Comércio Cain (CHE.UN), mantendo dividendos mensais apesar do melhor desempenho histórico......O encanto do "fluxo de caixa" fica em evidência

Canadian chemical logistics company Chemtrade Logistics Income Fund (CHE.UN) has announced record-breaking performance while maintaining monthly dividends, reaffirming its investment appeal based on stable “cash flow”.

On the 20th local time, Chemtrade announced it will pay a dividend of $0.06 per unit for March 2026, as a “cash dividend”. The ex-dividend date is March 31st, with payment scheduled for April 30th. The company stated that non-resident investors will be subject to applicable withholding tax regulations.

Meanwhile, Chemtrade officially submitted its 2025 audited financial statements and Management’s Discussion and Analysis (MD&A). The documents include the Q4 and full-year 2025 results, following the preliminary results released on February 25th and a live webcast on the 26th. Relevant materials and recordings are available on the company’s official website and disclosure system.

The performance shows a clear “growth momentum”. In 2025, Chemtrade achieved an adjusted EBITDA of $507.4 million (approximately 730.6 billion KRW), sales of $1.9978 billion (about 2.8768 trillion KRW), setting a new record. Sales increased by 11.8% year-over-year. After maintenance capital expenditures, distributable cash was $228 million (around 328.3 billion KRW), or $1.99 per unit.

The financial health remains stable. Net debt is $1.2 billion (about 1.728 trillion KRW), with a net debt-to-EBITDA ratio of 2.3 times over the past 12 months. This is considered a moderate level within industry averages.

The company provided an outlook for 2026, with an adjusted EBITDA guidance of $485 million to $525 million (approximately 698.4 billion to 756 billion KRW), maintaining a cautious outlook. Chemtrade describes 2023 as an “investment cycle focused on maintenance,” noting some reflection of weakness in the chlor-alkali market. However, the company expects recent acquisitions and organic growth to partially offset this impact.

Industry analysts view Chemtrade’s performance as demonstrating a “defensive income structure”. It is believed that the long-term contract structure within North American chemical logistics infrastructure reduces earnings volatility.

A North American chemical industry analyst commented: “Although Chemtrade operates in a cyclical industry, a high proportion of its sales are contract-based, which provides relatively stable dividends.” He further analyzed: “The key investment point for 2026 will be whether it can sustain its ‘cash generation ability’, rather than growth.”

Ultimately, Chemtrade has maintained both record-breaking performance and dividend sustainability, reinforcing its position as a “dividend stock” amid ongoing interest rate and economic uncertainties.