Upcoming Stock Market Wave: 39 Enterprises Schedule Ex-Dividend Dates to Distribute Cash and Shares to Shareholders

The Vietnamese stock market is bracing for a substantial wave of corporate actions, with no fewer than 39 enterprises scheduled to trade ex-rights for dividend distributions in the upcoming week. Spanning from September 11 to September 18, this busy period will see a diverse group of listed and registered companies finalize their shareholder lists to distribute dividends for the 2025 and 2026 financial years. These distributions will manifest in various forms, including direct cash payouts, new share issuances, or a combination of both, offering a welcome liquidity boost and portfolio expansion for investors navigating the current market climate.

This concentrated period of corporate payouts underscores a broader trend of financial resilience among select Vietnamese corporations. As listed companies close their books for previous fiscal periods and initiate interim payments for ongoing ones, the market anticipates significant capital injections into the brokerage accounts of retail and institutional shareholders alike.

Heavy Cash Dividends Highlighted by Exceptional Yields

Among the enterprises opting for a purely cash-based dividend strategy, An Giang Mechanical Joint Stock Company (UPCoM: CKA) stands out as a prominent high-yield outlier. CKA has announced plans to distribute a final dividend for the fiscal year 2025 at an extraordinary rate of 120%, translating to 12,000 VND per share.

With approximately 3.3 million shares currently in circulation, the mechanical engineering firm is slated to disburse around 40 billion VND for this single round of payments. The final registration date to establish the list of eligible shareholders is set for September 21, with the ex-rights date preceding it on September 18, and payment expected to hit investor accounts by October 7.

This historic 120% dividend rate marks the highest payout ratio CKA has ever declared since its shares began trading on the UPCoM platform. The company has a well-established history of rewarding shareholders annually since 2018, with historical payout ratios traditionally fluctuating between 20% and 35%. However, the trajectory shifted notably upward in recent years, with cash dividends reaching 50% for 2023 and doubling to 100% for 2024, culminating in the record-breaking 120% payout for 2025 approved at the annual general meeting earlier this year.

Another heavyweight making headlines is Dinh Vu Chemical Joint Stock Company, widely known as Duc Giang Chemicals (Ticker: DGC). The chemical giant has recently released details regarding its final registration date to execute a combined dividend package encompassing an interim payout for 2026 and the remaining dividend for 2025, entirely in cash.

Duc Giang Chemicals plans to distribute dividends at a total rate of 80%, equivalent to 8,000 VND per share. This comprehensive package is broken down into a 50% remaining dividend for the 2025 fiscal year (5,000 VND per share) and a 30% interim dividend for the first phase of 2026 (3,000 VND per share). The final registration date is scheduled for September 15, with the ex-rights date on September 14, and the anticipated cash transfer slated for September 25.

With nearly 380 million shares currently circulating in the market, Duc Giang Chemicals is preparing to disburse approximately 3.04万 billion VND (3,040 billion VND) for this dual-purpose dividend event. Successfully executing this plan will allow the enterprise to entirely fulfill its promised dividend obligations for both the 2025 and 2026 financial years as mapped out in corporate strategic projections.

Pharmaceutical Sector Maintains Stable Payouts

In the pharmaceutical sector, Hau Giang Pharmaceutical Joint Stock Company (Ticker: DHG) has formally announced the finalization of its shareholder roster to distribute the final phase of its 2025 cash dividend at a rate of 50%, representing 5,000 VND per share.

Supported by nearly 131 million outstanding shares, Hau Giang Pharmaceutical anticipates allocating approximately 655 billion VND for this disbursement. The final registration date is designated for September 15, corresponding to an ex-rights date of September 14, with payments scheduled for distribution on September 30.

This payment follows an earlier interim cash dividend distributed for the first phase of 2025 on May 28, which also carried a 50% payout ratio. Upon the successful conclusion of this upcoming distribution, the company will have fully realized the comprehensive dividend blueprint sanctioned by the annual general meeting of shareholders for the 2026 operational cycle. Market analysts note that pharmaceutical firms in Vietnam consistently maintain high dividend yields due to stable cash flows and defensive business models, making them perennial favorites for conservative long-term investors.

Share Issuances and Capital Expansions Lead the Growth Narrative

Shifting toward equity-based corporate actions, Techcom Securities Joint Stock Company (TCBS – Ticker: TCX) has officially notified the market of its upcoming share issuance designed to settle 2025 dividend obligations at a 20% ratio.

According to the approved structural blueprint, TCBS intends to issue nearly 555 million new shares based on a 5:1 execution ratio. Under this mechanism, shareholders possessing 5 existing shares will be entitled to receive 1 newly issued share. The final registration date is slated for September 18, establishing an ex-rights trading date of September 17.

The completion of this major issuance is projected to expand the total volume of circulating shares at TCBS from roughly 2.8 billion units to approximately 3.3 billion units. Consequently, the company’s charter capital is expected to experience a substantial elevation, climbing from 27,744 billion VND to 33,293 billion VND. This capital expansion is viewed by financial experts as a strategic maneuver to bolster the brokerage firm’s operational capacity, enhance its underwriting leverage, and fortify its position within Vietnam’s highly competitive securities landscape.

Dual-Form Distributions Combine Cash and Stock Returns

Exemplifying the category of enterprises utilizing a hybrid approach of both cash and stock dividends, Sonadezi Long Thanh Joint Stock Company (Ticker: SZL) has initiated procedures to close its shareholder records for the 2025 financial cycle.

The timeline dictates a final registration date of September 17, placing the ex-rights date on September 16. Sonadezi Long Thanh will distribute cash dividends at a rate of 25%, meaning shareholders holding 1 share will receive 2,500 VND. The cash component is scheduled for payment on October 7. With nearly 28.4 million shares circulating, the industrial zone developer anticipates allocating close to 71 billion VND in cash for this component.

Concurrently, Sonadezi Long Thanh will execute a stock dividend issuance of nearly 19.8 million shares at a 70% ratio. Under this framework, shareholders owning 10 existing shares will receive 7 new shares. Successful execution of this dual strategy will increase the company’s charter capital from nearly 291 billion VND to approximately 489 billion VND, reflecting a robust phase of reinvestment and corporate growth.

Broader Market Implications and Investor Outlook

Beyond the aforementioned marquee names, dozens of other listed and registered entities across various sectors will cross their ex-rights thresholds throughout the upcoming week. Depending on individual corporate health and strategic board decisions, these remaining distributions feature payout rates ranging broadly from 1% to 50%, executed via cash, stock, or hybrid models.

Financial analysts point out that the convergence of numerous ex-rights dates within a single week highlights a seasonal surge in corporate transparency and shareholder return fulfillment. For investors, navigating this period requires careful attention to ex-rights dates, as purchasing shares on or after the ex-rights date disqualifies the buyer from receiving the corresponding dividend or share entitlement.

While high dividend yields and bonus share issuances often generate short-term speculative momentum and upward price pressure prior to the ex-rights date, market participants are advised to evaluate the fundamental value of the underlying businesses. Adjustments to share prices on ex-rights dates—particularly for large stock dividends and heavy cash payouts—mechanically reflect the distribution of value, making a holistic review of corporate earnings quality and long-term growth prospects essential for sustainable portfolio management.