PNJ shares fell 6.2% to VND 17,450 in the 23/10 session, touching a daily floor of VND 17,300, the lowest level in nearly a decade, with market capitalization now below VND 9,000 billion. At an extraordinary shareholders' meeting on 21/10, chairwoman Cao Thị Ngọc Dung apologized to shareholders and called it the most difficult period in nearly 40 years of the company's history. The meeting approved a private placement of up to 550 million shares to raise an estimated VND 8,000 billion and cut the 2026 plan to revenue of VND 39,057 billion (down 20%), with a projected profit of VND 3,409 billion turning into a loss of VND 6,271 billion, mainly due to a VND 7,071 billion provision. In Q3/2026, net profit was negative VND 258 billion, compared with VND 496 billion a year earlier. SSI said the capital raise could ease short-term liquidity pressure but flagged risks of shareholder dilution and rebuilding brand trust.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: PNJ thủng đáy sau lời xin lỗi của bà Cao Thị Ngọc Dung
Keywords
PNJgoldearningscapital raising
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Related tickers and likely impact
PNJ
▼ Likely negativePhu Nhuan Jewelry
Relevance: medium
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Specialty Retailers |
| Market cap | 8,725 bn VND |
| P/E | 3.6 |
| P/B | 0.65 |
| Close on 10/23/2026 | 17.45 |
| Change that session | -6.18% |
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.
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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 an extraordinary shareholders' meeting, over 1,100 shareholders representing about 61.7% of voting rights attended and asked Chairwoman Cao Thi Ngoc Dung to explain why her family kept selling PNJ shares. She said the sales aimed to provide capital to the company after a crisis of confidence triggered in July by a former director of P-Lab linked to a diamond smuggling ring, which led to roughly 10 times the usual volume of customers returning products. Buybacks in July alone reached nearly VND 6,000 billion, and cumulative buybacks by end-September reached about VND 21,000 billion, while Q3 revenue fell 14% and the company posted a VND 258 billion loss before provisions. Her family lent the company over VND 700 billion because bank borrowing was tightened, with about VND 3,000 billion in existing short-term bank debt and high interest rates on new loans. The board's plan for a rights issue was not feasible because the company would not meet eligibility requirements given the expected heavy loss this year, and she pledged to keep supporting PNJ.
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- 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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