TDM released Q3 2022 results with revenue of VND123bn (+26%YoY) and NPAT of VND54bn (+110% YoY). TDM recorded low SGA G&A expenses of VND2bn in Q3 2022 (-82% YoY) as the company had to purchase medical supplies in Q3 2021 to support its COVID-19 prevention measures.
TDM recorded solid 9M 2022 results with revenue of VND353bn (+16% YoY) and NPAT from water generation of VND144bn (+37% YoY). We attribute these results to resilient 9M 2022 sales volume of 51.1 million cbm (+10% YoY) and an ASP increase of 6% YoY. The discrepancy between sales growth of 37% YoY and the 24% YoY decline in reported NPAT was mainly due to a lack of dividend income from BIWASE (HOSE: BWE) as that company advanced its 2021 dividend payment at the end of 2021.
9M 2022 revenue and reported NPAT completed 74% and 73% our respective full-year forecasts and were in line with our expectations. We expect insignificant change to our 2022F NPAT forecasts, pending a fuller review. |