May Song Hong Garment Joint Stock Company (ticker MSH, HoSE) has decided to pay a 2026 interim cash dividend of 40%, or VND 4,000 per share. The company expects to spend over VND 450 billion, funded from 2026 after-tax profit. Set against the earnings, that is roughly 94% of nine-month consolidated net profit, which came in at nearly VND 481 billion, up 2.8% year on year. Pre-tax profit has reached only 64% of the full-year plan after nine months, so whatever else is paid for 2026 hinges on the fourth quarter.
The November 13 Resolution and the Cash Timeline
According to Báo Pháp luật Việt Nam on November 14, May Song Hong has approved the 2026 interim dividend under the resolution of its 2026 annual general meeting.Báo Pháp luật The record date is Friday, November 27, 2026, and the payment date is January 19, 2027. With over 112.5 million shares outstanding, the total payout is expected to exceed VND 450 billion.An ninh tiền tệ
Shareholders should watch three dates. The first is the ex-dividend date. Under T+2 settlement, the record date is the business day right after the ex-dividend date.DSC With a November 27 record date, the ex-dividend date is expected to fall on Thursday, November 26. From that session, MSH's reference price is reduced by the dividend, and anyone buying from then on is not on the payout list. The second date is November 27, when the list closes. The third is January 19, 2027, when cash reaches accounts.
For individual shareholders, the company withholds 5% personal income tax on cash dividends before paying. Every 1,000 shares on the list receive VND 4 million before tax, or VND 3.8 million after. Against the November 13 close of VND 34,800, the VND 4,000 payout equals about 11.5% of the share price.
A Second Year at the Same Payout, With Cash Arriving Later
This is not the first time the company has advanced a dividend at this level. In late 2025, May Song Hong also paid a 40% interim dividend, over VND 450 billion in total, with a record date of December 2 and payment on December 25, 2025.VietnamBiz The 2026 AGM then approved a total 2025 cash dividend of 50%, and the remaining 10%, or VND 1,000 per share, was paid in June 2026.Báo Pháp luật
The payment schedule is much longer this year. Last year the gap between record date and payment was 23 days. This year it is 53 days, and the cash does not arrive until 2027. In other words, a dividend advanced from 2026 profit will reach shareholder accounts in 2027.
The Payout Set Against Nine-Month Profit
According to the Q3/2026 consolidated financial statements, May Song Hong posted nine-month net revenue of over VND 4,328.6 billion, up 4.3%, and consolidated net profit of nearly VND 481 billion, up 2.8%.An ninh tiền tệ The VND 450 billion advance equals about 94% of that figure.
Profit attributable to May Song Hong shareholders, after stripping out minority holders in subsidiaries, is lower. Per Đầu tư Chứng khoán on November 3, it was nearly VND 416 billion after nine months, down 3% year on year.Đầu tư Chứng khoán The advance therefore exceeds nine-month profit by about VND 34 billion.
The same relationship showed up last year. The VND 450 billion advance in late 2025 was decided when nine-month 2025 net profit stood at nearly VND 427 billion.Báo Pháp luật The company then sized the payout against expected full-year after-tax profit of about VND 608 billion, combining realized profit with Q4 projections.VietnamBiz Advancing against expected full-year profit is how May Song Hong handled it the year before.
On cash, the consolidated figures at September 30, 2026 show over VND 620 billion in cash and equivalents plus over VND 816 billion in term deposits.Đầu tư Chứng khoán Together that is over VND 1,400 billion, well above the VND 450 billion due. At the same date, inventory had risen from nearly VND 546 billion at the start of the year to over VND 986 billion, and short-term borrowings from nearly VND 648 billion to nearly VND 795 billion.
Q3: Gross Margin Up, the Financial Line Pulls Down
In Q3 alone, net revenue was over VND 1,630.4 billion, slightly lower year on year. Gross profit was nearly VND 364.4 billion, up 4.2%, and gross margin rose from 21.2% to 22.3%.An ninh tiền tệ On the other side, financial revenue fell 33.5% to over VND 37.8 billion, while financial expenses rose from VND 22 billion to nearly VND 31.8 billion. Consolidated Q3 net profit was nearly VND 196.3 billion, down 2.2%.
By the company's own explanation, Q3 results were affected by higher input costs and lower financial income. Interest expense within financial costs rose from over VND 16 billion to over VND 21 billion.Đầu tư Chứng khoán
Who Receives the Money
May Song Hong's ownership is fairly concentrated, so most of the VND 450 billion goes to a handful of shareholders in proportion to their holdings. Mr. Bùi Đức Thịnh, Chairman of May Song Hong Garment Joint Stock Company, owns over 26.9 million shares and is expected to receive over VND 107.6 billion. Mr. Bùi Việt Quang, Standing Vice Chairman and Deputy General Director, holds nearly 12.8 million shares and is expected to receive over VND 51 billion.An ninh tiền tệ
FPT Securities (FPTS) holds 12 million shares, or 10.66% of capital, per the company's first-half 2026 governance report. If it keeps that stake through the record date, FPTS would receive about VND 48 billion.Báo Pháp luật The three together receive about VND 207 billion, nearly half the total. The remaining VND 240 billion or so goes to other shareholders, including individual investors.
The Annual Plan: This Payout Is Already at the Floor
At its 2026 AGM, May Song Hong set a pre-tax profit plan of VND 900 billion and an expected dividend of 40–50%.Đầu tư Chứng khoán The 40% advance sits exactly at the bottom of that range, leaving at most 10% within the plan, or VND 1,000 per share.
After nine months, the company has delivered 64% of its pre-tax profit target and 72% of its revenue target.Đầu tư Chứng khoán To reach the finish line, Q4 needs to deliver about 36% of the plan, roughly VND 320 billion of pre-tax profit. That differs from last year: when it decided on the late-2025 advance, nine-month pre-tax profit was VND 572 billion, over 95% of the full-year plan.VietnamBiz Nine-month profit was nearly identical across the two years, but this year's plan is far higher.
According to Đầu tư Chứng khoán, the sharp rise in inventory is to prepare for the year-end peak production season. Q4 revenue and profit will show how much of that stock is delivered and booked.
What a Shareholder Gets at Each Date
Buy and hold through the close of November 25, and you are on the November 27 list. On January 19, 2027, each share receives VND 4,000 before tax, or VND 3,800 after tax for individuals. Buy from the November 26 session and the reference price has already been reduced by the dividend, with no claim to this payment.
The VND 4,000 is an advance from the profit of a year that has not yet ended. The full-year 2026 dividend will be set once full-year results are in. If full-year profit lands near or above the VND 900 billion plan, the 40–50% range leaves room for one more payout of up to VND 1,000 per share, like the supplementary 10% of 2025. If full-year profit falls clearly short of plan, this VND 4,000 payment would likely be the main part of the 2026 dividend. The final decision rests with the 2027 AGM, based on the 2026 annual financial statements.