VSH Sets 10% Cash Dividend for 2026 Tranche 2, Pays 30 November

Overview

Thủy điện Vĩnh Sơn - Sông Hinh (VSH, HOSE) has approved a second 2026 cash dividend tranche of 10%, equal to VND 1,000 per share, with a record date of 16/11/2026 and payment on 30/11/2026. The distribution totals roughly VND 236.2B and follows a 15% first tranche paid in September, even as Q3/2026 net profit fell 42.8% year-on-year on El Nino-driven weak water flows.

Key Facts

• Dividend rate: 10% cash, or VND 1,000 per share, for tranche 2 of the 2026 advance.
• Record date: 16/11/2026; payment date: 30/11/2026.
• Total outlay: approximately VND 236.2B on more than 236.2 million shares outstanding.
• Prior tranche: 15% (VND 1,500 per share), paid 8/9/2026, totaling close to VND 354.4B.
• Q3/2026 net profit: VND 120.8B, down 42.8% YoY; revenue VND 419B, down 24.6%.
• Commercial power output fell 43.9% YoY; gross margin narrowed to 45.8% from 52.8%.
• Major holders: REE Energy (52.58%, ~124.2 million shares) and Phát điện 3 (PGV, 30.55%, ~72.2 million shares).

What Happened

According to a Board of Directors resolution disclosed by the company, Thủy điện Vĩnh Sơn - Sông Hinh will close its shareholder list on 16/11/2026 to pay a second 2026 cash dividend advance at a rate of 10%. Holders of one share receive VND 1,000, and payment is scheduled for 30/11/2026. With more than 236.2 million shares outstanding, the company expects to disburse approximately VND 236.2B.

The payout lands against a weaker operating backdrop. In its Q3/2026 financial statements, VSH reported net revenue of more than VND 419B, down 24.6% YoY, which the company attributed to El Nino reducing reservoir inflows and cutting commercial power output by 43.9%. Gross profit fell 34.6% to nearly VND 192B and gross margin slipped to 45.8%. Net profit came in at VND 120.8B, down 42.8%. For the first nine months of 2026, revenue reached VND 1,613.3B (-4.1%) and after-tax profit VND 628.2B (-2.8%), already 7.6% above the full-year plan of VND 583.8B.

Market Context

VSH closed at VND 41,300 on 29/10/2026 on HOSE. At that price the 10% tranche equates to roughly 2.4% of the share price, on top of the 15% first tranche paid in September. The stock sits in the Utilities sector alongside its two largest shareholders, REE (HOSE, close VND 45,500) and PGV (HOSE, close VND 20,800), both of which receive proportional cash. Hydropower names on the Vietnamese exchange have faced a soft 2026 hydrological cycle, and VSH’s revenue decline is consistent with the sector-wide pattern of lower reservoir levels during El Nino conditions.

Strategic Significance

For long-term holders, the key question is whether VSH can sustain its combined 25% cash distribution for 2026 while hydrology weighs on earnings. The company has already exceeded its full-year profit plan after nine months, which supports the payout, but the Q3 contraction shows how quickly El Nino can compress cash generation. The high ownership concentration - REE Energy at 52.58% and PGV at 30.55% - means roughly 83% of the dividend flows to two listed parents, tying VSH’s distribution policy to the cash needs of REE and PGV rather than to minority shareholders alone. The balance sheet remains asset-heavy, with fixed assets at 84.1% of the VND 7,716.4B total, leaving limited flexibility if dry conditions persist into 2027.

What to Watch

• Q4/2026 and full-year 2026 results, and whether the company meets or exceeds its VND 583.8B profit plan.
• Reservoir inflow and rainfall data for the central highlands through the remainder of the 2026 wet season.
• Any third 2026 dividend tranche or 2027 payout policy from the Board of Directors.
• REE and PGV disclosures on dividend income recognition in their Q4/2026 filings.
• Foreign-ownership and shareholder-structure filings around the 16/11/2026 record date.