Citi analysts maintain a ‘Buy’ recommendation for WHA Corporation Public Company Limited (SET: WHA), setting a target price of THB 4.80 per share, after the company released operational data suggesting potentially softer presales, land transfers, and earnings in the second quarter of 2025.
In the recent analyst meeting, WHA disclosed that a significant 500-rai land deal, initially expected to be booked in 2Q25, will now be recognized in 3Q25 instead. Despite the timing shift, both this transaction and another similarly-sized deal remain on track, signaling ongoing strength in the company’s pipeline.
Key takeaways from the latest briefing include continued uncertainty around WHA’s Vietnam operations, balanced earnings between the first and second halves of 2025, and robust land sale demand.
Citi expects total 2025 land sales could beat both the company’s 2,350-rai target and Citi’s estimate of 2,150 rai, supported by healthy first-half performance and strong letters of intent. On the capital expenditure front, WHA projects capex will fall short of targets by roughly 10%, mainly due to project delays in Mobilix and Vietnam.
Nevertheless, the analyst remains upbeat on WHA’s fundamentals and growth prospects, maintaining its positive outlook on the stock.
