BWE - Solid Q4 2022 results — in line with expectations - Earnings Flash

- BWE announced solid Q4 2022 results with revenue of VND1.0tn (USD44mn; +3% YoY) and reported NPAT-MI of VND173bn (USD7mn; -29% YoY). We attribute the decline in NPAT to a jump in financial expenses and depreciation expenses that outweighed water sales volume of 49 million cbm (+9% YoY).

- BWE’s 2022 revenue was VND3.5tn (USD147mn; +12% YoY) and its reported NPAT was VND748bn (USD32mn; unchanged YoY), which completed 100% and 102% of our respective full-year forecasts. In addition, BWE’s core NPAT rose 14% YoY and completed 99% of our forecast thanks to the better-than-expected NPAT result of the water segment offsetting the lower-than-expected NPAT result of the waste treatment segment.

- We see insignificant changes for our 2023F NPAT forecast, pending a fuller review.

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