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; Units outstanding: 55.9 million; MaALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST $29.35 (Toronto symbol AP.UN rket cap: $1.6 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.5%; www.alliedpropertiesreit.com) owns 100 office buildings, mostly in major Canadian cities. These mainly Class I properties contain over 7.8 million square feet of leasable area.

Class I refers to 19th- and early-20th-century light industrial buildings that have been converted to office and retail space. They usually feature exposed beams, interior brick and hardwood floors.

In 2011, the trust bought 22 properties for $456 million. In the first quarter of 2012, it bought 10 more buildings for $185.2 million.

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TELUS $61.56 (Toronto symbol T.A; Shares outstanding: 324.9 million; Market cap: $20.0 billion; TSINetwork Rating: Above Average; Dividend yield: 4.0%; www.telus.com) gets 52% of its earnings from its growing wireless business, which now has 7.4 million subscribers across Canada.

The remaining 48% of Telus’s earnings come from its wireline division, which has 3.5 million traditional phone customers in B.C., Alberta and eastern Quebec. This business also has 1.3 million Internet users and 553,000 TV customers.

In the three months ended March 31, 2012, Telus’s earnings per share rose 6.0%, to $1.06 from $1.00 a year earlier. Rising demand for wireless and high-speed Internet services helped push up revenue by 4.0%, to $2.6 billion from $2.5 billion.

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The New York Stock Exchange defines a blue chip as stock in a company with a national reputation for quality, reliability and the ability to operate profitably in good times and bad. The problem is that “reputation” plays a key role in the definition. Many companies acquire a blue-chip reputation by displaying the qualities that the definition suggests. Others get it through a strong public relations effort or by being in the right industry or business situation at the right time and place. Regardless of how it got there, this blue-chip label sticks with companies long after they quit living up to it....

A little over three months ago, Pat McKeough responded to the many concerns expressed over a possible real estate crash, especially in Canada’s largest markets. The video drew one of our largest viewing audiences. Today there’s still a great deal of media attention focused on the possibility of a real estate crash. Those fears are undoubtedly heightened by ongoing headlines about the European debt crisis and a slowdown in the global economy. Volatility in the stock market adds a further note of pessimism for many Canadians. That makes it all the more important to keep things in perspective, which makes this an ideal time to replay Pat’s original video. In real estate investments especially, he reminds his viewers, there is a lot of territory between boom and bust. A rising real estate market will always cool down, but that doesn’t mean catastrophe is around the corner....

Dividends don’t always get the respect they deserve, especially from beginning investors. A dividend stock’s yearly 2% or 3% or 5% yield barely seems worth mentioning alongside yearly capital gains of 10%, 20% or 30% or more. Yet dividends are far more reliable than capital gains. A stock that pays a dividend of $1 this year will probably do the same next year. It may even rise to $1.05....

TRANSCONTINENTAL INC. $9.60 (www.tctranscontinental.com) now owns 100% of Metro Montreal, a free commuter newspaper, after buying out its joint venture partner for an undisclosed amount....

strong>SNC-LAVALIN GROUP INC. $38 (www.snclavalin.com) has paid an undisclosed sum for Toronto-based engineering firm DBA Engineering. This firm specializes in paving and environmental cleanup, and should help SNC win more infrastructure contracts....

RESEARCH IN MOTION LTD. $7.57 (www.rim.com) has delayed the launch of smartphones that use its new BlackBerry 10 software to the first quarter of 2013. That’s because the company is having difficulty adapting this software to its email and messaging servers....

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ENCANA CORP. $20 (Toronto symbol ECA; Conservative Growth Portfolio, Resources sector; Shares outstanding: 736.3 million; Market cap: $14.7 billion; Price-to-sales ratio: 1.6; Dividend yield: 4.1%; TSINetwork Rating: Average; www.encana.com) is one of North America’s largest natural gas producers. Its reserves should last over 11 years.

The company took its present form on December 1, 2009, after the old EnCana Corp. split itself into two new companies: the new Encana, which focuses on natural gas, and Cenovus Energy (Toronto symbol CVE), which specializes in oil sands projects, oil refineries and conventional natural gas.

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CANADIAN PACIFIC RAILWAY LTD. $74 (Toronto symbol CP; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 170.9 million; Market cap: $12.6 billion; Price-to-sales ratio: 2.3; Dividend yield: 1.9%; TSINetwork Rating: Above Average; www.cpr.ca) has signed a long-term deal with U.S. Silica Holdings Inc. (New York symbol SLCA), a leading maker of specialized sand.

Oil and gas exploration companies pump this sand, along with water and other chemicals, into shale rock formations. This fractures the rock and releases the oil and gas.

Under the terms of this multi-year deal, Silica will use CP trains to ship sand from its new Sparta, Wisconsin facility to its customers. CP did not say how much this deal is worth, but it should help the company profit from rising production of shale oil in the Bakken area, which covers parts of Montana, North Dakota and Saskatchewan.

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SUNCOR ENERGY INC. $29 (Toronto symbol SU; Conservative Growth Portfolio, Resources sector; Shares outstanding: 1.6 billion; Market cap: $46.4 billion; Price-to-sales ratio: 1.1; Dividend yield: 1.8%; TSINetwork Rating: Average; www.suncor.com) produced an average of 343,000 barrels of oil per day at its oil sands projects in June 2012. That’s down 0.9% from 346,000 barrels in May 2012.

The company expects its oil sands production for all of 2012 to range from 325,000 to 355,000 barrels a day. If you include conventional oil and natural gas, Suncor should produce 530,000 to 580,000 barrels a day in 2012. The midpoint of that range is 1.6% higher than its average 2011 production of 546,000 barrels a day.

Suncor is a buy.

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DUNDEE CORP. $22 (Toronto symbol DC.A; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 55.0 million; Market cap: $1.2 billion; Price-to-sales ratio: 1.7; No dividends paid; TSINetwork Rating: Average; www.dundeecorp.com) is a holding company with subsidiaries in wealth management, real estate, resources and agriculture.

In the three months ended March 31, 2012, Dundee earned $32.5 million, up 129.2% from $14.2 million a year earlier. Per share earnings jumped 211.8%, to $0.53 from $0.17, on fewer shares outstanding.

The increase resulted from much higher returns on the company’s various investments during the latest quarter: $21.6 million compared to just $2.3 million a year ago. Dundee’s revenue rose 11.4%, to $131.3 million from $117.8 million.

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POTASH CORP. OF SASKATCHEWAN $45 (Toronto symbol POT; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 858.9 million; Market cap: $38.7 billion; Price-to-sales ratio: 4.5; Dividend yield: 1.3%; TSINetwork Rating: Average; www.potashcorp.com) has gained roughly 17% since the middle of June 2012. That’s because hot, dry weather in the U.S. could reduce this year’s corn harvest.

In response, farmers are applying more fertilizer to boost their crop yields. As well, corn needs more potash than other crops.

The spike in demand has pushed up potash prices. Moreover, the long-term outlook for potash and other fertilizers remains bright, mainly due to rising demand for better food in fast-growing countries such as China, India and Brazil.

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THOMSON REUTERS CORP. $29 (Toronto symbol TRI; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 829.2 million; Market cap: $24.0 billion; Price-to-sales ratio: 1.7; Dividend yield: 4.5%; TSINetwork Rating: Above Average; www.thomsonreuters.com) is buying FX Alliance Inc. (New York symbol FX), which sells foreign exchange data to banks, portfolio managers and corporations. When the deal closes in the next weeks, it will strengthen Thomson’s electronic-data products.

The $625-million U.S. price is equal to 37% of the $1.7 billion U.S., or $1.98 U.S. a share, that Thomson earned in 2011.

Thomson Reuters is a buy.

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CANADA BREAD CO. LTD. $46 (Toronto symbol CBY; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 25.4 million; Market cap: $1.2 billion; Price-to-sales ratio: 0.7; Dividend yield: 4.3%; TSINetwork Rating: Above Average; www.canadabread.ca) is Canada’s second-largest producer of baked goods, after Weston Bakery. It supplies around a third of Maple Leaf’s (see left) sales.

A big part of Maple Leaf’s restructuring is Canada Bread’s new $100-million facility in Hamilton, Ontario. This plant, which opened in September 2011, is Canada’s largest fresh bakery.

The new plant let Canada Bread close two outdated Toronto facilities in the latest quarter. The company plans to close a third Toronto-area bakery in early 2013.

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MAPLE LEAF FOODS INC. $11 (Toronto symbol MFI; Conservative Growth Portfolio, Consumer sector; Shares outstanding: 139.5 million; Market cap: $1.5 billion; Price-to-sales ratio: 0.3; Dividend yield: 1.5%; TSINetwork Rating: Average; www.mapleleaf.ca) is Canada’s largest foodprocessing company. It mainly makes its products, which include fresh and prepared meats and poultry, under the Maple Leaf and Schneider brands. Through 90.0%-owned Canada Bread (see right), the company also makes fresh and frozen bread, pastries and pasta.

Maple Leaf continues to restructure its operations, including simplifying its product lines and increasing its focus on its most profitable foods. The company is also installing a new computer system that will give its managers more timely information and help them make better decisions.

These measures should raise Maple Leaf’s gross margin (gross profits as a percentage of sales) from 7.7% in the past 12 months, to 12.5% in 2015.

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PRECISION DRILLING CORP. $6.85 (Toronto symbol PD; Aggressive Growth Portfolio, Resource sector; Shares outstanding: 276.3 million; Market cap: $1.9 billion; Price-to-sales ratio: 0.9; No dividends paid since February 2009; TSINetwork Rating: Extra Risk; www.precisiondrilling.com) provides contract-drilling services to land-based oil and gas producers in Canada, the U.S. and Mexico. It had 344 rigs in service as of March 31, 2012.

The stock is down 45.6% from its recent peak of $12.60 in March 2012. That’s due to fears that falling oil and natural gas prices will hurt demand for Precision’s rigs. However, the company operates under long-term contracts that help shield it from volatile oil and gas prices. It has 122 rigs under contract in 2012 and 79 in 2013.

Precision can also conserve cash by putting off building new rigs if demand weakens. That’s why it recently cut its 2012 capital expenditures to $975 million from its earlier forecast of $1.1 billion.

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TRANSCANADA CORP. $43 (Toronto symbol TRP; Conservative Growth Portfolio, Utilities sector; Shares outstanding: 704.0 million; Market cap: $30.3 billion; Price-to-sales ratio: 3.5; Dividend yield: 4.1%; TSINetwork Rating: Above Average; www.transcanada.com) is now building its Keystone XL pipeline in sections. In January 2012, the U.S. government rejected the full project, which aims to pump crude oil from Alberta to refineries on the U.S. Gulf Coast.

The company will soon start work on the southern section, from Oklahoma to Texas. It has now changed its path for the northern section and reapplied for the necessary permit.

TransCanada is a buy.

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PENGROWTH ENERGY CORP. $6.13 (Toronto symbol PGF; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 364.5 million; Market cap: $2.2 billion; Price-to sales ratio: 1.5; Dividend yield: 7.8%; TSINetwork Rating: Average; www.pengrowth.com) is cutting its monthly dividend by 42.9%, to $0.04 a share from $0.07, starting with the August 2012 payment. The new annual dividend rate of $0.48 yields 7.8%.

The company’s selling prices for oil and natural gas are falling, and it wants to conserve cash for acquisitions and investments in new projects like its Lindbergh oil sands development in Alberta.

Lindbergh should begin operating in 2015, and will increase Pengrowth’s production by a third by 2018. The project’s reserves should last 25 years.

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CANADIAN IMPERIAL BANK OF COMMERCE $72 (Toronto symbol CM; Conservative Growth Portfolio, Finance sector; Shares outstanding: 404.9 million; Market cap: $29.2 billion; Price-to-sales ratio: 2.3; Dividend yield: 5.0%; TSINetwork Rating: Above Average; www.cibc.com) is Canada’s fifth-largest bank, with total assets of $387.5 billion.

CIBC’s exposure to the five most troubled European countries was just $354 million when its fiscal 2012 second quarter ended on April 30, 2012. That’s down from $363 million on January 31, 2012 (the bank did not provide comparable figures for the end of fiscal 2011).

These amounts are small next to the $766 million, or $1.90 a share, that CIBC earned in its latest quarter. That’s up 6.1% from $722 million, or $1.80 a share, a year earlier. Without unusual items, earnings per share would have risen 9.3%, to $2.00 from $1.83. Revenue rose 2.3%, to $3.1 billion from $3.0 billion. Low interest rates continue to spur demand for loans. The bank also saw higher gains from the portfolio of securities it holds.

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BANK OF MONTREAL $58 (Toronto symbol BMO; Conservative Growth Portfolio, Finance sector; Shares outstanding: 643.4 million; Market cap: $37.3 billion; Price-to-sales ratio: 2.4; Dividend yield: 4.8%; TSINetwork Rating: Above Average; www.bmo.com) is Canada’s fourth-largest bank, with assets of $525.5 billion.

The bank’s exposure to troubled European countries was a moderate $1.3 billion on April 30, 2012. That’s up from $1.0 billion three months earlier (it didn’t report comparable results for the end of fiscal 2011). The rise is mainly due to an increase in short-term loans to clients in Italy.

In the quarter ended April 30, 2012, Bank of Montreal’s earnings rose 27.5%, to $982 million from $770 million a year earlier. That mainly reflects the contribution from U.S. banking firm Marshall & Ilsley, which Bank of Montreal bought for $4.0 billion in stock in July 2011. Because of extra shares outstanding, earnings per share rose at a slower pace of 15.2%, to $1.44 from $1.25.

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BANK OF NOVA SCOTIA $53 (Toronto symbol BNS; Conservative Growth Portfolio, Finance sector; Shares outstanding: 1.1 billion; Market cap: $58.3 billion; Price-to-sales ratio: 3.4; Dividend yield: 4.2%; TSINetwork Rating: Above Average; www.scotiabank.com) is Canada’s third-largest bank, with assets of $659.7 billion.

Scotia’s overseas operations now supply 30% of its earnings. It prefers to focus on fast-growing regions like Asia and Latin America instead of Europe. The bank holds $2.5 billion of securities from troubled European countries, mainly Italy and Spain, down from $2.6 billion six months ago.

To put these figures in context, Bank of Nova Scotia earned $1.5 billion in the three months ended April 30, 2012. That’s up 16.1% from $1.3 billion a year earlier. Earnings per share rose 8.5%, to $1.15 from $1.06, on more shares outstanding. Revenue rose 1.4%, to $4.7 billion from $4.6 billion.

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TORONTO-DOMINION BANK $80 (Toronto symbol TD; Conservative Growth Portfolio, Finance sector; Shares outstanding: 908.2 million; Market cap: $72.7 billion; Price-to-sales ratio: 3.2; Dividend yield: 3.6%; TSINetwork Rating: Above Average; www.td.com) is Canada’s second-largest bank, with total assets of $773.2 billion.

TD is also cutting its exposure to troubled European countries. It held $691 million of investments from these nations on April 30, 2012, down from $1.0 billion on October 31, 2011.

The bank earned $1.7 billion in its second quarter, up 13.9% from $1.5 billion a year earlier. Earnings per share rose 11.7%, to $1.82 from $1.63, on more shares outstanding. These gains are largely the result of TD’s recent $6.8-billion purchase of MBNA’s Canadian credit card business. Revenue rose 11.5%, to $5.8 billion from $5.2 billion.

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BOMBARDIER INC. (Toronto symbols BBD.A $4.06 and BBD.B $4.01; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 1.7 billion; Market cap: $6.9 billion; Price-to-sales ratio: 0.4; Dividend yield: 2.5%; TSINetwork Rating: Average; www.bombardier.com) has traditionally been a maker of smaller aircraft, such as business jets and regional planes.

The company is now adding larger models, such as its upcoming CSeries jets, which seat between 100 and 150 passengers. Bombardier is still developing and testing the CSeries, but it aims to deliver the first plane in the next 18 months.

Even with the current economic uncertainty, the company recently announced new orders for a total of 35 CSeries planes.

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METRO INC. $53 (Toronto symbol MRU; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 98.9 million; Market cap: $5.2 billion; Price-to-sales ratio: 0.5; Dividend yield: 1.6%; TSINetwork Rating: Average; www.metro.ca) is Canada’s third-largest supermarket operator, after Loblaw and Sobeys. The company has about 600 supermarkets in Quebec and Ontario. It also operates 260 drugstores under the Brunet, The Pharmacy and Drug Basics banners.

Metro’s sales rose 7.4%, from $10.6 billion in 2007 to $11.4 billion in 2011 (fiscal years end September 30). Earnings fell 5.0%, from $295.6 million in 2007 to $280.8 million in 2008. Metro is an aggressive buyer of its own shares. Because of fewer shares outstanding, per-share earnings fell 2.4%, from $2.54 to $2.48.

However, earnings turned around in 2009, rising 27.8%, to $359.0 million, or $3.23 share. That’s mainly because the company lowered its advertising costs by converting its various banners in Ontario to the Metro brand. Earnings continued to rise, and reached $400.6 million, or $3.87 a share, in 2011.

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