Nam Tan Uyen (NTC) Declares 60% Cash Dividend, 6,000 VND Per Share

Overview

Nam Tan Uyen Industrial Park (HOSE: NTC) has approved a 2025 cash dividend of 60%, equal to 6,000 VND per share, with a record date of October 26, 2026. The announcement arrives alongside disclosure of a tax penalty exceeding 9.6 billion VND and an H1 2026 revenue decline of 41% year-on-year, giving investors a high payout against a softer operating backdrop.

Key Facts

• Cash dividend ratio of 60% for 2025, equivalent to 6,000 VND per share.
• Record date for the shareholder list is October 26, 2026; payment is scheduled for November 20, 2026.
• With roughly 24 million shares outstanding, total payout is approximately 144 billion VND.
• Tax Decision No. 1669/QD-DNL dated September 21, 2026 requires payment of more than 9.6 billion VND in back taxes, administrative penalties and late-payment interest; NTC states the amount has been paid in full.
• H1 2026 revenue reached more than 163 billion VND, down 41% year-on-year; gross profit of nearly 82 billion VND was roughly half the prior-year level.
• H1 2026 financial income doubled to nearly 132 billion VND, while financial expenses fell from over 13 billion VND to 1.6 billion VND.
• After-tax profit for H1 2026 was 171 billion VND, about 2 billion VND higher year-on-year; total assets reached nearly 6,815 billion VND, up 14% from the start of the year.

What Happened

The board resolution, disclosed by CTCP Khu cong nghiep Nam Tan Uyen, sets the 2025 cash dividend at 60% and fixes the final registration date at October 26, 2026, with payment expected on November 20, 2026. Based on close to 24 million shares in circulation, the company will disburse approximately 144 billion VND.

Separately, NTC disclosed receipt of a penalty decision from the Large Enterprise Tax Department. Under Decision No. 1669/QD-DNL dated September 21, 2026, the company was required to pay more than 9.6 billion VND covering back taxes, administrative violation penalties and late-payment interest. NTC said the full amount has been remitted to the state budget. The filing does not break out how much of the total relates to tax versus penalty.

Market Context

NTC trades on HOSE and closed at 132,100 VND on October 8, 2026. Against that price, the 6,000 VND per-share cash payment implies a yield of roughly 4.5% on the announced distribution, well below the headline 60% ratio, which is calculated on par value rather than market price. The stock sits in the industrial park real estate segment, where earnings are driven by land lease handovers and are therefore lumpy. The H1 revenue decline reflects that timing effect rather than a collapse in demand, and the company carries no financial borrowings, with long-term unearned revenue of more than 4,900 billion VND on the balance sheet.

Strategic Significance

The core thesis for NTC rests on the Nam Tan Uyen expansion phase 2, a project of nearly 346 hectares with total investment of close to 872 billion VND. Construction-in-progress rose to more than 89 billion VND, up 2.9 times from the start of the year, indicating the project is moving toward leasable status. Cash and equivalents tripled to 1,178 billion VND, which comfortably covers the 144 billion VND dividend and the 9.6 billion VND tax settlement without new borrowing. For long-term holders, the key question is whether phase 2 leasing converts the large unearned revenue balance into recognized income, offsetting the current revenue softness.

What to Watch

• Q3 2026 earnings release, to confirm whether revenue decline moderates as phase 2 handovers begin.
• Progress disclosures on the Nam Tan Uyen expansion phase 2, including leasing area signed and construction milestones.
• The November 20, 2026 dividend payment date and any subsequent board resolution on a 2026 interim payout.
• Further tax authority correspondence, if any, following the September 2026 penalty decision.
• Movement in the long-term unearned revenue balance, which signals the pace of revenue recognition.