KOS (Kosy) Plunges 5 Straight Floor Sessions as Brokers Force-Sell Chairman's Stake

Overview

KOS, the HOSE-listed real estate and renewable energy developer Kosy JSC, fell limit-down for a fifth straight session to 21,000 VND per share on 25 September, wiping out close to 1,960 billion VND in market capitalization in five trading days. The decline coincides with margin calls and forced-sale notices from at least four securities firms targeting shares held by Chairman Nguyễn Việt Cường and related parties, who together hold roughly 47.04% of the company.

Key Facts

• KOS closed at 21,000 VND per share on 25 September, down from 30,050 VND on 18 September, a decline of more than 30% (9,050 VND per share) in five sessions.
• Market capitalization fell to approximately 4,546 billion VND, a loss of nearly 1,960 billion VND versus the 18 September close.
• Kosy has 216,481,335 shares outstanding as of its H1 2026 financial statements.
• Chairman Nguyễn Việt Cường directly holds 35.40% of Kosy; Leo Regulus Investment JSC holds 11.64%, for a combined 47.04% (about 101.84 million KOS shares).
• Chứng khoán Funan announced plans from 8 September to sell 900,000 KOS shares held by Mr. Cường, Leo Regulus and Mr. Nguyễn Trung Kiên.
• Chứng khoán Capital announced on 22 September plans to sell 605,600 shares held by Vice Chairwoman Nguyễn Thị Hằng and Deputy CEO Nguyễn Thị Phương Thảo; Finhay issued a separate forced-sale notice the same day.
• Chứng khoán Nhất Việt (VFS) announced on 23 September forced sales covering Mr. Cường, Ms. Thảo, Mr. Kiên and Leo Regulus, totaling more than 2.02 million shares.
• H1 2026 results: consolidated revenue of nearly 722.7 billion VND (+9% year on year) and after-tax profit of 15.36 billion VND (+121%).

What Happened

In a written explanation dated 23 September, Kosy said certain securities companies linked to Korean investors and organizations had adjusted collateral valuations and demanded asset disposals within roughly two days, creating heavy supply pressure on the stock. The company did not name the specific brokers involved.

The forced-sale pressure was not concentrated at a single broker. Funan’s notice came first, followed by Capital and Finhay on 22 September, then a larger batch from Nhất Việt (VFS) on 23 September covering the Chairman, Deputy CEO, another related individual and Leo Regulus. Leo Regulus is identified as a related party in Kosy’s semi-annual financial statements because it shares the same board chairman. The company has not disclosed the value of the collateral or the outstanding margin balances behind the sales.

Market Context

KOS trades on the HOSE exchange. The stock closed at 22,550 VND on 24 September and fell to 21,000 VND on 25 September, extending a run of five consecutive floor sessions. The scale of the drawdown — more than 30% in a week — is unusually sharp for a HOSE-listed real estate name and reflects the mechanical supply created by forced selling rather than a change in reported fundamentals. The episode also highlights how concentrated ownership combined with margin financing can amplify downside moves in Vietnamese small- and mid-cap property stocks.

Strategic Significance

For long-term investors, the central question is whether the forced selling reflects a liquidity problem at the controlling shareholder level or a broader solvency issue at Kosy itself. The company’s H1 2026 results showed revenue growth of about 9% and after-tax profit more than doubling to 15.36 billion VND, but that profit base remains small relative to total assets of over 5,078 billion VND. The dual real estate and renewable energy model — including the 40.5 MW Kosy Bạc Liêu wind project phase 1 — offers a diversification angle, but the overhang of roughly 101.84 million shares held by the Chairman and Leo Regulus means further margin-driven supply remains a structural risk until the collateral situation stabilizes.

What to Watch

• Follow-up forced-sale disclosures from Funan, Capital, Finhay and VFS, including actual executed volumes versus announced plans.
• Any statement from Kosy or the Chairman on the status of margin loans and collateral with the Korean-linked securities firms referenced in the 23 September filing.
• Foreign-ownership and related-party transaction filings that would show whether Leo Regulus or Mr. Cường’s holdings change materially.
• Q3 2026 earnings release, which will show whether the share price collapse has affected operations, financing or project timelines.
• Trading liquidity and whether KOS can exit the floor-price sequence, which would indicate forced-selling pressure is easing.