Canada Research Published by Raymond James Ltd Monthly Research Register - February 2012 January 31, 2012 Daryl Swetlishoff CFA | 604.659.8246 | [email protected] Raymond James Ltd. is a wholly owned subsidiary of U.S.-based Raymond James Financial Inc. (RJF-NYSE), and is a prominent, independent, full-service investment dealer in Canada. Raymond James Ltd. has Private Client offices across Canada and Equity Capital Markets offices in Toronto, Vancouver, Calgary and Montreal. The firm is a member of the Toronto Stock Exchange, the Montreal Exchange, and the TSX Venture Exchange as well as the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Leveraging deep industry knowledge, Raymond James’ equity research division is focused on providing our valued clients with timely, moneymaking ideas. Our research-driven business model is geared towards generating insightful commentary and analysis on companies in the following sectors: Consumer Products & Retail, Energy, Industrial Special Situations, Mining, Paper & Forest Products, Real Estate, and Technology. Our Canadian research effort currently consists of 16 analysts covering approximately 240 companies. We are committed to creating an environment that rewards our analysts for developing innovative ideas and value-added analysis. The challenge involves going beyond basic maintenance reporting functions, instead concentrating effort on creative thinking and the provision of timely, differentiated information. Our equity research products have been carefully structured to communicate important need-to-know information on investment opportunities and actionable ideas to clients in a concise, reader-friendly manner. We hope you find our research products useful and encourage feedback as we continually strive to improve. Daryl Swetlishoff, CFA Head of Research RECENTLY RELEASED EQUITY RESEARCH REPORTS DATE REPORT NAME SYMBOL PRICE RATING ANALYST JAN-30-12 Jan-16-12 Loblaw Companies Ltd. L-TSX C$36.54 2 Kenric S. Tyghe, MBA Jan-16-12 Avigilon Corporation AVO-TSX C$4.39 2 Steven Li, CFA Jan-18-12 Platinum Group Metals Ltd. PTM-TSX C$1.09 2 Alex Terentiew, MBA, P.Geo Jan-18-12 Eastern Platinum Ltd. ELR-TSX C$0.54 2 Alex Terentiew, MBA, P.Geo Jan-18-12 North American Palladium Ltd. PDL-TSX US$2.64 2 Alex Terentiew, MBA, P.Geo Jan-19-12 Platinum Group Metals Industry Report Alex Terentiew, MBA, P.Geo Jan-23-12 Oil Sands & Producers Justin Bouchard, P.Eng., CFA Jan-23-12 Finning International FTT-TSX C$27.24 2 Ben Cherniavsky Jan-24-12 Endeavour Mining Corp. EDV-TSX C$2.58 2 Brad Humphrey Jan-24-12 Western Forest Products Inc. WEF-TSX C$0.86 2 Daryl Swetlishoff, CFA Jan-24-12 Batero Gold Corp. BAT-TSXV C$2.83 1 Gary Baschuk Jan-24-12 Galway Resources Ltd. GWY-TSXV C$1.62 1 Gary Baschuk Jan-24-12 Continental Gold Ltd. CNL-TSX C$8.64 2 Gary Baschuk Jan-25-12 Gold Gary Baschuk Jan-30-12 ENTREC Transportation Services Ltd. ENT-TSXV C$1.25 2 Ben Cherniavsky Jan-30-12 Flint Energy Services Ltd. FES-TSX C$14.00 1 Frederic Bastien, CFA Jan-30-12 Infrastructure & Construction Frederic Bastien, CFA This publication is a statistical summary of financial data. For additional disclosure information on stocks listed in this publication, please see www.raymondjames.ca/researchdisclosures Raymond James Ltd. | 2200 - 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 2 of 30 Analyst Index Page Analyst Index (continued) Page Gary Baschuk 15 Adam Low, CFA 15 Frederic Bastien, CFA 6-7,10,15,18 Luc Mageau, CFA 10 Justin Bouchard, P.Eng., CFA 10,19 Jamil Murji, CFA (Associate) 9 Andrew Bradford, CFA 10 Theoni Pilarinos, CFA (Associate) 6 Ben Cherniavsky 6 Daryl Swetlishoff, CFA 14 Steve Hansen, CMA, CFA 6 Alex Terentiew, MBA, P.Geo 15 Brad Humphrey 15 Kenric S. Tyghe, MBA 9 Rafi Khouri, B.Sc, MBA 10 Kristopher Zack, CA, CFA 10 Steven Li, CFA 19 Industry Index Page Industry Index (continued) Page Mining 15-17 Contract Drillers 13 Exploration & Development 15,18 Field Services 13 Industrial 6-9 Pressure Pumpers 13 Agribusiness & Food Products 6 Forest Products 14 Infrastructure & Construction 6-7 Building Materials 14 Construction 6 Pulp & Paper 14 Original Equipment Manufacturers 6 Mining 15-17 Engineering 6 Base Metals & Minerals 15 Materials & Engineered Products 7 Production 15,17 Related Products 7 Exploration & Development 15,17 Equipment Distributors 7 Special Situations 15 Steel Processors & Building Components 8 Precious Metals 16 Transportation 8 Gold 16 Aerospace & Aviation 8 Silver 16 Airlines 8 Platinum Group Metals 17 Railroads 8 Production 15,17 Transportation & Logistics 8 Exploration & Development 15,17 Chemicals 8 Real Estate 18 Consumer 9 Real Estate 18 Consumer Products & Retail 9 Real Estate Services 18 Energy 10-13 Retail Senior Oil & Gas Producers 10 Office/Diversified Intermediate Oil & Gas Producers 10 Multiresidential Junior Oil & Gas Producers 11 Technology 19 International Oil & Gas 12 Software/IT Services 19 Oil Sands & Producers 12 IT Hardware 19 Oil & Gas Energy Services 13 Alternative Energy & Clean Tech 19 Completion Services 13 Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 3 of 30 A (+) or (-) designates a rating upgrade or downgrade, respectively. Please see page 25 for definitions of ratings and other important disclosure information. Company Index Sym Rating Page Company Index (continued) Sym Rating Page ADF Group Inc. DRX-TSX 2 8 Cenovus Energy CVE-TSX 2 13 Advantage Oil & Gas Ltd. AAV-TSX 2 11 Cequence Energy Inc. CQE-TSX 3 12 Aecon Group ARE-TSX 2 7 Cervus Equipment Corp. CVL-TSX 1 8 Agnico-Eagle Mines AEM-NYSE 2 17 CGA Mining Ltd. CGA-TSX UR 28 Aimia AIM-TSX 2 10 CGI Group GIB.A-TSX 2 20 Air Canada AC.B-TSX 3 9 Champion Minerals Inc. CHM-TSX S 6 Alacer Gold Corp ASR-TSX 3 17 The Churchill Corp. CUQ-TSX 2+ 7 Alamos Gold Inc. AGI-TSX 2 17 Cineplex Inc. CGX-TSX 3 10 Alderon Iron Ore Corp. ADV-TSX S 6 CML Healthcare Inc. CLC-TSX 2 10 Alliance Grain Traders Inc. AGT-TSX 1 7 Cominar REIT CUF.UN-TSX UR 28 Allied Properties REIT AP.UN-TSX UR 28 Commercial Solutions CSA-TSX UR 8 Alter NRG NRG-TSX 2 20 Compass Petroleum Ltd. CPO-TSXV 3 12 Alterra Power Corp. AXY-TSX 2 20 Compton Petroleum CMT-TSX UR 28 Amerigo Resources Ltd. ARG-TSX UR 28 Conifex Timber Inc. CFF-TSXV 2 15 Anooraq Resources Corp. ARQ-TSXV UR 28 Connacher Oil and Gas CLL-TSX 3 13 Antofagasta Plc. ANTO-LSE UR 28 Continental Gold Ltd. * CNL-TSX 2 17 Anvil Mining Limited AVM-TSX UR 28 Copper Mountain Mining CUM-TSX 2 16 Arc Resources Ltd. ARX-TSX 3 11 Coro Mining Corp. COP-TSX UR 16 Armtec Infrastructure Inc. ARF-TSX 3 8 CREIT REF.UN-TSX UR 28 ArPetrol Ltd. RPT-TSXV 2 13 Crescent Point Energy CPG-TSX 3- 11 Asia Bio-Chem Group Corp. ABC-TSX 3 7 Crew Energy Inc. CR-TSX 2 11 Athabasca Oil Sands Corp. ATH-TSX 2 13 Crocodile Gold Corp. CRK-TSX 2 17 Atrium Innovations Inc. ATB-TSX 2 10 Crocotta Energy Inc. CTA-TSX 2 12 Aura Minerals Inc. ORA-TSX UR 28 Crombie REIT CRR.UN-TSX UR 28 AuRico Gold Inc. AUQ-NYSE UR 28 DAY4 Energy DFE-TSX UR 28 Aurizon Mines Ltd. ARZ-TSX UR 28 Denison Mines Corp. DML-TSX UR 28 AutoCanada Inc. ACQ-TSX UR 28 Detour Gold Corp. DGC-TSX R 17 AvenEx Energy Corp. AVF-TSX 3 11 Dollarama DOL-TSX 3 10 Avigilon Corporation * AVO-TSX 2 20 Domtar UFS-NYSE 1 15 Azure Dynamics AZD-TSX 3 20 DragonWave DWI-TSX 2 20 B2Gold Corp. BTO-TSX UR 17 Duluth Metals Limited DM-TSX UR 28 Baja Mining Corp. BAJ-TSX 2 16 Dundee REIT D.UN-TSX UR 28 Bankers Petroleum BNK-TSX 1 13 Eastern Platinum Ltd. * ELR-TSX 2 18 Batero Gold Corp. * BAT-TSXV 1 17 Easyhome Ltd. EH-TSX 2 10 Baytex Energy Corp. BTE-TSX 3 11 Eldorado Gold Corp. EGO-NYSE 2 17 Bear Creek Mining Corp. BCM-TSXV 2 17 Enablence Technologies ENA-TSXV 3 20 BioExx Specialty Proteins Ltd. BXI-TSX UR 7 EnCana Corporation ECA-TSX 2 11 Birchcliff Energy Ltd. BIR-TSX 3 11 Endeavour Mining Corp. * EDV-TSX 2 17 Bird Construction Inc. BDT-TSX 2 7 Enerflex Ltd. EFX-TSX 1 14 Black Diamond Group Ltd. BDI-TSX 2 14 Enerplus Corporation ERF-TSX R 11 Boardwalk REIT BEI.UN-TSX UR 28 Ensign Energy Services Inc. ESI-TSX 1 14 Bombardier Inc. BBD.B-TSX 2 8 ENTREC Transportation Services Ltd. * ENT-TSXV 2 8 Bonavista Energy Corporation BNP-TSX 3- 11 Essential Energy Services Ltd. ESN-TSX 1 14 Bonnett's Energy Services Trust BT.UN-TSX UR 28 Evertz Technologies Ltd. ET-TSX 2 20 CAE Inc. CAE-TSX 3 8 Exchange Income Corp EIF-TSX 2 9 Calfrac Well Services CFW-TSX 1 14 Fairborne Energy Inc FEL-TSX 2 11 Calloway REIT CWT.UN-TSX UR 28 Fibrek Inc. FBK-TSX 3 15 Cameco Corp. CCO-TSX UR 28 Finning International FTT-TSX 2+ 8 Canadian Apartment REIT CAR.UN-TSX UR 28 First Capital Realty FCR-TSX UR 28 Canadian National Railway CNR-TSX 3 9 First Quantum Minerals Ltd. FM-TSX UR 28 Canadian Natural Resources Ltd CNQ-TSX 2 11 FirstService Corp. FSRV-NASDAQ 3 19 Canadian Oil Sands Limited COS-TSX 3 13 Flint Energy Services Ltd.