Company Insight

Binh Duong Water - Environment JSC (HoSE: 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 initiate coverage of BIWASE with a BUY rating and a target price of VND 63,200, representing a potential upside of 23.4%. Our target price is based on the P/E and DCF valuation methodologies, with weights of 50% and 50%. We expect the net profit of BWE to continue to grow at a rate of 10% during the periods of 2022–2026 thanks to stable growth in both demand and unit price