TOP PICK
Convertible 7% bond maturing Sept 30/14. Stock is appropriately priced so this is a safer way to get into the infrastructure play.. Fantastic balance sheet. No debt.
TOP PICK
Trades at under 1X Book. Terrific assets in Merrill Lynch and Countryside and the synergies are happening. Credit provisions are going off the books, which means loans are now being repaired. Looking for $30 trading range in 2012/2013.
TOP PICK
Competition is fierce but they are still increasing revenue per unit because of the smart phones, television. Buckets of free cash flow.
PAST TOP PICK
(A Top Pick Aug 12/09. Up 21.5%.) Still likes.
PAST TOP PICK
(A Top Pick Aug 12/09. Up 24.49%.) Still likes.
PAST TOP PICK
(A Top Pick Aug 12/09. Up 7.75%.) 7.75% bonds maturing October 2015. Still likes.
WEAK BUY
Deploys capital very efficiently. Big risks going forward would be expansion in the US but have such a dynamic retail business he is not concerned. Expect a normalized rate of return of dividend plus 5%.
COMMENT
Focused on medical buildings, which are boring, defensive properties but are rented out to about 75% of government services. Recently did an IPO and the risk is management might have underestimated their “General and administrative” costs. 7.1% yield. Just recently sold his holdings in order to move money to another story.
SELL
Not participated in the massive rally we had. Allstream asset is bleeding them. Also have pension issues. A real risk of a distribution cut.
BUY
Basically a Western play and own retail, commercial and industrial. Very good at what they do. Biggest problem with their distribution was a little too high but are starting to grow into it. Attractive yield a 9.2%.
BUY
Westshore Terminals (WTE.UN-T) or RioCan Real Estate (REI.UN-T)? A throughput for coal from Vancouver to Asia. He prefers this one that is not susceptible to volatility of coal with a conservative payout ratio.
COMMENT
Westshore Terminals (WTE.UN-T) or RioCan Real Estate (REI.UN-T)? Strip malls and biggest public real estate firm. Prefers Westshore as it is not susceptible to volatility of coal and the payout ratio is very conservative. Payout ratio on this is about 110%.
HOLD
Missed their numbers last quarter so stock had a dip. Trying to make a push into a global banking entity by going into the US, which could have some execution risks but a brand name that is respected globally. Will probably go up 5%-10% over the next 12 months. You could Buy for the long-term.
DON'T BUY
Had problems with a poor balance sheet and an execution strategy. Hit hard with the 2006 income trust changes. Now refocusing and re-branding as a service provider to get their name in the Internet. Competition could be fierce.
TOP PICK
Diversified healthcare in the US. Have a branded pharmaceutical business providing drugs for arthritis, cholesterol and prostate cancer. Also had a nutritional business providing babies formula and adults’ nutrition. Also have stents, which is doing quite well globally. Trading at about 10.5X forward earnings. About 3.6% yield and have increased dividends on a regular basis.