BWE released Q4 2021 results with reported NPAT of VND244bn (USD11mn; +63% YoY), which we attribute to (1) the solid performance of water supply & distribution segment, (2) profit jumping from medical waste treatment and BWE recording earnings from the waste treatment segment that it delayed booking in 9M 2021, (3) increased profit from the trading & others segment, (4) a further reversal of provision expenses for financial investments in Binh Duong Production and Trading Goods Corporation (UPCoM: PRT), and (5) a jump in forex gain.