Thailand’s investment boom in the first half of 2025 has yet to lift shares of WHA Corporation, according to comments from Maybank Securities (Thailand). While the country’s Board of Investment (BOI) reported THB 1.05 trillion in investment promotion approvals for the period—a staggering 138% increase from a year earlier—WHA’s stock has fallen sharply.
Digital and electronics sectors formed the core of this investment surge, with the digital industry drawing THB 520 billion and electronics attracting THB 130 billion in fresh capital. These trends align with WHA’s ongoing negotiations to secure business from more than 10 data center operators, highlighting the company’s pivotal role in serving Thailand’s rapidly expanding tech infrastructure.
Despite the favorable macro backdrop, WHA’s share price has slumped by 34.9% year-to-date, vastly underperforming the SET Index’s 10.7% decline. The company’s underperformance amounts to a 24.2 percentage point lag behind the broader market.
Looking ahead, WHA’s order backlog and joint ventures amounted to 1,500 rai for the second quarter of 2025, with project pipelines left untouched by any recent tax changes. Trading at just 10.6 times projected 2025 earnings—a level 1.5 standard deviations below its average—Maybank notes that the stock’s downside appears limited. The current dividend yield of 5.4% may also offer investors some cushion amid market volatility. Maybank set a strategic target price for WHA at THB 4.35 per share.
