We lower our 2024-2028 aggregate volume forecast for BWE and TDM by 2% and 3%, respectively, following slightly-weaker-than-expected 2023 results. In 2023, BWE’s volume completed 99% of our forecast while TDM’s volume completed 98% of our forecast. In 2024, we forecast volume growth of 5% for both companies based on the management’s guidance and our expectation for Vietnam and Binh Duong Province’s economic recoveries to 6.5% and 8.0%, respectively, supporting water demand.

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