CPH Stock: Hai Phong Funeral Services Declares Cash Dividend 6.7x Market Price

Overview

Hai Phong Funeral Services (CPH), the only listed company in Vietnam’s funeral services sector, has announced a cash dividend for 2025 at 20.22% (2,022 VND/share), with an ex-date of May 12, 2026. The dividend yield is 6.7 times the current market price of 300 VND/share, highlighting the stock’s extreme valuation anomaly due to thin liquidity and concentrated ownership.

Key Facts

• Cash dividend for 2025: 20.22% (2,022 VND/share).
• Ex-date: May 12, 2026; record date: May 13, 2026.
• Current market price: approximately 300 VND/share.
• Dividend yield relative to market price: 6.7x.
• Outstanding shares: 4.4 million; total dividend payout: nearly VND 9 billion.
• Major shareholders: Hai Phong City People’s Committee (64.5%), Hoang Phat Construction and Trade Investment Co., Ltd. (10%), Chairman Nguyen Hong Le (5.33%).
• 2026 business plan: total revenue VND 130 billion (-16% YoY), net profit VND 10 billion (-9% YoY); proposed cash dividend for 2026: 18.18%.

What Happened

Hai Phong Funeral Services (CPH) announced the record date for its 2025 cash dividend payment. Shareholders on record as of May 13, 2026, will receive 2,022 VND per share, representing a 20.22% dividend rate. The company expects to disburse nearly VND 9 billion for this dividend.

CPH was converted from a 100% state-owned limited liability company to a joint-stock company in June 2015, with the Hai Phong City People’s Committee retaining a 64.5% stake. The company provides funeral services, cemetery management, and related services. Despite consistent profitability and a history of high cash dividends over the past decade, CPH shares trade at a mere 300 VND due to extremely low liquidity on the UPCoM exchange.

Market Context

CPH is listed on the UPCoM exchange and is the only listed company in Vietnam’s funeral services sector. The stock has virtually no liquidity, with the price stagnant at 300 VND/share for an extended period. The concentrated ownership structure (over 64% held by the state) and small free float contribute to the lack of trading activity. The 2025 dividend announcement does not appear to have affected the stock price, which remains at 300 VND.

Strategic Significance

For long-term investors, CPH represents a unique case of a stable, cash-generating business with a near-monopoly position in its local market. The company’s consistent dividend policy (15-20% annually) and state backing provide income predictability. However, the extreme valuation anomaly (dividend yield exceeding 600%) is primarily a function of illiquidity and the inability of minority shareholders to realize capital gains. The stock’s price is unlikely to converge to fundamental value unless there is a change in ownership structure or a corporate event that unlocks liquidity.

What to Watch

• Any change in the state’s ownership stake or potential privatization plans.
• Q1 2026 earnings release to assess whether the 2026 profit target is achievable.
• Trading volume and price movements around the ex-date (May 12, 2026).
• Announcement of any special dividends or share buybacks.
• Regulatory changes affecting the funeral services sector in Hai Phong.