TTW (Thai Tap Water Supply)
TTW Public Company Limited (SET:TTW, formerly Thai Tap Water Supply) is a SET-listed Thai water-treatment-and-distribution company operating concession-based water treatment for Nakhon Pathom and Samut Sakhon provinces (western Bangkok perimeter). Long-running PPP concession with Provincial Waterworks Authority (PWA). Competes with East Water (SET:EASTW) in Thai listed water-treatment tier. Anchor of stable concession-revenue infrastructure-yield positioning.
Profile overview
TTW Public Company Limited (SET:TTW, formerly Thai Tap Water Supply) is a SET-listed Thai water-treatment-and-distribution company operating concession-based water treatment for Nakhon Pathom and Samut Sakhon provinces (western Bangkok perimeter). Long-running PPP concession with Provincial Waterworks Authority (PWA). Competes with East Water (SET:EASTW) in Thai listed water-treatment tier. Anchor of stable concession-revenue infrastructure-yield positioning.
Operations and concession structure
Nakhon Pathom concession
PWA PPP water treatment
TTW holds a PPP water-treatment concession with Provincial Waterworks Authority (PWA) for Nakhon Pathom province, producing approximately 400,000 cubic metres per day of treated water. The concession term extends to 2034, providing long-term revenue visibility at regulated tariff rates.
Samut Sakhon operations
Industrial-zone water supply
TTW's Samut Sakhon operations serve residential and industrial water demand in Thailand's largest seafood-processing province. Shrimp and seafood processing plants are major industrial water consumers in the Samut Sakhon service territory.
Dividend yield profile
Infrastructure income stock
TTW is positioned as a stable infrastructure-income stock, distributing approximately 90% of net profit as dividends. Target dividend yield of 4-6% on current SET price makes TTW a core holding for Thai pension funds and domestic income-oriented investors.
TTW vs. water-treatment peers
| Company | Ticker | Concession type | Dividend yield target |
|---|---|---|---|
| TTW (Thai Tap Water) | SET:TTW | PWA PPP (Nakhon Pathom, Samut Sakhon) | 4-6% |
| East Water (EASTW) | SET:EASTW | Industrial water licences (EEC) | 3-5% |
| TPIPP (Thai Power) | SET:TPIPP | Waste-to-energy (adjacent sector) | 5-7% |
| BPP (Banpu Power) | SET:BPP | Power plant concessions | 4-6% |
Watchpoints 2025-2026
Concession renewal
2034 expiry planning
TTW's Nakhon Pathom PWA concession extends to 2034. Early renewal negotiations with PWA (expected 2027-2028) will determine whether TTW secures long-term extension at current concession economics or faces competitive re-tendering risk.
Tariff revision
PWA water-supply pricing
TTW's revenue is linked to PWA-regulated water-supply tariffs. Any increase in energy costs (pumping electricity) without a corresponding tariff revision from PWA would compress TTW's operating margin. Cabinet-level tariff review cycles are the key variable.
New concession bids
PWA provincial expansion
TTW is evaluating bids for additional PWA provincial water-treatment concessions as PWA seeks private capital for provincial water-infrastructure expansion. Winning additional concession territory would expand TTW's GLA of concession-based cash flows beyond the current two-province footprint.
Related Market profiles
Peers, parents, partners, agencies, and other Water Treatment actors.
Competitor
East Water Resources Development (SET:EASTW)
Listed Thai water utility; SET:EASTW; serves Eastern Seaboard / EEC industrial cluster.
Open Market profile →
Competitor
BEM Water
Listed BEM group's ancillary water-supply concession; transport-conglomerate with water diversification.
Open Market profile →
Competitor
East Water (EASTW)
Listed EEC, Eastern Seaboard raw water supplier; serves industrial estates, municipalities; direct EEC demand leverage.
Open Market profile →
Reports featuring this profile
Related Market profiles
competitor
East Water Resources Development (SET:EASTW)
Listed Thai water utility; SET:EASTW; serves Eastern Seaboard / EEC industrial cluster.
competitor
BEM Water
Listed BEM group's ancillary water-supply concession; transport-conglomerate with water diversification.
competitor
East Water (EASTW)
Listed EEC, Eastern Seaboard raw water supplier; serves industrial estates, municipalities; direct EEC demand leverage.