WHA Corporation Public Company Limited

WHA reported net profit of 659.2 million baht for the second quarter of 2026, down 32.7% year-on-year, mainly due to lower land transfers and no income from asset sales to the WHART trust as in the previous year. However, this was offset by rental, utilities, and electricity businesses, with overall GPM at 40.5%, down from 46.7% in the same quarter last year. Nevertheless, cumulative land sales in the first half reached 1,199 rai, with an additional 248 rai contracted in Q2 and 217 rai under LOI/MOU pending signing. The backlog awaiting revenue recognition stands at 1,464 rai, which will be gradually transferred in the second half. The company maintains its full-year land sales target of 2,500 rai, split between 2,300 rai in Thailand and 200 rai in Vietnam. It also plans to sell assets into two trusts in Q4: WHART worth 2,508 million baht and WHAIR worth 1,235 million baht, which have been approved by unit holders. Analysts recommend a "buy," citing positive factors from FDI and data centers supporting land sales, with a technical uptrend. Resistance levels are 4.90, 4.98, 5.10, and support at 4.82, 4.74.

Analysts at Bualuang Securities say AMATA stands out over WHA in terms of profit margins, cash flow, and momentum in the second half of 2026. AMATA's core profit for the second quarter of 2026 was 1.343 billion baht, up 767 percent from the same period last year and 2 percent from the previous quarter, exceeding research and market expectations by 13 to 16 percent. Land transfers totaled 288 rai, up 67 percent year on year, split between 271 rai in Thailand and 17 rai in Vietnam. The gross margin from land sales reached a three-year high of 66.2 percent because a larger share of transfers shifted to projects in Chonburi, which carry higher margins. The company also announced an interim dividend of 0.60 baht per share. Meanwhile, WHA's core profit fell to 659 million baht, down 39 percent year on year and 56 percent from the previous quarter, as land transfers dropped to 208 rai, down 31 percent year on year, and the gross margin from land sales fell by more than half to 28.3 percent after the prior year's extraordinary gains faded. Positive factors for WHA include utility business revenue rising 7.5 percent year on year and revenue from the Gheco-One power business rising 130 percent year on year after running at full capacity for the entire quarter without any shutdowns. On the financial position, AMATA has a debt-to-equity ratio in a strong range of 0.6 to 0.7 times, roughly half that of WHA, with low trade receivables and inventory because land sales can be converted into cash almost immediately. WHA's debt-to-equity ratio has remained stable at 1.2 to 1.3 times, while inventory has increased for a fifth consecutive quarter from 17.9 billion baht to 22.5 billion baht, up 25 percent year on year, reflecting that WHA is accumulating land faster than it is selling it. AMATA's operating cash flow declined from 9.9 billion baht in 2024 to 8.7 billion baht in 2025 and is expected to fall to 4.7 billion baht in 2026 because the rising share of land sales in Chonburi converts profit into cash less quickly. However, free cash flow was negative in 2025 at 2.6 billion baht due to high investment and is expected to turn positive from 2026 at 0.6 billion baht and rise to 2.5 billion baht in 2028, giving the company room to keep increasing dividends, which are projected to reach about 1.5 to 1.6 baht per share in 2027 to 2028. At the same time, it can use internal cash flow to support business expansion in Chonburi and Vietnam. For WHA, operating cash flow declined from 2.9 billion baht in 2024 to 1.3 billion baht in 2025, while free cash flow has been negative for a second straight year at 2.0 billion baht and 2.2 billion baht because investment and dividend payments rely more on borrowing than on internal cash. Our estimates expect free cash flow in 2026 to remain slightly negative before turning positive in 2027 to 2028. The analyst continues to rate the industrial estate sector as overweight relative to the market, maintaining a buy recommendation on AMATA with a target price of 40.00 baht and a hold recommendation on WHA with a target price of 5.50 baht.

Bualuang Securities said net profit of stocks under its coverage in the second quarter of 2026 rose 13% from a year earlier and 12% from the previous quarter, coming in 10% above market expectations and 11% above the company's estimates. Revenue was only 2% above market expectations, reflecting support from higher energy prices and petrochemical spreads, revenue and ARPU in the communications sector, electronics demand, and cost management in the retail sector. Pressure still came from lower meat prices, weak Cambodian and self-pay patients, and higher energy costs in the transport sector. Sectors with standout core profit growth included energy and petrochemicals, electronics, communications, retail, and hotels. Sectors with the main profit declines remained agriculture and food, hospitals, and transport. Although the overall results beat expectations, market expectations are starting to return to a more balanced level, with the proportion of stocks beating profit estimates at 48%, compared with 59% in the previous quarter, but still above the five-year average of 37%. The beat-to-miss ratio was 3.4 times, down from 6.8 times in the previous quarter, but still above the five-year average of 1.1 times. Stocks with profits notably above market expectations included AOT, SCC, PTTGC, and PTT, while DELTA came in below expectations. On the revenue side, only the petrochemical sector clearly beat expectations, while WHA and BAM came in below. The company assesses a mid-2027 SET target of 1,650 points in the base case and 1,710 points in the best case. But with the beat-to-miss ratio starting to decline, it recommends focusing on selective plays in stocks whose earnings are likely to continue recovering in the second half of 2026. These include CBG, whose earnings are expected to have passed their trough in the second quarter of 2026 before returning to year-on-year growth from the third quarter; BH, supported by recovering Thai and Middle Eastern patients, with third-quarter profit expected to grow both year-on-year and quarter-on-quarter; and tourism plays AOT, ERW, and CENTEL, after foreign tourist arrivals in July stood at 2.5 million, down 2.5% from a year earlier, but the average daily number rose 16% from the previous month, while Thai hotel RevPAR is expected to grow both year-on-year and month-on-month.

WHA Corporation reported second-quarter 2569 net profit of 659.2 million baht, down 32.7% from the same period last year, as the land and property-for-investment sales business recognised lower revenue because of fewer land transfers and the absence of asset sales into the WHART trust that occurred in the second quarter of 2568. Overall gross margin was 40.5%, down from 46.7%, in line with the lower share of land revenue. However, the company was partly offset by the property rental, utilities and power businesses, and by lower financial and administrative expenses. Land transfers in the second quarter of 2569 totalled 208 rai, down from 301 rai a year earlier, but the company recorded cumulative land sales of 1,199 rai in the first half of 2569 and has a revenue backlog of as much as 1,464 rai, which will be transferred mainly in the second half. WHA maintained its full-year land sales target of 2,500 rai, split between 2,300 rai in Thailand and 200 rai in Vietnam, and plans to sell assets worth about 3.743 billion baht into the WHART and WHAIR trusts in the fourth quarter of 2569. Analysts at ASL recommend buying, with a positive view from FDI flows and data centres supporting land sales for the rest of the year, and give support at 4.86 and 4.74 baht and resistance at 4.96 to 4.98 and 5.15 baht.

Several securities firms have lowered their target prices for WHA Corporation after its second-quarter 2026 results came in below market and analyst expectations by around 13.6% to 28.7%. Net profit was 659 million baht, down 32.7% to 33% year-on-year and down 56.3% from the previous quarter. This brought first-half profit to 2.167 to 2.2 billion baht, a decline of 29.1% to 30% year-on-year. The gross margin of the industrial estate business fell sharply to around 28.3% to 28.6% from 38.5% in the first quarter and 47.6% to 48% in the second quarter of 2025, as most land transfers came from the WHA-IER estate, which carries a low margin. Land transfers in the second quarter totalled only 208 rai, down 30% from both the same period last year and the previous quarter. First-half land sales reached 1,199 rai, representing just 48% of the full-year target of 2,500 rai. Most brokers maintain buy or hold recommendations, with target prices ranging from 4.9 to 6.1 baht per share, and expect a recovery in the second half driven by higher land transfers and a plan to sell assets into a REIT worth 3.7 billion baht in the fourth quarter.

WHA Corporation Public Company Limited, or WHA, reported a net profit for the second quarter of 2026 of 659.2 million baht, a decline of 32.7% from the same period last year. Total revenue and share of profit amounted to 3.14 billion baht, down 22.2%. For the first six months, net profit was 2.17 billion baht, down 29.1%, and total revenue was 6.38 billion baht, down 32.1%. Ms. Jareeporn Jarukornsakul, Chairman of the Executive Board and Group CEO, revealed that in the second half of the year the company plans to increase land transfers and sell assets to the WHART and WHAIR trusts with a combined value of over 3.7 billion baht, which is expected to be recognized as revenue within the second half. Additionally, the company is studying investments in clean energy, including the development of small nuclear power plants to support future digital and high-tech industries.

WHAUP disclosed that in the second quarter of 2026, the company saw sales volume growth across all products, especially industrial water and raw water products. As a result, total revenue for the second quarter of 2026 reached 693 million baht, growing 8% year-on-year, with net profit of 532 million baht, a 276% increase from the same period last year. Meanwhile, WHA reported its first-half 2026 operating results, with total revenue and normalised profit share of 6.4543 billion baht, down 30.8% year-on-year, and normalised profit of 2.0845 billion baht, down 33.8% year-on-year. Total land sales amounted to 1,199 rai, with a backlog awaiting ownership transfer of 1,464 rai. WHAUP continues to expand its renewable energy business, with cumulative solar private PPA contracts of 384 megawatts, and is preparing to support the first phase of the Direct PPA project with 2,000 megawatts.

KGI Securities Thailand expects WHA's first-half 2026 profit to drop 24% year-on-year to 2.3 billion baht, mainly due to flat industrial estate land transfers with lower gross margins and the absence of an extraordinary gain of 905 million baht from the IER land revaluation booked in the previous quarter. First-half cumulative land transfers are forecast at 600 rai, down 48% from a year earlier and representing only 36% of the broker's full-year estimate of 2,000 rai. Cumulative land sales are projected at 1,151 rai, or 46% of the company's full-year target of 2,500 rai, with around 150 rai of data centre land sales deferred to the third quarter. The warehouse and factory rental business remains on track, with new lease signings of 120,000 square metres in the first half, achieving 60% of the full-year target of 200,000 square metres. For the utilities business under WHA Utilities and Power, second-quarter profit is expected to rebound sharply by 60% quarter-on-quarter to 484 million baht, supported by the resumption of normal operations at the Gheco-1 power plant and the associated equity income. However, the broker has downgraded WHA to hold from buy, citing limited upside to the target price of 5.40 baht amid geopolitical uncertainty, tighter Chinese outbound direct investment regulations, and a separate electricity tariff policy for data centres that may prompt new operators to delay investment.