ICG, PDB, CPH, TCX Announce Record Dividends for 2025

Overview

Several Vietnamese companies have announced record dividends for 2025, including ICG (25% cash), PDB (40% cash), and CPH (20.22% cash), while TCX approved a 20% stock dividend issuance to increase charter capital. These payouts reflect strong earnings performance and strategic capital allocation.

Key Facts

• ICG (Xây dựng Sông Hồng) will pay a 25% cash dividend, totaling approximately VND 44 billion, with payment date June 1, 2025.
• PDB (Đầu tư DIN Capital) will pay a 40% cash dividend (VND 4,000 per share), requiring nearly VND 36 billion.
• CPH (Phục vụ Mai táng Hải Phòng) will pay a 20.22% cash dividend, nearly VND 9 billion, despite a stock price of only VND 300 on UPCOM.
• TCX (Chứng khoán Kỹ thương) approved a 20% stock dividend (5:1 ratio), issuing over 462 million shares to increase charter capital from VND 23,116 billion to VND 27,739 billion.
• ICG’s 2025 net profit reached VND 20 billion, the highest in three years, after losses in 2023 and minimal profit in 2024.
• PDB’s 2025 revenue was VND 426 billion (52% above plan), and net profit was VND 52 billion (271% above plan).
• CPH’s 2025 revenue was VND 151 billion, with net profit of VND 11 billion; 2026 dividend target is 18.18% cash.

What Happened

According to company announcements, ICG, PDB, and CPH have set record cash dividend rates for 2025. ICG, listed on HOSE, will distribute 25% cash to shareholders, a significant increase from its historical 5% dividends in odd years and no dividends in even years. PDB, on HNX, will pay 40% cash, its highest ever, supported by strong 2025 earnings that exceeded targets by wide margins. CPH, on UPCOM, will pay 20.22% cash, nearly seven times its current stock price of VND 300 per share.

Separately, TCX, listed on HOSE, approved a 20% stock dividend for 2024, using retained earnings from audited 2024 financial statements. The issuance will add over 462 million shares, boosting charter capital to VND 27,739 billion. TCX had already closed the shareholder list for this dividend on April 8, 2025.

Market Context

ICG closed at VND 10,500 on April 10, 2026, up 1.94% on volume of 1,200 shares. PDB traded at VND 10,000, up 1.01% with 1,600 shares. CPH remains thinly traded on UPCOM at VND 300. TCX closed at VND 52, down 0.19% on volume of 2,010,200 shares. The dividend announcements come amid a broader market recovery, with the VN-Index hovering near 1,280. These record payouts highlight improving corporate profitability in the construction, investment, and services sectors.

Strategic Significance

For ICG, the record dividend signals a turnaround after years of weak earnings, potentially attracting income-focused investors. PDB’s high payout reflects strong execution and may support its stock price. CPH’s dividend yield of over 67% at current price is extraordinary, but sustainability depends on maintaining earnings. TCX’s stock dividend increases liquidity and capital base, positioning it for growth in the securities sector. These moves indicate management confidence in future cash flows and a commitment to shareholder returns.

What to Watch

• ICG’s Q1 2026 earnings report to confirm sustained profitability.
• PDB’s ability to maintain dividend policy given 2026 profit target of VND 32 billion (down 38% from 2025).
• CPH’s stock price reaction post-ex-dividend date (May 12, 2025) and whether dividend yield normalizes.
• TCX’s post-dividend share price and trading volume, as dilution may pressure the stock.
• Regulatory filings for any changes in foreign ownership limits following TCX’s capital increase.