Natthapatt Tanboon-ek, Group Chief Financial Officer of WHA Corporation Public Company Limited (SET: WHA), disclosed to “Kaohoon” that the company’s operations in 4Q25 are proceeding as planned.
Land sales in 2025 is estimated to reach the target of approximately 2,350 rai. In 4Q25, around 1,000 rai will be sold to data center customers, with the deal expected to close within December 2025. During the first nine months of 2025, land sales already totaled 1,258 rai.
Overall revenue for 2025 is expected to reach THB 20 billion, with profit anticipated to improve compared to the previous year. Operational plans and targets for 2026 will be officially announced on February 4, 2026.
Regarding land sales in industrial estates, the outlook remains positive due to Thailand’s clear advantages over the past five years, including:
1. Supply chain strength, evidenced by increased investment from the electric vehicle (EV) industry.
2. Availability of skilled labor in the auto and electronics sectors, ensuring continuous investment.
3. Infrastructure superiority over Vietnam, attracting more data center investors. The Thai government continues to promote data center investment and is also targeting semiconductor investors.
WHA continues to implement projects to meet current customer demands. In 2024-2025, the company added 6,000-7,000 rai of land to its portfolio for future development, supporting sales for the next 3-4 years (an average of 2,000 rai sold per year). Land acquisition each period depends on prevailing customer demand, with data center clients remaining a major group.
For the warehouse business segment, total leasable space is currently about 3 million square meters, with a diverse group of foreign investors as clients. The company plans to expand serviceable space by 150,000-200,000 square meters annually, with 200,000 square meters of new space added in 2025.
The warehouse business stands out in 2025 due to an influx of high value contract clients—those with large, long-term leases, such as Thaiwatsadu leasing a built-to-suit warehouse at WHA Mega Logistics Center Wangnoi (20-year lease), Diethelm leasing a medical equipment warehouse on Rama 3 Road (15-year lease), and petrochemical clients with 10-year leases. Consequently, value contracts in 2025 are estimated at about three times those of normal years.
Prapon Chinudomsub, Chief Financial Officer of WHA Utilities & Power Public Company Limited (SET: WHAUP), a WHA subsidiary, stated that WHAUP’s business will move in tandem with WHA. Overall 2025 performance will remain close to targets, even though water sales volume is down, income from water quota usage by data center clients compensates for the decline, and stronger growth is expected in 2026.
For the integrated utilities and energy business group in 2025, water sales volume has been affected by the closure of a major petrochemical client, but revenue growth persists, mainly from data center clients buying land at WHA industrial estates. These clients require much more water (over standard factory usage), resulting in additional income from exceeding water usage quotas, which will be recorded as a large revenue item for 2025.
In the first nine months of 2025, the company recorded about THB 400 million in revenue from water quota surcharges, with more expected in 4Q25. It is believed that in the next 1-2 years, quota revenues will remain at THB 400-500 million, helping to bolster overall performance, as data center groups use about 15 times more water than normal quota levels.
