External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Vietnam Industrials / Thematic (Sector/Industry)

<ul><li style="text-align: justify;">We lower our projection for BWE’s 2025-2029F aggregate volume by 4.1% and for TDM by 10.4%. BWE saw H1 2025 volume slightly weaker than our expectation.</li><li style="text-align: justify;">Specifically, BWE’s H1 2025 volume was 103 million cubic meters (+3.8% YoY), compared to our previous full-year forecast of 8%.</li><li style="text-align: justify;">TDM’s 7M sales volume was 37.3 million cubic meters, -5% YoY vs our previous full-year forecast of +3% YoY, completing 51% of our previous 2025 forecast. </li></ul><p><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></p>

We lower our projection for BWE’s 2025-2029F aggregate volume by 4.1% and for TDM by 10.4%. BWE saw H1 2025 volume slightly weaker than our expectation.Specifically, BWE’s H1 2025 volume was 103 million cubic meters (+3.8% YoY), compared to our previous full-year forecast of 8%.TDM’s 7M sales volume was 37.3 million cubic meters, -5% YoY vs our previous full-year forecast of +3% YoY, completing 51% of our previous 2025 forecast. 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.

Water Sector - Slower Water Volume Growth, Stronger Investment Income