1. Thailand Stocks

  2. •

    Utilities

  3. •

    Regulated Water
TTW Public Company Limited

TTW Public Company Limited

TTAPF
TTW Public Company LimitedUS flagOther OTC
0.30
USD
+0.01
- -
1.18BMarket Cap
TTW Public Company Limited
TTAPF
(Other OTC)

Recent

price

0.30

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.1
1.14
1.23
1.3
1.35
1.36
1.35
1.41
1.48
1.53
1.55
1.46
1.43
1.46
1.28
1.31
1.31
Revenue per Share
0.52
0.53
0.59
0.65
0.74
0.67
0.62
0.67
0.71
0.78
0.74
0.78
0.74
0.73
0.7
0.82
0.82
Basic EPS, GAAP
0.53
0.66
0.84
0.75
0.88
0.67
0.38
0.75
0.95
0.96
0.93
0.85
0.88
0.89
0.65
0.72
0.72
Free Cash Flow per Basic Share
0.32
0.35
0.47
0.55
0.65
0.65
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
0.6
Dividend per Share
1.86
1.81
1.87
1.91
1.95
1.9
1.86
1.93
2.03
2.22
2.36
2.54
2.68
2.82
2.92
3.14
3.14
Book Value per Share
1.75
1.64
1.81
1.96
2.12
2.19
2.27
2.43
2.59
2.85
3.06
3.24
3.44
3.62
3.73
3.99
3.99
Tangible Book Value per Share
3,990
3,990
3,990
3,990
3,990
3,990
3,990
3,975
4,003
3,990
3,990
3,990
3,990
3,990
3,990
3,990
3,990
Basic Weighted Avg Shares
4,395
4,546
4,925
5,182
5,383
5,430
5,379
5,595
5,926
6,113
6,180
5,806
5,691
5,827
5,098
5,238
5,238
Sales/Revenue/Turnover
60.82
61.06
59.75
59.02
62.43
62.2
63.18
63.05
62
63.05
61.82
59.79
56.08
56.86
62.21
63.6
63.6
Operating Margin (%)
875
853
877
891
890
889
897
980
1,062
1,121
1,166
1,229
1,333
1,186
643
661
661
Depreciation Expense
2,063
2,113
2,338
2,574
2,972
2,681
2,476
2,663
2,842
3,128
2,951
3,104
2,967
2,932
2,791
3,266
3,266
Net Income, GAAP
8.06
9.03
12.72
16.6
4.97
12.3
19.58
19.08
17.72
18.13
18.74
17.26
18.06
16.82
18.04
16.82
16.82
Effective Tax Rate (%)
46.94
46.48
47.46
49.66
55.21
49.37
46.02
47.6
47.96
51.17
47.76
53.46
52.13
50.33
54.75
62.35
62.35
Profit Margin (%)
3,385
1,077
5,324
3,710
5,441
4,034
3,429
1,233
1,672
-434
2,611
1,207
2,192
2,430
627
2,177
2,177
Working Capital
10,918
7,166
12,930
10,723
11,509
11,837
12,248
9,190
8,256
5,696
7,557
5,089
4,324
3,657
1,587
5,329
5,329
LT Debt
9,484
10,193
10,660
11,011
11,390
11,430
11,535
11,878
12,365
13,125
13,700
14,195
14,750
15,282
15,711
16,697
16,697
Total Equity
16.29
11.92
11.25
10.55
13.36
11.89
10.67
11.9
13.24
13.86
13.8
12.95
12.14
13.49
13.16
13
13
Return on Invested Capital (%)
22.45
13.83
14.51
14.76
17.18
14.94
13.1
15.18
17.02
18.38
17.53
18.54
17.94
18.78
18.65
19.79
19.79
Return on Capital (%)
41.03
28.89
31.86
34.1
38.57
34.89
32.98
35.25
35.91
36.77
32.25
31.72
28.46
26.7
24.37
27.02
27.02
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
789
720
653
LT Borrowings
2,510
5,385
5,292
LT Finance Leases
31
33
37
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,990
3,990
3,990
Market Capitalization
37,629
37,555
36,489

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
3,291
2,806
3,386
Cash, Cash Equivalents & STI
2,741
2,257
2,828
Accounts Receivable, Net
468
470
487
Inventories
30
30
32
Total Current Liabilities
1,328
1,165
1,209
Payables & Accruals
479
350
493
ST Debt
789
720
653
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.88%
4.04%
6.28%
Free Cash Flow
5.69%
-4.04%
10.96%
Net Income, GAAP
2.28%
2.36%
17.02%
Sales/Revenue/Turnover
-0.21%
-3.08%
2.76%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
1,482
1,519
1,532
1,295
5,827
2024
1,249
1,277
1,287
1,284
5,098
2025
1,279
1,299
1,325
1,336
5,238

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.15
0.16
0.22
- -
0.73
2024
0.13
0.16
0.23
- -
0.7
2025
0.17
0.2
0.24
- -
0.82

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
0.3
0.3
- -
0.6
2024
- -
0.3
0.3
- -
0.6
2025
- -
0.3
0.3
- -
0.6
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Business
TTW Public Company Limited engages in the production and distribution of treated tap water to the Provincial Waterworks Authority in western Bangkok areas, including Nakhon Pathom Province (Amphoe Nakhon Chai Si, Amphoe Sam Phran, and Amphoe Phutthamonthon) and Samut Sakhon Province (Amphoe Krathum Baen and Amphoe Mueang Samut Sakhon); it also provides water treatment and maintenance services, wastewater treatment system management, and operation of water supply projects sourced from the Tha Chin River under a 30-year concession granted by the Ministry of Natural Resources and Environment. The company operates through subsidiaries in tap water management for industrial estates and pursues investments in energy and eco-friendly businesses, including an associated company in electricity production; it targets industrial clients and municipal water needs in Thailand with expansion into Southeast Asia. Founded in 2000 and headquartered in Sam Phran, Nakhon Pathom Province, Thailand, TTW changed its name from Thai Tap Water Supply Public Company Limited in March 2014. In 2025, the company completed a 10% acquisition of LPCL, a hydroelectric power generation firm in Laos, to diversify its energy portfolio; it also upgraded water infrastructure such as boosting stations and meters, launched solar energy projects reducing over 2,000 tons of CO2 emissions, adopted European Sustainability Reporting Standards, and reported Q3/2025 revenue of THB 1,330.81 million (up 3.3% year-over-year).