TDM released Q4 2020 results with reported NPAT plunging 41% YoY to VND53bn (USD2.3mn) as the company was not able to recognize dividend income from Binh Duong Water Environment JSC (HOSE: BWE) — its 38.5%-owned associate company. The record date for BWE’s 2020 dividend now will fall in January 2021 instead of our assumed date of December 31, 2020, and will thus contribute to TDM’s P&L in Q1 2021.