InnovestX Securities expects WHA Corporation Public Company Limited (SET: WHA) to reach its 2026 land sales target of 2,500 rai, underpinned by robust domestic demand, particularly from the data center sector. Despite this, WHA is projected to post a softer 2Q26 net profit of Bt892 million—a decrease of 9% year-on-year and 40.9% quarter-on-quarter—and revenue of Bt2.8 billion, down 15.9% YoY and 11.5% QoQ.
The share price of WHA dropped as much as 5.5% on Friday to THB 5.10 per share.
According to InnovestX, first half 2026 land sales are estimated at 1,150 rai, about 50% of the Thailand target (2,300 rai). All 2Q26 land sales came from Thailand, involving clients in manufacturing, automotive, and electronic sectors, with no new data center contracts in this period. Vietnam’s 200-rai target is expected to pick up in the second half, with early 3Q26 LOI signings for 50 rai and about 150 rai anticipated from data center deals, keeping the full-year goal on track.
Property business revenue is estimated to make up 48% of 2Q26’s total, with 290–300 rai transferred. Part of this, however, comes from the IER industrial estate, contributing lower gross margins due to a previous asset revaluation. Logistics remains resilient, with 52,000 sq.m. of new leases in 1H26 and at least 70,000 sq.m. already pre-leased for 2H26. Occupancy stands near 90%. Utilities also delivered, particularly water, with revenue expected to rise over 10% YoY. Power business revenue is set to expand both YoY and QoQ, helped by the Gheco-One plant’s post-maintenance resumption. Average gross margin for 2Q26 is forecast at 46%, slightly lower than 2Q25’s 47.3% and 1Q26’s 50.1%. Consequently, 1H26 earnings are expected to reach Bt2.4 billion, down 21.4% YoY.
Despite near-term weakness, InnovestX maintains a revenue forecast of Bt15.3 billion for 2026 and sees net profit reaching a record Bt5.5 billion (+7.7% YoY). The stock has been removed from the High Conviction list due to limited short-term upside, though an Outperform rating and a 2026 target price of Bt5.80 remain. The logistics and utilities businesses are expected to meet their growth targets, and a new Data Center Park project is being studied to meet rising demand.
