KOS Stock Plunges 60% in Two Weeks as Chairman Sells Stake

Overview

KOS shares on the HOSE have plunged nearly 60% over half a month, closing at VND 13,700 on October 5 after 11 consecutive floor sessions. The decline coincides with share sales by Chairman Nguyễn Việt Cường and related parties, and margin lending restrictions by several securities firms. The company has issued a formal explanation to the HOSE, stating that core operations remain normal.

Key Facts

• KOS closed at VND 13,700 per share on October 5, 2026, down nearly 60% from mid-September levels.
• The stock hit the daily floor for 11 consecutive sessions, starting from September 21 when it closed at VND 27,950.
• Nearly 36 million KOS shares were queued for sale at the floor price, equal to about 16% of outstanding shares, while only 41,000 shares matched.
• Chairman Nguyễn Việt Cường sold over 4.3 million shares out of a registered 5 million, reducing his holding to more than 44 million shares, or approximately 20.35% of charter capital.
• Công ty TNHH Đầu tư Địa ốc Kosy, a related party, sold 22,300 shares out of a registered 250,000, lowering its stake to nearly 9.98 million shares, or about 4.61%.
• Kosy reported H1 revenue of over VND 700 billion and strong year-on-year after-tax profit growth, but remains far from its full-year 2026 profit target of VND 120 billion.
• Several securities companies have adjusted margin lending ratios for KOS, potentially increasing selling pressure.

What Happened

In a document dated October 5, 2026, sent to the Hồ Chí Minh Stock Exchange, Kosy attributed the share price decline primarily to market supply and demand, investor sentiment, and external factors. The company affirmed that its core activities—real estate investment and development, renewable energy, and project operations—are proceeding as planned, and that it has not recorded any internal irregularities that could affect the stock price. This followed an earlier explanation on September 25 after five consecutive floor sessions, when the company cited weak market conditions, declining liquidity, and cautious investor sentiment.

The sharp decline occurred alongside significant share transactions by company leaders and related parties. Chairman Nguyễn Việt Cường completed the sale of more than 4.3 million KOS shares, reducing his ownership to approximately 20.35% of the company’s charter capital. Concurrently, Công ty TNHH Đầu tư Địa ốc Kosy, an organization related to the Chairman, sold 22,300 shares, lowering its stake to about 4.61%. The company also noted that some securities firms have cut margin lending for KOS, which may have amplified selling pressure.

Market Context

KOS is listed on the HOSE and operates in the real estate sector. The stock’s recent price action has been extremely volatile, with the close on October 5, 2026, at VND 13,700 representing a nearly 60% drop from mid-September. The decline occurred amid broader market caution and reduced liquidity, though the magnitude of KOS’s fall far exceeds typical market movements. The stock’s floor-locked sessions and near-zero matching volume indicate severe selling pressure and a lack of buyers.

Strategic Significance

For long-term investors, the key issue is whether the sell-off reflects fundamental problems or is primarily driven by technical factors such as margin calls and insider selling. Kosy’s core businesses in real estate and renewable energy are still described as operational, and H1 revenue exceeded VND 700 billion. However, the company’s profit target of VND 120 billion for 2026 appears distant, and the Chairman’s substantial share sale may raise governance concerns. The margin lending restrictions by brokers could prolong the downward spiral if forced selling continues, but they also reduce leverage in the stock. The strategic thesis hinges on whether the company can stabilize operations and restore investor confidence, particularly given the overhang of nearly 36 million shares offered at the floor.

What to Watch

• Further disclosures from Kosy regarding any changes to business operations or financial health.
• Additional share sales or purchases by Chairman Nguyễn Việt Cường and related parties.
• Updates on margin lending policies for KOS from securities companies.
• The company’s Q3 2026 earnings release, expected in late October, for clues on progress toward the VND 120 billion profit target.
• Trading volume and whether the floor-locked selling pressure begins to ease.