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At the 2026 annual general meeting of Dam Sen Water Park Joint Stock Company (HOSE: DSN), management said it is prioritizing measures to address a decline in the group-tour business and intensifying competition from rivals. To support growth, the company plans to divest underperforming projects and redirect resources toward acquiring land in the Mekong Delta.
Chairman Tran Viet Anh noted that 2026 is facing higher fuel costs and a shrinking customer base. He said conflict in the Middle East has pushed fuel prices higher, increasing operating costs for the company’s fleet—particularly 45-seat coaches—because diesel prices have risen faster than gasoline. “This markedly squeezes margins, nearly absorbing the entire expense budget,” he said.
Management said the group-tour segment is forcing price reductions, but there is limited room to cut costs further or provide subsidies. As a result, the number of group travelers declined by roughly 35,000 this year.
In addition, restrictions in Nong Nai province on out-of-province school field trips and the Dai Nam theme park’s policy of free admission for students have narrowed DSN’s current customer base, leaving mainly customers from Ho Chi Minh City.
Chairman Tran Viet Anh also highlighted that group-tour customers typically do not peak early in the year and tend to concentrate demand toward year-end. He added that global economic volatility has affected operations, with input costs fluctuating since March, complicating equipment pricing and procurement.
To respond, management said it is tightening operating costs to the maximum. The company expects to offset revenue losses in the second half of the year.
DSN’s 2026 business targets include net revenue of 190 billion VND (up 4.7% from 2025), pre-tax profit of 92 billion VND, and net profit of 73 billion VND, representing a modest improvement versus the prior year.
To achieve these figures, the company plans to accelerate market expansion through traditional channels while resolving three strategic issues:
The fruit-juice plant project in Phan Thiết will continue seeking a partner for complete divestment within 2026. Management said the goal is to avoid losses and ensure divestment does not impair overall business performance.
Expansion will focus on the core water-park business. The Cu Chi expansion project has been canceled due to planning constraints. DSN’s new plan is to acquire land in Mekong Delta provinces with similar hot climates and limited professional water-park facilities.
Funding for the new project would come from retaining part of cash dividends; if there is a shortfall, the company may seek debt or additional shareholder capital.
Upgrades and new attractions have stalled due to administrative boundary changes. Management said it must wait for a stable government framework to continue seeking construction permits and land-lease arrangements.
Under the dividend policy for 2025, DSN will pay a cash dividend at 40% of charter capital, equivalent to more than 48 billion VND. An interim 24% dividend for 2025 was paid in February 2026.
For 2026, the company plans to maintain cash dividends at a minimum of 24% of charter capital. Total expected dividend payout for the year is about 29 billion VND.
Management described 2025 as challenging due to prolonged adverse weather, slow recovery in demand for entertainment services, tighter consumer spending, and increased competition from alternative entertainment options. Actual results fell short of AGM targets.
At the meeting, two independent directors were elected to the board for the 2023–2028 term: Hiroko Yabe and Le Thanh Tri. Ms. Yabe is a director at Yakuin Medical Group. Mr. Tri holds a Master’s in Econometrics Finance and previously served as Deputy CEO of the Long Thanh Economic Zone in Vientiane, Laos. He currently holds no other positions and owns no DSN shares.
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