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External broker reports(aggregated public sources)

Equity Bottom-Up

Binh Duong Water Environment Corporation / Equity Bottom-Up

Binh Duong Water Environment Corporation (BWE VN)

<ul><li>We broadly maintain our 2026-2030F water volume growth forecast for BWE.</li><li>BWE’s 2025 water sales volume was 211mn cbm (+5.3% YoY), in which consumption from both the residential and manufacturing segments grew~ 5%.</li><li>We believe with Vietnam’s GDP growth expected to be stronger in 2026 and 2027, and as one of the key drivers of the country’s growth, HCMC and former Binh Duong’s GDPs will grow stronger accordingly. </li></ul>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.

We broadly maintain our 2026-2030F water volume growth forecast for BWE.BWE’s 2025 water sales volume was 211mn cbm (+5.3% YoY), in which consumption from both the residential and manufacturing segments grew~ 5%.We believe with Vietnam’s GDP growth expected to be stronger in 2026 and 2027, and as one of the key drivers of the country’s growth, HCMC and former Binh Duong’s GDPs will grow stronger accordingly. 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.

BWE [BUY +29.6%] - Volume to Recover While Waste, Water Tariffs Increase - Update