[BWE/HOLD/TP: VND 51,200] - Ambitious M&A strategy
Binh Duong Water - Environment JSC (HoSE: BWE) is the industry leader in the water supply sector on the stock exchange with sustainable growth potential and strong financial health. Based on FCFF and PE methods, we update BWE's target price at VND 51,200 based on our expectation that the revenue of BWE will continue to grow solidly because of (1) The effective business model, complete value chain; (2) Aggressive M&A activities. Specially, BWE announced the resolution of the Board of Directors to list of target 5 companies with ownership rates from 50% to 100%.
BWE-Binh Duong Water Environment JSC
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