At PNJ's extraordinary shareholders' meeting on Oct. 21, 2026, the board proposed setting aside VND 7,071 billion in provisions this year for losses tied to its diamond buyback policy, projecting a pre-tax loss of over VND 6,000 billion. Excluding this provision, after-tax profit would be about VND 800 billion. Customers sold back about VND 6,000 billion of products in July alone, nearly matching the full-year 2025 total of about VND 7,000 billion, as the daily buyback value rose about 10 times normal levels. PNJ plans to close 25-30 underperforming stores, clear diamond inventory and restructure, and has shortened payment terms for some gold and jewelry products to 2-7 days. Chairwoman Cao Thị Ngọc Dung apologized to shareholders for the losses and the damage to their confidence.
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Original headline: Vàng bạc Đá quý Phú Nhuận đóng loạt cửa hàng
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Related tickers and likely impact
PNJ
▼ Likely negativePhu Nhuan Jewelry
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Specialty Retailers |
| Market cap | 10,107 bn VND |
| P/E | 4.1 |
| P/B | 0.75 |
| Close on 10/21/2026 | 19.20 |
| Change that session | -2.78% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- PNJ has not yet set the issue price for 550 million shares
At PNJ's extraordinary shareholders' meeting on 21 October, CEO Phan Quốc Công said the plan to issue up to 550 million additional shares has not been detailed yet, and the company needs to raise about 8,000 billion VND; 550 million is only a maximum. The issue price will be based on book value and the 30-session average price up to the decision date, and a higher share price would mean less dilution for existing shareholders. Existing shareholders cannot be offered shares because the company must honor buyback commitments for diamond jewelry worth about 21,000 billion VND, with a provision of about 7,000 billion VND that could push it into a loss above 6,000 billion VND in 2026, and loss-making firms cannot make public offerings to existing shareholders, so a private placement to funds and professional investors is the remaining route. Assuming 80% of customers redeem, buyback demand would be about 16,800 billion VND, and the CEO expects reconstruction to be completed around 2027 if funding is secured.
- Ms. Cao Thi Ngoc Dung: 'We Had No Other Choice, So I Sold PNJ Shares'
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- Ms. Cao Thi Ngoc Dung: 'I had no choice but to sell PNJ shares'
At an extraordinary shareholder meeting on October 21, PNJ Chairwoman Cao Thi Ngoc Dung said her family sold shares only to fund the company after the July crisis linked to a former P-Lab director. Customer buybacks surged, with July buybacks reaching nearly VND6,000 billion, equal to all of 2025, and depleting cash buffers. Revenue fell 14% and third-quarter operations lost VND258 billion (before provisions), while PNJ needs VND100–150 billion monthly to run operations; her family has lent over VND700 billion. Banks have tightened credit and new loans carry high rates, and a share issue to existing shareholders is ineligible because operating results this year are expected to show heavy losses. Dung apologized to shareholders and pledged to stay with the company.
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At the extraordinary AGM on October 21, attended by over 1,000 shareholders, Chairwoman Cao Thi Ngoc Dung acknowledged that PNJ is going through its toughest period in nearly 40 years and apologized to shareholders. PNJ reported an after-tax loss of VND 258 billion in Q3 2026 and plans to raise up to VND 8,000 billion over roughly three years to rebuild. The 2026 profit plan was revised from over VND 3,400 billion in profit to a loss of over VND 6,270 billion, mainly due to a provision of about VND 7,071 billion tied to the goods exchange policy, and the company expects to return to profit from 2027. Asked by a shareholder about the family's reduced stake, Ms. Dung said her daughter's share sale was outside the family's original plans, and that if there were a better option, she would not have sold.
- PNJ Hits Ceiling Price as VN-Index Breaks Out of Red Zone
The VN-Index reversed to close 2.13 points (0.13%) higher at 1,691 points on October 20, ending a decline, though it did not regain the 1,700-point level lost in the previous session. PNJ hit its daily ceiling price of 19,750 dong per share ahead of an extraordinary shareholders' meeting expected on October 21. The company plans to propose revising its 2026 business plan to a post-tax loss of over 6,270 billion dong, due to provisions of over 7,000 billion dong related to a goods exchange policy, and to seek approval for a private placement of up to 550 million shares to professional investors. Steel stocks led gains, with SMC at its ceiling and NKG up 5.7%, while VHM fell 4.1% and foreign investors were net sellers of nearly 275 billion dong.
- PNJ Surges to Ceiling Price Right Before the Decisive Hour
PNJ shares hit the VND 19,750 ceiling price in the October 20 session while the broader market corrected, with over 16.3 million shares traded and foreign investors net buying nearly VND 70 billion. The stock is still less than half its peak above VND 40,000. Ahead of the extraordinary shareholders' meeting on October 21, PNJ plans a VND 7,071 billion loss provision for its goods exchange policy, assuming 80% of sold goods are exchanged; if fully recognised, its 2026 after-tax result could be a loss of about VND 6,270 billion, and the revenue target falls from VND 48,660 billion to VND 39,057 billion. The company also proposes a private placement of up to 550 million shares and fundraising of up to VND 8,000 billion. In July and August 2026, PNJ posted revenue up 4.5% but an after-tax loss of VND 61 billion, while gross margin fell from about 18.5% to 10%.
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