TECK RESOURCES LTD. $24 (Toronto symbol TCK.B; Conservative Growth Portfolio, Resources sector; Shares outstanding: 580.1 million; Market cap: $13.9 billion; Price-tosales ratio: 1.3; Dividend yield: 3.8%; TSINetwork Rating: Average; www. teck.com) is down 35% since we made it our Stock of the Year for 2013.
The drop is mainly because slowing industrial activity in China and elsewhere has hurt prices for its metallurgical coal, which is a key ingredient in steelmaking. In 2012, coal accounted for 45% of Teck’s revenue, and 51% of its earnings.
In response to the weaker demand, Teck and other coal producers are cutting production. That should support prices as steelmakers use up their inventories. Moreover, Teck has built strong relationships with its major customers, so they are unlikely to switch to other coal suppliers. Teck’s high-quality coal also helps steelmakers improve their efficiency.
Teck operates in the Resources sector, which is more volatile than the other four economic sectors: Utilities, Finance, Manufacturing and Consumer Goods. That’s why the stock can go into a deep slump due to a small downturn in China. However, it can also rise just as quickly when sentiment improves.
The stock now trades at just 9.7 times the $2.48 a share that Teck will probably earn in 2013. The $0.90 dividend yields 3.8%.
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