PNJ

MSB was the most sold stock by foreign investors in the last week of May, with net selling of VND 1,756 billion, contributing to a total foreign net outflow of VND 5,118 billion across the market. The selling pressure pushed VN Index down 0.73% to 1,863.49 points, highlighting persistent foreign divestment from Vietnamese equities.

On May 19, proprietary trading desks of securities companies net sold VND 190 billion on HOSE, with MBB (-VND 95B), VIB (-VND 50B), and VCB (-VND 47B) leading the sell-off. In contrast, they net bought VIC (VND 123B) and VHM (VND 71B). Foreign investors also net sold VND 830 billion across the market, adding to the negative sentiment.

Bao Tin Manh Hai, a Hanoi-based gold and jewelry firm with over 30 years of history, plans to IPO in Q4/2026 and list on HoSE, selling at least 15% of shares with SSI Securities as advisor. The move could end PNJ's long-standing monopoly as the only listed jewelry company in Vietnam, though PNJ remains more profitable with higher margins.

Foreign investors net sold VND 836 billion (USD 33.4 million) on May 12, 2026, with banking stocks bearing the brunt of selling. Individual investors absorbed the flow, net buying VND 968.8 billion. The VN-Index reversed from a 16-point loss to close up 5.6 points at 1,901, driven by rotation into mid-cap and energy stocks.

PNJ completed a 2:1 bonus share issuance on April 24, raising charter capital to nearly VND 5,119 billion. The company also reported Q1/2026 net profit of VND 1,467 billion, up 116.5% year-on-year, driven by 24K gold revenue and retail jewelry growth. The capital increase and strong earnings signal continued expansion in Vietnam's jewelry market.

PNJ posted Q1/2026 net profit of VND 1,467.4 billion, up 116.5% YoY, and revenue of VND 17,245.2 billion, up 79%, driven primarily by 24K gold sales. The record quarterly profit reflects strong demand for gold and sustained retail jewelry growth, though inventory remains high at 68% of total assets.

Vietnam-focused ETFs reversed seven consecutive weeks of outflows with a net inflow of VND 469 billion (USD 18.76 million) in the week of April 20-24, 2026. Domestic ETFs, led by VFMVN Diamond ETF, drove the buying, while foreign ETFs saw slight net outflows. Top stocks bought include GMD, MWG, PNJ, GAS, and FPT.

FPT receives the largest net buying of 7.2 million shares in the semi-annual rebalancing of the VNDiamond, VN30, and VNFinlead indices, effective May 4, 2026, driven by a technical adjustment raising its market cap weight limit to 80.5%. In contrast, VPB is sold the most at 4.1 million shares, while KDH is placed on the removal watch list for VNDiamond due to insufficient foreign ownership limit.

Foreign investors net sold nearly VND 1,950 billion (USD 78 million) on April 24, 2026, ahead of a long holiday, with VN-Index falling 17 points to 1,853.29. Banking and real estate stocks, including VIC, VHM, and VCB, were the main drags, while oil & gas stocks saw some buying. The selling pressure reflects cautious positioning before the break, with market breadth negative.

HPG and other non-financial stocks drove Q1 2026 earnings growth of +43% YoY for 238 listed firms, with Steel surging +169.6% and Retail +74.9%. Financial sector growth slowed to +22.7% for banks and +14.4% for securities, reflecting margin pressure and lower trading volumes.

PNJ's 2026 AGM approved a record revenue target of VND 48.66 trillion (+37%) and net profit of VND 3.409 trillion (+21%), while maintaining a 20% cash dividend payout. The company is ready to import the maximum gold quota allowed by the State Bank and is developing a multi-sector retail ecosystem beyond jewelry, with a corporate restructuring underway.

PNJ achieved a record 2025 net profit of VND 2.828 trillion, a 34% year-on-year increase, and its best-ever quarterly profit of VND 1.467 trillion in Q1 2026, despite significant headwinds from high gold prices. Management attributed the performance to strategic shifts toward lighter-weight gold products and improved inventory recycling, aiming to maintain gross margins above 18-20%.