BWE - Decent Q4 2020 earnings — in line with our expectation - Earnings Flash

• 2021-01-26T21:14:14
• Company Research

BWE released its Q4 2020 results with revenue and NPAT reaching VND860bn (USD37mn; +12% YoY) and VND150bn (USD7mn; -7% YoY), respectively. We attribute the divergence between revenue and NPAT to a surge in SG&A expenses and higher forex losses.