FPT Telecom (ticker FOX, listed on UPCoM) has announced a plan to issue more than 110.8 million bonus shares at a ratio of 100:15, with a record date of December 10, 2026.Tin nhanh chứng khoán That is also the record date for the 2025 cash dividend the company had already approved.Người Quan sát
Two entitlements on one record date means a FOX holder receives cash and new shares together. On the ex-rights day, the reference price is therefore recalculated once for both. For newer investors this is the most alarming session: the price on the board is far below the day before, yet nobody has sold a single share.
This post follows the calendar of someone holding FOX, from before the ex-rights day to the moment cash and shares reach the account.
The two payouts a holder receives
The first is cash. FPT Telecom pays its 2025 dividend in cash at 20%, or VND 2,000 per share, expected to be paid on December 29, 2026.Tin nhanh chứng khoán Dividends count as investment income, so resident individuals pay 5% personal income tax, withheld before the money reaches the account.For every 100 FOX shares, the pre-tax dividend is VND 200,000. After 5% tax, the holder receives VND 190,000.
The second is bonus shares. A 100:15 ratio means every 100 shares on the December 10 register earn 15 new shares. Fractions are rounded down to the nearest whole share and the decimal part is cancelled.Tin nhanh chứng khoán Someone with 150 shares gets 22 new shares, not 22.5.
After both payouts, 100 original shares come with VND 190,000 in cash after tax and 115 shares in the account.
The ex-rights session: subtract the dividend, then divide
Under UPCoM trading rules, the normal reference price is the volume-weighted average price of round-lot matches in the previous session.MBS On the ex-rights day, that price is adjusted to reflect the value that has been split off the share.
When cash and bonus shares share one record date, the calculation has two steps. First, subtract the VND 2,000 dividend, because buyers from this session on no longer receive it. Second, divide the result by 1.15, because the same slice of company value is now spread across 15% more shares.
Take a hypothetical price. On November 9, FOX closed at VND 53,700. If the price before the ex-rights session were exactly that, the new reference price would be (53,700 − 2,000) / 1.15, about VND 44,957, then rounded to the price step. The board price would be roughly VND 8,743 lower, nearly 16.3%. This is an illustration only. The real figure depends on trading in the session before the ex-rights day, about a month away.
That drop is not a loss. Add up the account of someone with 100 shares at the same hypothetical price:
- Before the adjustment: 100 shares times VND 53,700, a total of VND 5,370,000.
- After the adjustment: 115 shares times about VND 44,957, roughly VND 5,170,000, plus VND 200,000 in pre-tax dividend, still VND 5,370,000 in total.
The only gap is VND 10,000 of personal income tax on the cash dividend. On the adjustment day, total holdings value neither grows nor shrinks. It only changes form: part sits in shares, part is waiting to arrive as cash.
One point trips up newcomers. In the weeks between the ex-rights day and the day bonus shares arrive, many brokerage apps show only 100 shares at the adjusted price. The dividend and the 15 bonus shares are recorded as pending entitlements, so the account value on screen looks lower than reality.
Who gets what
Entitlement is set by the shareholder register on the December 10 record date. Shares bought need two business days to settle, so the ex-rights day is normally the session right before the record date. This year December 10 falls on a Thursday. Under that rule, the ex-rights session would be Wednesday, December 9, and Tuesday, December 8 would be the last session in which buying FOX still earns both payouts.
That leaves two groups of investors in different positions:
- Holders through the record date receive the full VND 2,000 per share (pre-tax) and 15 new shares per 100 held. Selling from the ex-rights session onward does not forfeit either entitlement.
- Buyers from the ex-rights session onward buy at the adjusted price and receive neither payout. They lose nothing, since the price they pay already has that value taken out.
Put simply, buying FOX right before the record date just to "collect" the dividend and bonus shares does not create an automatic profit. What arrives is offset by the adjusted price, and cash recipients also pay 5% tax.
How the cash splits across shareholders
With nearly 738.8 million shares outstanding, FPT Telecom expects to pay about VND 1,477.5 billion for the cash dividend.Tin nhanh chứng khoán Ownership is highly concentrated. As of September 30, 2026, the Ministry of Public Security held 50.17% and expects over VND 741.3 billion. FPT Corporation held 45.66% and expects about VND 674.6 billion. The remainder, about 4.17% of capital or roughly VND 61.6 billion (derived from the three figures above), belongs to other shareholders, including retail investors.
According to Người Quan sát, on October 23 the Ministry of Public Security transferred the right to represent the state-owned stake in FPT Telecom to Global Industrial Technology Corporation (GTINX).Người Quan sát The official shareholder list on December 10 will show which entity receives this dividend.
Bonus shares bring no new money into the company
The two payouts mean different things for the company itself.
The cash dividend is real money leaving the business, about VND 1,477.5 billion. FPT Telecom has room to pay it: as of September 30, 2026, its short-term held-to-maturity investments stood at more than VND 15,570 billion, nearly half of total assets of over VND 31,903 billion.FireAnt
Bonus shares are different. They are issued from undistributed after-tax profit and the investment and development fund on the 2025 standalone financial statements.Tin nhanh chứng khoán The company collects nothing more from shareholders and pays nothing out. Over VND 1,108.1 billion of equity, at par value, simply moves from retained earnings and reserves into charter capital. Charter capital is expected to rise from nearly VND 7,387.6 billion to about VND 8,495.8 billion, and shares outstanding to nearly 849.6 million.Tin nhanh chứng khoán
Total equity does not change after the bonus issue. The most visible effect is on per-share metrics: the same profit is divided across 15% more shares, so earnings per share after the issue are correspondingly lower even though company profit is unchanged.
On the business side, per consolidated financial statements, FPT Telecom's net revenue for the first nine months of 2026 was nearly VND 16,690.6 billion, up 16.8%, and profit after tax was nearly VND 2,934 billion, up 13.7% year on year.Tin nhanh chứng khoán That is the profit base the dividend and the bonus issue rest on, and it will be spread across the larger share count once the issuance completes.
Dates to note
- Ex-rights session: under current rules, the session right before December 10. The official date will appear in the rights-exercise notice from the Vietnam Securities Depository and Clearing Corporation (VSDC). The reference price is reduced by VND 2,000, then divided by 1.15.
- December 10, 2026: record date for both entitlements.
- December 29, 2026: after-tax cash dividend expected in accounts.
- Date bonus shares arrive and start trading: to be set in the issuance filing and the VSDC notice once the issuance is completed.
On the adjustment day, the figures worth checking in the account are the share count and pending entitlements, not the price on the board. A holder of 100 FOX shares through December 10 should see 15 bonus shares and the VND 200,000 pre-tax dividend recorded as pending entitlements.