Company Insight

Binh Duong Water - Environment JSC (HSX: BWE) is one of the leading enterprises in the water and environment industry in Vietnam. BWE has a sustainable business model with steady growth and a promising development strategy. We update a BUY recommendation for Biwase with a target price of VND 58,000 – corresponding to a potential upside of 29.1%. Our target price is based on the FCFF and P/E valuation methods, weighting at 40%-60%, respectively. We expect the net profit of BWE to grow at CAGR of 8.2% over the period 2024-2028 thanks to the stable growth in both demand and unit price.