VSH Sets May 14 Record Date for 5% Cash Dividend, Completing 35% Payout for 2025

Overview

Vinh Son - Song Hinh Hydropower Joint Stock Company (VSH, HOSE) has announced a record date of May 14, 2026 for the fourth cash dividend payment of 2025 at a 5% rate (VND 500 per share), completing the full-year 35% cash dividend plan. The payment will be made on May 29, 2026. Despite the generous payout, the company’s 2026 business plan projects a significant decline in revenue and profit, reflecting lower expected hydropower output.

Key Facts

• Record date for the 5% cash dividend (fourth installment of 2025) is May 14, 2026; payment date is May 29, 2026.
• Dividend rate: 5% (VND 500 per share).
• Total disbursement for this installment: approximately VND 118.1 billion, based on 236.2 million outstanding shares.
• Full-year 2025 cash dividend totals 35% (VND 3,500 per share), already paid in four installments.
• Major shareholder REE (via its subsidiary) holds 52.58% of VSH, equivalent to 124.2 million shares, and will receive about VND 62.1 billion in this dividend round.
• PGV (Power Generation Corporation 3) holds 30.55% of VSH, or 72.2 million shares, and will receive approximately VND 36.1 billion.
• 2026 business plan: revenue of VND 1,886.5 billion (-19.7% vs. 2025), net profit of VND 583.8 billion (-32.3%).
• 2026 expected electricity output: 1.9 million kWh (production, -19%) and 1.92 million kWh (commercial, -19.3%).

What Happened

Vinh Son - Song Hinh Hydropower (VSH) announced the final registration date for the fourth cash dividend payment of 2025, completing the 35% total dividend approved at the Annual General Meeting of Shareholders held on March 26, 2026. The company had previously made three interim dividend payments totaling 30%. The final 5% installment will be paid on May 29, 2026 to shareholders on record as of May 14.

The company also disclosed its 2026 business plan, which was approved at the same AGM. Management forecasts a 19.7% drop in revenue to VND 1,886.5 billion and a 32.3% decline in net profit to VND 583.8 billion, citing lower expected hydropower generation due to hydrological conditions. The planned production output of 1.9 million kWh represents a 19% decrease from 2025 actuals.

Market Context

VSH shares closed at VND 66,000 on April 10, 2026, up 0.46% with volume of 861,800 shares on HOSE. The stock has been supported by the high dividend yield (35% cash dividend implies a yield of approximately 5.3% at current price). However, the 2026 guidance suggests a sharp earnings contraction, which may pressure valuations. The hydropower sector in Vietnam is sensitive to weather patterns, and VSH’s forecast reflects expectations of less favorable hydrology. REE and PGV, as major shareholders, will benefit from the dividend but face reduced earnings contributions from VSH in 2026.

Strategic Significance

VSH’s high dividend payout (35% of par value) underscores its cash-generating ability and commitment to shareholder returns, typical of mature hydropower assets. However, the projected 32% profit decline for 2026 highlights the inherent volatility of hydropower earnings tied to rainfall and reservoir levels. For long-term investors, the key question is whether the 2026 guidance is conservative or reflects a structural decline in output. The company’s reliance on natural water flows means earnings can rebound quickly in a wet year. The dividend policy, if sustained, provides a floor for income-oriented investors, but the earnings outlook warrants caution.

What to Watch

• Actual 2026 quarterly earnings releases to compare against the guidance.
• Hydrological data and reservoir levels in the Vinh Son - Song Hinh catchment area.
• Any updates on VSH’s maintenance or capacity expansion plans.
• Dividend policy for 2026: whether the company maintains a high payout ratio despite lower earnings.
• Share price reaction of REE and PGV to the dividend announcement and VSH’s 2026 outlook.