PAN Group AGM Approves 30% Cash Dividend, 20% Stock Dividend for 2026

Overview

PAN Group (HOSE: PAN) held its 2026 Annual General Meeting on April 21, where shareholders approved a 30% cash dividend for 2026, the highest in 18 years, and a new proposal for a 20% stock dividend. The generous payout follows a VND 2,630 billion gain from the sale of Bibica, which boosted Q1 2026 net profit to VND 1,094 billion, up 40x year-on-year.

Key Facts

• PAN Group’s AGM approved a 30% cash dividend (VND 3,000 per share) for 2026, totaling approximately VND 627 billion.
• The board also proposed a 20% stock dividend from retained earnings.
• Q1 2026 after-tax profit of the parent company reached VND 1,094 billion, up 40x YoY, completing 87.5% of the full-year plan.
• The cash dividend is the highest rate in PAN’s 18-year history.
• PAN held VND 2,056 billion in cash after the Bibica sale to Momogi Group Vietnam.
• 2026 consolidated revenue target is VND 18,000 billion (+2% YoY); net profit target is VND 1,780 billion.
• The board also proposed adding real estate as a new business line to utilize land holdings.

What Happened

At the April 21 AGM, PAN Group Chairman Nguyen Duy Hung announced a new proposal for a 20% stock dividend alongside the previously disclosed 30% cash dividend. The cash dividend, equivalent to VND 3,000 per share, will distribute about VND 627 billion to shareholders. This is the highest dividend rate in the company’s 18-year history.

The strong dividend follows the successful sale of PAN’s entire stake in Bibica and Bibica Capital to Indonesia’s Momogi Group Vietnam, which generated total proceeds of VND 2,630 billion. As a result, Q1 2026 parent-company net profit surged to VND 1,094 billion, up 40x from the same period last year and already achieving 87.5% of the full-year profit target.

Market Context

PAN shares closed at VND 32,000 on April 10, unchanged from the prior session, with low volume of 408,300 shares. The stock has been under pressure as the market digests the Bibica divestment and the shift in business focus. The dividend announcement may provide support, but the removal of Bibica’s packaged food revenue raises questions about future growth drivers. PAN trades on HOSE.

Strategic Significance

The Bibica sale marks a strategic pivot for PAN, which is now focusing on its core agricultural and seafood ecosystem. The company expects growth from other subsidiaries to offset the lost revenue from Bibica. The addition of real estate as a new business line suggests PAN may monetize its land bank, potentially creating a new earnings stream. The high dividend payout signals management’s confidence in near-term cash flows and commitment to shareholder returns.

What to Watch

• Q2 2026 earnings report to assess organic growth from remaining subsidiaries.
• Details on the real estate business plan and land bank valuation.
• Execution of the 20% stock dividend and its impact on share liquidity.
• Any further M&A or divestment activity as PAN reshapes its portfolio.
• Foreign ownership trends following the dividend announcement.