FORDING CANADIAN COAL TRUST $76 (Toronto symbol FDG.UN; Aggressive Growth
Portfolio, Resources sector; Units outstanding:148.7 million; Market cap: $11.3 billion; SI Rating:
Average) is a major producer of metallurgical coal, a key ingredient in steelmaking.
Coal prices have shot up in the past year, due to strong demand from steelmakers in Asia and flooding at coal mines in Australia. That helped push up Fording’s units to a new high of $98 in June 2008.
In July, Fording’s units fell 15% on worries that a global economic slowdown could cut coal prices in 2009 and beyond. However, Fording has at least 90% of its coal under contract at guaranteed high prices until early 2009, and a deep economic decline, if it comes, could be close to an end by then. Fording’s units could suffer short-term weakness if stock markets continue to fall. Meanwhile, its annual distribution rate of $10.00 yields 13.2%.
Fording is a buy.
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