HPA to Pay Nearly VND 600B Cash Dividend for 2025 at 21% Yield

Overview

Hoa Phat Agriculture (HPA) will pay a cash dividend of 21% for 2025, totaling nearly VND 600 billion, to over 2,300 shareholders on June 3, 2026. The dividend is the final installment for 2025, bringing the total cash dividend for the year to 56.46%. HPA, a leading integrated agricultural firm, has seen its shareholder base more than double since listing on HOSE in February 2026.

Key Facts

• HPA will pay a cash dividend of VND 2,100 per share, equivalent to a 21% yield on par value, on June 3, 2026.
• Total payout is nearly VND 600 billion (before tax) to 20 institutional and 2,363 individual shareholders.
• The record date for entitlement is May 19, 2026.
• For the full year 2025, HPA paid a total cash dividend of 56.46% (VND 947 billion in two installments).
• HPA’s shareholder count surged from 965 before listing to over 2,300 within three months of trading on HOSE (listing date: February 6, 2026).
• In Q1 2026, HPA reported revenue of VND 1,813 billion and net profit of VND 345 billion, achieving 34.3% of its full-year profit target.
• HPA targets 2026 revenue of VND 7,200 billion and net profit of VND 1,005 billion, with a 2030 goal of revenue above VND 12,000 billion and ROE above 20%.

What Happened

Hoa Phat Agriculture (HPA) announced it will pay the remaining cash dividend for 2025 at a rate of 21% of charter capital, totaling nearly VND 600 billion, to shareholders on June 3, 2026. The record date is May 19, 2026. The dividend is VND 2,100 per share. This follows an earlier 2025 dividend of 35.46%, making the full-year cash dividend 56.46%.

The company noted that its shareholder base has expanded rapidly since listing on HOSE, from 965 individuals before listing to over 2,300 (including 20 institutions) as of the record date. HPA operates a closed-loop agricultural model covering breeding, feed, and farming. It is the largest importer and fattening operator of Australian cattle in Vietnam, the leading clean egg producer in the North (nearly one million eggs per day), and among the top 10 industrial pig farming companies. Pig farming contributed 41% of revenue and 67% of after-tax profit in 2025.

Market Context

HPA shares closed at VND 34,000 on June 2, 2026, down 1.45% with volume of 39,300 shares. The stock has been trading on HOSE since February 6, 2026. The agricultural sector in Vietnam has seen mixed performance amid fluctuating pork and feed prices. HPA’s strong dividend yield (21% for this installment) may attract income-focused investors, though the rapid increase in shareholder count suggests heightened retail interest since listing.

Strategic Significance

HPA’s commitment to cash dividends through 2030 signals confidence in its cash flow generation and profitability. The company’s integrated model and leadership in key segments (cattle, eggs, pork) provide a competitive moat. Its 2026 profit target of VND 1,005 billion implies a forward P/E of roughly 14x based on the current market cap (approximately VND 14 trillion). The expansion plans to increase sow herd to 30,000, commercial pig output to 900,000 head, and Australian cattle herd to 73,000 head support long-term growth. The dividend policy also aligns with the interests of a growing retail shareholder base.

What to Watch

• Q2 2026 earnings release to assess progress toward the full-year profit target of VND 1,005 billion.
• Updates on the construction of the third feed mill (300,000 tons/year capacity) and expansion of cattle and pig herds.
• Any changes to the dividend policy or interim dividend announcements for 2026, expected in Q4 2026.
• Foreign ownership trends, as HPA’s listing on HOSE may attract foreign institutional interest.
• Pork and feed price trends, which directly impact HPA’s margins and profitability.