BWE - Resilient Q3 results thanks to manufacturing recovery - Earnings Flash
  • 2022-10-26T00:00:00
  • Company Research

BWE released stellar Q3 2022 results with revenue of VND860bn (US35mn; +32% YoY), reported NPAT-MI of VND196bn (USD8mn; +24% YoY) and core NPAT of VND211bn (USD9mn; +25% YoY).

We attribute this solid performance mainly to the resilient water segment that strongly recovered after nationwide COVD-19 lockdowns in Q3 2021 with Q3 2022 sales volume of 46 million cbm (+10% YoY) and ASP of VND11,910/cbm (+8% YoY).

BWE’s 9M 2022 sales amounted to VND2.4tn (USD100mn; +16% YoY) and its reported NPAT was VND575bn (USD23mn; +15% YoY), which completed 70% and 77% of our respective full-year forecasts. We foresee slight downside risk to our 2022F NPAT forecast as BWE did not recognize any further FX losses for its USD45mn denominated loans in Q3 2022.

Powered by Froala Editor