CANWEL BUILDING MATERIALS INCOME FUND $3.76 (Toronto symbol CWX.UN; SI Rating: Speculative) is a Canadian national wholesale distributor of hardware, building materials and home renovation products. CanWel has struggled to meet its distributions despite buoyant housing and building markets. CanWel’s total debt of $136 million is now a high 130% of shareholders’ equity. The trust recently cut its annual distribution by 28.6%. The units still yield a high 18.6%, so a further cut is possible. CanWel is a sell.
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