Dược Hậu Giang Pharmaceutical (DHG, HoSE) has set the schedule for its first 2026 interim cash dividend: 60% of par value, or VND 6,000 per share.Vietstock With 130.75 million shares outstanding, the total payout comes to about VND 784.5 billion.Đầu tư Chứng khoán That exceeds the VND 713 billion of post-tax profit earned in the first nine months, but the nine-month picture is not weak: net revenue rose nearly 2%, pre-tax profit reached VND 839 billion, up nearly 5%, and that is already 83.3% of the full-year plan.Đầu tư Chứng khoán
The numbers point to a different question than the nine-month results. It is about the source of the cash: the payout uses up most of the company's undistributed profit, and more than 94% of it flows to two large shareholders, Taisho and SCIC. This article works through three layers: where the money comes from, who receives it, and where the business stands after a weak third quarter.
Where the Money Comes From: Accumulated Profit, Not Just This Year's Earnings
According to the board resolution, the payout is funded from undistributed post-tax profit as of September 30, 2026. At that date, Dược Hậu Giang held VND 844 billion in that line item.Người Quan Sát The VND 784.5 billion payout equals about 93% of that balance. A simple subtraction at the September 30 mark leaves roughly VND 60 billion.
How can a payout larger than nine-month earnings go ahead? Because it draws on profit accumulated over several periods. At the start of 2026, undistributed profit stood at about VND 1,465 billion. During the year the company paid its 2025 dividend in two installments of 50% each, at the end of May and in August, for a total of VND 1,307.5 billion.Đầu tư Chứng khoán Nine-month earnings replenished part of it, leaving VND 844 billion at September 30, and this 60% installment takes most of what remains.
Undistributed profit is not the whole of shareholders' equity. At the same date the company also held VND 1,358 billion in its development investment fund, an amount already set aside for reinvestment.Người Quan Sát
On cash, cash and bank deposits of all maturities stood at more than VND 1,170 billion at September 30, down 47% from the start of the year. The decline reflects more than VND 1,300 billion paid out as the 2025 dividend and inventories rising to over VND 1,360 billion, up 33%. The company has no bank borrowings.Báo Pháp luật Việt Nam So the cash and deposits on hand exceed the VND 784.5 billion due. Most of it, though, sits in short-term financial investments of about VND 1,064 billion, while cash and cash equivalents are around VND 106 billion.
Net operating cash flow for the first nine months of 2026 was about VND 269 billion, against about VND 777 billion a year earlier. Higher inventories explain part of the gap. This payout therefore rests on previously accumulated balances more than on cash generated this year.
Who Receives It: Over 94% to Two Large Shareholders
DHG's ownership is concentrated in two institutions. Taisho Pharmaceutical Manufacturing Co. of Japan holds nearly 66.7 million shares, or 51.01%. State Capital Investment Corporation (SCIC) holds more than 56.6 million shares, or 43.31%.Vietstock
If both keep their holdings through the record date, Taisho is due about VND 400.2 billion and SCIC about VND 339.8 billion.MarketTimes Together that is about VND 740 billion. All other shareholders hold about 5.68% of the capital in total, which corresponds to roughly VND 44.5 billion of dividends.
A free float this small helps explain why a stock paying a large cash dividend trades thinly. Over the last 20 sessions DHG averaged about 10,170 shares a day, under VND 1 billion in value. On November 11, volume was 7,300 shares. For anyone trading size against those volumes, an order may take several sessions to fill.
Where the Business Stands: A Weak Quarter, a Nine-Month Gain
The payout comes right after a quarter in decline. In Q3 2026, Dược Hậu Giang reported net revenue of more than VND 1,023 billion, down 11% year on year. Pre-tax profit was VND 134 billion, down 43%.Vietstock Post-tax profit was VND 98.5 billion, down 53%, the lowest quarterly figure since Q1 2011, when the company earned VND 88.1 billion.Đầu tư Chứng khoán
By the company's own explanation, profit fell mainly because net revenue declined, pulling gross profit down. Some operating costs and corporate income tax also rose, including the effect of top-up tax under the global minimum tax rules.Đầu tư Chứng khoán Vietstock reports that Q3 corporate income tax expense rose 38% because of Resolution 107/2023/QH15.Vietstock That is why post-tax profit fell further (53%) than pre-tax profit (43%).
On the cost side, selling expenses rose 23% and general and administrative expenses rose 16%.Báo Pháp luật Việt Nam Gross profit, by contrast, fell only about 7%, to just over VND 520 billion, because cost of goods sold fell faster than revenue. The gross margin edged up to nearly 51% from about 49% in Q3 2025.Vietstock In other words, each dong of revenue still carries the same gross profit as before. The profit that disappeared came from lower revenue, higher operating costs and higher tax.
Across all nine months, net revenue was VND 3,584 billion, pre-tax profit VND 839 billion and post-tax profit VND 713 billion, roughly flat, again because of the global minimum tax. Against the annual plan of VND 5,530 billion in revenue and VND 1,007 billion in pre-tax profit, the company has completed 64.8% of the revenue plan and 83.3% of the pre-tax profit plan.Đầu tư Chứng khoán To meet the pre-tax profit plan, Q4 needs about VND 168 billion, above the VND 134 billion of Q3.
What DHG Holders Face at Each Date
Three dates matter. First is the December 24 session, the ex-dividend date. Anyone who buys DHG from that session onward will not be on the list for the VND 6,000, and the reference price is adjusted down by the dividend amount. A buyer on December 23 at the latest still qualifies. A seller who sells on December 24 itself keeps the right to the payment.
Second is December 25, the record date, when the shareholder list is fixed.Vietstock Third is April 14, 2027, the expected payment date, when cash reaches the accounts of registered shareholders.Đầu tư Chứng khoán That is about 16 weeks after the record date, during which registered holders have already lost the dividend from the share price but have not yet received the cash.
At the November 11 close of VND 84,900, the VND 6,000 equals about 7.1% of the share price. The stock is down about 7.6% since the start of the year. The 7.1% is the amount detached from the price on December 24, not extra return added on top.
What Will Answer the Question Next
The 60% installment is paid from accumulated balances, and afterward that balance stands at about VND 60 billion, against about VND 1,465 billion at the start of the year. Later distributions therefore depend more on newly earned profit. The Q4 2026 financial statements, expected at the end of January 2027, will show two numbers: whether Q4 pre-tax profit reaches about VND 168 billion to meet the annual plan, and how far undistributed profit has been rebuilt before the VND 784.5 billion leaves the company on April 14, 2027.
If Q4 pre-tax profit comes in at about VND 168 billion or above, the company meets its annual plan and Q3 was a quarter of low revenue and high tax. If Q4 pre-tax profit stays near Q3's VND 134 billion, full-year profit will fall about VND 34 billion short of plan, and the undistributed balance will be rebuilt more slowly. The deciding figure is Q4 pre-tax profit against the VND 168 billion mark.