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.