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BUY
Environemental oil services field. Has had a tremendous run over the past several years. Last quarter results were basically in line. Helping to drive this trust is that the Fording Trust (FDG.UN-T) has received preliminary approval from the tax authorities to restructure to avoid some future taxes. This trust is going through that same process.
oil
gas field services
WEAK BUY
One of the more aggressive royalty trusts in terms of money they are budgeting for future capX, above average payout ratio and their above average financial leverages. Q2 numbers were basically in line. A play for investors looking for very robust commodity prices. For the more aggressive investor.
oil
gas
BUY
A spinout of the chemicals division from Nexen (NXY-T). A good model for the income trust, because of their significant market share in the business. Coming out at a fairly high payout ratio, mid 90%'s, and believes this will go down. A low cost provider. Electricity is a big part of their costs and they are one of the lowest cost producers.
INDUSTRIAL PRODUCTS
TOP PICK
(A Top Pick Jun 10/05. Up 15%.) Have an amazing track record for growth. Doesn't have a lot of capX requirements and not a lot of fixed assets but has delivered tremendous organic growth. Making this a Top Pick because he is really excited about the electricity market in Ontario where the prices are continuing to go up.
Utilities
PAST TOP PICK
(A Top Pick Jun 10/05. Up 12%.) A little bit pricey now. Still considers it one of the premier REIT's to own. One of the fastest growing REIT's becaiuse of the special relationship with First Pro. These are a lot of the open concept malls anchored by Wal-Marts. Believes there's a lot more properties in First Pro which could be vended in.
investment companies
funds
PAST TOP PICK
(A Top Pick Jun 10/05. Up 10%.) Q2 numbers were a little soft in the service industries due to the wet spring and investors are looking past that. Still seeing a lot of high day rates, so expecting big things in the latter half of this year. Thinks there was some profit taking above the $14 level.
oil
gas field services
WEAK BUY
Price dropped 15% on the release of their Q2 results. Most of the problem was with the propane division. Building supplies division did very well and the chemicals division was decent. Very close to 100% payout ratio which is a big concern. Has a great track record of increasing distribution growth.
wholesale distributors
BUY
A lot of nervousness going into Q2 because their Q1 numbers were siginificantly below expectations driven by higher input costs, particularily tuna, but also steel cans. Actually beat some of the numbers in Q2 and were in line with management's guidance. Payout ratio will be well south of 100% this year. Distribution shouild be safe.
investment companies
funds
TOP PICK
An extremely solid business with only one competitor. Very good pricing power. Stock has come off a fair bit over the past couple of months because of an acquisition of a home alarm business, Protectron, that they've recently announced. Fits into their long term strategy of being able to expand a suite of services when they come to your home.
income trust
