- TDM announced Q2 2022 results with revenue and NPAT of VND125bn and VND51bn, respectively. The top line increased 10.4% YoY thanks to 5.7% YoY volume growth and a 5% water tariff increase while NPAT edged up 5.0% YoY. The discrepancy between the top and bottom lines in Q2 2022 was mainly due to higher depreciation expenses from new water plants (Di An phase 3 and Bau Bang phase 2) as well as provision for financial investments. 

- Reported H1 2022 NPAT declined 45.1% YoY due to a lack of dividend income from BWE; however, NPAT from water generation increased 14.7% YoY. We note that TDM’s associate BWE advanced its 2021 cash dividend payment at the end of 2021.

- H1 2022 NPAT was VND92bn and completed 43% of our full-year forecast. We see slight downside risk to our 2022 NPAT forecast due to financial provision and slightly lower-than-expected volume, pending a fuller review.

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