TDM released Q3 2021 results with revenue of VND98bn (USD4mn; -2% YoY) and reported NPAT of VND26bn (USD1mn; -38% YoY). We attribute these weak earnings results to a 5% YoY decline in sales volume, a lower water tariff for the residential segment in August and September, a surge in other costs related to COVID-19, and an increase in depreciation expenses of new assets — specifically the new Di An phase 3 water plant.

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