BWE [OUTPERFORM +10.9%] - Raising forecasts on higher water and residential waste tariffs

- We increase our target price (TP) for BWE by 9% to VND48,500/share but downgrade our rating from BUY to OUTPERFORM. Our higher TP is due to an 11% increase in BWE’s stand-alone valuation following a 7% increase in our aggregate NPAT-MI forecast for 2024