TDW Appoints Nguyen Thi Kieu Nguyet as Chairwoman of Thu Duc Water

Overview

Thu Duc Water (HOSE: TDW) has elected Nguyen Thi Kieu Nguyet, previously a board member, as Chairwoman of the Board of Directors for the remainder of the 2022-2027 term, effective 18 September 2026. She replaces Vu Phuong Thao, who ceased to be a board member and chairwoman on the same date under a resolution of an extraordinary 2026 general meeting of shareholders. The change lands alongside a 3% cash dividend and reviewed H1 2026 results showing net profit up nearly 15% year-on-year.

Key Facts

• Board Resolution No. 45/NQ-CNTD-HDQT dated 18 September 2026 elected Nguyen Thi Kieu Nguyet as Chairwoman for the remaining 2022-2027 term.
• Vu Phuong Thao ceased to be a board member and chairwoman effective 18 September 2026, per an extraordinary 2026 shareholders’ meeting resolution.
• Cash dividend of 3% of par value, or VND 300 per share, paid from accumulated undistributed profit from 2024 and earlier.
• Record date for the dividend is 30 September 2026; payment date is 15 October 2026.
• H1 2026 reviewed revenue exceeded VND 691 billion, up nearly 4% year-on-year.
• Total costs rose nearly 3% to almost VND 653 billion, with cost of goods sold near VND 440 billion, up nearly 3%.
• H1 2026 net profit reached almost VND 31 billion, up nearly 15% year-on-year.

What Happened

In a filing disclosed as an unusual information announcement on personnel matters, Thu Duc Water said its board passed Resolution No. 45/NQ-CNTD-HDQT on 18 September 2026 electing Nguyen Thi Kieu Nguyet, a sitting board member, as Chairwoman. The appointment runs for the balance of the 2022-2027 term. Vu Phuong Thao’s removal from both the board and the chairmanship took effect the same day and was carried out under a resolution of the company’s extraordinary 2026 general meeting of shareholders. The filing does not disclose the reason for the change or any transaction value.

Separately, the company set 30 September 2026 as the record date for a cash dividend drawn from accumulated undistributed profit from 2024 and earlier. The payout is 3% of par value, equal to VND 300 per share, with payment scheduled for 15 October 2026. In its reviewed H1 2026 financial statements, Thu Duc Water reported revenue above VND 691 billion, up nearly 4% year-on-year, and total costs of almost VND 653 billion, up nearly 3%. Cost of goods sold accounted for close to VND 440 billion, rising nearly 3%, mainly because wholesale clean water purchases from the parent corporation increased more than 4% versus H1 2025. After taxes and fees, net profit came in at almost VND 31 billion, up nearly 15% year-on-year.

Market Context

TDW trades on the HOSE and closed at VND 46,800 on 16 September 2026, two days before the leadership change took effect. The stock sits in the water utilities segment, where revenue is anchored to regulated distribution volumes and wholesale supply costs from the parent corporation. The H1 result shows the operating leverage typical of the sector: revenue growth of nearly 4% translated into net profit growth of nearly 15% because cost growth of roughly 3% lagged the top line. The 3% cash dividend, sourced from pre-2025 retained earnings rather than current-year profit, is modest relative to the share price but consistent with the steady payout profile of listed water distributors.

Strategic Significance

The chairmanship transition matters less for near-term earnings than for continuity of strategy. Nguyen Thi Kieu Nguyet moves from board member to chair, suggesting an internal succession rather than an external reset, which reduces the risk of a shift in dividend policy or capital allocation. For long-term holders, the core thesis rests on the spread between wholesale water purchase costs and billed distribution tariffs. H1 2026 showed that spread widening: wholesale costs rose more than 4% while total costs rose only about 3%, and net margin expanded accordingly. The dividend, funded from pre-2025 retained earnings, signals that the board sees the accumulated profit pool as distributable without straining operating cash flow. The key vulnerability remains dependence on the parent corporation’s wholesale pricing, which the company cannot control.

What to Watch

• Q3 2026 business results, to test whether the H1 net margin expansion holds as wholesale purchase costs rise.
• Disclosure of any further board or senior management changes following the extraordinary 2026 shareholders’ meeting.
• Dividend payment execution on 15 October 2026 and any subsequent 2026 payout plan from current-year profit.
• Updates on wholesale clean water pricing from the parent corporation, the largest single cost driver.
• Any revision to distribution tariffs or volume targets from municipal authorities in Ho Chi Minh City.