CPH (Hai Phong Funeral Services) Announces 20.22% Cash Dividend for 2025

Overview

CPH (Hai Phong Funeral Services, UPCoM: CPH) has set May 12, 2026 as the ex-dividend date for its 2025 cash dividend of 20.22%, or 2,022 VND per share. The company will disburse approximately 9 billion VND on May 25, 2026. The dividend yield far exceeds the stock’s market price of around 300 VND, highlighting the stock’s illiquid nature and concentrated ownership structure.

Key Facts

• CPH declared a cash dividend of 20.22% for 2025, paying 2,022 VND per share.
• Ex-dividend date: May 12, 2026; payment date: May 25, 2026.
• Total payout: approximately 9 billion VND based on 4.4 million outstanding shares.
• Stock price on UPCoM is around 300 VND per share, with negligible liquidity.
• Hai Phong People’s Committee holds 64.5% of CPH; Hoang Phat Investment Construction and Trading Co., Ltd. owns 10%; Chairman Nguyen Hong Le holds 5.33%.
• 2025 revenue: 151 billion VND (flat YoY); net profit: 11 billion VND.
• 2026 plan: revenue 130 billion VND (-16% YoY), net profit 10 billion VND (-9% YoY), dividend target 18.18%.

What Happened

CTCP Phuc vu Mai tang Hai Phong (Hai Phong Funeral Services Joint Stock Company) announced the record date for its 2025 cash dividend. Shareholders on record as of May 12 will receive 2,022 VND per share, representing a 20.22% dividend rate. The company expects to disburse about 9 billion VND on May 25, 2026.

The dividend rate is notably high relative to the stock’s market price, which trades at approximately 300 VND per share on UPCoM with very thin trading volumes. The company’s ownership is highly concentrated, with the Hai Phong People’s Committee holding a controlling 64.5% stake, limiting free float and liquidity.

Market Context

CPH trades on UPCoM with a market price of around 300 VND per share and near-zero liquidity. The stock’s dividend yield of over 600% (based on market price) is an anomaly driven by the wide gap between the dividend per share and the stock price. This situation has persisted for years due to the company’s concentrated shareholder base and limited free float. The broader Vietnamese funeral services sector is niche, with CPH being the dominant player in Hai Phong.

Strategic Significance

For long-term investors, CPH represents a unique case of a state-controlled enterprise with stable but low-growth earnings. The company’s 2026 guidance indicates a slight contraction in revenue and profit, yet the dividend remains high relative to earnings (payout ratio near 100%). The stock’s illiquidity and concentrated ownership make it unattractive for most institutional investors, though the high dividend yield may appeal to income-focused shareholders who can hold long-term. The state’s controlling stake suggests limited potential for corporate governance changes or strategic shifts.

What to Watch

• Actual dividend payment execution on May 25, 2026.
• CPH’s Q1 2026 earnings release to assess revenue and profit trends.
• Any changes in state ownership or potential divestment plans by Hai Phong People’s Committee.
• Trading volume and price movements around the ex-dividend date.
• Company’s ability to maintain dividend at 18.18% for 2026 given lower profit guidance.