KOS Margin Calls: Kosy Chairman Forced to Sell as Stock Hits 25th Floor

Overview

Kosy chairman Nguyen Viet Cuong and two entities linked to him were forced to sell a combined 796,657 KOS shares through margin calls, disclosed in filings dated 23 October 2026. The forced selling coincides with KOS closing at its 25th consecutive floor limit on HOSE, down more than 82% from its 16 September level, and raises questions about the company’s ownership stability against a weak first-half profit delivery.

Key Facts

• Chairman Nguyen Viet Cuong was margin-called on 175,287 KOS shares between 19 and 23 October 2026, cutting his holding from 71.8 million to 71.6 million shares and his stake from 33.17% to 33.09%.
• Cuong was previously margin-called on 560,854 KOS shares between 7 and 13 October; combined disclosed forced sales for him total 736,951 shares.
• Công ty TNHH Đầu tư Địa ốc Kosy was forced to sell 445,500 shares between 16 and 22 October, leaving 8,769,300 shares, or roughly 4.05% of charter capital.
• CTCP Đầu tư Leo Regulus was forced to sell 175,870 shares, reducing its holding from 22,190,768 to 22,014,898 shares and its stake from 10.251% to about 10.17%.
• KOS closed at VND 5,050 per share on 23 October 2026, its 25th straight floor-limit session, versus VND 32,950 on 16 September.
• H1 2026 audited consolidated revenue was approximately VND 723 billion (+9% year on year) with after-tax profit above VND 15 billion (+121%), equal to nearly 13% of the full-year plan.

What Happened

According to transaction reports published on 23 October 2026, securities firms sold KOS shares held by Chairman Nguyen Viet Cuong and two related organisations after margin collateral values fell below maintenance thresholds. The filings, submitted to the Ho Chi Minh City Stock Exchange (HOSE), show Cuong’s forced sale of 175,287 shares over 19-23 October, following an earlier margin call of 560,854 shares between 7 and 13 October. Together with the two related entities, the latest disclosed forced sales total 796,657 shares.

Kosy has attributed the prolonged decline to weak overall market conditions, reduced liquidity and investor selling pressure, and has also cited securities companies cutting margin lending allocations and executing forced sales, which added to supply. The company’s explanation was filed with HOSE in response to the run of floor-limit sessions. The filings do not disclose the value of the margin loans involved or the lenders that executed the sales.

Market Context

KOS trades on HOSE and closed at VND 5,050 on 23 October 2026, down more than 82% from VND 32,950 on 16 September. The 25-session floor-limit streak is an extreme move for a HOSE-listed real estate name and reflects a self-reinforcing cycle in which falling collateral values trigger margin calls, which in turn add sell supply. The broader Vietnamese property sector has faced tighter credit conditions and cautious sentiment, and Kosy’s own filings point to reduced margin lending across the brokerage industry as a contributing factor.

Strategic Significance

The forced selling matters less for the modest size of the share blocks than for what it signals about control and leverage. Cuong remains the dominant shareholder at 33.09%, but repeated margin calls within a single month indicate that a meaningful portion of the founder’s stake is pledged or financed against the share price. At VND 5,050, further declines could trigger additional forced sales, and the related entities’ combined holdings of roughly 14% represent a visible overhang. Meanwhile, H1 profit at about 13% of the annual target leaves limited room for the operating story to offset the technical pressure.

What to Watch

• Further transaction reports from Cuong, Địa ốc Kosy and Leo Regulus disclosing additional margin calls or stake changes.
• Any HOSE request for explanation or warning status tied to the extended floor-limit streak.
• Q3 2026 financial results and progress against the full-year profit plan.
• Disclosure of pledged share ratios and margin loan details in the next annual report or shareholder filings.
• Trading liquidity and whether KOS breaks the floor-limit pattern, which would indicate forced-sale supply is clearing.