TDM released Q1 2022 results with revenue increasing 13% YoY to VND105bn (USD4.6mn), while reported NPAT plunged 65% to VND41bn (USD1.8mn). We attribute the divergence between revenue and NPAT growth mainly due to no recognition of dividend income from BWE in this quarter. Core NPAT from water generation grew 28% YoY thanks to water sales volume growth of 8% YoY, a 5% increase in water tariff and declining interest expenses.