บทวิเคราะห์ (Research)

TTW : Earnings Preview - Flat profit for tap water unit, fell for power unit We estimate TTW would book Bt698m net profit for 4Q24F, falling 15% yoy and 24% qoq amid smaller contribution from power unit. This would take net profit to Bt2.7b for the full-year, -7% yoy and in line with our forecast. We expect profit to drop qoq in 1Q25F led by seasonally-slower ops at the power unit; tap water profit should be flat. We estimate final DPU at Bt0.3, implying 3.4% yield; that could be a near-term catalyst. Maintain NEUTRAL rating for TTW.