Vietnam Dividend Week Nov 2-6: SLS Pays 100%, QTP 7% Cash, PC1 15% Stock

Overview

Seventeen Vietnamese companies set dividend record dates for the week of November 2-6, 2026, with 14 paying cash at rates from just under 1% to 100%. Son La Sugar (SLS) carries the highest cash payout at 100%, Quang Ninh Thermal Power (QTP) pays 7% cash, and PC1 Group (PC1) issues a 15% stock dividend alongside a rights offering. The week matters for income-focused holders of QTP and SLS and for PC1 shareholders weighing dilution against capital raised for energy and property projects.

Key Facts

• SLS (HNX) sets a record date of November 3 for a 100% cash dividend, VND10,000 per share, on nearly 9.8 million shares outstanding, a total of about VND98B; ex-date November 2, payment expected November 25.
• SLS net profit for the 2025-2026 season fell almost 49% to VND191.2B on net revenue of nearly VND1,080B, down 7% year on year.
• SLS paid 200% cash in the 2023-2024 season and 150% in 2024-2025, so the 100% rate marks a step down.
• QTP (HOSE) declares a 7% cash interim dividend for 2026, VND700 per share, on 450 million shares outstanding, a total of about VND315B; record date November 6, payment expected November 27.
• EVNGENCO1 holds about 42% of QTP and would receive over VND132B; PPC holds 16.35% (about VND51.5B), SCIC 11.42% (nearly VND36B) and DTK 10.62% (about VND33.5B), per the June 30, 2026 shareholder structure.
• PC1 (HOSE) sets an ex-date of November 4 for a 15% stock dividend, issuing about 61.7 million shares on 411.3 million outstanding to lift charter capital above VND4,730B.
• PC1 also plans to offer more than 74 million shares to existing shareholders at VND20,000 each, raising nearly VND1,481B for energy, real estate and other purposes in 2026-2027.

What Happened

According to company filings compiled in the weekly dividend calendar, Quang Ninh Thermal Power approved a 7% cash interim dividend for 2026, equal to VND700 per share, with a final registration date of November 6, 2026 and payment scheduled for November 27. With 450 million shares outstanding, the payout totals roughly VND315B. The filing details the shareholder base as of June 30, 2026, led by EVNGENCO1 at about 42%, followed by Pha Lai Thermal Power (PPC) at 16.35%, SCIC at 11.42% and DTK at 10.62%, meaning most of the cash flows to state-linked power entities.

Son La Sugar set November 3 as the record date for its 2025-2026 season cash dividend of 100%, or VND10,000 per share, on nearly 9.8 million shares, for a total of about VND98B, with an ex-date of November 2 and payment expected November 25. The payout follows a season in which net revenue fell 7% to nearly VND1,080B and net profit dropped almost 49% to VND191.2B, and it is below the 200% and 150% rates paid in the two prior seasons. Separately, PC1 Group set a November 4 ex-date for a 15% stock dividend, issuing about 61.7 million shares to lift charter capital above VND4,730B, and disclosed a rights offering of more than 74 million shares at VND20,000 each to raise nearly VND1,481B.

Market Context

QTP closed at VND11,000 on October 31, 2026, putting the VND700 cash dividend at roughly 6.4% of the share price on a single-payment basis, a meaningful yield for a thermal power utility on HOSE. SLS closed at VND140,000, so the VND10,000 payout equals about 7.1% of the market price despite the headline 100% par-value rate. PC1 closed at VND18,500, below the VND20,000 rights subscription price, a gap that will shape take-up of the offering. PPC, a QTP shareholder and peer thermal generator on HOSE, closed at VND8,730. The calendar reflects a broader pattern in the Vietnamese market of state-linked utilities and small-cap consumer names using high cash payouts to distribute earnings as profit growth slows.

Strategic Significance

For QTP, the 7% interim cash dividend signals that the utility can sustain distributions even as thermal power margins face fuel and dispatch uncertainty, and the concentrated state ownership means minority holders ride alongside predictable institutional anchors. For SLS, the cut from 150% to 100% is the key signal: management is still returning cash generously, but the nearly 49% profit decline and 7% revenue drop show the sugar cycle has turned, and future payouts likely track earnings lower. For PC1, the combination of a 15% stock dividend and a VND20,000 rights offer is a capital-raising story rather than an income story, funding energy and real estate pipelines at the cost of dilution; with the shares trading below the subscription price, the strategic question is whether investors fund the 2026-2027 expansion.

What to Watch

• QTP’s November 27 payment and any subsequent board resolution on the remaining 2026 dividend plan.
• SLS trading around the November 2 ex-date and whether the VND140,000 price holds after the VND10,000 adjustment.
• PC1 rights offering subscription results and the final take-up rate against the VND20,000 offer price versus the VND18,500 market close.
• SLS 2026-2027 season guidance, given the 49% profit decline, for signs of a sugar-cycle trough.
• Further November dividend record dates from the remaining companies in the 17-firm calendar, including PPC’s own payout schedule.