an oil call. If you think that oil is going to continue to be strong, it could be a very good buy. On the other hand, it could be very volatile.
oil
gas
TOP PICK
(A Top Pick Jan 10/05. Up 9.5%.) Strong management team. Businesses are suitable and appropriate for a trust structure. Superb track record. The existing distribution stream is secure from its core propane distribution and pulp chemical business. On top of that there is some opportunity for growth as they are expanding their chemical business, plus they are into a new line, dry wall and building products distribution.
wholesale distributors
TOP PICK
(A Top Pick Jan 10/05. Up 17.5%.) A leader in their industry. Excellent track record and very strong management team. Even though they are very large there is an opportunity to create more value through partnerships with institutions where they will generate management fees or other partnerships buying distressed/underperforming properties and fixing them up.
property mngmnt
investment
