The Company (TTW) is principally engaged in the production and sales of treated water to the Provincial Waterworks Authority (PWA) in the Nakhon Pathom and Samut Sakhon provinces. Its subsidiaries (PTW) operate water treatment and maintenance services to the PWA in Pathumthani-Rangsit Areas.
| 3M26 | 3M25 | 2025 | 2024 |
|---|
| Revenues | 1,299.98 | 1,330.81 | 5,254.67 | 5,112.46 |
| Expenses | 480.54 | 491.17 | 1,923.08 | 1,940.88 |
| Net Profit (Loss) | 672.94 | 976.21 | 3,266.09 | 2,790.94 |
| Assets | 24,012.30 | 22,653.49 | 23,493.11 | 20,200.64 |
| Liabilities | 6,687.24 | 6,824.28 | 6,796.37 | 4,489.78 |
| Shareholders' Equity | 17,325.06 | 15,830.21 | 16,696.75 | 15,710.86 |
| Operating | 909.67 | 843.26 | 3,165.91 | 3,163.13 |
| Investing | -697.60 | -833.30 | -3,215.92 | -481.42 |
| Financing | -215.44 | -170.28 | -108.44 | -3,079.33 |
| EPS (Baht) | 0.17 | 0.17 | 0.82 | 0.70 |
| GP Margin (%) | 68.40 | 70.77 | 69.04 | 67.85 |
| NP Margin (%) | 51.82 | 51.95 | 61.99 | 54.34 |
| D/E Ratio (x) | 0.39 | 0.27 | 0.41 | 0.29 |
| ROE (%) | 19.46 | 18.51 | 20.21 | 18.06 |
| ROA (%) | 18.12 | 17.92 | 18.56 | 17.53 |
• We're actively searching for a comprehensive business that focuses on the water industry.
Domestic: Explore water development opportunities in industrial estates and collaborate with the PWA on water supply projects that allow for private sector investment. Additionally, explore options in government-run community wastewater treatment facilities that align with the company’s capabilities.
Overseas: Exploring business opportunities in the water supply across ASEAN.
• Diversify investments in the energy sector and reduce dependency on revenue from the tap water business.
Sustainable Development Policy: TTW has developed the Sustainable Development Policy to guide sustainable operations in line with corporate policies and SDGs. Operational results are reported based on the Global Reporting Initiative (GRI) framework.
Operating according to the principles of the UN Global Compact: TTW acknowledges the significance of supporting the global agreements of the UN. We are dedicated to operating following international sustainability principles to help achieve the UN SDGs. This framework serves as a guide for our sustainability initiatives.
Dividend Payment Historical --> Click!
The company will consider the demand for money according to the
company's goals in the next five years, including maintaining the
debt-to-equity ratio of the company at an appropriate level. If
there is a possibility of paying a dividend, the company will consider paying as much as possible. However, such a rate shall not be less than 50% of its net profit after corporate income tax, statutory reserve, and other reserves required by relevant agreements.
Sep 25, 2025: TTW acquired 10% of LPCL's ordinary shares for a total registered capital of 41,868 MB.
Mar 23, 2026: TTW obtained an unsecured loan of 1,500 MB from a commercial bank to pay for additional LPCL shares, loan repayment, and maintenance CapEx.
Apr 9, 2026: The AGM approved an additional dividend payment of 0.30 B./share based on the operating results of 2H'2025, and the dividend payment was paid on 28 April 2026.
• Total Revenue increased by 1.4%, driven by higher treated water sales & management income from the production of treated water.
• Net profit increased by 0.6%, primarily due to the company's operating results, its subsidiaries' performance, and an increase in profit-sharing from the associate company.
• Admin. Expenses decreased by 0.2% due to lower CSR expenses.
• Total COGS increased by 9.5%, primarily due to the depreciation recording for the improvement to the production and transmission system for treated water, which was completed in Q4’2025.
• Finance Costs increased by 22.3% due to higher long-term loans and debentures.
• "Carbon Footprint for Organization (CFO)/Product (CFP) certificate 2026" (TGO)
• Succession Planning for Key Positions in Core Business Functions
• In addition to the water business, TTW has invested in other
businesses to reduce financial risk.
• Monitoring changes in raw water quality and adapting production processes in collaboration with relevant government agencies.
• Monitoring regulatory compliance, strengthening internal controls for good CG, and enforcing anti-corruption/bribery policies.
• Internet systems development/Backup/New Technology for cybersecurity to have efficient production, distribution systems, and operations networks.
• SET ESG Ratings 2025: AAA (Highest rate)
• A Certificate of Honor as a Climate Action Leading Organization.
• Best Company Performance Award & Outstanding Performance Business Award, Market cap 30,000-100,000 MB. (SET Awards 2025)
• Company Rating/Issue Rating: AA-/stable (TRIS Rating)
• Sustainability Disclosure Award 2025 (Thaipat Institute)
• CG Report of Thai Listed Companies 2025: Excellent (Thai IOD)
• 100 scores (Full score) on the "AGM Checklist 2025" (TIA)
• SETESG index (1H'2026)
• "ASEAN Asset Class PLCs Award" as part of the 2024 ASEAN CG Scorecard Project from the SEC and Thai LCA.
• An award plaque for the “Ting To Trash” project. (SEC &Thai LCA)
• Dividend Universe 2025 list by SET Research.
• "Low Emissions Support Scheme" (LESS) (Tree Planting/Solar Rooftop/Floating Installation) certificate. (TGO)
• At least 2% of the total water entering production must be recycled.
• The proportion of Greenhouse Gas Emissions (GHG) from our water treatment plants will decrease by no less than 0.03%.
• Electricity consumption in our water treatment plants will be reduced by at least 0.74 kWh/m3
• Our Solar Rooftops generated a total of 4.5 mil.kWh of electricity and helped to reduce GHG emissions by 2,147 tCO2e/year. (2025)
| as of 31/03/26 | TTW | ENERG | SET |
|---|---|---|---|
| P/E (X) | 11.18 | 12.01 | 16.56 |
| P/BV (X) | 2.19 | 1.07 | 1.36 |
| Dividend yield (%) | 6.56 | 5.47 | 4.41 |
| 31/03/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 36,508.50 | 36,109.50 | 36,309.00 |
| Price (B/Share) | 9.15 | 9.05 | 9.10 |
| P/E (X) | 11.18 | 11.32 | 12.71 |
| P/BV (X) | 2.19 | 2.29 | 2.42 |
