BWE released Q1 2022 results with reported NPAT of VND176bn (USD7.6mn; +2% YoY). Excluding a one-off item of a reversal provision for a financial investment in Binh Duong Production and Trading Goods Corporation (UPCoM: PRT), BWE’s core NPAT grew 23% YoY. We mainly attribute the strong core NPAT growth in Q1 2022 to (1) solid growth of the water supply & distribution segment with sales volume growth of 4% YoY and a 5% YoY increase in the water tariff, and (2) profit jumping from the waste and wastewater treatment segments.