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Dragon Capital's foreign fund group reported changes in ownership of Dat Phuong Group Joint Stock Company (DPG-HOSE). The Dragon Capital group said its member fund Samsung Vietnam Securities Master Investment Trust sold 100,000 DPG shares on April 17, reducing the group's total holding from nearly 13.1 million shares, or 11.0933% of DPG, to about 13 million shares, or 10.9386%. Earlier, on April 7, the foreign fund group said two funds had purchased an additional 162,000 DPG shares — Norges Bank bought 150,000 shares and Samsung Vietnam Securities Master Investment Trust bought 12,000 — lifting the stake from 10.9567% to 11.0933% of capital, or about 13.115 million shares. DPG will hold its 2026 annual general meeting at the National Convention Center in Hanoi. According to documents, DPG published its 2026 plan with revenue target of VND 8.5 trillion, up 79% from 2025 plan and up 74% from 2025 results, and after-tax profit for the equity holders of the parent company (i.e., after minority interests) of VND 455 billion, up 60% vs 2025 plan and +33% vs 2025 results. According to VCSC, these targets correspond to 135% of VCSC's revenue forecast and 58% of VCSC's net profit forecast after minority interests. The planned revenue higher than VCSC's forecast reflects DPG's expectation of strong growth in the construction segment — more than 60% above VCSC's forecast — and the PV solar glass plant is expected to start operating in 2026, thus offsetting sales delays at the Casamia Balance project by 23%. VCSC believes the main reason for the lower profit after minority interests forecast relative to VCSC's projection is that DPG uses more conservative assumptions for profits recognized at the Casamia Balanca project, with a net margin only 8%, while revenue and net profit are only about 77% and 21% of VCSC's forecast, which offsets the positive impact of higher profits from the construction segment. Regarding dividend policy, DPG's plan is generally lower than VCSC's forecast. DPG proposes cash dividends of VND 600 per share for 2025, down 40% from VCSC's forecast. DPG also proposes cash dividends for 2026 of VND 500–1,000 per share (vs VCSC's forecast of VND 1,000 per share). As for the progress of the PV glass plant construction, the project is progressing relatively fast. The company aims to finish construction by May 2026, fire up the furnace by August 2026, and complete equipment installation by September 2026. The plant is expected to commence operation in October 2026, generally earlier than VCSC's current forecast of 2027. In 2026, the project is expected to achieve total glass production of about 5.17 million square meters, including 3.01 million sq m of construction glass and 2.16 million sq m of PV solar glass. VCSC notes that the purpose of adding a building glass segment is to optimize operating efficiency while securing the necessary quality certifications for PV solar glass. For this project, DPG aims to achieve revenue of VND 266 billion and record a net loss of VND 39 billion in 2026. Other projects such as Dong Na hotel, Dien Loc industrial park, and Phu Hai South urban area are continuing with legal procedures, design, and land clearance. Overall, VCSC sees downward risk for its 2026 earnings forecast for DPG due to lower profits from the Casamia Balanca project potentially offsetting higher construction profits, though additional detailed assessment is needed. VCSC currently has a
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