DHG Pharma to Pay 50% Cash Dividend on May 28, 2025; Total Payout Nearly VND 653B

Overview

DHG Pharma (DHG), Vietnam’s largest pharmaceutical company by market capitalization, announced a 50% cash dividend (VND 5,000/share) payable on May 28, 2025. The record date is May 12, 2025. The total payout amounts to nearly VND 653 billion, with major shareholders Taisho Pharmaceutical (51%) and SCIC (43%) receiving approximately VND 333 billion and VND 280 billion respectively. This is the first installment of a planned 100% cash dividend for 2025.

Key Facts

• DHG will pay a 50% cash dividend (VND 5,000 per share) on May 28, 2025.
• Record date for the dividend is May 12, 2025.
• Total payout for this installment is nearly VND 653 billion.
• Taisho Pharmaceutical (Japan) holds 51.01% of DHG and will receive about VND 333 billion.
• SCIC (State Capital Investment Corporation) holds 43.31% and will receive about VND 280 billion.
• The company plans a second 50% cash dividend in September 2025, totaling 100% for the year.
• For 2026, DHG targets a cash dividend of VND 7,000 per share.
• DHG has 4,185 shareholders as of March 23, 2026, with only 5.68% free float.

What Happened

On April 10, 2025, DHG Pharma announced a 50% cash dividend payment for the first installment of 2025. The company will close the shareholder list on May 12, 2025, and disburse the dividend on May 28, 2025. With over 130.7 million shares outstanding, the total payout is nearly VND 653 billion.

DHG has a long-standing policy of high cash dividends, typically above 40% annually. In 2024 and 2025, the company paid 100% cash dividends. For 2026, management plans to maintain a cash dividend of VND 7,000 per share and allocate 3% of after-tax profit to bonus and welfare funds.

Market Context

DHG shares closed at VND 100,000 on April 10, 2026, up 0.10% with low volume of 14,100 shares. The stock trades on HOSE with a market capitalization of approximately VND 13,600 billion, making DHG the largest pharmaceutical company on the exchange. The high dividend yield (50% per installment) supports investor demand, though the limited free float (5.68%) constrains liquidity.

Strategic Significance

DHG’s consistent high-dividend policy reflects its strong cash generation and stable earnings. The company’s ownership structure, dominated by Taisho Pharmaceutical and SCIC, ensures strategic stability but limits public float. The recent disclosure that DHG does not meet public company requirements due to low free float may prompt actions to increase tradable shares, potentially improving liquidity and valuation. For long-term investors, the dividend yield remains attractive, but the lack of free float and governance adjustments are key considerations.

What to Watch

• Second 50% cash dividend payment expected in September 2025.
• Any announcement regarding measures to increase free float to meet public company regulations.
• DHG’s 2025 full-year earnings and dividend payout ratio.
• Potential changes in ownership by Taisho or SCIC that could affect free float.
• Q2 2025 earnings release for revenue and profit trends.