Dragon Capital sells 100,000 DPG shares ahead of Dat Phuong Group's AGM

Dragon Capital has sold 100,000 DPG shares ahead of the Dat Phuong Group's AGM. According to the report, on 21 April 2026, the Dragon Capital member fund Samsung Vietnam Securities Master Investment Trust sold 100,000 DPG shares, reducing the foreign funds’ total holding from nearly 13.1 million shares (11.0933%) to about 13 million shares (10.9386%). Prior to this foreign fund, Ms. Luong Thi Thanh — sister of Lương Minh Tuấn, the Chairman of the Board and wife of Dang Hoang Huy — a Board member, registered to sell 200,000 shares from 05-31 March. This reduced ownership from 4.755 million shares (4.717%) to 4.6 million shares (4.518%) of Dat Phuong. Currently, Lương Minh Tuấn owns more than 16 million shares (15.942%), while Huy owns no DPG shares. In the market, after hitting 47,800 dong per share on February 26, DPG stock retraced and is now around 43,000 dong per share. This move by relatives of Dat Phuong's leadership and the foreign fund occurred ahead of the AGM, scheduled for 25 April. According to the meeting materials, Dat Phuong will seek shareholder approval for the 2026 consolidated net revenue target of 8,513.6 billion dong, up 89.9% from 2025; net profit after tax is expected to reach 560.6 billion dong, up 25.9%. Looking back at 2025, Dat Phuong Group posted consolidated net revenue of 4,484 billion dong and net profit after tax of 445.1 billion dong, achieving 94.29% and 118.09% of the targets respectively. Contrary to the profit trend, operating cash flow in 2025 was negative 688 billion dong, while 2024 was negative 287 billion dong. Cash flow tied to inventories reached 988 billion dong, much higher than 76 billion dong in the prior year. As of end-2025, inventories rose from 1,222 billion dong to 2,211 billion dong, within current assets of 4,656 billion dong. Notably, most inventory comprises production costs and unfinished real estate projects, rising from 944 billion dong to 2,082 billion dong, meaning projects are still under construction and revenue cannot yet be recognized. This has led to cash flow being ‘blocked’ in projects, creating short-term liquidity pressure. Total company liabilities increased from 6,418 billion dong to 8,125 billion dong by end-2025. Of this, payables stood at 5,201 billion dong, higher than equity of 2,924 billion dong, pushing the debt-to-equity ratio to 1.77x. This leverage indicates the company is using relatively high borrowings to fund operations and investment projects. Dat Phuong Group was established in 2002, originally as Dat Phuong Construction and Transport. The business mainly engages in construction and operation of transport and irrigation projects, while also participating in freight transport, sale of generated electricity, building materials, and rental of construction machinery and equipment, with nationwide operations. Dat Phuong plans to present to shareholders to broaden business lines to include the operation of sports facilities (excluding electronic gaming), hotels and related lodging services, and other short-stay lodging services.