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COMMENT

Doesn’t like the price and the dividend is very small. There is continuing growth from US consumers along with some cross border business. Probably worth having if you have some higher risk money. Quite interesting from a longer-term viewpoint.

other services
BUY

Believes this was the only large cap British bank that did not cut their dividend. Had some struggles during the recession. Very good balance sheet. The UK is starting to exit the recession and, given the strength of the London capital markets, an increase in interest rates is going to create a lot of employment in London, which will be good for this bank. Also, exposed globally.

banks
DON'T BUY

The only near-term catalyst that he sees is that China Mobile, which has billions of subscribers, is talking about launching the iPhone, which would be a big deal for the company. He is not a fan of this company.

electrical / electronic
COMMENT

Merging with Aastra Technologies (AAH-T). This combination will be accretive. This is an astute management. Thinks it will work longer-term but because it is a small company in the space they work in, it is going to be rocky.

communications / media
TOP PICK

New CEO effectively sold off some products and sort of right sized the company and improved the balance sheet. This is a play on the recovery of middle and upper income demographics.

Consumer Products
TOP PICK

An industrial gas company. There are 4 global competitors and this one is more US centric. A serial dividend increaser that has done it for a substantial period of time. It will benefit from the price of shale gas in the US. Good, long-term story.

chemicals