Kosy (KOS) Q3/2026: Profit Down 97%, Stock Resumes Slide After 29-Session Limit-Down Streak

Overview

Kosy (KOS), listed on HOSE, reported Q3/2026 net profit of approximately VND 300M, down 97% from nearly VND 11B a year earlier, with net revenue of about VND 106B, down roughly 70%. The weak results follow a 29-session limit-down streak that erased more than 90% of the share price, and a two-session rebound on 30 October and 2 November that faded quickly as selling pressure returned on 3-4 November.

Key Facts

• Q3/2026 net revenue of approximately VND 106B, down about 70% year-on-year.
• Q3/2026 net profit after tax of approximately VND 300M, down 97% from nearly VND 11B in Q3/2025.
• Goods trading revenue fell more than 85% to nearly VND 42B, from about VND 281B a year earlier.
• Real estate business revenue rose nearly 19% to about VND 31B; service revenue fell about 27% to nearly VND 33B.
• KOS closed at VND 3,930 on 4 November, down 3.2%, on volume of nearly 24.6 million shares.
• On 3 November the stock fell 6.45% to VND 4,060 on volume of more than 38.7 million shares, after opening limit-up with a ceiling bid queue of nearly 4 million shares.
• The preceding 29-session limit-down streak removed more than 90% of the share price; the rebound on 30 October and 2 November was 6.84% and 6.9% respectively.

What Happened

According to the consolidated Q3/2026 financial statements, Kosy attributed the revenue decline mainly to goods trading, which fell more than 85% to nearly VND 42B from about VND 281B in the same period last year. Real estate business revenue grew nearly 19% to about VND 31B and service revenue fell about 27% to nearly VND 33B, but the property segment’s growth was not enough to offset the collapse in goods trading, which had been the company’s largest revenue contributor a year earlier. In its explanation, Kosy said the profit decline was driven by lower sales and service revenue, with general market conditions affecting goods consumption and business activity. Finance costs fell about 7% to VND 22.3B.

In the market, KOS opened 3 November limit-up with no sellers and a ceiling bid queue of nearly 4 million shares, but heavy selling reversed the move and the stock closed near the floor, down 6.45% at VND 4,060 on volume above 38.7 million shares. The decline continued on 4 November, with the stock down 3.2% to VND 3,930 on nearly 24.6 million shares. The two down sessions followed limit-up gains of 6.84% on 30 October and 6.9% on 2 November, which had briefly raised hopes of a recovery after the 29-session limit-down run.

Market Context

KOS trades on HOSE and closed at VND 3,930 on 4 November 2026, a price level that reflects the more than 90% drawdown from before the 29-session limit-down streak. Liquidity remains elevated, with 24.6 million shares on 4 November and 38.7 million on 3 November, indicating that the rebound attracted short-term trading flows rather than sustained institutional demand. The stock sits in the real estate sector, where earnings dispersion has widened as goods-trading and brokerage-linked revenue lines weaken while core property development revenue holds up.

Strategic Significance

The Q3 figures show that Kosy’s earnings base is thin and concentrated: a 97% profit decline to VND 300M leaves almost no buffer, and the goods-trading segment that drove the fall is not a property-development earnings stream that investors can underwrite on a project pipeline. The near-19% growth in real estate revenue is the only constructive line, but at roughly VND 31B it is too small to carry the consolidated result. For long-term holders, the key question is whether Kosy can rebuild revenue from property development and services while the goods-trading line normalises, and whether the share price at VND 3,930 reflects asset value or simply the aftermath of forced selling.

What to Watch

• Q4/2026 and full-year 2026 consolidated financial statements, to see whether real estate revenue growth accelerates.
• Any HOSE disclosure on the cause of the 29-session limit-down streak, including margin or pledge-related filings.
• Monthly trading volume and foreign-ownership filings for KOS, to gauge whether the rebound was retail-driven.
• Company explanation filings on goods-trading revenue, including any guidance on the segment’s recovery.
• Sector-wide Q3/2026 real estate earnings, to separate Kosy-specific issues from market-wide weakness.