KOSY (KOS) Asked by HOSE to Explain Five Straight Floor Sessions

Overview

KOSY (HOSE: KOS) received a request for explanation from the Hồ Chí Minh Stock Exchange (HOSE) on 25 September 2026 after its shares closed at the floor price for five consecutive sessions from 21-25 September 2026. The company has 24 hours to publish an explanation covering any corporate matters that may have affected the share price. The event matters for KOS shareholders because the slide has already triggered forced margin sales by two senior executives, even as the company’s H1 2026 results showed profit more than doubling year-on-year.

Key Facts

• HOSE issued the explanation request on 25 September 2026, requiring disclosure within 24 hours.
• KOS fell to the floor for five consecutive sessions from 21 September to 25 September 2026.
• The stock is down 46% year-to-date; the close on 25 September 2026 was VND 21,000.
• Average daily volume since the start of the year is 332,909 shares; during the five-session slide it averaged about 71,700 shares per session, with a high of 334,300 shares on 21 September and a low of 1,500 shares on 23 September.
• On 23 September 2026, Capital Securities (CSCJ) attempted forced margin sales of 100,000 KOS shares each belonging to Nguyễn Thị Hằng, Deputy Chair of the Board, and Nguyễn Thị Phương Thảo, Deputy General Director; both orders failed.
• H1 2026 net profit exceeded VND 15 billion, 2.2x the year-earlier period, on revenue of VND 723 billion (+9%) and gross profit of VND 96 billion (+20%).
• Selling expenses rose 3.2x to nearly VND 4 billion, while general and administrative costs fell 14.5% to VND 15.6 billion; other expenses rose 32% to VND 5 billion, mainly land-use fee late-payment charges.

What Happened

HOSE notified KOSY on 25 September 2026 that the shares had recorded a run of consecutive floor-price sessions between 21 and 25 September 2026. The exchange asked the company to disclose an explanation within 24 hours, addressing any company-specific issues that could have influenced the price movement. The article does not state what, if any, corporate event preceded the decline; the reason for the slide remains unclear.

The price action itself was unusual. KOS had already been trending lower from 16 September before the five-session floor run. Liquidity during the slide was thin and erratic, peaking at 334,300 shares on 21 September and collapsing to just 1,500 shares on 23 September. On that same day, Capital Securities (CSCJ) moved to force-sell 100,000 KOS shares each from Deputy Chair Nguyễn Thị Hằng and Deputy General Director Nguyễn Thị Phương Thảo, but according to CSCJ’s published results, neither order was executed. The company has not yet issued its explanation as of the article’s publication.

Market Context

KOS trades on HOSE and closed at VND 21,000 on 25 September 2026, down 46% from the start of the year. The stock’s average daily volume of roughly 333,000 shares since January is modest, and the five-session slide occurred on volumes well below that average, indicating limited buying support rather than heavy distribution. The forced-margin attempts by two executives add a governance dimension to the price weakness, since margin calls at the leadership level can amplify selling pressure in small-cap real estate names. The article does not provide a broader VN-Index or sector comparison for the same period.

Strategic Significance

For long-term investors, the central tension is between operating results and market behavior. KOSY’s H1 2026 revenue of VND 723 billion and net profit above VND 15 billion reflect real-estate project handovers and a 20% rise in gross profit, supported by a 14.5% cut in administrative costs. Yet the equity has lost nearly half its value year-to-date and is now the subject of a regulatory explanation demand. The failed forced-margin sales suggest that even the executives’ pledged shares could not be liquidated at the floor, which may indicate a lack of buyers at that price rather than a resolved overhang. How HOSE’s inquiry is answered, and whether the company discloses any undisclosed corporate event, will shape whether the market treats the decline as technical or fundamental.

What to Watch

• KOSY’s 24-hour explanation filing to HOSE and whether it identifies a specific corporate cause for the price decline.
• Any further disclosure on the margin status of Nguyễn Thị Hằng and Nguyễn Thị Phương Thảo, including whether the failed forced sales are retried.
• Q3 2026 earnings, to confirm whether the H1 real-estate revenue momentum continues.
• Trading volume and whether the stock stabilizes above the VND 21,000 close recorded on 25 September 2026.
• Any HOSE follow-up action, including a possible move to a controlled or restricted trading status if the explanation is deemed insufficient.