TTW Public Company Limited (TTAPF)
ValueMarkers Composite Index
66% below intrinsic value ($0)
TTW Public Company Limited (TTAPF) — VMCI valuation read
Headline read on TTAPF: VMCI of 60/100 versus a Utilities sector median of 50. The 10-point above-median position is what makes TTW Public Company Limited a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on TTAPF: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on TTAPF: value (TTAPF trades at 21.0x earnings, 17% above the Utilities median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of -0.1x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.
TTAPF rose 1.8% over the trailing 7 days, with a -12.6% read on a 30-day basis.
TTW Public Company Limited, together with its subsidiaries, produces and sells treated water in Thailand. The company supplies water to the Provincial Waterworks Authority in the Amphur Nakorn Chaisri, Amphur Sam Pran, and Amphur Budha Monthon areas of Nakhon Pathom; and Amphur Muang and Amphur Kratumban areas of Samut Sakhon under the water purchase agreement. It is also involved in the management of water production and distribution systems, and wastewater collection and treatment systems; operation and maintenance of water supply project; and production and distribution of electricity using hydroelectric, cogeneration, and solar power plants. The company was formerly known as Thai Tap Water Supply Public Company Limited and changed its name to TTW Public Company Limited in April 2014. The company was incorporated in 2000 and is headquartered in Nakhon Pathom, Thailand.
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