SBH and TBC Hydropower Dividends: REE Set to Collect VND 86B

Overview

Song Ba Ha Hydropower JSC (ticker SBH, UPCOM) has set 22 October 2026 as the record date for the remaining 15% cash dividend for 2025, with payment on 17 November 2026. Thac Ba Hydropower JSC (ticker TBC, HOSE) will pay a first 2026 cash advance of 10% on 30 October 2026. REE Energy Company Limited, the parent of TBC and a 26% shareholder in SBH, is the largest single beneficiary of both distributions.

Key Facts

• SBH record date: 22 October 2026; payment date: 17 November 2026; rate 15%, or VND 1,500 per share.
• SBH has more than 124 million shares outstanding; the payout is estimated at VND 186B.
• EVNGENCO2 holds 76.7 million SBH shares (62%) and is set to receive about VND 115B; REE Energy holds 32 million shares (26%) for about VND 48B.
• SBH’s 2026 AGM approved a total 2025 dividend of 20%; a 5% interim was already paid in March 2026, bringing total cash outlay for the year to more than VND 62B plus this final tranche.
• TBC record date: 15 October 2026; payment date: 30 October 2026; rate 10%, or VND 1,000 per share, on more than 63.5 million shares, for about VND 63.5B.
• REE Energy owns 38.3 million TBC shares (60.4%) and is set to receive about VND 38.3B; EVNGENCO3 (ticker PGV) holds more than 19 million shares (30%) for more than VND 19B.
• H1 2026 results: SBH revenue VND 174B (-11% year on year) and net profit VND 86B (+5%); TBC revenue VND 289B (+13%) and net profit VND 148B (+21%).

What Happened

Song Ba Ha Hydropower JSC announced that 22 October 2026 will be the last registration date for shareholders to receive the remaining 2025 cash dividend, at a rate of 15% of par value, equivalent to VND 1,500 per share. With more than 124 million shares in issue, the company estimates the disbursement at VND 186B, payable on 17 November 2026. The 2026 annual general meeting had approved a total 2025 dividend of 20%; an interim 5% was paid in March 2026, so this tranche completes the 2025 distribution.

Separately, Thac Ba Hydropower JSC set 15 October 2026 as the record date for its first 2026 interim cash dividend of 10%, or VND 1,000 per share, with payment expected on 30 October 2026. On more than 63.5 million shares outstanding, the advance is worth roughly VND 63.5B. The announcements were made through company disclosures, and the shareholder structures cited are as of 30 June 2026.

Market Context

SBH closed at VND 38,400 on 26 September 2026 on UPCOM, while TBC closed at VND 31,600 on HOSE. Against the announced rates, the SBH final tranche alone equates to about 3.9% of that close, and the full 20% 2025 dividend to roughly 5.2%; the TBC 10% advance is about 3.2% of its close. The two names sit in the small-cap hydropower segment of the Vietnamese utilities sector, where cash yields and regulated offtake contracts under EVN’s framework drive valuations more than near-term volume growth. REE closed at VND 46,100 and PGV at VND 22,300 on the same date.

Strategic Significance

For REE, the two distributions are a direct cash return on a deliberate strategy of acquiring controlling or significant stakes in operating hydropower assets through REE Energy. The combined inflow of roughly VND 86B from SBH and TBC is recurring, contract-backed cash that can fund REE’s broader energy and industrial portfolio without new leverage. For PGV, the TBC dividend is a smaller but steady contribution to EVNGENCO3’s non-operating income. For minority holders of SBH and TBC, the key point is that both companies are completing or advancing distributions out of retained earnings while operating results diverge: TBC is growing revenue and profit, whereas SBH is managing a revenue decline with cost and financial-income support.

What to Watch

• SBH’s Q3 2026 results, to test whether the H1 revenue decline persists into the second half.
• TBC’s remaining 2026 dividend plan, if any, following the 10% first advance.
• Hydrological conditions and reservoir levels in the Ba Ha and Thac Ba catchments through the fourth quarter.
• Any change in REE Energy’s ownership percentages in SBH or TBC in future shareholder disclosures.
• EVN-related offtake pricing or regulatory adjustments affecting small hydropower cash flows.