During the Annual General Meeting held on April 21, 2026, DHG Pharma (Stock Code: DHG) addressed legal hurdles regarding its public company status and unveiled its strategic roadmap for the upcoming period.
1. The Regulatory Bottleneck in Shareholder Structure
Under current Securities Law, a public company must ensure that at least 10% of voting shares are held by minor investors (non-major shareholders). However, DHG’s ownership is highly concentrated:
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Major Shareholders: Taisho Pharmaceutical (Japan) holds 51.01% and the State Capital Investment Corporation (SCIC) holds 43.31%.
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Minority Shareholders: Only account for 5.68% of the charter capital.
Consequently, DHG fails to meet the minimum free-float requirement. Management is currently consulting with the State Securities Commission (SSC) for guidance. Both major shareholders expressed their desire to maintain public status to uphold brand prestige and ensure market transparency.
2. Strong Financial Performance and Dividend Policy
Despite structural concerns, DHG reported robust financial indicators:
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2025 Performance: Revenue reached nearly 5,270 billion VND, with pre-tax profit at 904 billion VND (up 9% YoY).
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2026 Targets: Aiming for net revenue of over 5,530 billion VND and pre-tax profit exceeding 1,000 billion VND.
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Dividend Payout: Shareholders approved a cash dividend of 100% of par value (10,000 VND/share), totaling an expenditure of over 1,307 billion VND.
3. Adaptation Strategies Amidst Market Volatility
DHG remains cautious about 2026 profit margins due to a heavy reliance on imported raw materials (80-90%). Global geopolitical tensions continue to drive up input costs.
Long-term strategic priorities include:
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Nutraceuticals and Health Supplements: Capitalizing on the aging population and the consumer shift from “treatment” to “prevention.”
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International Collaboration: Partnering with Taisho to expand market share in skincare and cosmetics.