DMX IPO Closes Today at 80,000 VND/Share with 40% Cash Dividend

Overview

Dien May Xanh (DMX), Vietnam’s leading electronics retailer, closes its IPO today at 80,000 VND/share, offering a 40% special cash dividend and a forward PE of approximately 10x. The company projects strong growth, with 2026 net profit expected to rise over 50% and a 2026-2030 CAGR of 16%, supported by domestic market leadership and international expansion in Indonesia.

Key Facts

• IPO price: 80,000 VND/share, implying a forward PE of ~10.2x for 2026.
• Special cash dividend of 40% of par value (4,000 VND/share) for IPO investors.
• 2026 net profit target: growth of over 50% year-on-year.
• 5M 2025 revenue: USD 2.1 billion, up 33% year-on-year, achieving 45% of full-year target.
• 2026-2030 targets: revenue CAGR of 11%, net profit CAGR of 16%, market share target of 60-70%.
• 2030 net profit target: VND 13,000 billion, 2.1x 2025 level.
• EraBlue (Indonesia) store count target: from 181 to ~1,000 by 2030, with projected revenue of USD 1 billion.
• Annual dividend policy: minimum 50% of net profit.

What Happened

Dien May Xanh (DMX) is conducting its initial public offering (IPO) on the HOSE, with the subscription period ending at 4:00 PM on June 17, 2026. The offering price is set at 80,000 VND per share, which corresponds to a forward price-to-earnings ratio of approximately 10.2 times based on 2026 estimated earnings. Investors who purchase shares in the IPO will also receive a special cash dividend of 40% of par value (4,000 VND per share) for 2026, in addition to the company’s regular dividend policy of at least 50% of net profit.

According to CEO Doan Van Hieu Em, DMX’s net profit in 2026 is expected to grow more than 50% year-on-year, driven by strong operational performance. In the first five months of 2025, the company reported revenue of USD 2.1 billion, a 33% increase year-on-year, achieving 45% of its full-year revenue target. The company’s leadership team has committed to participating in the IPO, aligning their interests with shareholders.

Market Context

DMX is listed on HOSE and is the dominant player in Vietnam’s electronics retail market, holding a leading market share for several consecutive years. The IPO price of 80,000 VND/share implies a forward PE of ~10x, which is below the average valuation of regional retail peers. The company’s strong financial profile includes a return on equity (ROE) above 30% and a solid balance sheet. The IPO has attracted significant attention due to its scale and growth prospects.

Strategic Significance

The IPO proceeds will fund DMX’s ambitious expansion plans, both domestically and internationally. Domestically, the company aims to increase its market share to 60-70% by 2030, leveraging its scale advantages and ecosystem of retail, finance, and services. Internationally, the EraBlue chain in Indonesia is a key growth driver, with plans to expand from 181 stores to approximately 1,000 by 2030, targeting USD 1 billion in revenue. The company’s ability to replicate its domestic success in Indonesia and maintain high profitability will be critical for long-term value creation.

What to Watch

• Q2 2026 earnings release to confirm the growth trajectory implied by 5M 2025 results.
• Progress of EraBlue store expansion in Indonesia and revenue contribution.
• Dividend payment timeline for the special 40% cash dividend.
• Any updates on market share gains in Vietnam’s electronics retail sector.
• Management’s execution on the 2026-2030 strategic plan, particularly net profit CAGR of 16%.