Company Coverage
WHA Corporation (WHA TB): 2Q26 Results Preview: Data Centre Demand and Investment Pipeline Remain Robust
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt5.45
Bt6.30
+15.60%
Bt5.00
Analyst
Analyst
Panjarat Thaweesriprasert
Highlights
- We expect WHA to report 2Q26 core earnings of Bt1.19b (+2% yoy, +54% qoq).
- The industrial estate market remains solid, supported by strong momentum from data centre demand, while investment from high-potential industries and strategic investor groups continues to flow in.
- Maintain BUY with a higher target price of Bt6.30 (previously Bt5.00).
Analysis
- Earnings momentum continues. We expect WHA Corporation (WHA) to report 2Q26 core earnings of Bt1.19b (+2% yoy, +54% qoq). The slight yoy improvement is driven by higher revenue across all business segments, while the strong qoq growth is mainly attributable to the rebound in the power business following the loss incurred from the GHECO-One shutdown in 1Q26.
- Revenue to increase yoy and qoq. We expect revenue to come in at Bt3.3b (+0.7% yoy, +6.0% qoq), supported by higher revenue from the industrial estate business on the back higher land transfers, together with stronger utility revenue driven by higher sales volumes.
- Gross margin to decline qoq. We expect gross margin to ease from 50.1% in 1Q26 to 48.5% in 2Q26 due to higher contribution from land transfers from WHA Industrial Estate Rayong (WHAIER), for which management guided would account for around two-thirds of total land transfers in the quarter. We forecast total land transfers of 304 rai, comprising 190 rai from WHA IER and 114 rai from company-owned land.
Highlights
- We expect WHA to report 2Q26 core earnings of Bt1.19b (+2% yoy, +54% qoq).
- The industrial estate market remains solid, supported by strong momentum from data centre demand, while investment from high-potential industries and strategic investor groups continues to flow in.
- Maintain BUY with a higher target price of Bt6.30 (previously Bt5.00).
Analysis
- Earnings momentum continues. We expect WHA Corporation (WHA) to report 2Q26 core earnings of Bt1.19b (+2% yoy, +54% qoq). The slight yoy improvement is driven by higher revenue across all business segments, while the strong qoq growth is mainly attributable to the rebound in the power business following the loss incurred from the GHECO-One shutdown in 1Q26.
- Revenue to increase yoy and qoq. We expect revenue to come in at Bt3.3b (+0.7% yoy, +6.0% qoq), supported by higher revenue from the industrial estate business on the back higher land transfers, together with stronger utility revenue driven by higher sales volumes.
- Gross margin to decline qoq. We expect gross margin to ease from 50.1% in 1Q26 to 48.5% in 2Q26 due to higher contribution from land transfers from WHA Industrial Estate Rayong (WHAIER), for which management guided would account for around two-thirds of total land transfers in the quarter. We forecast total land transfers of 304 rai, comprising 190 rai from WHA IER and 114 rai from company-owned land.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt5.45
Bt6.30
+15.60%
Bt5.00
Analyst
Analyst
Panjarat Thaweesriprasert
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at the following link: https://research-api.uobkayhian.com/assets/disclaimer/df64a6ea-7980-447c-ae9e-fd19b93257dc, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
