On Tuesday at 11:21 AM (Bangkok time), the share price of WHA Corporation Public Company Limited (SET: WHA) rose by 1.72% or THB 0.08 to THB 4.74, with a trading value of THB 216.22 million.
Globlex Securities wrote that WHA is expected to see operational growth in 2026, driven by an anticipated increase in land transfers, expansion of the data center client segment, and asset sales plans to WHART and WHAIR trusts in the second half of the year.
WHA reported a net profit of THB 659 million for 2Q26, a decrease of 33% year-on-year and 56% quarter-on-quarter. This decline was largely due to a drop in land transfers, which fell to 208 rai from 296 rai in the previous quarter. As a result, net profit for the first half of 2026 stood at THB 2.17 billion, down 29% year-on-year, accounting for 39% of the full-year forecast.
Despite this, other business segments posted robust growth and supported overall performance. The logistics business saw increasing lease contract signings across built-to-suit warehouses, ready-built warehouses, and short-term lease agreements, boosting the total managed area to 3.24 million square meters.
The utilities segment posted a combined water sales and management volume of 87 million cubic meters, up 10% year-on-year, while the power business rebounded due to increased profit sharing after the GHECO-One power plant achieved full operational capacity.
For 2026, management targets land sales of approximately 2,500 rai. In the first six months, land sales reached around 504 rai, or 20% of this target. As of the end of June 2026, the company’s backlog of land sales awaiting revenue recognition stood at around 1,470 rai. Additionally, WHA plans to sell two warehouses with a combined value of THB 3.7 billion in the second half of the year—THB 2.5 billion to WHART and THB 1.2 billion to WHAIR.
Globlex projects WHA’s revenue for 2026 at THB 17.7 billion, a 16% increase year-on-year, supported by increased land transfers due to the growing data center customer base and the planned asset sales. The company’s gross profit margin is also expected to rise to 49.4% from 48.7% the previous year, following land price adjustments and higher revenue from utility and power businesses. Consequently, net profit for 2026 is forecast at approximately THB 5.56 billion, up 8% year-on-year.
