Initial Reports (BUY, SPEC BUY Ratings)
High Liner Foods Incorporated (HLF:TSX)
High Liner Foods Incorporated (HLF:TSX) is a branded retail food distributor and one of the largest wholesale seafood distributors to the North American restaurant industry. The company was recommended in November of 2011 at $15.00 (with an income yield of 2.3%) and currently trades at $20.10 for a total gain of over 35%. High Liner was recommended as a result of its recent growth initiatives including the acquisition of assets from Icelandic Group which have generated accelerated earnings and cash flow growth. The company traded at a substantial discount to its peer group, has increased its dividend substantially over the previous 3 years, and maintains at attractive growth profile.
Company Updates (BUY, SELL, SELL-HALF, HOLD Ratings)
Canmarq REIT (CMQ.UN)
Canmarq REIT (formerly Homburg REIT) was a diversified real estate investment trust with a portfolio of commercial properties throughout Canada. The company was recommended in October 2010 at $10.95 (with an income yield of 8.5%) and was acquired by a large cap REIT in March 2012 at a price of $16.50 (total gain at SELL recommendation of over 52%). The REIT was recommended as a result of its stable long-term revenue model, a valuation which was attractive relative to its peer group, and a strong pipeline of internal and external growth opportunities.
Brookfield Infrastructure Income Fund (BIP.UN:TSX)
Brookfield Infrastructure Income Fund (BIP.UN:TSX) is a diversified infrastructure company with a global portfolio of long-life assets generating stable revenues on long-term contracts. The company was recommended in March 2011 at $21.62 (with an income yield of 5.7%) and currently trades at $34.45 for a total gain of over 67%. We recommended the company because we saw an opportunity for them to expand their portfolio of contracted, revenue generating assets which supports the attractive income yield. The company also traded at a reasonable valuation and has since increased their income distributions twice.