THE WESTAIM CORP. $0.53 - Toronto symbol WED

THE WESTAIM CORP. $0.53 (Toronto symbol WED, Aggressive Growth Portfolio, Finance sector; Shares outstanding: 581.2 million; Market cap: $308.0 million; Price-to-sales ratio: 0.9; No dividends paid; TSINetwork Rating: Speculative; www.westaim.com) owns Jevco Insurance Co., which sells insurance to high-risk drivers and owners of motorcycles and recreational vehicles.

Westaim earned $11.3 million, or $0.02 a share, in the third quarter of 2011. That’s down 48.5% from $22.0 million, or $0.03 a share, a year earlier. The year-earlier quarter benefited from an unusual tax gain. Premium revenue rose 5.5%, to $88.3 million from $83.6 million. However, Jevco’s focus on high-risk drivers adds risk.

Westaim is a hold, but only for highly aggressive investors.

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