Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group CEO of WHA Corporation Public Company Limited (SET: WHA), disclosed to “Kaohoon” that the company’s outlook for the second quarter of 2025 remains positive, anticipating strong land sales in WHA’s industrial estates.
Currently, negotiations are ongoing with several clients for multiple plots, some as large as 500-1,000 rai. These transactions involve industries previously engaged in 2024, such as Data Centers, Electric Vehicles (EV), and Consumer Goods.
Targeting to close deals in either 2Q or 3Q25, WHA maintains its land sales target at 2,500 rai for the year. However, the company remains watchful of several influencing factors, both positive and negative. The overall performance for 1Q25 aligns with expectations when compared to previous quarters and the same period last year.
WHA’s board meeting to approve Q1 results and financial statements is scheduled for May 9, 2025.
Regarding the Board of Investment’s (BOI) impending May 2025 measures aimed at aligning investment criteria with global conditions, WHA believes that these changes will not adversely impact the future land sales potential of its industrial estate business.
The company’s clientele comprises large-scale firms establishing permanent bases in Thailand, diverting from short-term investments, often to circumvent trade disputes. Investment processes from these companies adhere to standard compliance and regulatory inspection required by responsible authorities.
Thanachart Securities maintains a “Buy” recommendation for WHA shares, setting a baseline target price of THB 3.70 per share. 1Q25 performance is projected to be robust with a THB 1.6 billion profit, marking a 35% year-on-year growth and a 37% increase from the previous quarter, driven by heightened revenue from accelerated land title transfers.
Q1 land sales are anticipated at 850 rai, representing a 35% increase year-on-year and a 12% quarter-on-quarter rise, predominantly from sales within Thailand, notably a large 450 rai transaction with a Data Center client.
Kasikorn Securities also recommends “Buy” for WHA, pricing shares at a target of THB 4.72. The forthcoming BOI investment promotion measures intend to mitigate export right misuse by enforcing stricter local content requirement standards, addressing U.S. concerns, potentially impacting future land sales to Chinese investors.
Nevertheless, the overall effect of the Trump tariffs is deemed “positive,” reflecting transparency and adaptability in revealing client survey feedback even when not mandatory. This underscores WHA’s transparency and strategic readiness to align with changing scenarios.
