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.