Dam Sen Water Park (DSN) Announces Board Candidates and Flat 2026 Profit Target

Overview

Dam Sen Water Park Corporation (DSN) has announced candidates for a supplementary board election and its 2026 business plan, targeting modest revenue growth but stagnant profitability. The company cites intense competition from upgraded local attractions as a key challenge for the coming year.

Key Facts

• DSN will hold its 2026 Annual General Meeting of Shareholders (AGM) on April 22 in Ho Chi Minh City.
• Two independent candidates are nominated for the Board of Directors: Ms. Hiroko Yabe (born 1961), a piano lecturer and board member of Jueikai Medical Group, nominated by shareholder Kenji Yabe (10.63% stake); and Mr. Le Thanh Tri (born 1977), a Master of Financial Econometrics, nominated by a shareholder group holding 11.01%.
• 2026 revenue target is VND 190 billion, approximately 5% higher than 2025’s VND 181 billion.
• 2026 net profit after tax target is approximately VND 73 billion, nearly unchanged from 2025.
• The company plans to maintain a minimum dividend policy of 24% of charter capital for 2026.
• For 2025, DSN reported revenue of over VND 181 billion (down 17% year-on-year) and net profit of VND 72 billion (down 22%), achieving only 81% of its revenue target and 88% of its profit target.
• DSN closed at VND 38,950 per share on April 13.

What Happened

According to a company filing, Dam Sen Water Park Corporation (DSN) has approved a list of candidates for a supplementary election to its Board of Directors for the 2023-2028 term. The election will take place at the upcoming 2026 Annual General Meeting of Shareholders scheduled for April 22 in Ho Chi Minh City. Both candidates, Ms. Hiroko Yabe and Mr. Le Thanh Tri, are independent and do not currently hold shares in DSN.

Concurrently, the company disclosed its 2026 business plan, targeting net revenue of VND 190 billion, a 5% increase from 2025. However, net profit after tax is expected to remain nearly flat at around VND 73 billion. The company stated this plan is set against a backdrop of increasingly competitive business conditions, with rivals like Suoi Tien Park, Grand Park/VinWonders, and Dai Nam Tourist Area continuously upgrading and expanding. This forces Dam Sen to innovate its products and add new attractions to attract family, group, and tour customers, while also increasing pressure on market share.

Market Context

DSN, listed on the Ho Chi Minh Stock Exchange (HOSE), closed at VND 38,950 per share on April 13. The stock operates in Vietnam’s competitive Tourism & Leisure sector. The company’s 2025 performance was below plan, with revenue and profit declining significantly due to unfavorable weather during peak months, tightened consumer spending on entertainment, and competitive pressures. Despite this, DSN maintained a high dividend payout of 40% of charter capital (over VND 48 billion) for 2025.

Strategic Significance

The announcement underscores DSN’s challenge in translating revenue growth into bottom-line improvement amid a crowded market. The flat profit target for 2026, despite planned product innovation, suggests margin pressure from operational costs and competitive discounting. The nomination of independent board candidates with no existing shareholding may signal an effort to bring external expertise to navigate this difficult environment, though their specific strategic contributions are not yet detailed.

What to Watch

• Results of the board election at the AGM on April 22, 2026.
• Quarterly earnings reports in 2026 to monitor progress toward the VND 190 billion revenue and VND 73 billion profit targets.
• Any announcements regarding specific new attractions, upgrades, or marketing initiatives to counter competition.
• Dividend declaration for 2026 relative to the stated minimum 24% policy.
• Visitor number trends and any updates on the impact of weather or economic conditions on operations.