Dam Sen Water Park (DSN) Announces 40% Cash Dividend, Shifts to Mekong Delta

Overview

Dam Sen Water Park Corp. (HOSE: DSN) announced a 40% cash dividend for 2025 and a strategic pivot to the Mekong Delta region, while reporting a 22% decline in net profit to VND 72 billion due to weather and competition. The company also canceled its Cu Chi project and plans to divest from its fruit juice factory in Phan Thiet.

Key Facts

• DSN declared a 40% cash dividend for 2025, equivalent to VND 48 billion in total payout.
• Net profit for 2025 fell 22% year-on-year to VND 72 billion, with revenue down 17% to VND 181.5 billion.
• Total visitors in 2025 reached 800,000, only 76% of the target and down 21% from 2024.
• The company canceled its planned project in Cu Chi district and is seeking land in the Mekong Delta.
• DSN aims to fully divest from its fruit juice factory in Phan Thiet in 2026.
• 2026 guidance: revenue of VND 190 billion and net profit of VND 73 billion, up 1-4% from 2025.
• Two new board members were elected: Hiroko Yabe and Le Thanh Tri.

What Happened

At its 2026 Annual General Meeting, Dam Sen Water Park Corp. (DSN) announced a 40% cash dividend for fiscal 2025, despite a 22% drop in net profit to VND 72 billion. The company attributed the decline to adverse weather and intensified competition, particularly from the Dai Nam tourist area, which has offered free admission and drawn group tour customers.

Management also revealed a strategic shift: canceling the Cu Chi project and redirecting investment to the Mekong Delta, where year-round hot weather and a lack of professional water parks offer growth potential. Funding will come from retained earnings, credit, or a rights issue. Additionally, DSN plans to exit its fruit juice factory in Phan Thiet this year to focus on its core water park business.

Market Context

DSN shares trade on HOSE and have faced pressure from declining visitor numbers and rising operational costs. The company’s 2025 results missed targets, with revenue and profit both down. The 40% dividend yield is high relative to earnings, reflecting a commitment to shareholder returns despite headwinds. The pivot to the Mekong Delta signals a long-term strategy to escape the saturated Ho Chi Minh City market.

Strategic Significance

DSN’s move to the Mekong Delta addresses a structural gap in Vietnam’s tourism infrastructure: the region lacks large-scale, professional water parks. By leveraging its brand and operational expertise, DSN could capture first-mover advantage. The cancellation of the Cu Chi project and divestment from non-core assets indicate a sharper focus on capital efficiency. However, the high dividend payout may limit reinvestment capacity, and the 2026 guidance suggests only modest recovery.

What to Watch

• Progress on land acquisition and project development in the Mekong Delta.
• Completion of the Phan Thiet factory divestment and its impact on cash flow.
• Q1 2026 visitor numbers and revenue trends to gauge recovery.
• Competitive response from Dai Nam and other regional players.
• Any further changes in board composition or strategic direction.