Maybank Securities (Thailand) recently hosted the Maybank Invest Thailand event, featuring CFO Natthapatt Tanboon-ek of WHA Corporation Public Company Limited (SET: WHA) as the speaker. During the session, investor inquiries centered on potential threats from the current U.S.-Iran conflict and its implications for foreign direct investment (FDI) in Thailand.
Maybank suggests that the ongoing Middle East tensions are unlikely to significantly disrupt Thailand’s FDI narrative. While the conflict could cause a modest, short-term delay in some investment decisions, the presales outlook for the first half of 2026 remains solid.
A key transaction involving a data center deal across 900 rai is set to buoy first-quarter 2026 results. For the second quarter, WHA expects to see gradual conversions of signed MOUs (with 1,600 rai secured as of 2025) into definitive land sales, which should help maintain strong presales momentum.
For the full year 2026, WHA is holding to its robust land presales target of 2,500 rai—2,300 rai in Thailand and 200 rai in Vietnam. Management expressed confidence that even a protracted conflict situation would pose minimal downside risk to this guidance. Thailand’s standing as an attractive FDI destination is underpinned by its neutral geopolitical posture, and management has highlighted Taiwan as a key source of forthcoming FDI.
Rising construction input costs have been acknowledged as a concern. However, WHA has locked in the majority of its input costs for one year, insulating itself from sudden price surges. In cases where costs do rise afterward, the company is able to adjust its selling prices accordingly.
For 2026, the average land selling price is anticipated to reach THB 6–7 million per rai, an increase from THB 5–6 million recorded in 2025, ensuring that land gross margins can be sustained at approximately 50%.
In the power business segment, any financial impact from higher gas prices is expected to be limited and mainly restricted to the Small Power Producer (SPP) category; for every THB 10/mmbtu rise in gas prices, overall earnings would decrease by just 0.4%.
The long-term growth story remains intact, with ongoing demand for data centers and engagement with several smaller operators totaling over 1,000 rai. Management believes that, over time, continued infrastructure enhancements will further elevate Thailand’s appeal, especially for high-potential sectors such as semiconductors, artificial intelligence, robotics, and biotechnology.
In summary, Maybank reiterates a ‘Buy’ rating on WHA, with a target price of THB 4.80 per share. The stock’s attractive valuation—trading at 12 times forward P/E, which is still 1.3 standard deviations below its historical mean—reflects limited risk from geopolitical developments and sustained growth prospects, supported by Thailand’s FDI potential.
