KOS Stock: Ninth Limit-Down Session as Chairman Sells 4.3M Shares

Overview

KOS shares of Công ty Kosy fell limit-down for a ninth consecutive session to 15,800 VND, a level last seen in early 2019, after Chairman Nguyen Viet Cuong disclosed the sale of 4.3 million shares and related entity Kosy Real Estate Investment reported forced selling. The decline has halved the HOSE-listed real estate developer’s market value in roughly two weeks, with sell-side overhang at the floor price reaching 27 million shares, more than 10% of shares outstanding.

Key Facts

• KOS closed limit-down at 15,800 VND, its ninth straight floor session and lowest price since early 2019.
• Chairman Nguyen Viet Cuong sold 4.3 million KOS shares between 27 August and 24 September 2026, short of the 5 million registered.
• After the sale, Cuong holds 72.375 million shares, equal to 33.43% of Kosy’s charter capital.
• Kosy Real Estate Investment Co., Ltd. registered to sell 250,000 shares but sold only 22,300, citing forced selling (giải chấp); it retains nearly 9.98 million shares, or 4.61%.
• At the floor price, the sell-side queue reached 27 million shares, over 10% of shares outstanding, while only about 1,200 shares traded in the morning session.
• H1 2026 net revenue reached 722.7 billion VND, up 9% year on year; net profit after tax was 15.4 billion VND, up 120%.
• The company has completed about 12.8% of its full-year 2026 net profit plan of 120 billion VND.

What Happened

In a 30 September disclosure, Kosy Chairman Nguyen Viet Cuong reported selling 4.3 million KOS shares during the 27 August to 24 September 2026 window, leaving him with 72.375 million shares, or 33.43% of charter capital. The filing attributed the shortfall against his 5 million-share registration to unfavorable market conditions and failure to reach expected agreements. In the same period, Kosy Real Estate Investment, an entity related to Cuong where he serves as Chairman of the Members’ Council and where Kosy Vice Chairwoman Nguyen Thi Hang is a capital contributor, registered to sell 250,000 shares but executed only 22,300, citing forced selling.

Kosy has submitted a written explanation to HOSE, pointing to negative stock market conditions, reduced liquidity, and difficulty accessing capital for production and business as pressures driving investor selling. The company also cited securities firms cutting margin lending ratios for KOS as an aggravating factor. Kosy maintained that its real estate development, renewable energy, and project operations are proceeding normally, with no internal developments that would justify the share price move.

Market Context

KOS trades on HOSE and closed at 16,950 VND on 30 September 2026 before the latest floor session took it to 15,800 VND. The stock has now lost more than half its value in about two weeks, with demand effectively absent even as the price fell. Margin pressure has appeared in accounts linked to Kosy leadership in prior sessions, but near-frozen liquidity has made selling difficult. The episode sits within a broader Vietnamese market backdrop of weakening liquidity and tighter credit conditions that have weighed on highly leveraged real estate developers.

Strategic Significance

The core issue for long-term holders is not the H1 profit growth of 120% but its scale: 15.4 billion VND against a 120 billion VND annual target leaves 12.8% completed at the half-year mark. A chairman selling into a falling market, even partially, and a related entity forced to sell on margin, signals balance-sheet stress at the shareholder level that can persist independently of project execution. Kosy’s stated focus on real estate, renewable energy, and project operations may be intact, but the margin-lending cuts by brokers reduce the pool of leveraged buyers that previously supported the float, and the 27 million-share floor queue shows how thin genuine demand has become.

What to Watch

• Further disclosures from Chairman Nguyen Viet Cuong or Kosy Real Estate Investment on additional share sales or margin positions.
• HOSE’s review of the company’s explanation letter and any request for additional clarification.
• Q3 2026 earnings, which will show whether profit progress toward the 120 billion VND annual plan accelerates.
• Brokerage margin ratio announcements for KOS, which have been cited as a driver of selling pressure.
• Liquidity metrics, including daily matched volume versus the floor-price sell queue, as a gauge of when forced selling may exhaust.