PDR Chairman Explains Sale of 88M Shares at High Price, Repurchase at Lower Price

Overview

Phat Dat Real Estate Development JSC (PDR) Chairman Nguyen Van Dat addressed shareholder questions at the 2026 Annual General Meeting regarding his sale of 88 million shares in September 2025 and subsequent repurchase of 3 million shares in April 2026. He explained the transactions were for personal financial management and based on his assessment of share price valuation, while reaffirming his commitment to the company’s long-term plans.

Key Facts

• Chairman Nguyen Van Dat sold 88 million PDR shares via agreement method from September 5 to 18, 2025, at an average price of VND 23,992 per share, generating over VND 2,100 billion.
• He repurchased 3 million PDR shares via matched orders in early April 2026 at an average price above VND 15,800 per share, totaling approximately VND 47 billion.
• PDR’s share price had declined approximately 12% year-to-date prior to the April 2026 repurchase.
• The company targets 2026 revenue of VND 8,830 billion and net profit of VND 868 billion, a 69% increase from 2025 results.
• PDR approved a development strategy for 2026–2030 targeting cumulative revenue of about VND 45,000 billion and cumulative net profit of nearly VND 11,800 billion.
• The company plans a rights offering of nearly 200 million shares to existing shareholders at a 5:1 ratio with an expected price of VND 10,000 per share, potentially raising nearly VND 2,000 billion.
• A minimum dividend payout of 8% on charter capital is planned for 2026, payable in cash, shares, or a combination.

What Happened

At PDR’s Annual General Meeting on April 16, 2026, shareholders raised questions about Chairman Nguyen Van Dat’s share transactions. According to his explanation at the meeting, he sold 88 million shares in September 2025 primarily to secure personal financial resources when needed. He then bought back 3 million shares in April 2026 because he found the current price reasonable and had available funds.

Dat stated directly, “When I sell shares, I always have my purpose, mainly to proactively have financial resources when necessary. When buying back, it’s simply that I see the current price as reasonable and I have available financial resources, so I buy.” He added that if his goal were purely to maximize personal financial benefit, he would not have sold at around VND 25,000 per share but could have waited for prices of VND 30,000-50,000. He characterized the transactions as part of personal asset restructuring while emphasizing his continued partnership with the enterprise, concluding, “Whether to believe it or not is shareholders’ right.”

Market Context

PDR shares closed unchanged at VND 16,000 on April 15, 2026, with volume of 12.78 million shares on the Ho Chi Minh Stock Exchange (HOSE). The stock had declined approximately 12% year-to-date prior to Dat’s repurchase in early April, trading significantly below his September 2025 sale price of nearly VND 24,000. This price action occurred amid broader challenges in Vietnam’s real estate sector, though PDR has maintained ambitious growth targets.

Strategic Significance

The chairman’s explanation attempts to frame substantial insider selling and buying as routine portfolio management rather than signaling concerns about company prospects. His willingness to repurchase shares at current levels, while much smaller in scale than the earlier sale, may be intended to demonstrate confidence in PDR’s valuation and execution of its 2026-2030 strategic plan. The planned rights offering to raise nearly VND 2,000 billion suggests the company is preparing for significant capital needs, potentially for working capital and project acceleration.

What to Watch

• Completion and pricing of the planned rights offering of nearly 200 million shares to existing shareholders.
• PDR’s Q2 2026 earnings release to assess progress toward the VND 868 billion net profit target.
• Further insider trading filings by Chairman Dat and other PDR executives.
• Implementation of the 2026 dividend policy, including form and timing of payout.
• Execution of the 2026-2030 strategic plan, particularly revenue and profit milestones.