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DSN - NON RATED - Cash cow eyes ambitious expansion plans - Visit Note

We visited Dam Sen Water Park (DSN) today. The company owns the water park located in District 11, HCM city. Major stakeholders for DSN include Phu Tho Tourist Service Ltd (33.%) and Viet A Commercial Bank (11%). The water park is fully depreciated; having net margin of 40%, ROE of 40%, ROA of 38%. Earnings growth from FY07 to 2012 averaged ~27% per year but growth has been decelerating with 14% profit growth last year.