TJC Surprises with 90% Cash Dividend of 9,000 VND/Share in May 2025

Overview

TJC (Transport and Commercial Services JSC) has announced a cash dividend of 9,000 VND per share (90% ratio) payable in May 2025, reversing an earlier no-dividend plan approved by shareholders. This is the highest dividend in the company’s history and comes after a strong 2025 financial performance.

Key Facts

• TJC will pay a cash dividend of 9,000 VND/share (90% ratio) with the record date on May 4, 2025, and payment on May 19, 2025.
• The total payout is estimated at nearly VND 77 billion based on 8.6 million outstanding shares.
• The dividend is a surprise as the original plan approved by the AGM was no dividend.
• This is the highest dividend in TJC’s history; previous cash dividends were around 10% annually, with a peak of 20% in 2008.
• TJC’s 2025 net profit reached VND 4.31 billion, up 100% year-on-year and exceeding the plan by 48%.
• Revenue in 2025 was nearly VND 4 billion, up 16% year-on-year; financial income was about VND 7 billion, up nearly 4%.
• For 2026, TJC targets net profit of VND 2.6 billion and a dividend of 15%.

What Happened

TJC (Transport and Commercial Services JSC) announced a cash dividend of 9,000 VND per share (90% ratio) for 2025, with the record date set for May 4, 2025, and payment on May 19, 2025. This move is unexpected because the original plan approved by the Annual General Meeting (AGM) was to not pay a dividend. The company will distribute nearly VND 77 billion to shareholders.

The decision is supported by TJC’s strong 2025 financial results. Net profit after tax reached VND 4.31 billion, doubling from the previous year and exceeding the target by 48%. Revenue grew 16% to nearly VND 4 billion, while financial income rose nearly 4% to about VND 7 billion. The company’s historical dividend practice has been conservative, with cash dividends typically around 10% per year, and the highest prior record was 20% in 2008.

Market Context

TJC shares have experienced a sharp rally, doubling in price over the past month, with significantly improved liquidity. However, the stock is currently under correction pressure around VND 26,500 per share. TJC is listed on the UPCOM exchange and operates in the logistics and maritime transportation sector. The surprise dividend announcement may provide support to the stock price, but the recent run-up suggests some profit-taking.

Strategic Significance

The decision to pay a 90% cash dividend, reversing a no-dividend plan, signals management’s confidence in the company’s cash position and future earnings. It also reflects a shareholder-friendly approach, potentially attracting income-focused investors. However, the high payout ratio may limit retained earnings for future growth, especially given the modest 2026 profit target of VND 2.6 billion. The company’s core business remains small, with revenue of only VND 4 billion in 2025, and the dividend payout is largely funded by financial income and accumulated profits.

What to Watch

• TJC’s 2026 first-quarter earnings report to assess whether the strong performance is sustainable.
• The company’s ability to maintain or grow revenue from its core maritime transport and logistics services.
• Any further announcements regarding capital allocation or investment plans.
• The stock’s price reaction after the ex-dividend date and potential foreign ownership changes.
• Updates on the company’s 2026 dividend policy and whether the 15% target is maintained.