Dragon Capital Reduces DPG Stake; Dat Phuong Targets 89.9% Revenue Growth in 2026

Overview

Dragon Capital, a major foreign fund group, has reduced its stake in Dat Phuong Group (DPG) by selling 100,000 shares, lowering its ownership to 10.94%. The sale comes as DPG prepares for its 2026 Annual General Meeting (AGM) on April 25, where it will seek approval for aggressive growth targets: revenue of VND 8,513.6 billion (+89.9%) and net profit of VND 560.6 billion (+25.9%).

Key Facts

• Dragon Capital sold 100,000 DPG shares on April 21, 2026, reducing its stake from 11.0933% to 10.9386%.
• The selling entity was Samsung Vietnam Securities Master Investment Trust, a member fund of Dragon Capital.
• DPG’s 2026 revenue target is VND 8,513.6 billion, up 89.9% from 2025’s actual revenue of VND 4,484 billion.
• 2026 net profit target is VND 560.6 billion, a 25.9% increase from 2025’s net profit of VND 445.1 billion.
• DPG proposes a 6% cash dividend for 2025 (VND 600 per share).
• The AGM will elect a new Board of Directors for the 2026-2031 term (6 members).
• DPG plans to add new business lines: sports facility operations, hotels, and short-term accommodation services.

What Happened

Dragon Capital, through its member fund Samsung Vietnam Securities Master Investment Trust, sold 100,000 DPG shares on April 21, 2026, as disclosed in a regulatory filing. The transaction reduced the group’s total ownership from approximately 13.1 million shares (11.09%) to 13 million shares (10.94%). The filing did not disclose the transaction value.

Separately, Dat Phuong Group published materials for its 2026 AGM scheduled for April 25. The company will ask shareholders to approve ambitious 2026 business plans, including a near-doubling of revenue and a 25.9% rise in net profit. The 2025 results exceeded the profit target (118.09% of plan) but slightly missed the revenue target (94.29%). The company also proposes a 6% cash dividend for 2025 and the addition of new business lines in sports, hotels, and accommodation.

Market Context

DPG shares trade on HOSE. The stock has been under pressure recently amid broader market volatility and foreign selling. Dragon Capital’s stake reduction, though small in absolute terms, may signal cautious sentiment from a key institutional investor. DPG’s infrastructure and construction focus aligns with Vietnam’s public investment drive, but the company’s aggressive 2026 targets will test execution capability.

Strategic Significance

DPG’s 2026 targets imply a significant acceleration in revenue growth, likely driven by large infrastructure contracts and new business diversification. The proposed expansion into sports and hospitality suggests a strategic pivot beyond core construction. However, the 25.9% net profit growth lags far behind the 89.9% revenue growth, indicating margin compression or higher costs. The 6% cash dividend for 2025 offers a modest yield, but the focus remains on growth. Dragon Capital’s partial exit may reflect portfolio rebalancing rather than a fundamental view on DPG.

What to Watch

• Shareholder approval of 2026 targets and dividend proposal at the April 25 AGM.
• Q1 2026 earnings release to gauge early progress toward revenue and profit goals.
• Further foreign ownership changes, especially if Dragon Capital continues to reduce its stake.
• Updates on new business lines (sports, hotels) and any associated capital expenditure.
• Contract wins in infrastructure that could underpin the revenue surge.