Phu Nhuan Jewelry Joint Stock Company (PNJ) announced that CEO Phan Quoc Cong has registered to purchase 1 million shares, with the aim of restructuring his personal investment portfolio. The transaction is expected to take place between 17/7 and 14/8, utilizing order matching and negotiation methods.

Currently, Mr. Cong holds no PNJ shares. If the purchase is successful, he will own 0,2% of the company's capital.

Mr. Phan Quoc Cong - PNJ CEO. Photo: PNJ.

This development occurs as PNJ shares have experienced their most volatile week in several years. Following three consecutive limit-down sessions, PNJ reversed course, climbing 2,4% to 52.000 dong and recording a record matching volume of over 25 million shares. However, this recovery was brief. In the subsequent two sessions, the market price fell by 3,9% and 6,8% respectively, closing this week at 46.000 dong.

Since the announcement of the P-Lab incident, PNJ shares have fallen more than 26%. This marks their lowest price in over a year. The company's market capitalization has decreased by approximately 8.500 billion dong, resulting in PNJ no longer being a billion-dollar enterprise.

During an investor meeting on 6/7, Ms. Cao Thi Ngoc Dung, Chairwoman of the Board of Directors, announced that both the management team and her family intended to purchase shares. Subsequently, her brother, Mr. Cao Ngoc Duy, registered to buy 300.000 PNJ shares between 10/7 and 7/8.

By mid-week, PNJ unveiled a plan to buy back treasury shares. The management team indicated this is a solution the Board of Directors is considering to implement, reflecting confidence in the company's operations and a commitment to its shareholders. The plan will be subject to written shareholder approval in August.

Conversely, the VinaCapital group sold 6,35 million shares, representing approximately 1,24% of PNJ's capital. Their ownership stake dropped below 5%, meaning they ceased to be a major shareholder in the company as of 8/7.

In the stock market, PNJ's significant price correction prompted many securities firms to tighten margin lending ratios for its shares. On 10/7, FPTS decreased the margin ratio for PNJ from 50% to 30%. SSI also reduced margin lending for PNJ shares to 40%. Other securities companies, including Phu Hung and TCBS, have removed PNJ from their margin lending lists, a notable change given previous ratios reached 50%.

Recent reports from most securities companies suggest that PNJ's primary challenge at this juncture is to rebuild trust among both customers and investors regarding its corporate governance. BIDV Securities (BSC) did not provide a recommendation for PNJ, noting that the current stock price reflects negative sentiment stemming from concerns over legal risks, consumer confidence, and the company's brand reputation, rather than its fundamental value. BSC's analysis projects PNJ's 2026 P/E valuation to be around 7,5-9,4 times, considerably lower than its five-year average P/E of 15 times.

This analytical group emphasizes that stock liquidity is the foremost concern at this time. Additionally, the progress in achieving the management's governance and business objectives, alongside the roadmap for protecting shareholder interests, will also influence the stock performance of this leading jewelry company.

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