On Wednesday morning, November 4, anyone holding PC1 shares will open their account and see a reference price about 13% below the previous close. No sell order caused the gap. It is the ex-dividend day for PC1's 2025 stock dividend at a 15% rate, and the price is adjusted to make room for the new shares on their way.
Put simply: you have not lost money, and you have not gained any. This piece follows the calendar of an investor holding 100 PC1 shares, from the last session that carries the entitlement to the day the new shares arrive. What really changes after the payout comes at the end.
What this payout is
PC1 Group JSC (ticker PC1, HoSE) has announced a record date of November 5, 2026 for issuing shares in payment of its 2025 dividend. According to CafeF, the company will issue nearly 61.7 million shares, equal to 15% of shares outstanding.CafeF The ratio is 100:15: every 100 shares held earns 15 new ones.
At the par value of VND 10,000, the issue is worth nearly VND 617 billion, funded from undistributed after-tax profit in the audited 2025 financial statements. Once issued, PC1's charter capital rises from nearly VND 4,113 billion to nearly VND 4,730 billion.CafeF Per the board resolution, PC1 has nearly 411.3 million shares outstanding and no treasury shares.Người Quan Sát
Milestone one: Tuesday, November 3
The exchange's event calendar lists the ex-dividend date as Wednesday, November 4, one business day before the November 5 record date. That makes the November 3 session the last one in which a buyer of PC1 is still on the list for the new shares.
The reason is T+2 settlement. Shares bought on November 3 settle on November 5, the record date, so the buyer is on the list. Shares bought on November 4 settle on November 6, after the record date, so that buyer misses the 15%. The same logic works in reverse: someone who already held PC1 and sells on November 4 is still on the November 5 list, because the shares sold that day have not yet left the account. They still receive the new shares.
Milestone two: the morning of November 4, price divided by 1.15
The ex-dividend reference price is the November 3 closing price divided by 1.15, that is, divided by (1 + 15%). The November 3 session has not happened, so there is no official figure yet. As an illustration, take PC1's latest close of VND 18,500 on October 30. If November 3 closes at the same level, the November 4 reference price comes to about VND 16,087 before rounding (Investify calculation).
The roughly 13% gap comes from the arithmetic: 1 minus 1/1.15 is about 13.04%, whatever the November 3 close turns out to be. For a holder of 100 shares, the total value works out like this:
- Before adjustment: 100 shares × VND 18,500 = VND 1,850,000.
- After adjustment, with the new shares counted: 115 shares × about VND 16,087 ≈ VND 1,850,000.
Total value at the moment of adjustment is unchanged. From the November 4 session, trading prices move with supply and demand like any other day, and that is the part of your account that really changes.
One detail can cause a scare. Between November 4 and the day the new shares arrive, many brokerage apps still show 100 shares times the adjusted price, so the portfolio looks about 13% lighter. The rest usually sits under a "pending entitlement" line. Add it back and the account returns to where it stood before the adjustment. Buyers from November 4 lose nothing either: they miss the 15 new shares, but they buy at a price level already divided by 1.15.
Milestone three: Thursday, November 5, the record date
On November 5, the Vietnam Securities Depository and Clearing Corporation (VSDC) compiles the list of eligible shareholders. New shares are distributed directly to those on the list, under the board resolution implementing the plan.Người Quan Sát
Each holder's entitlement is rounded down to a whole share, and fractions are cancelled. A holder of 150 shares is entitled to 22.5 and receives 22. A holder of 101 shares is entitled to 15.15 and receives 15. For a small account, the amount cancelled never exceeds one share.
Milestone four: new shares reach the account
After distribution, PC1 completes supplementary share registration at VSDC and a supplementary listing on HoSE, according to the published plan.Người Quan Sát The new shares can only be sold once listed, so recipients should wait for PC1's trading-date announcement before planning to sell them.
What the large shareholders receive
According to CafeF, as of June 30, 2026, Mr. Trịnh Văn Tuấn, former Chairman of the Board of PC1 Group JSC, held 87.94 million shares.CafeF Ms. Trịnh Khánh Linh, Chair of the Board of PC1 since July 24, 2026, owns 4 million shares.CafeF The CII group, made up of CII Invest (a CII subsidiary) and related parties, holds 58.45 million shares, or 14.21% of PC1, after CII Invest reported buying another 500,000 shares on September 30, 2026.CafeF
If none of them trades before the record date, the 100:15 ratio gives Mr. Tuấn about 13.19 million new shares, the CII group about 8.77 million (lifting its total to about 67.22 million), and Ms. Linh 600,000 (Investify calculation). The CII group's stake stays around 14.21% after the payout, because every shareholder receives an extra 15% of what they already hold.
What really changes after the payout
The payout moves no cash out of PC1. Roughly VND 617 billion shifts from the undistributed-profit line to the charter-capital line on the balance sheet. Total equity is unchanged, and so are the company's cash and assets. Shareholders are neither richer nor poorer at the adjustment.
What changes is the share count, from nearly 411.3 million to about 473 million, up 15% (Investify calculation). From here on, each dong of PC1's profit is spread across more shares. To see the effect with the latest results: per the Q3 2026 consolidated statements, profit attributable to parent-company shareholders for the first nine months was VND 569 billion, up 14% year on year.CafeF Divided by nearly 411.3 million shares, that is about VND 1,383 per share. Divided by about 473 million shares after the payout, it drops to about VND 1,203. This is an illustrative division, not official earnings per share (EPS). It shows that EPS and per-share valuation metrics such as P/E must be recalculated on the new share count to be comparable with earlier figures.
PC1's results this year also point in two directions and should be read together. In Q3, consolidated profit after tax was VND 416.35 billion, up 5.6% year on year, while revenue fell 20.1% to VND 2,619.29 billion. Gross margin rose from 20.8% to 27.6%. For the first nine months, consolidated profit after tax reached VND 893.95 billion, up 27%.Tin nhanh chứng khoán Profit attributable to parent-company shareholders in Q3 alone was nearly VND 258 billion, down 14%.CafeF
The takeaway: PC1's stock dividend is an accounting step. Account value is unchanged at the adjustment, and it is not a reason to buy more or to sell. The value of the shares still rests on the profit the company earns across the new share count.
Checklist for the week
- November 3 is the last session in which buying still earns the new shares. Buying from November 4 carries no entitlement, and the purchase price is already adjusted.
- On the morning of November 4, the reference price is the November 3 close divided by 1.15. To compare with before, multiply your share count by 1.15, then by the new price.
- Between November 4 and the arrival of the new shares, check the "pending entitlement" line in your brokerage app instead of looking only at total portfolio value.
- When reading EPS and P/E after the payout, use about 473 million shares instead of 411.3 million.
The date the new shares begin trading will be in PC1's announcement once supplementary registration at VSDC and supplementary listing on HoSE are completed.