Finansia Syrus Securities (FSS) wrote in an analysis, recommending a ‘Buy’ rating on WHA Utilities and Power Public Company Limited (SET: WHAUP), with a target price of THB 5.20 per share.
The brokerage firm highlighted the company’s positive growth trajectory, driven primarily by the continued expansion of industrial water sales to data centers located in WHA’s industrial estates.
Currently, WHAUP has a water supply contract with one data center, covering approximately 28 million cubic meters. This agreement is expected to generate an average annual revenue of THB 600–700 million. The company is also in negotiations for a new water supply deal with another data center for an estimated capacity of 17–29 million cubic meters, which would further support future revenue growth.
WHAUP expects to earn revenue from excess water allocation fees in 2025, with this income stream projected to continue for at least two years. This could result in better-than-expected financial performance, with FSS currently reviewing its earnings forecasts.
Preliminary estimates point to net profit growth of approximately 21% in 2025 compared to the previous year, with another 28% growth anticipated in 2026. The analyst also identified key support levels for the share price at THB 4.54 and THB 4.40, with resistance levels at THB 4.80 and THB 5.00.
