Dam Sen Water Park (DSN) Announces 40% Cash Dividend for 2025, Sets 2026 Targets

Overview

Dam Sen Water Park (DSN) has announced a 40% cash dividend for 2025, with the final payment of 16% scheduled for June 17, 2026. The company also set a 2026 revenue target of VND 190 billion and a minimum 24% dividend, as it faces growing competition from other entertainment venues in Ho Chi Minh City and surrounding areas.

Key Facts

• DSN will pay a final cash dividend of 16% (VND 1,600 per share) for 2025, with the record date on May 19, 2025, and payment on June 17, 2026.
• Total 2025 dividend is 40%, consistent with the plan approved at the April 2025 AGM.
• The company has 12.1 million shares outstanding, implying a total payout of approximately VND 19.3 billion for the final installment.
• 2026 revenue target is VND 190 billion, up 4.7% from 2025 actual.
• 2026 net profit target is VND 73 billion, slightly higher than the previous year.
• Minimum 2026 cash dividend is 24% of charter capital, equivalent to about VND 29 billion.
• The company is seeking a partner to divest a fruit juice factory in Phan Thiet and exploring investment opportunities in the Mekong Delta region.

What Happened

CTCP Cong vien nuoc Dam Sen (Dam Sen Water Park, ticker DSN) announced the record date for the final 2025 cash dividend payment. Shareholders on record as of May 19, 2025, will receive VND 1,600 per share (16% of par value), with payment on June 17, 2026. Combined with an earlier interim dividend of 24% paid in February 2025, the total 2025 dividend reaches 40%.

At the April 2025 AGM, the company outlined its 2026 business plan, targeting revenue of VND 190 billion and after-tax profit of VND 73 billion. Management cited intensifying competition from nearby entertainment venues such as Suoi Tien, Grand Park/VinWonders, and Dai Nam Tourist Area (owned by Nguyen Phuong Hang’s family) as a key challenge. To address this, DSN plans to renovate, add new rides, and improve product offerings to attract families, groups, and tour parties.

Market Context

DSN is listed on the Ho Chi Minh Stock Exchange (HOSE) and operates in the entertainment sector. The stock has historically been viewed as a high-dividend play, with the 40% payout reinforcing that reputation. However, the company faces structural competition from larger, better-capitalized rivals, which may pressure margins and growth. The 2026 revenue target of VND 190 billion represents modest growth, suggesting management is taking a cautious approach amid market share pressures.

Strategic Significance

DSN’s strategy focuses on three pillars: divesting underperforming assets (the Phan Thiet juice factory), expanding into nearby provinces (especially the Mekong Delta), and renewing its land lease for the water park to enable renovation and new investments. The high dividend payout signals confidence in near-term cash flow but also limits retained earnings for reinvestment. The company’s ability to execute its expansion and renovation plans will be critical to sustaining long-term competitiveness.

What to Watch

• Progress on divestment of the Phan Thiet fruit juice factory and any associated impairment charges.
• Announcement of new investment projects in the Mekong Delta region.
• Renewal of the land lease for the Dam Sen Water Park and related capital expenditure plans.
• Q1 2026 earnings release to assess revenue and profit trends.
• Competitive developments at Suoi Tien, Grand Park, and Dai Nam that could impact market share.