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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Binh Duong Water Enviroment / Equity Bottom-Up

<ul><li>BWE reported a 17.2% YoY increase in preliminary standalone revenue (VND1,027bn), driven by a 7.6% recovery in water consumption in Binh Duong in 3Q24.</li><li>Meanwhile, net profit saw a slight 3.2% YoY rise (VND166bn).</li><li>The parent company's sales volume reached 157mn m3 (+8.8% YoY) in 9M24, thanks to the recovery in industrial water consumption. </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 reported a 17.2% YoY increase in preliminary standalone revenue (VND1,027bn), driven by a 7.6% recovery in water consumption in Binh Duong in 3Q24.Meanwhile, net profit saw a slight 3.2% YoY rise (VND166bn).The parent company's sales volume reached 157mn m3 (+8.8% YoY) in 9M24, thanks to the recovery in industrial water consumption. 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 - Unveiling Prospects from Plan Approval

<ul><li>Manufacturing clients drive water output growth: Water consumption surged by 9.4% YoY in 1H24, primarily thanks to: 1) steady growth in domestic consumption, which increased by 8.6% YoY, supported by BWE's ongoing water infrastructure expansion; a significant 10.3% increase in manufacturing consumption, fueling this robust growth in water demand in Binh Duong.</li><li>This is a positive signal for BWE, especially considering that water output for manufacturing remained nearly unchanged during FY21–23, due to the impact of COVID-19.</li><li>Binh Duong’s water price to be approved by end-2024: BWE has submitted documentation seeking a 5% annual increase in water price for the 2025–2028 period.</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>

Manufacturing clients drive water output growth: Water consumption surged by 9.4% YoY in 1H24, primarily thanks to: 1) steady growth in domestic consumption, which increased by 8.6% YoY, supported by BWE's ongoing water infrastructure expansion; a significant 10.3% increase in manufacturing consumption, fueling this robust growth in water demand in Binh Duong.This is a positive signal for BWE, especially considering that water output for manufacturing remained nearly unchanged during FY21–23, due to the impact of COVID-19.Binh Duong’s water price to be approved by end-2024: BWE has submitted documentation seeking a 5% annual increase in water price for the 2025–2028 period.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  - Analyst Meeting Minutes

<ul><li>BWE announced a 7.9% YoY increase in preliminary separate revenue, thanks to a 9.4% recovery in water consumption in Binh Duong in 1H24.</li><li>This growth was primarily driven by manufacturing clients, as the Industrial Production Index for several crucial processing sectors experienced double-digit YoY growth.</li><li>This is a positive signal for BWE, especially considering that water output for manufacturing remained nearly unchanged during FY21–23, due to the impact of Covid-19. </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 announced a 7.9% YoY increase in preliminary separate revenue, thanks to a 9.4% recovery in water consumption in Binh Duong in 1H24.This growth was primarily driven by manufacturing clients, as the Industrial Production Index for several crucial processing sectors experienced double-digit YoY growth.This is a positive signal for BWE, especially considering that water output for manufacturing remained nearly unchanged during FY21–23, due to the impact of Covid-19. 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 - Forex Pressure Poses Risk to Profit

<ul><li>Binh Duong Water - Environment Corporation JSC (BWE) plans to pay a 14% stock dividend in 2Q–3Q24; meanwhile,the 2022 cash dividend remains at VND1,300/share.</li><li>BWE maintains its plan to acquire water plants when opportunities arise. The deals will be funded by offshore sources, with expected interest rates of 7–8%.</li><li>The company has about VND3,000bn of investment capital for the FY24–26 period.</li></ul><p></p><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>

Binh Duong Water - Environment Corporation JSC (BWE) plans to pay a 14% stock dividend in 2Q–3Q24; meanwhile,the 2022 cash dividend remains at VND1,300/share.BWE maintains its plan to acquire water plants when opportunities arise. The deals will be funded by offshore sources, with expected interest rates of 7–8%.The company has about VND3,000bn of investment capital for the FY24–26 period.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 - Update - Accelerating Growth Through M&A

Thematic (Sector/Industry)

<ul><li>Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.</li><li>Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.</li><li>VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.</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>

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.Being the first state commercial bank chosen for pilot privatization by the Government, JSCB for Foreign Trade of Vietnam has come into operation as a commercial joint stock bank since June 02, 2008, after successfully implementing the equitization plan through IPO.VCB has been listed and traded on the Ho Chi Minh City Stock Exchange since 2009.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.

Stock Recommendations (Vietnam Market) - November 2024

Vietnam

Binh Duong Water Environment JSC engages in the provision of living water. Its other activities include construction, repair, and maintenance of water supply system; designing and monitoring of water supply works; collecting and disposal of water waste; and other construction as irrigation, transportations, and civil works. The company was founded in 1901 and is headquartered in Thu Dau Mot, Vietnam.

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Binh Duong Water Enviroment (BWE VN)

Binh Duong Water-Environment JSC - Unveiling Prospects from Plan Approval

BWE reported a 17.2% YoY increase in preliminary standalone revenue (VND1,027bn), driven by a 7.6% recovery in water consumption in Binh Duong in...

Mirae Asset Securities

Binh Duong Water-Environment JSC - Analyst Meeting Minutes

Binh Duong’s water price to be approved by end-2024: BWE has submitted documentation seeking a 5% annual increase in water price for the 2025–2028...

Mirae Asset Securities

Binh Duong Water-Environment JSC - Forex Pressure Poses Risk to Profit

BWE announced a 7.9% YoY increase in preliminary separate revenue, thanks to a 9.4% recovery in water consumption in Binh Duong in 1H24.

Mirae Asset Securities

Binh Duong Water-Environment JSC - Update - Accelerating Growth Through M&A

Binh Duong Water - Environment Corporation JSC (BWE) plans to pay a 14% stock dividend in 2Q–3Q24; meanwhile,the 2022 cash dividend remains at...

Mirae Asset Securities

Stock Recommendations (Vietnam Market) - November 2024

Overview: Joint Stock Commercial Bank For Foreign Trade Of Vietnam (Vietcombank - VCB) officially came into operation on 1 April 1963.

Mirae Asset Securities

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