Before Vasobhan Reopens: the 669-Rial Dividend Belongs to Assembly-Day Holders and the Theoretical Price Drops to 3,381 Rials (Thursday, October 8, 2026)

The annual ordinary assembly of Vasobhan (Sobhan Investment Company) approved a cash dividend of 669 rials per share on Wednesday, October 7, 2026, and the symbol has had no trades since its October 5 close. That payout, equal to 16.5% of the 4,050-rial closing price, reaches only those who held the shares on assembly day. The buyer in the first session afterwards gets the stock without it, from a theoretical price of 3,381 rials. This report asks what that buyer is actually buying, and where caution belongs.

Background

Sobhan Investment (Vasobhan) is an investment company on the first market of Farabourse with a capital of 16,000 billion rials (16 billion shares). According to the summary of the assembly's decisions (Codal, tracing number 1608694), net profit for the fiscal year ended July 22, 2026 was 15,292,524 million rials, and earnings per share were 956 rials. Of that, 10,704,000 million rials, which is 669 rials per share and about 70% of profit, is being distributed. When the financial statements for this period were published on August 19, 2026, they were unaudited (tracing number 1582900).

The stock has moved fast over the same period: from 1,276.66 rials on October 11, 2025 to 4,050 rials on October 5, 2026, a gain of about 217%, with seven consecutive higher closes and a last-session volume of 146,317,015 shares, 4.4 times the twenty-session average. The one-year high of 4,050 rials is that October 5 close (Sahmino price series, matched with the exchange).

Key numbers

• Close on October 5, 2026: 4,050 rials; market value 64.8 trillion rials.
• Theoretical reopening price: 4,050 minus 669 equals 3,381 rials. This is Sahmino's calculation from the exchange's adjustment routine; the real price is set by the market.
• Price to earnings (P/E): 4.2 at 4,050 rials and 3.5 at 3,381 rials, both on earnings per share of 956 rials. The investment-company group average is 9.04 (nightly card, October 6).
• Net profit growth: 94.6% (15,278,423 versus 7,850,921 million rials a year earlier).
• Book value per share: 2,031 rials; about 1,362 rials after deducting the approved dividend. Price to book rises from 2.0 at 4,050 rials to about 2.5 at 3,381 rials.

Drivers

The adjustment mechanism. Under the exchange's routine, a symbol is halted up to two working days before the assembly and reopens afterwards at an adjusted starting price: the last close before the halt minus the approved cash dividend (guides from Khanesarmaye and ECN). A shareholder who held on assembly day receives 669 rials in cash and the share loses the same amount in price, so wealth is unchanged. Per the Codal notice "profit payment schedule (amended)" (tracing number 1609015), the Sahmino calendar lists two dates: November 16, 2026 for payment through Sejam to all shareholders, and December 16, 2026.

Revenue mix. Operating revenue was 15,964,138 million rials (Codal income statement, year ended July 22, 2026). Gains on sale of investments were 10,962,167 million rials (68.7%) and portfolio dividend income was 4,907,262 million rials (30.7%). A year earlier the two were 5,029,764 and 3,274,125 million rials: gains on sales grew 118% and dividends received grew 50%.

Balance sheet. Interest-bearing debt is zero and the current ratio is 30.2. Cash is 52,395 million rials, under half a percent of the approved dividend, but short-term investments are 27,177,438 million rials, about 2.5 times the total payout. The dividend is therefore paid by turning part of the portfolio into cash, not from cash on hand.

Outlook

The doubt. If sale gains do not repeat and only portfolio dividend income remains, earnings per share are about 307 rials (4,907,262 million rials divided by 16 billion shares). The theoretical price of 3,381 rials is then about 11 times that, above the group average of 9. So the cheapness of a 3.5 P/E depends on sale gains persisting, and those move with the market level; the TEDPIX index hit a record 8,131,092 points on October 7, 2026 (Donya-e-Eqtesad).

The answer. Sales of investments are not new: they were 60% of revenue last year too, and the 50% growth in dividends received shows the steadier part of income is also growing. The wider group looks similar: of 65 investment companies, 9 symbols have a P/E below 5 and profit growth above 50%, one of which (IRNZ) reports a negative P/E. Vasobhan at 4.2 sits among HAIZ (4.0), EFSP (4.1) and IDOC (4.7), and only its 16.5% cash yield is higher than most of them; from the reopening session that yield does not benefit a new buyer.

The Sahmino desk. In the October 7 session the desk's stance on Vasobhan is "watch", not buy. The range-breakout signal of October 5 with a target of 4,509 rials, an invalidation of 3,744 rials and a 20-session horizon is still struck on the 4,050-rial close before the dividend adjustment and must be read against the adjusted price. The desk's overall signal record is 8,258 settled, 5,054 of which reached their target; that is a record, not a promise of outcome.

Bottom line

From the reopening session Vasobhan changes hands at a lower price and without the cash dividend, and its cheapness leans on gains from selling investments; entry is therefore not about chasing the opening price but about measuring it against 3,381 rials. This report's call, built on the evidence above (not a Sahmino desk call): Vasobhan stays above its theoretical price of 3,381 rials after reopening, as long as individual investors remain net buyers over ten sessions, within ten sessions of reopening; invalidated by three consecutive closes below 3,381 rials. Recorded: October 8, 2026.

What to watch

• The first traded price at reopening against 3,381 rials, and whether the exchange sets a price band for the reopening.
• Individual investors' net buying and selling over the ten sessions after reopening, on the Vasobhan symbol page.
• The payment dates in the Vasobhan dividend payment calendar and the news item on the assembly's approval.
• The company's next monthly activity report and the split between sale gains and dividend income in it.
• Run the same filter in the Sahmino screener: investment-company group, P/E below 5 and net profit growth above 50%, and see the method in the Sahmino screen article.