TTW PCL TTAPY

UtilitiesWater & Related UtilitiesThailand

Last close 15.16 USD on Nov 2, 2026, +2.5% year to date

Quant rating

Quant rating A Rank 5 of 89 in Utilities

Growth B 27 of 89
Valuation C 56 of 89
Quality A 1 of 89
Revisions B 30 of 89
Momentum B 20 of 89

Wall Street consensus Hold (3.00)Average target 0.29 USD −98.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.2B
Enterprise value: 1.3B
52-week range: 13.70 – 16.10
3-year range: 12.16 – 16.10
Dividend yield: 5.98%
Beta (5 years): –
Shares outstanding: 3,990M
Next earnings: Nov 9, 2026

About the company

TTW Public Company Limited is a Thailand-based company engaged in the production and sale of treated water and provides services for the production of water treatment and related services for the production and sale of treated water and treated wastewater. The Company offers management and maintenance services for water production and wastewater treatment systems. It produces tap water by pumping raw water from the Tha Chin River into the water production process. Its four water delivery stations include Phutthamonthon water delivery station, Mahachai water delivery station, Khlong Yong water delivery station, and Krathum Baen water delivery station. The Company serves as the primary producer and supplier of treated water for all four PWA branches. PWA distributes the water to end users through its transmission pipelines and service connections. PWA distributes water produced at its Photharam Water Treatment Plant (PTR) in Ratchaburi Province.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	166	149	170	164	175	–
Revenue growth	11.8%	−12.3%	3.1%	−5.9%	−15.1%	−4.2%
EPS (basic, normalized)	0.03	0.02	0.02	0.02	0.02	–
EPS growth	27.2%	2.2%	−5.1%	−11.0%	–	–
Gross margin	–	–	–	–	–	–
Net margin	62.3%	54.7%	50.3%	52.1%	53.5%	54.6%
ROE	20.2%	18.1%	19.6%	20.6%	22.3%	20.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	80.1
Current ratio	1.52x
Long-term debt (mil)	121
Net debt (mil)	89.8
Total equity (mil)	504
Net debt / equity	0.18x
Net debt / EBITDA	0.70x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	166	+11.8%	7.6x	129	+7.9%	9.9x	0.03	+27.2%	574.0x
2026	160	−3.6%	7.9x	129	+0.3%	9.9x	0.02	−12.0%	652.7x
2027	164	+2.1%	7.8x	132	+2.4%	9.6x	0.02	+2.0%	640.0x
2028	170	+3.6%	7.5x	137	+4.0%	9.3x	0.02	−0.4%	642.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	160	0.0%	0.0%	0.0%	0.02	0.0%	0.0%	0.0%
2027	164	0.0%	0.0%	0.0%	0.02	0.0%	0.0%	0.0%
2028	170	0.0%	0.0%	−4.0%	0.02	0.0%	0.0%	−4.4%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,254	1,006	1,293	1,286	1,282	1,031	1,331	1,340	1,300	1,331
Sales mean (mil)	1,257	1,195	1,286	1,272	1,283	1,284	1,315	1,302	–	1,339
Surprise	−0.2%	−15.8%	+0.5%	+1.1%	0.0%	−19.7%	+1.2%	+2.9%	–	−0.6%
EPS reported	0.13	0.16	0.23	0.19	0.17	0.20	0.24	0.21	0.17	0.16
EPS mean	0.14	0.17	0.26	0.17	0.16	0.20	0.22	0.20	–	0.20
Surprise	−3.7%	−8.6%	−9.8%	+8.6%	+6.2%	−2.4%	+9.1%	+5.0%	–	−20.0%

Peer comparison Water & Related Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TTAPY TTW PCL	1.2B	0.70x	62.3%	2.38x	652.7x	640.0x	9.9x	9.6x
HTO H2O America	3.0B	5.12x	12.8%	1.34x	20.5x	22.0x	13.0x	11.9x
BJWTY Beijing Enterprises Water Group Ltd	1.8B	–	6.6%	0.35x	799.4x	759.1x	16.6x	16.1x
MWTCY Manila Water Company, Inc.	1.3B	5.59x	34.6%	0.85x	161.3x	152.8x	7.8x	7.1x
MSEX Middlesex Water Company	1.1B	5.02x	22.0%	2.03x	21.6x	20.9x	16.3x	15.4x
YORW York Water Co	521M	4.51x	25.9%	1.77x	19.7x	18.1x	14.4x	13.2x
Mean		4.19x	27.4%	1.45x	279.2x	268.9x	13.0x	12.2x
Median		5.02x	23.9%	1.56x	91.5x	87.4x	13.7x	12.6x

Technical analysis

1M0.0%
3M+3.1%
1Y+14.9%
3Y+25.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, TTW PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	166	149	170	164	175	206
Cost of revenue	51.5	47.8	58.7	57.1	55.5	62.0
Gross profit	115	101	111	107	119	144
Selling, general & administrative expenses	9.6	8.6	9.0	7.8	7.1	8.1
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	0.2	6.1	7.6	8.0	8.9
Interest expense (income), operating	0	0	0	0	0	0
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	−0.5	−0.4	−0.6	−0.3	−0.4	−0.4
Operating income	106	92.6	96.5	92.2	104	127
Net interest income (expense)	19.2	7.1	6.7	12.8	9.0	−5.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	125	99.7	103	105	113	122
Provision for taxes	21.0	18.0	17.3	19.0	19.6	22.8
Minority interest	−0.3	−0.3	−0.4	−0.3	−0.5	−0.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	104	81.5	85.4	85.7	93.4	98.3
Extraordinary items	–	–	–	–	–	–
Net income	104	81.5	85.4	85.7	93.4	98.3
EBIT, normalized	106	92.6	96.5	92.2	104	127
EBITDA, normalized	127	111	131	131	142	166
Basic EPS, normalized	0.03	0.02	0.02	0.02	0.02	–

Balance sheet in millions of USD, fiscal years

Balance sheet, TTW PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	89.8	80.4	88.1	97.2	110	113
Receivables	16.0	14.4	13.6	14.8	15.5	18.6
Total inventory	1.0	0.8	0.9	0.8	0.8	0.9
Prepaid expenses	–	–	–	–	–	–
Other current assets	0.7	0.7	0.6	14.1	0.8	1.0
Total current assets	108	96.2	103	127	127	134
Property, plant & equipment	270	257	257	267	319	372
Goodwill	–	–	–	–	–	–
Intangibles	28.6	27.6	27.4	33.0	41.8	54.5
Long-term investments	339	208	202	192	187	199
Note receivable	–	–	–	–	0	0
Other long-term assets	0.6	0.5	0.9	1.5	1.8	1.3
Total assets	746	590	590	621	677	760
Liabilities
Accounts payable	1.0	0.7	0.7	0.9	0.9	1.2
Payable/accrued	0	1.4	0.8	0	0	0
Accrued expenses	4.3	3.4	2.4	3.5	4.2	4.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	20.7	60.5	19.6	48.3	74.4	25.7
Other current liabilities	12.4	11.9	9.0	10.9	11.5	15.0
Total current liabilities	38.4	77.9	32.5	63.6	90.9	46.8
Long-term debt	169	46.3	106	125	153	252
Minority interest	1.3	1.2	1.2	1.2	1.2	1.5
Other liabilities	8.2	6.8	6.5	6.2	6.0	6.0
Total liabilities	217	132	147	196	251	306
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	127	116	116	115	120	133
Additional paid-in capital	83.8	77.0	76.8	76.2	79.4	87.8
Retained earnings (accumulated deficit)	318	267	255	237	230	231
Treasury stock	–	–	–	–	–	–
Other equity	0.2	−3.2	−4.2	−3.8	−3.4	3.2
Total equity	529	457	444	425	426	455
Total liabilities & shareholders' equity	746	590	590	621	677	760

Cash flow statement in millions of USD, fiscal years

Cash flow statement, TTW PCL, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	125	99.7	103	105	113	122
Depreciation, depletion & amortization	21.0	18.8	34.5	38.5	37.0	38.8
Deferred taxes	–	–	–	–	–	–
Non-cash items	−19.4	−7.3	−6.7	−12.6	−8.7	6.0
Changes in working capital	−26.2	−18.9	−21.9	−24.9	−28.2	−30.7
Cash from operations	101	92.3	109	106	114	136
Investing activities
Capital expenditures	−9.6	−17.0	−5.5	−4.7	−10.9	−12.5
Other investing cash flows	−92.6	2.9	30.9	13.5	−7.5	−8.7
Cash from investing	−102	−14.1	25.4	8.8	−18.4	−21.3
Financing activities
Financing cash flow items	−0.3	−0.3	−0.4	−0.4	−0.6	−0.7
Cash dividends paid	−76.0	−69.9	−69.7	−69.2	−72.0	−79.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	72.9	−19.7	−48.8	−45.5	−23.3	−33.8
Cash from financing	−3.4	−89.9	−119	−115	−95.9	−114
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−5.0	−11.6	15.5	−0.1	−0.8	0.5
Free cash flow	91.0	75.4	103	101	103	123

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.