Dien May Xanh (DMX) Sets 2026 Dividend Policy and VND 100B Executive Warrant Program

Overview

Dien May Xanh Investment JSC (ticker DMX, UPCOM) published documents for an extraordinary general meeting scheduled for 29 October 2026, proposing a 2026 cash dividend policy of at least 50% of consolidated net profit after minority interests and a VND 100 billion bond-with-warrants program reserved for 15 key Vietnamese executives and managers. The warrant leg could add up to roughly 126.7 million shares, about 10% of the current outstanding count, making governance and dilution the central questions for existing holders.

Key Facts

• 2026 cash dividend policy set at a minimum of 50% of net profit after minority interests on consolidated statements.
• Interim dividend of VND 2,000 per share planned for December 2026; the balance to be tabled at the 2027 annual general meeting.
• Cumulative cash dividends since listing would reach VND 6,000 per share, after VND 4,000 per share paid on 26 August.
• Bond program: maximum 1,000 bonds at VND 100 million face value each, totaling VND 100 billion, five-year tenor maturing 2031, fixed 8% annual coupon paid yearly.
• Bonds are non-convertible and unsecured but fully guaranteed for principal and interest by Vietcombank - Tan Binh Branch.
• Each bond carries 100 warrants; each warrant allows purchase of 1,267 shares at an initial exercise price of VND 74,000 per share.
• Full warrant exercise would issue about 126.7 million shares, roughly 10% of shares outstanding, for gross proceeds of about VND 9,400 billion (approximately USD 360 million).
• Proceeds are earmarked to refinance part of a VND 113.9 billion loan from MUFG Bank - Ho Chi Minh City Branch disbursed 4 August 2026 with a 184-day tenor.

What Happened

The company filing states that the 2026 dividend policy is anchored to a payout floor of half of consolidated net profit after minority interests, with a first interim tranche of VND 2,000 per share scheduled for December 2026. The remaining 2026 dividend will be determined and submitted to shareholders at the 2027 annual general meeting. Management notes that cumulative cash dividends since listing would total VND 6,000 per share if the interim payment proceeds, following the VND 4,000 per share already distributed on 26 August.

Separately, DMX proposes a one-time distribution of a bond-with-warrants package to 15 key Vietnamese executives and managers across the company, its subsidiaries and joint ventures, to be placed between Q4 2026 and Q2 2027 rather than issued annually. The bonds carry a 5-year tenor to 2031, an 8% fixed coupon, and a Vietcombank guarantee covering full principal and interest. Net proceeds are intended to restructure part of the MUFG Bank loan. The filing does not disclose the allocation of warrants among the 15 individuals, nor the vesting schedule governing how many warrants may be exercised each year; it states only that annual exercisable volumes will be determined by core net profit after tax and DMX share price performance relative to the VN30 index.

Market Context

DMX trades on UPCOM, Vietnam’s unlisted public company market, and closed at VND 76,000 on 9 October 2026, down 0.39% on volume of 43,600 shares. The initial warrant exercise price of VND 74,000 sits marginally below that close, so the package is close to at-the-money at announcement. The stock sits in the retail sector, where sentiment has tracked consumer discretionary spending and the broader VN-Index recovery through 2026. Liquidity on UPCOM remains thin relative to HOSE-listed retailers, which amplifies the signalling value of any large primary issuance.

Strategic Significance

The dividend floor converts DMX’s payout into a policy commitment rather than a one-off, which matters for a UPCOM-listed retailer seeking a broader institutional shareholder base. The warrant structure is the more consequential element: tying annual exercisable volumes to core net profit and relative performance against the VN30 aligns management incentives with both earnings delivery and share-price outperformance, but it also introduces a potential 10% dilution overhang at a strike only slightly below the current price. Refinancing the MUFG working-capital loan with a Vietcombank-guaranteed bond extends duration and fixes the cost of debt at 8%, a reasonable trade if retail cash conversion holds.

What to Watch

• Extraordinary general meeting on 29 October 2026 and the shareholder vote on both resolutions.
• Disclosure of the warrant allocation among the 15 executives and the annual exercisable-volume formula.
• Q4 2026 interim dividend record date and actual VND 2,000 per share payment.
• Bond placement window between Q4 2026 and Q2 2027, including confirmation of the Vietcombank guarantee.
• Any foreign-ownership or share-count filings on UPCOM as the warrant program approaches execution.