Dam Sen Water Park (DSN) Approves 40% Cash Dividend for 2025, Targets 24% Minimum for 2026

Overview

Dam Sen Water Park Corporation (DSN) approved a 40% cash dividend for 2025 at its annual general meeting on April 22, 2026, and set a minimum 24% cash dividend target for 2026. The company also outlined a strategy to cope with rising competition from other entertainment venues in Ho Chi Minh City and surrounding areas.

Key Facts

• DSN approved a 40% cash dividend for 2025, equivalent to over 48 billion VND.
• The company had already paid an interim dividend of 24% in February 2026; the remaining 16% will be paid in a later tranche.
• For 2026, DSN targets net revenue of 190 billion VND (+4.7% YoY) and after-tax profit of 73 billion VND.
• The minimum cash dividend for 2026 is set at 24% of charter capital, totaling about 29 billion VND.
• The AGM approved the removal of two independent board members, Hirotaka Yabe and Tran Oanh, and elected Hiroko Yabe and Le Thanh Tri to the board.
• DSN is seeking a partner to divest its fruit juice factory in Phan Thiet, which has underperformed expectations.
• The company plans to explore investment opportunities in neighboring provinces, especially the Mekong Delta region.

What Happened

At the annual general meeting held on April 22, 2026, shareholders of Dam Sen Water Park Corporation (DSN) approved a 40% cash dividend for the 2025 fiscal year, representing over 48 billion VND. The company had already paid an interim dividend of 24% in February 2026, leaving a 16% balance to be distributed in the coming period. For 2026, DSN set a minimum cash dividend target of 24% on charter capital, with total payout expected around 29 billion VND.

Chairman Tran Viet Anh outlined three strategic priorities for 2026: recapitalization to cut losses from the fruit juice factory in Phan Thiet, which the company is now seeking to divest; expansion into neighboring provinces, particularly the Mekong Delta; and renewal of the land lease for the water park after administrative restructuring following provincial mergers. The company also plans to renovate and add new rides to enhance the park’s appeal.

Market Context

DSN, listed on HOSE, operates in the competitive leisure and tourism sector in Ho Chi Minh City. The company faces increasing competition from nearby attractions such as Suoi Tien Park, Grand Park/VinWonders, and Dai Nam Tourist Area, which have been upgrading and expanding. DSN’s revenue growth target of 4.7% for 2026 reflects the challenging environment. The stock’s dividend yield remains attractive, with the 40% cash dividend for 2025 providing a significant payout to shareholders.

Strategic Significance

DSN’s high dividend payout signals management’s confidence in cash flow generation despite competitive pressures. The company’s strategy to divest underperforming assets (the fruit juice factory) and focus on core water park operations, while expanding into the Mekong Delta, aims to diversify revenue streams and reduce reliance on the saturated Ho Chi Minh City market. The land lease renewal and park renovation plans are critical to maintaining visitor numbers and competitiveness.

What to Watch

• Completion of the fruit juice factory divestment and its impact on earnings.
• Progress on land lease renewal and any associated costs or delays.
• Details of expansion plans in the Mekong Delta region.
• Q2 2026 earnings report to gauge revenue and profit trends.
• Any changes in competitive dynamics from new or upgraded attractions in the area.