TSX Dividends

Scotia on potential deal for Slate Grocery. 7% yield with potential near term upside, seems like a nice risk-reward to me. $SGR.UN

@BassamMelh I think it could be. But it is larger, over $5bn mkt cap, so fewer potential buyers. No major shareholder.

@TSXDivStock Why isn't $CAR.UN a takeout candidate? Does it have a controlling shareholder!

Scotia REIT analyst today talking about the surge in buyouts recently, names $KMP.UN, $HOM.UN and $DIR.UN as top takeout candidates. (They probably should have picked $SGR.UN, given the news today).

RBC's latest Small Cap picks. Not a great performance recently, but has done well longer term. $DHT.UN, $DBM.TO, $PMZ.UN

The chairman of Plaza Retail REIT resigns from the board a week before the AGM. A bit strange, a shake-up in the works? $PLZ.UN ($MRC.TO owns 15%, maybe they want a seat?) Plaza Retail REIT Announces Trustee Resignations prn.to/4wBvb8t

H&R's Q1 offered no news on asset disposals or strategic plan. But it remains good value, with an NCIB likely later this year. Remember there were multiple bidders for the REIT a year ago. $HR.UN. From RBC:

@makemoneymoney6 The Uber eats competition has been around for years now. But I agree the GLP factor is a new, uncertain risk.

Its going to get worse: that yield isn't that impressive, expect further compression. Why? -ve SSS and missed earnings est. will continue. The rise of Uber eats (delivery options are ANY FOOD now, not just pizza/chinese) & the huge increase in pizza options (artisinal). But get ready, we haven't seen the impact of GLP-1s. See below:

Late Friday, $PZA.TO announced a 13% dividend cut. Not a surprise after tough Q1 and given the very high payout ratio.

Scotia expects more than a double on $DHT.UN, following strong Q1 and healthy royalty financing market.

Great quarter for $DHT.UN, comments from RBC:

Q1 results in-line with estimates, solid growth in EBITDA and EPS, getting more active on buyback. $DHT.UN DRI Healthcare Reports First Quarter 2026 Results prn.to/49367wT

Scotia raises target on $POW.TO, blue chip stock with growing 3.3% dividend.

Another small cap REIT, but this one is hitting it out of the park. Comments on PROREIT from TD (still rated Hold, upgrade to come?). $PRV.UN

True North is making slow progress, and the units are still ridiculously cheap: trading at 4x FFO, 8.3% yield with a 38% payout ratio. $TNT.UN From CIBC:

Sold quarter from $PLZ.UN. FFO per unit up 15.6% ex-items. Plaza Retail REIT Announces First Quarter 2026 Results prn.to/4u9gE21

@tsxman I mean I’ve made some bad purchases myself of course, but they made it very public and I thought they must have have some high degree of confidence or some strategy to make such a bold display.

@TSXDivStock That's what I thought as well. Québec economy is also weakening and they are overexposed. Not the best choice.

Last October, Ewing Morris bought 10% of BTB REIT through a cash tender offer at $4.10. I'm not sure why they got so aggressive to buy this stake, above market, given BTB's spotty track record. Today $BTB.UN trades at $3.68. 🤷

Chemtrade reported a solid quarter, and maintained full yr guidance. The stock is up 25% YTD, so I suspect investors were hoping for one of their usual guidance increases. $CHE.UN

@FredzorroC So how did they extend their debt? Fooled their creditors?

@TSXDivStock Question ….the dividend will have to be financed since cash flow won’t cover. T will have to then issue equity to finance the dividend or borrow . Will creditors do the needful ? Only if they view the problem as short term! Which does not appear to be the case.

TELUS didn't spark any fresh bullishness from analysts. Scotia here is one of the more pessimistic, still looking for a 50% div cut. $T.TO

@FredzorroC The avg term to maturity of TELUS long term debt at March 2026 was 14.8 years (10.5 yrs as of Mar/25). There is zero pressure from creditors to cut dividend.

@TSXDivStock Rule which never fails …. when the market expects a dividend cut ….it will happen ….simply because creditors will demand it as a precondition for extending the credit lines. Might be more than 50% to match the BCE cut.