Calpine Power Income Fund (CF.UN.TO) Buy,…

Calpine Power Income Fund (CF.UN.TO)

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BUY ON WEAKNESS

Has been a very exciting place to be in the last few weeks. There has been a lot of concern with Calpine Corp (CPN-N) in the US which this company has some exposure to some of their contracts. Calpine Corp has been rumoured to be going bankrupt for quite a while and has been treading water, but recently speculation has resurfaced again. A very complicatd structure. Good speculative at $9.50.

DON'T BUY

The market is suggesting that this company is in question. Feels that this is indicating real doubt about the distribution level being maintained. Expects a cut.

HOLD

Negative news came out on this recently so he's going to take a look at it. Considering selling it. Do your homework on it and consider selling.

BUY

Calpine Corp (CPN-N), a US based entity, announced a possible cash crunch over the next couple of years. Owns 30% of the income fund and is the off-taker of all the power for the Calgary energy facility which is one of the income funds primary assets. However there is subordination of it which cushions other investors. This pull back represents a pretty good entry point.

DON'T BUY

Doesn't own because of the parent company. Sell a lot of their power to the parent company Calpine (CPN-N) which has a low debt rating (about 80 which is junk) in the US. Doesn't want any risks of anything happening to the parent company. Would prefer a Transcanada Power (TPL.UN-T), Inter Pipeline (IPL.UN-T) Great Lakes Hydro (GLH.UN-T).

BUY

Underweight on power trusts because of the risk of higher interest rates. Tainted a little by its relationship with Calpine in the US, but they have good assets and a premium yield.

BUY

Outside RRSP portfolios, look for an income trust that is 100% tax deferred such as Fort Chicago, Calpine Power and Acclaim energy.

DON'T BUY

Wouldn't buy trust units from this company due to their problematic history.

BUY

Any risk will be with its long-term contract with its parent in the US. About twice as efficient as their competitors in power plants. Expects $.94/$.98 distribution. They’re tax-free at the moment.

BUY

New offering. Assets look pretty good. Mostly gas orientated. An interesting offering.

TOP PICK

If economy starts to grow, power generation will have a greater demand. Tax deferred. Good yield.

PAST TOP PICK

(Was a top pick on May 7/03. Up 9%.) Still likes.

TOP PICK

Suffering under the stigma of its parent, so is down in price. Just commissioned a generator for the Alberta sectorat the end of March at the Cakgary Energy Centre.

BUY

Like their assets. Relatively conservative. Had been oversold.

BUY

Has had a run up. Likes the power trusts. Buy for long term.

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Calpine Power Income Fund (CF.UN.TO)