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TOP PICK
(A Top Pick Aug 11/05. Up 14%.) Feels there is further upside. 1/3 heavy oil, 1/3 natural gas and 1/3 light oil. Likes their Horizon heavy oil project.
oil / gas
HOLD
Almost fully valued when you compute the value of the assets that they own.
finance / leasing
BUY
It is about a multiple point cheaper than Manufactures Life (MFC-T). Has had some troubles in the US but it owns a piece of CI (CIX-T) and will benefit if CI realises the value.
insurance
BUY
A solid company. One of the biggest now. A more conservative company. Not a bad one to own if you like conservative companies.
precious metals
BUY
Prefers Trans Canada (TRP-T) which has a better earnings profile but there's nothing wrong with this company. A stable yield.
oil / gas pipelines
BUY
One of the more stable banks. Has been under performing of late. The last quarter was a little weaker.
banks
WEAK BUY
Likes the rail story. Prefers Canadian Pacific (CP-T) as it is trading cheaper and has a higher cost structure giving it the opportunity to reduce costs even more.
Transportation