Dam Sen Water Park (DSN) Announces 16% Final Cash Dividend for 2025

Overview

Dam Sen Water Park (DSN) announced a final cash dividend of 16% for 2025, with a record date of May 19. The company also set 2026 revenue target of VND 190 billion and net profit of VND 73 billion. DSN faces growing competition from larger entertainment complexes, including Dai Nam in Binh Duong, which has pressured its market share.

Key Facts

• DSN will pay a final cash dividend of 16% (VND 1,600 per share) for 2025, with record date May 19.
• Total 2025 dividend reaches 40% after a previous interim dividend of 24%.
• The final dividend payment requires approximately VND 19 billion for over 12 million outstanding shares.
• 2026 revenue target: VND 190 billion (+4.7% vs. 2025).
• 2026 net profit target: VND 73 billion (pre-tax profit VND 92 billion).
• Minimum 2026 cash dividend set at 24% of charter capital, worth about VND 29 billion.
• DSN is seeking to divest a fruit juice factory in Phan Thiet and exploring new investments in the Mekong Delta region.

What Happened

Dam Sen Water Park (DSN) announced that May 19 is the record date for its final cash dividend payment for 2025, at a rate of 16% (VND 1,600 per share). This completes the total 2025 dividend of 40% approved at the annual general meeting on April 22. The company will disburse over VND 19 billion for the final payment.

At the AGM, shareholders also approved 2026 targets: net revenue of VND 190 billion, pre-tax profit of VND 92 billion, and net profit of VND 73 billion. The minimum cash dividend for 2026 is set at 24% of charter capital. Chairman Tran Viet Anh outlined three strategic priorities: restructuring to cut losses from the underperforming fruit juice factory in Phan Thiet, seeking a partner to divest that project; expanding into neighboring provinces, especially the Mekong Delta; and renewing the land lease for the water park after administrative reorganization.

Market Context

DSN (listed on HOSE) faces intense competition from large-scale entertainment complexes in and around Ho Chi Minh City, such as Suoi Tien, Son Tien, Vinhomes Grand Park, and notably Dai Nam in Binh Duong. Dai Nam, owned by Dai Nam Corporation (founded by Huynh Uy Dung, husband of Nguyen Phuong Hang), opened in 2008 with total investment of VND 6,000 billion and attracts millions of visitors annually. This has eroded DSN’s market share, particularly among younger visitors. DSN’s stock price has been relatively stable, but the competitive pressure is a key factor for investors.

Strategic Significance

DSN’s strategy focuses on cost restructuring and geographic expansion to counter competitive threats. The planned divestment of the Phan Thiet factory aims to eliminate a loss-making asset, while exploring investments in the Mekong Delta could open new revenue streams. The land lease renewal is critical for long-term operational stability. The high dividend payout (40% for 2025) signals management’s commitment to shareholder returns despite competitive challenges, but the sustainability of such payouts depends on successful execution of the expansion and restructuring plans.

What to Watch

• Completion of the Phan Thiet factory divestment and any associated gains or losses.
• Progress on land lease renewal for the Dam Sen Water Park site.
• Announcement of specific investment projects in the Mekong Delta region.
• Q2 2026 earnings report to gauge revenue and profit trends against targets.
• Competitive developments at Dai Nam and other large entertainment complexes.