Dong Anh Electrical Equipment (TBD) Declares 30% Cash Dividend for 2025

Overview

Dong Anh Electrical Equipment Corporation (UPCOM: TBD) has announced a 30% cash dividend for 2025, equal to VND 3,000 per share, with an ex-date of September 16 and payment expected on October 16, 2026. The payout marks the twelfth consecutive year of cash dividends for the transformer and electrical equipment manufacturer, and the 30% rate matches the company’s historical high last seen in 2021.

Key Facts

• Cash dividend of VND 3,000 per share, a 30% payout ratio on par value, for fiscal year 2025.
• Ex-dividend date: September 16; record date for shareholder list; payment date: October 16, 2026.
• Total cash outlay estimated at approximately VND 97 billion, based on more than 32.4 million shares outstanding.
• Largest shareholder CTCP Điện lực Gelex holds 46.9% of capital and is set to receive about VND 46 billion.
• This is the 12th straight year of cash dividends; the 30% rate was previously paid in 2021.
• H1 2026 net revenue reached VND 1,111 billion, up 2% year on year, while net profit fell 25% to VND 66 billion.
• TBD shares closed at VND 97,600 on July 28, 2026.

What Happened

Tổng Công ty Thiết bị điện Đông Anh – Công ty cổ phần (EEMC), listed on UPCOM under ticker TBD, issued a notice to finalize the shareholder list for its 2025 cash dividend. The company will pay VND 3,000 per share, equivalent to a 30% ratio, with the ex-dividend date set for September 16 and payment scheduled for October 16, 2026. With 32.4 million shares in circulation, the total distribution is expected to reach roughly VND 97 billion.

The announcement continues a long-standing practice: EEMC has now paid cash dividends for twelve consecutive years. The 30% level is the highest in the company’s history, matching the payout made in 2021. The largest beneficiary is CTCP Điện lực Gelex, which owns 46.9% of the company and stands to receive approximately VND 46 billion. The source of the dividend is the company’s 2025 business results, though the notice does not specify the exact profit distribution source.

Market Context

TBD trades on the UPCOM exchange, Vietnam’s unlisted public company market, where liquidity is typically thinner than on HOSE or HNX. The stock closed at VND 97,600 on July 28, 2026. At that price, the VND 3,000 dividend implies a yield of roughly 3.1% on the current market price, though the company’s historical dividend yield has been cited at around 30% relative to par value. The electrical equipment sector in Vietnam is tied to power grid investment and industrial capex cycles, and TBD’s H1 2026 results showed flat revenue growth with margin pressure from higher cost of goods sold.

Strategic Significance

For long-term investors, TBD’s appeal rests on its consistent cash-return policy rather than rapid earnings growth. A twelfth consecutive year of cash dividends, and a payout at the historical high of 30%, signals that management prioritizes shareholder distributions even as H1 net profit declined 25% year on year. The company’s niche in high-voltage transmission transformers, including the 500kV class units it has manufactured since 2019, positions it within Vietnam’s power infrastructure build-out. The controlling stake held by Điện lực Gelex, part of the Gelex group, means dividend policy is likely to remain stable and aligned with the parent’s cash needs. The key risk is that sustained margin compression could eventually pressure the payout ratio.

What to Watch

• Full-year 2026 audited financial statements and the board’s proposed 2026 dividend plan.
• H2 2026 revenue and net profit, to see whether H1 margin compression persists.
• Any change in Điện lực Gelex’s 46.9% ownership stake or related-party transactions.
• Power sector capex announcements from EVN and related grid investment plans that could drive transformer orders.
• Liquidity and price action on UPCOM around the September 16 ex-date.