TTW Public Company (TTAPY) AI Stock Analysis

TTW Public Company

(Other OTC:TTAPY)

Select Model

Rating:75Outperform

Price Target:$18.00▲(21.27% Upside)

Action:upgraded

Date:08/17/26

TTAPY scores well as a high-quality defensive regulated water utility. The most significant positive factors are its exceptional profitability (~59% net margins, ~77% EBITDA margins), strong and consistent cash flow generation closely aligned with reported earnings, and an attractive 5.5% dividend yield at a modest 13.5x P/E. The conservative balance sheet with low leverage adds to the defensive appeal. Technical indicators confirm a steady uptrend with the stock trading above all major moving averages. The primary limitation is the lack of meaningful revenue growth, which is typical for regulated utilities but constrains upside. Overall, TTAPY presents a compelling income-oriented, low-risk investment profile with solid fundamentals and fair valuation.

Positive Factors

Exceptionally strong profitabilitySustained high gross, operating, and net margins indicate strong project economics and operating efficiency. This profitability provides a durable buffer against cost pressure and supports reinvestment, dividends, and resilience across the infrastructure cycle.

Negative Factors

Uneven revenue trajectoryRepeated revenue declines in prior periods show that top-line performance is not yet consistently expanding. Choppy project timing, contract awards, or asset activity can make future growth less predictable despite strong current margins.

TTW Public Company (TTAPY) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $1.21B
Dividend Yield: 5.82%
Average Volume (3M): 170
Price to Earnings (P/E): 12.8
Beta (1Y): 0.25
Revenue Growth: 8.34%
EPS Growth: 5.69%
Country: US
Employees: 134
Sector: Utilities
Sector Strength: 66
Industry: Regulated Water

TTW Public Company Business Overview & Revenue Model

Company Description

TTW Public Company Limited is a Thai enterprise primarily engaged in the treatment and supply of water. The company delivers its purified water to the Provincial Waterworks Authority under a specific water purchase agreement, serving districts such a...

How the Company Makes Money

TTW Public Company Limited makes money primarily through (1) contracting revenue from EPC/turnkey project work and (2) recurring revenue from operating and service activities tied to energy and utility infrastructure. For EPC/turnkey projects, the co...

TTW Public Company Financial Statement Overview

Summary

TTW exhibits exceptional profitability with ~59% net margins and ~77% EBITDA margins, outstanding for any utility. Cash flow quality is excellent with a free cash flow to net income ratio near 1.0, and operating cash flows are remarkably consistent at ~3.2-3.8 billion THB annually. The balance sheet is conservatively managed with a 0.33 debt-to-equity ratio and steady equity growth. The primary weakness is stagnant to slightly declining revenue, limiting growth upside. The recent uptick in absolute debt is a minor concern but leverage remains comfortable. Overall, a high-quality defensive financial profile.

Income Statement

78Positive

Balance Sheet

74Positive

Cash Flow

80Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.28B	5.02B	5.10B	5.83B	5.69B	5.81B
Gross Profit	3.59B	3.46B	3.46B	3.76B	3.72B	3.96B
EBITDA	4.42B	3.81B	4.19B	4.51B	4.53B	4.71B
Net Income	3.13B	3.13B	2.79B	2.93B	2.97B	3.10B
Balance Sheet
Total Assets	23.18B	23.50B	20.20B	20.28B	21.49B	22.50B
Cash, Cash Equivalents and Short-Term Investments	2.66B	2.83B	2.75B	3.03B	3.36B	3.66B
Total Debt	5.61B	6.02B	3.66B	4.33B	6.00B	7.56B
Total Liabilities	6.39B	6.80B	4.49B	5.00B	6.74B	8.31B
Stockholders Equity	16.75B	16.66B	15.67B	15.24B	14.71B	14.15B
Cash Flow
Free Cash Flow	3.33B	2.96B	2.58B	3.55B	3.51B	3.41B
Operating Cash Flow	3.43B	3.23B	3.16B	3.75B	3.67B	3.77B
Investing Cash Flow	-3.23B	-3.28B	-481.42M	871.52M	301.35M	-610.60M
Financing Cash Flow	-197.29M	-103.96M	-3.08B	-4.08B	-3.98B	-3.19B

TTW Public Company Technical Analysis

Technical Analysis SentimentNegative

Last Price14.84

Price Trends

50DMA15.08Negative

100DMA14.93Negative

200DMA14.45Positive

Market Momentum

MACD-0.05Negative

RSI47.16Neutral

STOCH59.51Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TTAPY, the sentiment is Negative. The current price of 14.84 is below the 20-day moving average (MA) of 14.84, below the 50-day MA of 15.08, and above the 200-day MA of 14.45, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 47.16 is Neutral, neither overbought nor oversold. The STOCH value of 59.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TTAPY.

TTW Public Company Peers Comparison

Overall Rating

UnderperformOutperform

Sector (66)

Financial Indicators

TTAPY against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TTAPY	75Outperform	$1.18B	12.82	18.84%	5.82%	8.34%	5.69%
ARTNA	73Outperform	$348.55M	14.59	9.37%	3.78%	5.90%	5.30%
GWRS	69Neutral	$222.88M	70.17	3.63%	3.93%	10.77%	-49.68%
Sector *	66Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
MSEX	62Neutral	$1.09B	20.35	10.06%	2.54%	8.95%	16.16%
HTO	60Neutral	$2.89B	22.80	5.65%	2.91%	4.22%	-17.13%
YORW	54Neutral	$512.66M	19.62	9.38%	2.89%	9.43%	16.86%

* Utilities Sector Average

Performance Comparison

TTAPY and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TTAPY	TTW Public Company	14.84	1.46	10.95%
ARTNA	Artesian Resources Corporation	33.56	2.70	8.76%
MSEX	Middlesex Water	56.79	8.18	16.82%
HTO	H2o America	59.74	14.99	33.51%
YORW	The York Water	31.59	1.26	4.15%
GWRS	Global Water Resources	7.74	-1.93	-19.96%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 17, 2026

TTW Public Company AI Stock Analysis