External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Binh Duong Water Enviroment / Equity Bottom-Up

<ul><li>BWE released its 3Q25 results, reporting net revenue of VND903bn (-4.1% YoY, - 31.8% QoQ) and NPAT-MI of VND264bn (+45.2% YoY, -12.6% QoQ).</li><li>The disappointing top-line was principally attributable to a considerable contraction in the waste &amp; water treatment and trading-related activities, with combined turnover dropping to VND214bn (-34% YoY), offsetting the 11% increase in water supply revenue.</li><li>In detail, the improvement in the water revenue was likely supported by the Nhi Thanh and Can Tho 3 water plants running at full capacity, which helped offset the softer consumption volume in the Binh Duong market, despite its gradual recovery since 2Q. </li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

BWE released its 3Q25 results, reporting net revenue of VND903bn (-4.1% YoY, - 31.8% QoQ) and NPAT-MI of VND264bn (+45.2% YoY, -12.6% QoQ).The disappointing top-line was principally attributable to a considerable contraction in the waste &amp; water treatment and trading-related activities, with combined turnover dropping to VND214bn (-34% YoY), offsetting the 11% increase in water supply revenue.In detail, the improvement in the water revenue was likely supported by the Nhi Thanh and Can Tho 3 water plants running at full capacity, which helped offset the softer consumption volume in the Binh Duong market, despite its gradual recovery since 2Q. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Binh Duong Water-Environment JSC (BWE VN Equity/ Buy) - 2025 Earnings to Beat Expectation