WHA Corporation’s 2Q26 net profit declined sharply to THB 659 million, representing a 33% year-on-year (YoY) fall and a 56% drop quarter-on-quarter (QoQ). Excluding a THB 737 million one-off gain from changes in investment proportion in the previous quarter, normal profit decreased by 15% QoQ. This figure fell short of analyst expectations, coming in 18% below Asia Plus Securities’ estimate and about 25% under the Bloomberg consensus.
Asia Plus Securities noted that the earnings miss was mainly attributed to the industrial estate segment, which accounts for 40% of WHA’s revenue and saw revenue plunge 51% YoY and 26% QoQ due to the absence of asset sales into REITs—unlike 2Q25—and fewer land transfers. Additionally, roughly 60% of those land transfers were in the lower-margin WHAIER industrial estate, reducing property sales margins to 28.6%, compared to 47.6% in the previous year and 38.5% last quarter.
In contrast, WHA’s logistics unit continued to grow, buoyed by expansion of leased space and higher occupancy rates, while the utilities business benefited from increased water usage and the return of Gheco One power plant to normal operations. This contributed to a THB 414 million share of profit from associates.
Looking ahead, Asia Plus expects a robust recovery in the second half of 2026, supported by a strong industrial estate backlog of 1,460 rai valued at nearly THB 10 billion, as of 2Q26. Approved asset sales into the WHART and WHAIR REITs—worth THB 3.7 billion—are set to take place in 4Q26, projected to substantially support year-end performance. The full-year land sales target remains at 2,500 rai, with the first half achieving 1,200 rai and ongoing negotiations for an additional 217 rai.
Despite a 10% dip in WHA’s share price over the last two weeks, Asia Plus highlights a 24% upside compared to the 2027 target price of THB 6.05, maintaining a “Buy” call in anticipation of profit recovery in 3Q26 and continued improvement into 4Q26.
