Finansia Syrus Securities maintains a positive outlook on WHA Utilities and Power Public Company Limited (SET: WHAUP), citing strong growth momentum, particularly from the booming data center sector and expected improvements in its core business.
The brokerage reaffirms its “Buy” recommendation for WHAUP, establishing a target price of ฿5.20 per share. The analyst’s call is underpinned by anticipation of a strong recovery in profit and increased earnings visibility stemming from strategic industrial utility expansion.
Finansia Syrus forecasts a solid profit for WHAUP in Q3 2025 to post +257% QoQ and +525% YoY, boosted by water supply to Data Center clients and higher margin in electricity supply to industrial estates due to lower gas cost. The broker stated that demand for water and electricity power will continue for Data Center clients with more are still under construction. The demand for water supply is estimated to be 10 times higher than typical industrial business.
Additionally, the firm maintained its 2025 estimate but raised 2026-27 earnings by 20% and 18%, respectively, representing a growth of 28% and 15% with potential upside from more data center customers.
With the target price setting at THB 5.20 per share, Finansia Syrus set a support level at THB 4 / 3.86 and a resistance level at THB 4.28 / 4.44 / 4.94 per share.
