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Revenue from advisory and stock investment fund management rose, helping Dragon Capital Vietnam post net profit of nearly 95 billion dong, the highest in three years. In the first-quarter earnings report, Dragon Capital Vietnam (DCV) posted revenue of nearly 287 billion dong, up about 19% year over year. The majority came from stock investment advisory and fund management activities, the securities investment company. Because the company has no cost of goods sold, this figure is also gross profit. DCV also reported 30.6 billion dong in revenue from financial activities, up nearly 7.5 times from Q1 2025. Mostly, this was gains from financial investments. According to the report, the company holds nearly 483 billion dong in short-term financial investments in fund certificates. The remainder consists of interest income from deposits and certificates of deposit, and revenue from other financial activities. During the period, financial costs fell 43% to 3.2 billion dong. Most of these are impairment allowances for investments. Meanwhile, administrative costs rose slightly 0.3% to 195.5 billion dong. In total, Dragon Capital Vietnam earned after-tax profit of about 94.6 billion dong. This is 2.6 times the same period and the highest in three years. Cumulative after-tax profit reached over 535 billion dong. The company’s total assets stood at nearly 1,046 billion dong, up almost 2%. The largest items were short-term financial investments, cash and cash equivalents (over 220 billion dong). By the end of March, domestic and foreign investors had entrusted Dragon Capital with a portfolio valued at about 1,617 billion dong, measured at purchase price. Additionally, the company had received more than 270 billion dong in entrusted investors’ deposits. Dragon Capital is the first domestic funds manager in Vietnam, established in 2003. They primarily operate in securities fund management and portfolio management. The company has been at the forefront of launching many fund products, including closed-end funds, open-end funds, and exchange-traded funds (ETFs). In addition, they have pioneered investments in private equity, participating in the privatization of state-owned enterprises. At the end of last year, the company advised and managed about 140,000 billion dong (5.4 billion USD). They are among the leading public fund managers in the market in terms of the number of funds and total assets under management (NAV). DCV shares have been listed on UPCoM since mid-January. The ticker is currently trading at 150,000 dong per unit. The market price has fallen about 45% from the late-January peak of 270,000 dong, but remains strong compared with the initial reference price of 68,000 dong on the first trading day. DCV has low liquidity, with only a few hundred shares traded per session.
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