KOS Margin Calls Fail as Kosy Chairman's Stake Falls to 33.43%

Overview

Dai Viet Securities (DVSC) reported that forced-sale orders on KOS shares held by Kosy Chairman Nguyen Viet Cuong and related entity Leo Regulus matched zero shares on 5/10/2026, following an identical failed execution on 1/10. The failure stems from KOS closing at the floor price for 11 consecutive sessions, which has collapsed liquidity and left the HOSE-listed real estate developer down more than 51% in roughly two weeks.

Key Facts

• KOS closed at the floor price for 11 consecutive sessions from 21/9 to 5/10/2026.
• The share price fell from 27,950 VND on 21/9 to 13,700 VND on 5/10, a decline of more than 51%.
• DVSC’s margin-call sales on Nguyen Viet Cuong’s account matched 0 shares on both 1/10 and 5/10/2026.
• Margin-call sales on Leo Regulus, an entity related to Cuong, also matched 0 shares on 5/10.
• Cuong sold 4.3 million KOS shares between 27/8 and 24/9/2026, leaving him about 72.3 million shares, or 33.43% of charter capital.
• Failed margin calls also occurred on accounts of Vice Chairwoman Nguyen Thi Hang and Deputy General Director Nguyen Thi Phuong Thao.
• Kosy has 216.4 million shares outstanding, implying a market capitalization of roughly 2,966 billion VND at 13,700 VND per share.

What Happened

DVSC published a report on the results of forced sales of KOS shares linked to Kosy Chairman Nguyen Viet Cuong and a related organization. On 5/10/2026, the broker attempted to sell KOS from Cuong’s margin account, but the matched volume was zero. The same day, DVSC attempted a forced sale on the account of CTCP Dau tu Leo Regulus, an entity tied to the insider, and again matched zero shares. The report did not disclose how many shares were placed for sale.

This was not the first failed attempt. On 1/10, DVSC had already tried to liquidate KOS in Cuong’s account without matching a single share. Pressure has also appeared on accounts belonging to Vice Chairwoman Nguyen Thi Hang and Deputy General Director Nguyen Thi Phuong Thao, with similarly unsuccessful results. Kosy said in its own statement that some securities firms cut margin lending ratios for KOS and carried out forced sales, adding to selling pressure, while asserting that core operations in real estate investment, renewable energy and project operation remain normal with no internal disruption affecting the share price.

Market Context

KOS trades on HOSE and closed at 13,700 VND on 5/10/2026. The stock’s 11-session floor-price streak has drained order-book depth, so forced sellers cannot find buyers even at the daily limit. The episode sits within a broader pattern in Vietnam’s real estate sector, where leveraged insider positions at smaller developers have become vulnerable as brokers tighten margin eligibility. Kosy’s market capitalization of about 2,966 billion VND now reflects a fraction of its pre-September valuation.

Strategic Significance

For long-term investors, the central issue is not the margin mechanics but the ownership overhang. Cuong retains roughly 33.43% of Kosy, and the failed liquidations mean that stake has not been absorbed by the market. Until liquidity returns, any recovery in the share price could be met by a backlog of pending forced sales from the chairman, Leo Regulus and other executives. Kosy’s claim that real estate, renewable energy and project operations are unaffected is the counterweight, but the company has not disclosed asset-level detail that would let investors separate operating value from the deleveraging overhang.

What to Watch

• Daily matched volume and whether KOS breaks its floor-price streak, which would allow pending margin sales to clear.
• Further DVSC or other broker disclosures on forced-sale results for Cuong, Leo Regulus, Nguyen Thi Hang and Nguyen Thi Phuong Thao.
• Any change in Cuong’s 33.43% holding via new insider-trading filings.
• Kosy’s next financial statement for evidence on project progress, cash flow and debt at the operating level.
• Broker margin-ratio announcements on KOS, which would signal whether leverage pressure is easing or intensifying.