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Sample Reports
Below is a selection of sample reports to give investors a reference point for the type of research we provide on a monthly basis to our clientele. We separate our coverage universe into two areas; Small-Cap Growth Stocks and Income/Growth (Dividend) Stocks. Below we have included at least two initial reports, two updates, and a full monthly edition (research summary) from each area. All companies actively covered are updated regularly with PDF or Flash Update reports and current BUY/SELL/HOLD ratings are posted in the “Active Portfolios” section of our website for paid clients. We do not provide a sample of our model portfolios as the portfolios and current ratings are for our paid customers only. Investors should not assume these sample reports include our most recent rating on the stock in question and should therefore not use these reports for investment purposes, only to familiarize themselves with KeyStone’s Research Services.
Small-Cap Growth Stock Research Service
Initial Reports (BUY, SPEC BUY Ratings)

Photon Control Inc. (PHO:TSX)
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A relatively recent micro-cap recommendation in December of 2014 at $0.46. The company has posted strong growth over that time and now boasts a balance sheet with over $0.27 per share in cash and zero debt. The shares have performed well over this period recently closing at the $0.82 level. It is a solid, cash flow generating business, with zero coverage from Bay Street. Frankly, with $30 million in internally generated cash - they do not need to raise any money which could dilute current shareholders. This is the type of company we like to BUY and HOLD for 1-5 years.

Boyd Group Income Fund (BYD.UN: TSX)
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The Boyd Group and its simple car repair business was recommended to KeyStone’s Premium Small-Cap Research clients in November of 2008 at $2.30. Since then, our clients has seen it shares rocket to recently close at CDN$73.30. In fact, over that period the company has created such strong cash flow it has distributed over CDN$3.00 per share in distributions (dividends) to shareholders on top of the tremendous share price gains. Driving this growth has been a well laid out growth-by-acquisition plan which has seen the Boyd Group Income Fund (BYD-UN:TSX)/(BFGIF:US OTC), one of the longest standing stocks on KeyStone’s Focus BUY List, more than quadrupled its revenue over the past 8 years, increased earnings by more than 6 times, and its stock price skyrocketed as a result. When we recommended the stock in 2008 at $2.30, KeyStone was the only research firm covering the stock. Today, despite the tremendous growth we remain one of only a couple with a BUY recommendation on the stock.

International Road Dynamics (IRD:TSX)
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We uncovered a Canadian Small-Cap International Road Dynamics (IRD:TSX) at the start of 2017. Buy Price $2.36 – January 30, 2017. Market Cap: $35 million IRD was the type of cash producing, growing business that traded at only 12 times earnings. Just 2-months later, IRD received a takeover bid at $4.25. That produced an 80% return in just over 2-months. International Road Dynamics Inc. (IRD:TSX) is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems (ITS) industry. IRD is a North American company based in Saskatoon, Saskatchewan Canada with sales and service offices throughout the United States and overseas. Private corporations, transportation agencies and highway authorities around the world use IRD’s products and advanced systems to manage and protect their highway infrastructures.

Applied Optoelectronics Inc. (AAOI:NASD)
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AOI is a developer and manufacturer of advanced optical products, including components, modules and equipment. The company’s products are the building blocks for broadband fiber access networks around the world, where they are used in the internet datacenter, CATV broadband and fiber-to-the-home markets. AOI supplies optical networking lasers, components and equipment to tier-1 customers in all three of these markets. In addition to its corporate headquarters, wafer fab and advanced engineering and production facilities in Sugar Land, TX, AOI has engineering and manufacturing facilities in Taipei, Taiwan and Ningbo, China.

Company Updates (BUY, SELL, SELL-HALF, HOLD Ratings)

Exco Technologies Limited (XTC:TSX)
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Exco Technologies was recommended in June 2011 at $3.90 and has been in our Focus BUY Portfolio ever since. In our December 2015 update with the shares trading above the $17.00 range, we ranked the company as a near-term HOLD and a long-term BUY and it remained in our Focus BUY Portfolio. The stock was a near term HOLD based purely on valuations with the stock then trading with a trailing price-to-earnings multiple of 17.86 based on the last 12 months and up over 330% (not including dividends) since our original recommendation. In early February, we updated the stock to a BUY once again with the shares in the $12.77 range.
Boyd Group Income Fund (BYD.UN: TSX)
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The Boyd Group and its simple car repair business was recommended to KeyStone’s Premium Small-Cap Research clients in November of 2008 at $2.30. Since then, our clients has seen it shares rocket to recently close at CDN$73.30. In fact, over that period the company has created such strong cash flow it has distributed over CDN$3.00 per share in distributions (dividends) to shareholders on top of the tremendous share price gains. Driving this growth has been a well laid out growth-by-acquisition plan which has seen the Boyd Group Income Fund (BYD-UN:TSX)/(BFGIF:US OTC), one of the longest standing stocks on KeyStone’s Focus BUY List, more than quadrupled its revenue over the past 8 years, increased earnings by more than 6 times, and its stock price skyrocketed as a result. When we recommended the stock in 2008 at $2.30, KeyStone was the only research firm covering the stock. Today, despite the tremendous growth we remain one of only a couple with a BUY recommendation on the stock.

Full Monthly Edition

Income/Growth (Dividend) Stock Research Service
Initial Reports (BUY, SPEC BUY Ratings)

High Liner Foods Incorporated (HLF:TSX)
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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)
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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)
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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.

Full Monthly Edition

U.S. Growth Stock Research Service

Simple TFSA Portfolio