THN Sets Record 13.35% Cash Dividend, Record Date Aug 21

Overview

Thanh Hoa Water Supply JSC (THN) has announced a record cash dividend of 13.35% for the fiscal year 2025, with the record date set for August 21, 2026. The company will pay VND 1,335 per share, totaling approximately VND 44 billion. This marks the highest payout ratio in the company’s history, and it comes alongside a wave of insider buying by senior executives.

Key Facts

• Dividend rate: 13.35% (VND 1,335 per share) for fiscal year 2025.
• Record date: August 21, 2026; ex-rights date: August 20, 2026; payment date: August 28, 2026.
• Total payout estimated at VND 44 billion based on nearly 33 million outstanding shares.
• Historical dividend range (2020-2024): 6-10% per year; 2025 and 2026 both above 13%.
• Three executives registered to buy shares: Vice General Director Lê Văn Quý (50,000 shares), Vice General Director Nguyễn Huy Trường (11,800 shares), and Chief Accountant Nguyễn Thị Nga (60,000 shares).
• Trading window for insider purchases: August 6 to September 3, 2026, via negotiated deals.
• Q2 2026 net revenue: nearly VND 134 billion (+11% YoY); pre-tax profit: nearly VND 20 billion (flat YoY).
• H1 2026 net revenue: VND 248 billion (+9% YoY); pre-tax profit: nearly VND 32 billion (+3% YoY).

What Happened

Thanh Hoa Water Supply JSC (THN) announced on its corporate disclosure that it will pay a cash dividend for 2025 at a rate of 13.35%, or VND 1,335 per share. The record date is August 21, 2026, with the ex-rights date on August 20 and payment scheduled for August 28. This is the highest dividend rate in the company’s history, surpassing the 6-10% range maintained from 2020 to 2024.

In a related development, three senior executives—Vice General Director Lê Văn Quý, Vice General Director Nguyễn Huy Trường, and Chief Accountant Nguyễn Thị Nga—registered to buy THN shares during the period from August 6 to September 3, 2026. The transactions will be executed via negotiated deals, with the executives purchasing 50,000, 11,800, and 60,000 shares, respectively.

The company’s Q2 2026 financial results show net revenue of nearly VND 134 billion, up 11% year-on-year, while pre-tax profit remained nearly flat at VND 20 billion. For the first half of 2026, net revenue reached VND 248 billion (+9% YoY) and pre-tax profit was nearly VND 32 billion (+3% YoY).

Market Context

THN is listed on the HNX. The stock closed at VND 5,300 on July 28, 2026, implying a dividend yield of approximately 25% based on the announced cash dividend. The company operates in the utilities sector, specifically water supply, which is generally considered defensive. The record dividend and insider buying come amid a stable operational performance, with revenue growth in the low double digits but profit growth lagging due to flat margins.

Strategic Significance

The record dividend signals management’s confidence in the company’s cash flow generation and future prospects. The decision to increase the payout ratio from the historical 6-10% range to over 13% for two consecutive years suggests a deliberate capital allocation policy shift, possibly reflecting lower capex needs or a desire to reward shareholders. The concurrent insider buying by key executives reinforces this positive signal, as it aligns management’s interests with those of minority shareholders. For long-term investors, THN offers a high dividend yield in a defensive sector, but the flat profit growth warrants attention to cost management and operational efficiency.

What to Watch

• Completion of the dividend payment on August 28, 2026, and the actual execution of insider purchases by September 3.
• Q3 2026 earnings release (expected late October) to see if revenue growth translates into profit growth.
• Any changes in dividend policy for fiscal year 2026, as the company has already indicated a payout above 13%.
• Regulatory or tariff adjustments in the water sector that could impact THN’s revenue and margins.
• Foreign ownership levels and any significant share transactions by major shareholders.