We reiterate a BUY rating for BWE and raise our target price by 7% to VND33,700/share. Our higher target price is mainly due to changing our valuation approach to a 100% DCF valuation vs a mixed DCF/PER valuation (see more on page 6). BWE is poised to benefit from robust water demand growth in Binh Duong Province, which is a top three FDI-attracting destination in Vietnam.