KOS Floor-Price Streak: Kosy Blames Margin Calls, Insider Stake Slips to 4.61%

Overview

Kosy Group (HOSE: KOS) has filed an official explanation with the State Securities Commission and the Ho Chi Minh City Stock Exchange for five consecutive floor-price sessions between 28/9/2026 and 2/10/2026, attributing the decline to broad market selling pressure and forced margin liquidation rather than internal issues. The filing follows a related-party disclosure showing Kosy Real Estate Investment Co., Ltd. sold only a fraction of its registered KOS volume under duress, nudging its ownership from 4.62% to 4.61%.

Key Facts

• KOS fell to its floor price for five consecutive sessions from 28/9/2026 to 2/10/2026, per the company’s filing to the State Securities Commission and HOSE.
• Kosy Group stated the decline was driven by market-wide selling pressure, reduced market liquidity, and securities firms cutting margin allocations for the ticker, triggering simultaneous forced liquidation.
• Related party Kosy Real Estate Investment registered to sell 250,000 KOS shares between 24/9/2026 and 30/9/2026 but completed only 22,300 shares via order matching.
• The shortfall was attributed to forced liquidation (bán giải chấp); post-trade holdings fell from 10 million shares (4.62%) to approximately 9.98 million shares (4.61%).
• Chairman Nguyễn Việt Cường sold more than 4.26 million KOS shares of a 5 million-share registration between 27/8/2026 and 24/9/2026, citing unfavorable market conditions; his stake now stands at nearly 72.38 million shares, or 33.43% of charter capital.
• Vice Chairwoman Nguyễn Thị Hằng holds nearly 13.9 million KOS shares, equal to 6.42% of charter capital.
• Kosy reported audited first-half 2026 consolidated net revenue of approximately VND 722.7 billion.
• KOS closed at 13,700 on 5/10/2026.

What Happened

In a report sent to the State Securities Commission and HOSE, Kosy Group said the stock’s five-session floor streak from 28/9/2026 to 2/10/2026 reflected a market that continued to decline on inertia, pressuring investors to sell. The company pointed to weakening market liquidity and securities firms lowering margin ratios for KOS, which triggered a wave of forced liquidation that amplified selling pressure and created a liquidity squeeze in the shares. Kosy said its core operations — real estate project investment and development, renewable energy, and project operations — remain on plan with no unusual internal developments affecting the share price. The company reiterated its commitment to disclosure obligations. This is the second such explanation, following a similar filing for the 21/9/2026 to 25/9/2026 floor streak.

Separately, Kosy Real Estate Investment Co., Ltd. registered to sell 250,000 KOS shares between 24/9/2026 and 30/9/2026 but only sold 22,300 shares by order matching, citing forced liquidation as the reason for the shortfall. The entity’s holding slipped from 10 million shares (4.62%) to nearly 9.98 million shares (4.61%). The relationship is close: Kosy Group Chairman Nguyễn Việt Cường also serves as Chairman of Kosy Real Estate Investment, and Vice Chairwoman Nguyễn Thị Hằng is a capital contributor to that entity. Earlier, between 27/8/2026 and 24/9/2026, Chairman Cường sold more than 4.26 million of a registered 5 million KOS shares via order matching and negotiated deals, citing unfavorable market conditions and failed negotiations.

Market Context

KOS trades on HOSE and closed at 13,700 on 5/10/2026, following the five-session floor run. The stock sits in the real estate sector, which has been sensitive to margin tightening and liquidity conditions across the Vietnamese market. The company’s explanation places the decline within a broader pattern of market-wide deleveraging, where brokers cut margin ratios on specific tickers and forced selling compounds price declines. The filing does not disclose the specific margin ratios applied by brokers or the aggregate value of liquidated positions.

Strategic Significance

For long-term investors, the key question is whether the selling reflects a temporary margin-driven technical dislocation or a deterioration in Kosy’s real estate and renewable energy pipeline. Management’s insistence that core operations are proceeding normally, combined with first-half 2026 net revenue of roughly VND 722.7 billion, provides a fundamental anchor, but the repeated floor sessions and insider selling — including the Chairman’s partial disposal of a 5 million-share registration — suggest persistent overhang. The related party’s forced liquidation at just 4.61% ownership means the selling pressure is not fully exhausted, and the gap between registered and executed volumes signals limited buyer depth at current prices.

What to Watch

• Whether KOS stabilizes above the floor price in sessions following 5/10/2026, or extends the decline.
• Further disclosures from Kosy Real Estate Investment or Chairman Nguyễn Việt Cường regarding remaining registered sale volumes.
• Broker margin policy updates for KOS, which would indicate whether forced liquidation pressure is easing.
• Kosy Group’s third-quarter 2026 earnings release, expected to clarify whether real estate and renewable energy operations are meeting plan.
• Any additional explanation filings to the State Securities Commission or HOSE if floor-price sessions recur.