National Securities to Reduce Stake in SJ Group (SJS) by 1.84%

Overview

National Securities Corporation (NSI) has registered to sell 2 million shares of SJ Group (SJS) on the Ho Chi Minh Stock Exchange (HOSE), aiming to restructure its investment portfolio. The sale will reduce NSI’s stake from 1.84% to 1.17% of SJ Group’s charter capital. The transaction comes amid SJ Group’s strong Q1 2026 earnings and follows a similar divestment by another major shareholder.

Key Facts

• NSI registered to sell 2 million SJS shares via negotiated method from July 27 to August 25, 2026.
• NSI’s stake will decrease from 1.84% (approximately 5.5 million shares) to 1.17% (approximately 3.5 million shares).
• SJ Group’s Chairman Bui Quang Bach also serves on NSI’s board but holds no SJS shares.
• On May 13, 2026, An Phat Investment sold 5 million SJS shares, reducing its stake from 23.01% to 21.33%.
• SJ Group reported Q1 2026 net revenue of VND 316.8 billion (+121.1% YoY) and net profit of VND 175.7 billion (+160.7% YoY).
• Full-year 2026 targets: revenue VND 2,450 billion and net profit VND 1,195 billion, implying 3.2x and 2.6x 2025 actuals.
• As of March 31, 2026, total assets stood at VND 7,991.5 billion, with inventory at VND 4,311.7 billion (54% of total assets).

What Happened

National Securities Corporation (NSI) filed a notice with the Ho Chi Minh Stock Exchange (HOSE) regarding the planned sale of 2 million SJS shares held by a related party of an insider at SJ Group. The transaction is intended to restructure NSI’s investment portfolio and will be executed via negotiated method over a one-month period starting July 27, 2026. If successful, NSI’s ownership will drop from nearly 5.5 million shares (1.84%) to about 3.5 million shares (1.17%).

Notably, SJ Group’s Chairman Bui Quang Bach is also a member of NSI’s board of directors, though he does not own any SJS shares. The sale follows a similar move by An Phat Investment, which sold 5 million SJS shares on May 13, 2026, also citing portfolio restructuring. An Phat’s stake fell from 23.01% to 21.33%.

Market Context

SJS closed at VND 47,200 on July 22, 2026. The stock has been influenced by SJ Group’s strong Q1 earnings and ambitious 2026 targets. The real estate sector on HOSE has seen mixed sentiment amid regulatory changes and interest rate fluctuations. NSI’s stake reduction, though small in percentage terms, adds to selling pressure from other large shareholders. The negotiated method may limit immediate market impact, but the cumulative divestment signals potential liquidity concerns.

Strategic Significance

NSI’s decision to reduce its stake in SJ Group reflects a portfolio rebalancing strategy, likely to free up capital for other investments. For SJ Group, the sale by a related party (NSI) may not directly affect operations, but it highlights a trend of major shareholders trimming positions. SJ Group’s aggressive 2026 targets, backed by strong Q1 performance, suggest confidence in its project pipeline, including major developments like Nam An Khanh and Van La. However, high inventory and debt levels warrant monitoring. The divestment by both NSI and An Phat could indicate a cautious outlook on the stock’s near-term valuation.

What to Watch

• Completion of NSI’s share sale by August 25, 2026, and any subsequent filings.
• SJ Group’s Q2 2026 earnings release to assess progress toward full-year targets.
• Further stake changes by other major shareholders, especially An Phat Investment.
• Updates on SJ Group’s key projects, particularly Nam An Khanh expansion and Van La housing.
• Changes in SJ Group’s debt levels and inventory turnover in upcoming quarterly reports.