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Original headline: Dòng tiền phân hóa ở nhóm bất động sản, chứng khoán
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Corporate bond issuance in Q3 2026 reached 172 trillion VND, up 9.7% year on year, with banks accounting for 66% and real estate for 26%. Average coupons were 8.8% per year for banks and 11.5% for real estate, as banks pushed subordinated bonds to meet capital adequacy requirements. Real estate issuance rose 29% year on year, concentrated in Vinhomes and Masterise-linked entities. Total outstanding corporate bonds reached 1,535 trillion VND, equal to 10.9% of nominal GDP, and the 12-month cumulative late-payment ratio fell to 0.2%, though Novaland-ecosystem companies still face debt pressure from slowing sales and high interest rates. The cumulative debt recovery rate improved to 51.5%.
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Kosy (HoSE: KOS) shares closed at the VND 9,630 floor price on October 12, down 6.96%, after 16 consecutive sessions at the floor. The company's market value fell about VND 5,113 billion, from roughly VND 7,198 billion to around VND 2,085 billion within about a month, while sell orders at the floor exceeded 70 million shares with almost no buyers. Kosy said investor selling sentiment and some brokerages cutting margin ratios for KOS had added pressure on the price and liquidity, and maintained that core business operations had no unusual changes. In the first half of 2026, revenue reached nearly VND 722.7 billion (up 9%) and after-tax profit was VND 15.36 billion (up 120.7%), about 12.8% of the VND 120 billion full-year target. Ms. Hoàng Thị Yến, sister-in-law of chairman Nguyễn Việt Cường, registered to buy 8 million KOS shares from October 15 to November 13.
- Walmart Advances 3% as Inflation Data Sends Money Into Defensives; Costco and Target Edge Higher
A hotter-than-expected September inflation report pushed money into consumer staples while the broader market fell. Walmart (WMT) rose 3% to $115.10, Costco (COST) gained 2% to $976.30, and Target (TGT) edged up 0.9% to $153.43, while the SPDR S&P 500 ETF fell 1.33%. Walmart beat expectations with Q2 FY2027 adjusted EPS of $0.81 and revenue up 5.9% to $187.94 billion, and raised its full-year adjusted EPS guidance to $2.80–$2.87, though the stock trades at a P/E of 41x. Costco reported Q4 FY2026 comparable sales up 9.4%, while Target raised its full-year adjusted EPS guidance to $9.90–$10.90, a range that includes $1.65 per share from tariff refunds. Target shares are up 61% year to date.
- Smart Money Tracker, Oct 12: Foreign Investors Net Sell Seven Straight Sessions, PNJ Still Among Heavy Sellers
On Oct 12, foreign investors net sold 583 billion VND, marking seven straight sessions of net selling since a strong net buying session at the start of October. Proprietary trading, by contrast, net bought 146 billion VND, led by VPB at 223 billion VND. The largest foreign net sales were in TCB (115 billion VND) and PNJ (105 billion VND), while HPG drew the biggest foreign net buying at 128 billion VND. The article notes that PNJ has repeatedly been among the most heavily sold stocks in recent sessions amid sudden capital withdrawals by large institutional shareholders.
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