PNJ will ask shareholders at its extraordinary general meeting on 21/10 to approve a revised 2026 plan targeting revenue of 39,057 billion dong, up 10% from 2025, after setting aside 7,071 billion dong in provisions for possible losses from its trade-in policy. With that provision, after-tax loss is expected at 6,271 billion dong; without it, after-tax profit would be about 800 billion dong. The board also proposes adjusting the 2025 cash dividend to 10%, reversing up to 4,600 billion dong from the Development Investment Fund into undistributed earnings, and privately placing up to 550 million shares with professional investors. Planned proceeds would be split 60% for business strategy, 20% for working capital and 20% for financial obligations, while PNJ plans to close 25–30 underperforming stores. Board member Đào Trung Kiên has also submitted a resignation to focus on a senior strategy and operations role.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: PNJ nêu phương án tái thiết tại đại hội cổ đông bất thường
Read the original on VnExpress ↗
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Related tickers and likely impact
PNJ
• NeutralPhu Nhuan Jewelry
Relevance: medium
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Retail |
| Industry | Specialty Retailers |
| Market cap | 9,825 bn VND |
| P/E | 4.0 |
| P/B | 0.73 |
| Close on 10/20/2026 | 19.75 |
| Change that session | +6.76% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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PNJ shares hit the daily ceiling of 19,750 dong ahead of an extraordinary shareholders' meeting, with more than 4 million shares in unfilled buy orders at the ceiling price and matched volume above 16 million shares, worth over 315 billion dong. Foreign investors returned as net buyers of over 3.5 million shares after heavy selling. At the meeting, the company will present a restructuring plan following the diamond incident, including cutting this year's revenue target by about 20% to around 39,000 billion dong and setting aside over 7,071 billion dong in provisions, which would swing projected after-tax profit from 3,400 billion dong to a loss of 6,271 billion dong. It also proposes lowering last year's dividend payout from 20% to 10% and issuing up to 550 million shares privately. The stock has lost about 70% of its value since early July.
- PNJ runs out of cash: A stress test for the 'king' of the jewelry industry
After a sharp rise in diamond and jewelry buy-backs from July, PNJ's Q3 2026 net revenue fell 14% to nearly 7,000 billion VND, with gross profit down 62% to 609 billion VND and a 258 billion VND after-tax loss. Cash and deposits at end-September were only about 770 billion VND, including a 700 billion VND personal loan from the Board Chair, while diamonds account for about 52% of inventory and are hard to sell without deep discounts. The company extended buy-back payments to 120 days, but retail revenue in August and September was under half of normal levels. The revised 2026 plan cuts revenue 19% to 39,057 billion VND and projects a 6,271 billion VND loss, mainly due to a provision of over 7,071 billion VND, and proposes a private share placement of up to 550 million shares to raise about 8,000 billion VND.
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At PNJ’s extraordinary shareholders’ meeting on October 21, the company said customer buybacks surged from July after an incident involving the P-Lab director, with July’s total value reaching nearly 6,000 billion VND, almost equal to all of 2025 (about 7,000 billion VND). General Director Phan Quốc Công called the episode a “black swan,” and the company shortened payment times for some gold and jewelry products to 2–7 days, while diamonds remain at 120 days. The board proposed booking a 7,071 billion VND provision in 2026, which would push the pre-tax result to a loss of more than 6,000 billion VND, even though revenue is projected at 39,057 billion VND, up 10%. PNJ also plans to close 25–30 underperforming stores and issue up to 550 million shares in a private placement; Chairwoman Cao Thị Ngọc Dung apologized to shareholders.
- PNJ needs an additional VND 100-150 billion per month to maintain operations
At PNJ's 2026 extraordinary general meeting, management said the company needs an additional VND 100-150 billion per month to keep operating, with bank debt around VND 3,000 billion and 52% of inventory being hard-to-sell diamonds. Chairwoman Cao Thị Ngọc Dung and her family reduced their stake to fund a VND 700 billion loan to the company, and now hold about 11.4% of shares. Because a 2026 loss of nearly VND 6,300 billion means PNJ does not meet the Securities Law requirements for a rights issue to existing shareholders, it chose a private placement instead. The revised 2026 plan cuts revenue 19% to VND 39,057 billion and swings to a VND 6,271 billion after-tax loss due to a provision of over VND 7,071 billion; excluding it, profit is estimated at about VND 800 billion, while the 2027 scenario projects only about VND 100 billion.
- Phu Nhuan Jewelry (PNJ) closes a series of stores
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.
- 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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