TMG Hits Ceiling on Q3/2026 Profit Surge, 30% Cash Dividend

Overview

Kim loại màu Thái Nguyên – Vimico (ticker TMG, UPCOM) closed limit-up at VND 74,700 on 19 October 2026 after reporting Q3/2026 after-tax profit of VND 67B, four times the year-earlier figure, and announcing a 30% cash dividend. The result was driven by higher selling prices for zinc, lead concentrate and sulfuric acid, and lifts parent Tổng công ty Khoáng sản TKV – CTCP (Vimico, ticker KSV), which holds 51% of TMG.

Key Facts

• Q3/2026 net revenue of VND 443B, up 69% year on year; gross profit near VND 106B, roughly triple the prior-year period.
• Gross margin improved to 23.9% from 12.7%; after-tax profit reached VND 67B, four times Q3/2025.
• Selling prices rose sharply: zinc ingot +34%, lead concentrate +52%, sulfuric acid +259% versus the same period last year.
• 9M/2026 revenue of VND 1,164B (+33.5%), pre-tax profit VND 186B (+186%) and after-tax profit VND 149B (+187%).
• Cash dividend of 30% (VND 3,000 per share); record date 22 October 2026, ex-date 21 October, payment expected 30 October 2026, total outlay about VND 54B.
• Vimico (KSV) holds 9.18 million TMG shares, or 51% of charter capital, and is set to receive VND 27.54B of the dividend.
• Total assets stood at VND 769B at 30 September 2026 (+22% year to date); financial debt fell to VND 44B from VND 83B at the start of the year.

What Happened

TMG published its Q3/2026 financial statements showing net revenue of VND 443B, up 69% year on year. Cost of goods sold rose 48%, slower than revenue, lifting gross profit to almost VND 106B and expanding the gross margin from 12.7% to 23.9%. After expenses, pre-tax profit came in at VND 84B and after-tax profit at VND 67B, four times the prior-year quarter.

In its filing explanation, the company attributed the profit jump mainly to higher selling prices for its core products: zinc ingot up 34%, lead concentrate up 52% and sulfuric acid up 259% versus the same period last year. Separately, TMG announced a 30% cash dividend for 2026, equal to VND 3,000 per share, with 22 October 2026 as the record date and payment scheduled for 30 October 2026. With charter capital of VND 180B, or 18 million shares outstanding, the payout totals roughly VND 54B.

Market Context

TMG closed at VND 74,700 on 19 October 2026, up 15% or VND 9,700 per share, its highest level in more than seven months, taking market capitalization to about VND 1,345B (roughly USD 53.8M). The move came against a weak broader market and followed 14 consecutive sessions with no liquidity; only 1,400 shares changed hands on the day. Parent KSV closed at VND 117,900 on the same date. TMG trades on UPCOM, where thin free floats and wide price bands can amplify moves on news.

Strategic Significance

The thesis for TMG rests on commodity-price leverage rather than volume growth: a 34% rise in zinc and a 52% rise in lead concentrate prices flowed almost directly to gross margin because input costs rose far more slowly. The balance sheet supports this, with financial debt nearly halved to VND 44B and cash plus near-term investments of about VND 214B, leaving room to fund the VND 54B dividend from internal resources. The 51% Vimico stake ties TMG’s dividend policy to TKV’s cash needs, making the payout a recurring signal of upstream mineral policy rather than a one-off. The key risk is that earnings are highly sensitive to zinc and lead prices, which the company does not control.

What to Watch

• Zinc and lead concentrate price trends on the LME and Shanghai markets through Q4/2026.
• The 30 October 2026 dividend payment date and confirmation that VND 54B is disbursed as scheduled.
• Any Q4/2026 or full-year 2026 guidance from TMG or parent Vimico (KSV).
• Liquidity on UPCOM: whether trading volume recovers from the 1,400-share session on 19 October.
• Sulfuric acid price movements, given the 259% year-on-year increase in the quarter.