PNJ Stock Hits Near 10-Year Low After Guidance Cut and Dividend Halved

Overview

Phu Nhuan Jewelry (PNJ) shares closed at VND 18,900 on the Ho Chi Minh Stock Exchange (HOSE) on 7 October 2026, the lowest level since May 2017, after the company cut its 2026 revenue target by 20% and replaced a VND 3,400bn profit plan with a VND 6,271bn loss forecast driven by provisions. The guidance reset, a halved cash dividend and a proposed 550 million share private placement have combined with heavy foreign selling and the exit of two long-standing institutional shareholders.

Key Facts

• PNJ closed at VND 18,900 on 7 October 2026, down 6.2% on the day and the lowest price since May 2017.
• The stock has fallen for 12 consecutive sessions, six of them at full daily limit, losing nearly half its value since mid-September 2026.
• Market capitalisation has dropped below VND 10,000bn.
• 2026 revenue guidance was cut by 20%; the profit plan was revised from a VND 3,400bn gain to a VND 6,271bn loss due to provisions.
• Cash dividend guidance was reduced from 20% to 10%.
• A private placement of 550 million shares is planned to fund working capital and future business plans.
• T. Rowe Price Associates sold nearly 5.5 million shares and Sprucegrove Investment Management sold more than 19 million shares, taking both below the 5% major-shareholder threshold.
• Foreign investors net sold more than VND 400bn in the 7 October session, an eighth straight session of net selling; PNJ led HOSE with nearly 52 million shares traded.

What Happened

PNJ, formally Công ty Vàng bạc đá quý Phú Nhuận, disclosed the revised business plan alongside a dividend reduction and the private placement proposal. The swing to a VND 6,271bn loss reflects provisioning rather than an operating collapse alone, and the company has not yet disclosed the specific assets or receivables against which those provisions are taken. The filing does not disclose the pricing or timing of the 550 million share placement.

In a written explanation to HOSE regarding the limit-down streak, PNJ cited the recent correction in the Vietnamese stock market and cautious investor sentiment. The company said some securities firms have cut margin lending ratios against its shares, which it acknowledged could increase selling pressure and affect liquidity and price behaviour. PNJ also pointed to business disruption in its diamond segment and to the frequency and volume of disclosures in a short period as factors weighing on investor sentiment.

Market Context

PNJ trades on HOSE and is classified in the personal and household goods sector. The close of VND 18,900 marks a near-10-year low and a roughly 50% drawdown from mid-September levels, with market capitalisation now below VND 10,000bn. The stock led the exchange by volume on 7 October with nearly 52 million shares changing hands, and foreign investors extended a net-selling run to eight consecutive sessions. The scale of the decline, combined with margin-lending restrictions by brokers, indicates forced or risk-reducing flows rather than purely fundamental repricing.

Strategic Significance

For long-term investors, the central question is whether the VND 6,271bn loss reflects a one-off provisioning event or a structural deterioration in PNJ’s gold and diamond retail economics. The exit of T. Rowe Price and Sprucegrove below the 5% threshold removes two anchor institutional holders and reduces the stability of the shareholder base, while the 550 million share placement would materially dilute existing holders unless priced at a premium. The halved dividend removes a key income component of the PNJ investment case. The company’s own explanation, that margin lending restrictions are amplifying the selloff, implies the equity story now depends on restoring lender confidence and clarifying the size and nature of the provisions.

What to Watch

• Disclosure of the specific provisions behind the VND 6,271bn loss, including which assets or receivables are affected.
• Terms of the 550 million share private placement: pricing, subscriber identity and dilution impact.
• Foreign ownership and major-shareholder filings to see whether T. Rowe Price and Sprucegrove continue reducing below 5%.
• Broker margin lending policy on PNJ shares, given the company’s own attribution of selling pressure to margin cuts.
• The next quarterly earnings release and any further revision to the 2026 plan.