BWE - Strong core NPAT — driven by trading segment - Earnings Flash

- BWE released Q2 2022 results with reported NPAT of VND211bn (USD7.6mn; +25% YoY). Excluding one-off items (VND29bn provision for financial investment and VND22bn unrealized forex loss on a USD-denominated loan), BWE’s core NPAT increased 56% YoY in Q2 2022. We mainly attribute the strong core NPAT growth in Q2 2022 to (1) solid growth for the water supply & distribution segment (sales volume growth of 2.5% YoY) and a 5% YoY increase in the water tariff, in addition to (2) profit jumping 10x YoY to VND101bn from the trading segment (mineral water, water pipeline & materials). We will further investigate the strong performance of this segment.

- BWE’s H1 2022 reported NPAT was VND386bn — 10% higher than the preliminary number and completing 49% of our full-year forecast. We foresee insignificant change to our 2022 NPAT forecast, pending a fuller review. 

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