TDM released Q4 2021 results with revenue of VND113bn (USD5mn; +7% YoY) and reported NPAT of VND137bn (USD6mn; +157% YoY). We attribute these strong earnings results to (1) a jump in dividend income from BWE and (2) the decent performance of the water supply segment (with flat sales volume and a 5% YoY increase in the water tariff), which outweighed a surge in provision expenses for the financial investment in Gia Tan Water JSC and higher depreciation expenses of new assets. 

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