A niche pick to share with the group for a dividend: GTS.
Nay giới thiệu anh em case “hàng ngách” này để ăn cổ tức.
GTS Investment Overview
Saigon Traffic Construction JSC (HNX: GTS). Traffic infra maintenance & asphalt concrete, main customer: Ho Chi Minh City government.
2025 Dividend
12% cash (VND 1,200/share)
Valuation
P/B under 1
Strengths
High, confirmed cash dividend
12% cash dividend for 2025 (VND 1,200/share), already confirmed.
Cheap valuation
HNX-listed small cap trading at a low P/E and P/B under 1.
2025 results beat plan
Revenue and net profit after tax beat plan; the merger-related segment grew +159% YoY (audited).
Administrative-merger tailwind
Confirmed in 2026 AGM documents: the Ho Chi Minh City – Binh Duong – Ba Ria-Vung Tau merger increases infrastructure-connectivity demand, opening opportunities in bridges and roads.
Risks & Weaknesses
Large receivables from state counterparties
End-2025 consolidated trade receivables reached ~VND688bn, mostly from public entities (Road Traffic Infrastructure Management Center ~VND287bn, Traffic Project Investment and Construction Management Board ~VND57bn, and others).
Q2/2026 red flags
Inventory rose sharply, cash fell, long-term debt appeared for the first time, margins compressed, operating cash flow turned negative.
Low liquidity, concentrated ownership
High insider ownership alongside low free float.
A merger isn't automatically an advantage
The CHS precedent shows a merger doesn't automatically translate into a business advantage.
Take: A cheap, high-yield small cap riding a real infrastructure tailwind, but Q2 2026's fresh red flags and heavy state-counterparty receivables make this one to watch closely, not just collect passively.

My definition of a niche pick:

  • Pays a cash dividend
  • Low liquidity
  • “Seems” cheap
  • Like a person: not perfect, has flaws. If the flaw is one you can accept, take a closer look; if not, skip it.

Fundamentals: GTS company page

Source (Vietnamese): fireant.vn: GTS’s last registration date to pay a cash dividend

F319 thread: “Diamond in the Rough” Stocks, Few Enthusiasts (page 186)

Note: not investment advice. 🙂

Định nghĩa “hàng ngách” của tui là:

  • Có cổ tức tiền
  • Thanh khoản thấp
  • “Có vẻ” rẻ
  • Giống như con người: không hoàn hảo, có điểm yếu. Chấp nhận điểm yếu thì xem xét, không thì skip.

Chỉ số cơ bản: Trang doanh nghiệp GTS

Tờ A4: fireant.vn: GTS ngày đăng ký cuối cùng trả cổ tức bằng tiền mặt

Thảo luận F319: Những con hàng ghẻ - Ít kẻ đam mê (trang 186)

Lưu ý: Không phải lời khuyên đầu tư. 🙂