Ton Dong A (GDA) Sets 10% Cash Dividend for 2025, VND 149.1B Payout

Overview

Ton Dong A Corporation (ticker GDA, UPCoM) has approved a 10% cash dividend for fiscal year 2025, equivalent to VND 1,000 per share and a total outlay of nearly VND 149.1 billion. The record date is October 9, 2026, with payment scheduled for November 4, 2026. The announcement matters for GDA holders because it converts part of the company’s 2025 earnings into cash returns while the steel sector contends with weaker revenue.

Key Facts

• Cash dividend ratio: 10% of par value, or VND 1,000 per share, for fiscal year 2025.
• Total payout: nearly VND 149.1 billion, based on roughly 149.1 million shares outstanding.
• Record date for shareholder eligibility: October 9, 2026.
• Payment date: November 4, 2026.
• The 2026 annual general meeting in late May 2026 approved a total 2025 dividend of 20%, split 10% cash and 10% stock, with the stock portion expected in 2026-2027.
• H1 2026 audited net revenue: nearly VND 6,654.7 billion, down 19.2% year on year; net profit: over VND 142.2 billion, down 5.5%.
• Full-year 2026 net profit target: VND 250 billion, implying H1 completion of 56.9%.

What Happened

The board of Ton Dong A Corporation issued a resolution approving the 2025 cash dividend, according to the company’s disclosure. Shareholders of record on October 9, 2026 will receive VND 1,000 per share, with the company transferring funds on November 4, 2026. The total distribution of nearly VND 149.1 billion is calculated on the approximately 149.1 million shares currently outstanding.

The payout follows the annual general meeting held in late May 2026, where shareholders approved a total 2025 dividend ratio of 20%: 10% in cash, planned for 2026, and 10% in shares, planned for 2026-2027. The just-announced cash tranche is the first half of that package. The company also reported audited H1 2026 results showing net revenue of nearly VND 6,654.7 billion, down 19.2% year on year, gross profit of over VND 435.8 billion, down 29.7%, and net profit of over VND 142.2 billion, down 5.5%. Financial activity revenue reached nearly VND 148.2 billion, down 9.4%.

Market Context

GDA trades on the UPCoM exchange, Vietnam’s unlisted public company market, and closed at VND 12,000 on September 24, 2026. At that price, the VND 1,000 cash dividend implies a yield of roughly 8.3% on the pre-record-date close, above the 10% par-value ratio because the shares trade near par. The stock sits in the steel sector, where domestic producers have faced softer construction demand and import competition through 2026. Ton Dong A’s H1 revenue decline of 19.2% reflects that backdrop, even as net profit held up better than gross profit thanks to financial income. Total assets stood at over VND 11,949.5 billion as of June 30, 2026, with inventories of nearly VND 4,215.3 billion, or 35.3% of assets, and total liabilities of nearly VND 8,014.9 billion, of which interest-bearing borrowings were VND 5,695.4 billion, or 71.1%.

Strategic Significance

The cash dividend signals that management is willing to return capital even as the top line contracts, which matters for income-oriented investors in a sector where earnings are cyclical. The key tension is the balance sheet: interest-bearing debt of VND 5,695.4 billion against a VND 149.1 billion cash payout means the distribution is modest relative to leverage, but it still competes with working capital needs given inventories at 35.3% of total assets. The remaining 10% stock dividend, expected in 2026-2027, will dilute per-share metrics while preserving cash, a structure that effectively splits the return between income now and equity later. For the longer-term thesis, GDA’s ability to hit its VND 250 billion 2026 profit target, with 56.9% already booked in H1, determines whether the 20% total dividend is repeatable or a one-off draw on retained earnings.

What to Watch

• The October 9, 2026 record date and any ex-dividend price adjustment on UPCoM around that session.
• Q3 2026 earnings disclosure, which will show whether the 19.2% H1 revenue decline is moderating or deepening.
• Timing and ratio details for the remaining 10% stock dividend, expected in 2026-2027.
• Inventory and short-term debt levels in the next balance sheet, given inventories at 35.3% of total assets and borrowings at 71.1% of liabilities.
• Progress toward the VND 250 billion full-year 2026 net profit plan, against the VND 142.2 billion booked in H1.