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Brendan Wood International Announces 2010 TopGun Analyst Teams

October 12th, 2010 by TopGun Press

Macro Trend Raises Confidence in TopGun Analysts

TOPGUN PRESS: TORONTO — (October 12, 2010) Performance consultants, Brendan Wood International (BWI) today announced the results of the 30th annual compilation of domestic and international investor views, for the first time pairing shareholder ratings with those of transactionally active Canadian corporations.

This enhanced 360° views the analysts, sales and trading teams reflects the current markets and signal a re-integration of dealer research with the interests of both investors and corporations, despite modern regulations which discourage the relationship between the two. “Investors and corporates both feel very differently in the current markets,” says Brendan Wood, Chairman of Brendan Wood International.

Index investing and other macro trends leave investors, especially value investors in a tough and uncertain world. Companies are having a difficult time separating themselves from the pack, amongst investors. Stocks are presently moving in tandem with the markets as opposed to their own particular attributes. Investors are looking for analysts and sales professionals to distinguish corporate stories which have the ability to rise above macro market themes.

Likewise corporations are connecting analysts with the task of communicating the relevance of their corporate story in a heavily market centric investment climate. Corporate finance mandates are being aligned with dealer firms whose analysts are perceived to be able to make their corporate story relevant to investors.

Canadian small/mid-cap corporations follow the trend, in that their selection of investment banks during 2010 was heavily influenced by research coverage.

The relationship/dialogue with investors provided by TopGun analysts continues to play a key role in the ‘vote to pay’ polls and the commission flows. This also points to a business increasingly dependent on the quality of coverage and relevance, therefore a declining demand for written reports of a general or generic nature on sectors.

Historically, institutional investors have paid 39% of their commission dollars for research on average over the last five years. This figure shot up to 48% in 2010. Canadian analysts, TopGuns in particular, are here to stay.

TopGun analysts, while comprising only 15% of the analyst population covering Canadian stocks, generate approximately 50% of commissions allocated for research.

Individuation of stocks is the key theme in 2010. Investors are looking for insight on “names” (companies) which will not just outperform in earnings or value appreciation but to whom investors will react in their stock selection. Analysts are now more relevant for their “bellweather” roles, speaking not just on a company’s inherent qualities but also as a pollster for the attitudes of investors toward a name which may outperform the neutralizing effect of the macro market.

In 2011 Brendan Wood partners expect the alignment of TopGun Analyst accreditations from both corporates and investors to be a dominant economic factor in the industry. Polls which only consider general investor opinion may miss the mark on where the money is. Analysts who create relevance on specific names will play an increasing role in generating banking fees and commissions for their employer firms. Today’s regulatory themes and rituals discourage those connections but industry economics make the TopGuns who connect both ways much more viable. Corporates and investors are connecting through TopGun researchers in very important ways. Is history repeating itself, again?

The 2010 TopGun Analysts and Teams As Ranked by Investors Are:

Sector #1 TopGun Analyst #2 TopGun Analyst #3 TopGun Analyst #1 TopGun Team
Alternative Energy Rupert Merer (NBF) MacMurray Whale (COR) Carolina Vargas (CLA) NBF
Banks Andre-Philippe Hardy (RBC) Mario Mendonca (CG) Kevin Choquette** (SCO) RBC
Base Metals Greg Barnes (TD) Fraser Phillips (RBC) John Redstone (DES) DES
Biotechnology & Healthcare Doug Miehm (RBC) Lennox Gibbs (TD) Hari Sambasivam (NBF) RBC
Chemicals & Fertilizers Sam Kanes (SCO) Jacob Bout (CIBC) Brian MacArthur (UBS) SCO
Consumer Products Perry Caicco (CIBC) Irene Nattel (RBC) Michael Van Aelst (TD) RBC
Diversified Financials Geoff Kwan (RBC) John Reucassel (BMO) Kevin Choquette (SCO) BMO
Economics Myles Zyblock (RBC) Sherry Cooper (BMO) John Aitkens (TD) RBC
High Tech Richard Tse (*Ex-NBF) Mike Abramsky (RBC) Chris Umiastowski (TD) RBC
Income Trusts (Royalty) Menal Patel (NBF) Jeremy Kaliel (CIBC) Roger Serin (TD) NBF
Index Analysis Peter Haynes (TD) Mark Steele (BMO) Andrew Moffatt (SCO) TD
Industrial Products Ben Cherniavsky (RJ) Peter Sklar (BMO) Sara O’Brien (RBC) BMO
Insurance Mario Mendonca (CG) Andre-Philippe Hardy (RBC) Tom MacKinnon (BMO) CG
Media Drew McReynolds (RBC) Adam Shine (NBF) Tim Casey (BMO) TD
Merchandising Perry Caicco (CIBC) Irene Nattel (RBC) James Durran (NBF) CIBC
Oil & Gas – Large Cap Randy Ollenberger (BMO) Greg Pardy (RBC) Peter Odgen (NBF) BMO
Oil & Gas – Small/Mid Cap Martin Molyneaux (FE) Rafi Khouri (RJ) Brian Kristjansen (CG) FE
Oil & Gas Equipment/Services Roger Serin (TD) Andrew Bradford (RJ) Kevin Lo (FE) TD
Portfolio Strategy Peter Gibson (CIBC) Myles Zyblock (RBC) John Aitkens (TD) CIBC
Precious Metals – Large Cap Tanya Jakusconek (NBF) Barry Cooper (CIBC) Michael Jalonen (BAML) NBF
Precious Metals – Small/Mid Cap Trevor Turnbull (SCO) John Hayes (BMO) Craig West (GMP) BMO
Pulp, Paper & Forest Products Sean Steuart (TD) Paul Quinn (RBC) Richard Kelertas (DUN) TD
Quantitative Analysis Peter Gibson (CIBC) Mark Deriet (COR) Christopher Dutton (TD) CIBC
Real Estate, REITS Neil Downey (RBC) Karine MacIndoe (BMO) Michael Smith (MAC) RBC
Small Cap/Special Sits Anthony Zicha (SCO) Sarah Hughes (COR) Frederic Bastien (RJ) SCO
Software & Services Mike Abramsky (RBC) Richard Tse (*Ex-NBF) Steven Li (RJ) RBC
Technical Analysis Dennis Mark (NBF) Christopher Dutton (TD) Ray Hanson (RBC) NBF
Telecommunications Glen Campbell (BAML) Dvai Ghose (CG) Vince Valentini (TD) BAML
Transportation Walter Spracklin (RBC) Fadi Chamoun (BMO) David Newman (*Ex-NBF) BMO
Utilities Matthew Akman (MAC) Robert Hastings (CG) Linda Ezergailis (TD) MAC

*Moved to Cormark Securities Sept 7, 2010.

**Tied ranking for #2.

The 2010 TopGun Analysts and Teams As Ranked by Corporates Are:

Sector #1 TopGun Analyst #2 TopGun Analyst #3 TopGun Analyst
Alternative Energy Rupert Merer (NBF)*    
Base Metals David Charles (GMP) Tom Meyer (RJ) Adam Schatzker (RBC)
Chemicals & Fertilizers Jacob Bout (CIBC)* Robert Winslow (WW)  
Diversified Financials Gabriel Dechaine (CS) Phil Hardie (SCO) Paul Holden (CIBC)
Income Trusts (Royalty) Jonathan Fleming (COR) Cristina Lopez (MAC) Roger Serin (TD)*
Industrial Products Ben Cherniavsky (RJ)* Bert Powell (BMO) Cherilyn Radbourne (TD)
Insurance Kevin Choquette (SCO) Tom MacKinnon (BMO)* Andre-Philippe Hardy (RBC)*
Media Adam Shine (NBF)*    
Oil & Gas – Large Cap Brian Dutton (CS)    
Oil & Gas – Small/Mid Cap Mark Leggett (BMO) Peter Doig (GMP) Rafi Khouri (RJ)*
Oil & Gas Equipment/Services Dana Benner (SN) Andrew Bradford (RJ)* Keivn Lo (FE)*
Precious Metals – Large Cap George Albino (GMP) Tanya Jakusconek (NBF)* Barry Cooper (CIBC)*
Precious Metals – Small/Mid Cap Daniel Earle (TD) Andrew Kaip (BMO) Andrew Mikitchook (GMP)
Pulp, Paper & Forest Products Stephen Atkinson (BMO) Richard Kelertas (DUN)* Sean Steuart (TD)*
Real Estate, REITS Alex Avery (CIBC) Neil Downey (RBC)* Michael Smith (MAC)*
Small Cap/Special Sits Frederic Bastien (RJ)* Greg Colman (WW) Sara Elford (CG)
Software & Services Todd Coupland (CIBC)    
Telecommunications Glen Campbell (BAML)* Greg Macdonald (NBF)  
Utilities Matthew Akman (MAC)* Robert Hastings (CG)* Patrick Kenny (NBF)

*Denotes SuperLeague Analysts, those who are TopGuns among both investors and corporates.

The 2010 SuperLeague and TopGun Teams Ranked by Institutions and Corporates:

Sector TopGun Institutional Team TopGun Corporate Team SuperLeague Team
Alternative Energy National Bank Financial National Bank Financial National Bank Financial
Base Metals Desjardins Securities RBC Capital Markets  
Chemicals & Fertilizers Scotia Capital Scotia Capital Scotia Capital
Diversified Financials BMO Capital Markets Credit Suisse  
Income Trusts (Royalty) National Bank Financial Macquarie Bank  
Industrial Products BMO Capital Markets Raymond James  
Insurance Canaccord Genuity BMO Capital Markets  
Media TD Newcrest National Bank Financial  
Oil & Gas – Large Cap BMO Capital Markets CIBC World Markets  
Oil & Gas – Small/Mid Cap FirstEnergy Capital Wellington West Capital  
Oil & Gas Equipment/Services TD Newcrest Stifel Nicolaus  
Precious Metals – Large Cap National Bank Financial National Bank Financial National Bank Financial
Precious Metals – Small/Mid Cap BMO Capital Markets GMP Securities  
Pulp, Paper & Forest Products TD Newcrest BMO Capital Markets  
Real Estate, REITS RBC Capital Markets RBC Capital Markets RBC Capital Markets
Small Cap/Special Sits Scotia Capital Raymond James  
Software & Services RBC Capital Markets CIBC World Markets  
Telecommunications Bank of America Merrill Lynch Bank of America Merrill Lynch Bank of America Merrill Lynch
Utilities Macquarie Bank Macquarie Bank Macquarie Bank

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