Thai Tap Water Supply (TTW)
Thai Tap Water Supply (SET: TTW) is Thailand's largest listed water concessionaire. Operates PWA-adjacent water-supply concessions via subsidiaries Pathum Thani Water (PTW) and Thai Water Works (TWW) covering Nonthaburi, Samut Sakhon. Long-duration tariff-indexed concession contracts. ~THB 50B group revenue. Stable utility cashflow, dividend yield profile.
Snapshot
Headline numbers a buyer checks first.
Ticker
SET: TTW
Listed 2007
Concession
PWA Nonthaburi, Samut Sakhon
Ongoing
Revenue
~THB 50B group
FY2024
Founded
2000
Historical
What this company actually does
TTW operates PWA water-supply concessions in Nonthaburi, Samut Sakhon via subsidiaries PTW, TWW. Tariff-indexed long-duration concessions. Stable utility cashflow.[]
Competitive set: EASTW (EEC industrial raw water); BEM Water (ancillary). TTW differentiates on retail-municipal concession, stable utility profile.[, ]
Business segments
PTW
Pathum Thani Water (PTW)
Subsidiary operating PWA-concessioned water-supply service in Pathum Thani and Nonthaburi. Serves ~280,000 connections. Concession term runs to 2025-2028 (renewal negotiations ongoing). Stable tariff-indexed revenue: ~ $434.8M annually.
TWW
Thai Water Works (TWW)
Subsidiary operating Samut Sakhon water-supply concession. ~120,000 connections; industrial-estate heavy customer mix (Mahachai industrial zone). Industrial customer tariff slightly higher than residential; ~ $231.9M annual revenue.
Dividends
High-yield utility dividend profile
TTW distributes 90-100% of net profit as dividends; dividend yield typically 4-6% at prevailing market price. Stable utility cash-flow profile makes TTW a bond-proxy in Thai equity portfolios.
Thai listed water utility and infrastructure peer comparison
FY2024 estimates
Thai Tap Water (TTW)
Hemaraj (HEMRAJ)
Ticker
SET:HEMRAJ
Revenue (THB B)
~10
Business model
Industrial estate (EEC)
Div yield (est.)
3-4%
Ratchaburi Electricity (RATCH)
| Entity | Ticker | Revenue (THB B) | Business model | Div yield (est.) |
|---|---|---|---|---|
| Thai Tap Water (TTW) | SET:TTW | ~23 | PWA municipal concession | 4-6% |
| East Water (EASTW) | SET:EASTW | ~4 | EEC industrial raw water | 3-5% |
| Hemaraj (HEMRAJ) | SET:HEMRAJ | ~10 | Industrial estate (EEC) | 3-4% |
| Ratchaburi Electricity (RATCH) | SET:RATCH | ~35 | Power, water IPP utility | 4-5% |
Key drivers 2025-2026
Renewal
PTW concession re-negotiation
Pathum Thani Water concession terms and tariff structure re-negotiated with PWA. Outcome determines TTW's cash-flow visibility beyond 2025-2028. Market expects renewal on favourable terms given infrastructure criticality.
Tariff
CPI-indexed tariff adjustment
Scheduled tariff review under concession indexation formula. Cost of electricity (largest TTW operating cost) and CPI are the adjustment inputs. Every $0.014/m³ tariff uplift adds ~ $0.003to TTW EPS.
Climate
Chao Phraya raw water supply
TTW's raw water source is Chao Phraya River via PWA transmission. Drought years (La Nina dry seasons) reduce raw water availability, requiring Royal Irrigation Department reservoir releases. 2024 was near-normal; 2025 El Nino risk monitored.
Watchpoints
Concession renewal terms
Long-duration concession economics.
Tariff indexation
Inflation, cost pass-through.
PTW, TWW operational
Subsidiary performance.
Climate, drought exposure
Raw water supply availability.
Related Market profiles
Peers, parents, partners, agencies, and other Water Utilities & Treatment actors.
Partner
Provincial Waterworks Authority (PWA)
PWA concession awarder.
Open Market profile →
Competitor
East Water (EASTW)
Listed EEC industrial water peer.
Open Market profile →
Sector peer
BEM Water
Listed BEM group's ancillary water-supply concession; transport-conglomerate with water diversification.
Open Market profile →
Sector peer
MWA Bangkok waterworks
State Bangkok, peri-Bangkok municipal water operator; ~2M connections; largest Thai urban water enterprise.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Thai Tap Water Supply (SET: TTW) FY2024 Form 56-1
Eastern Water Resources (SET: EASTW) FY2024 Form 56-1
Publisher
Eastern Water Resources Development and Management PCL
Grade
Primary
As of
2025-03-31
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Thai Tap Water Supply (SET: TTW) FY2024 Form 56-1 | Thai Tap Water Supply PCL | Primary | 2025-03-31 |
| Eastern Water Resources (SET: EASTW) FY2024 Form 56-1 | Eastern Water Resources Development and Management PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Water Utilities Supply & Treatment Market Intelligence
Largest listed concessionaire; Nonthaburi, Samut Sakhon, Pathum Thani (PTW subsidiary)
Open report →
Sits alongside 6 other Atlas profilesThailand Water Utilities Market Intelligence
Largest listed Thai water concessionaire; PWA Nonthaburi, Samut Sakhon; ~THB 50B group revenue.
Open report →
Sits alongside 4 other Atlas profilesThailand Water Utility, WHA, EASTW, TTW Deep Dive
Thai Tap Water (TTW) — Bangkok-Pathum Thani-Nonthaburi-Samut Prakan ~14% share
Open report →
Sits alongside 3 other Atlas profilesRelated Market profiles
partner
Provincial Waterworks Authority (PWA)
State provincial Thai municipal water operator; ~4M connections nationwide; contracts private concessionaires for certain districts.
competitor
East Water (EASTW)
Listed EEC, Eastern Seaboard raw water supplier; serves industrial estates, municipalities; direct EEC demand leverage.