Special Report

This report offers a comprehensive analysis of the Canadian Real Estate Investment Trust (REIT) sector, including a detailed review and assessment of 40 REITs across Canada. The primary objective is to equip investors with a deep understanding of the sector’s current state.

We performed a thorough fundamental analysis of each REIT, evaluating their financial and operational performance, growth prospects, and valuation. Our review and assessment are presented across the Current Coverage, Top Tier, and Additional Monitor List sections, highlighting all notable REITs.

Core to this special report is a screened list of over 2,000 U.S. micro to small-cap stocks with positive cash flow and market capitalization of under US$1 billion. All companies were manually screened for revenue growth, profitability, balance sheet health, and valuations. Our analyst team then conducts in-depth research on ~65 stocks including statistical data that met our initial criteria to uncover profitable, growth-oriented companies which are under-followed and trade with attractive valuations. This report includes three new additions to our U.S. Small-Cap Discovery Portfolio, updates on eight stocks currently in our U.S. research, and 6 High Conviction Monitor stocks we continue to evaluate closely as businesses that could potentially find their way into either our Focus BUY or Discovery Portfolios over the next 1-2 years. Finally, we have included 12 additional Monitor reports.

The Report provides clients access to statistical data and additional analysis of ~60 stocks that were pulled from over 3,500 in Canada in the course of our research into small-cap companies with strong balance sheets and current profitability from operations. The report includes 7 Cash Rich Recommendations from our Canadian Small-Cap Focus BUY Portfolio and Canadian Small-Cap Discovery Small-Cap Portfolio including 2 new BUYs added during our 2024 Cash-Rich Research. We have included 7 Cash Rich Canadian Small-Cap Top Tier Monitor List stocks that we are monitoring closely as businesses that could potentially find their way into either our Focus BUY or Discovery Portfolios over the next 1-2 years. Finally, we have included a special section with reports on 8 additional Micro-Cap (under $50 million market cap) stocks which are cash-rich and profitable to our Canadian Small-Cap Discovery Portfolio Monitor List.

KeyStone’s 2023 Electrification and Renewable Power Report delivers a thorough review and analysis of companies at the forefront of the global transition towards electrification and renewable power. We began by exhaustively identifying over 1,500 publicly traded North American companies associated with these themes and applied our rigorous GARP (growth at a reasonable price) investment criteria, focusing on profitability and growth. The report is structured into five main sections: 1) Current Coverage – featuring 4 companies with a BUY/HOLD rating, 2) Top Tier Monitor List – profiling 13 industry-leading firms, 3) Additional Monitor List – outlining 20 individual stocks, 4) Electrification Sub-Markets – providing overviews and key player insights for EV Manufacturers, EV Charging, and Renewable Power Producers, and 5) Industry-Wide Data Table – presenting financial data on 37 individual stocks.

KeyStone’s 2023 Canadian Dividend All-Star Report is a comprehensive analysis of the complete universe of dividend stocks in the Canadian market. We identified approximately 400 income-producing stocks listed in Canada and applied KeyStone’s rigorous criteria to find the companies that provide the best value to investors. This report contains our current Focus BUY portfolio (comprised of what we consider to be the top 17 income stocks on the Canadian market) and data on an additional 30 stocks from our Monitor List.

This report brief is an adjunct to our 2021 Tax Loss Selling Report and highlights a select number of stocks in KeyStone’s Canadian Small-Cap Growth Stock Coverage as well as one from our U.S. Discovery Small-Cap Portfolio (included in the updates section). The stocks have retreated from their highs of 2022 and are expected to produce better earnings in 2023 which provides potential long-term opportunities 2-5 years forward for long-term investors.

As we are well into the research process for KeyStone’s 2023 Cash Rich, Profitable Canadian Small Cap Special Report we have included updates on 5 additional stocks from coverage. The companies in this list have not necessarily seen their share prices depressed due to potential tax-loss selling, but we highlight these businesses heading into 2023 given their strong balance sheets at a time when global uncertainty is high.

Recently, KeyStone analysts attended the 34th Annual ROTH Conference in California which included just under 500 publicly traded companies. Prior to the event, our analysts reviewed each attending company and screened the group with our growth-at-a-reasonable-price (GARP) model. Approximately 24 met a threshold of our model and we scheduled in person interviews with management teams from each company. Within this report we have provided statistical analysis on each company as well as summary Monitor reports on a number of companies we are monitoring from the event and Company Update reports on companies that we interviewed and are currently in coverage. While the research did not produce any new recommendations, we uncovered a number of interesting businesses that may enter our BUY coverage over the course of the next 12-months.

KeyStone’s Cash Rich KeyStone’s 2022 Cash Rich, Profitable Canadian Small-Cap Special Report provides clients access to statistical data and additional analysis of 94 stocks that were pulled from over 3,500 in Canada in the course of our research into small-cap companies with strong balance sheets and current profitability from operations. The report includes 5 Cash Rich Recommendations from our Canadian Small-Cap Focus BUY Portfolio and 3 Recommendations from our Canadian Small-Cap Discovery Small-Cap Portfolio. We have included updates on 7 companies which currently rank as HOLD from our current coverage that made the list of 94 as well as 10 Cash Rich Canadian Small-Cap Top Tier Monitor List stocks that we are monitoring closely.