On Wednesday at 11:37 AM (Bangkok time), the share price of WHA Corporation Public Company Limited (SET: WHA) surged by 3.16% or THB 0.12 to THB 3.92, with a trading value of THB 439.73 million.
Phillip Securities (Thailand) expects WHA to report a strong fourth quarter of 2025, with a projected net profit of THB 1.30 billion, representing an increase both year-on-year and quarter-on-quarter, mainly driven by higher land transfers, including a significant transfer associated with a data center customer, and asset sales to REITs.
WHA’s full-year 2025 profit is expected to grow 14.6% year-on-year, reaching an all-time high, though overall land sales may soften due to ongoing negotiations with a major customer. This negotiation involves the largest land deal WHA has ever pursued, covering approximately 1,000 rai, with the potential benefit possibly extending into 2026 if the deal is finalized. The analyst maintains a ‘Buy’ recommendation, with a target price set at THB 4.98 per share
For 4Q25, WHA is expected to report a profit of THB 1.308 billion, up 4.9% year-on-year and 106.2% quarter-on-quarter, primarily from strong land transfers totaling 738 rai (550 rai from WHA and 188 rai from joint ventures). A large amount of transfer for the data center client is providing significant revenue impetus, while the JV adds to profit share growth. Moreover, WHA’s asset sales into a REIT, yielding THB 769 million (at a 35% profit margin), help further bolster earnings.
Land sales during the period are predicted at 90-130 rai, a reduction year-on-year and quarter-on-quarter, and the lowest quarterly figure in 2025. This is due to the deferral of major large deals, which remain under specific negotiation.
The anticipated major transaction, estimated at 1,000 rai, is understood to involve another data center customer and is expected to be transferred in 2027. This could provide ongoing benefits to WHAUP via excessive charge income and continuous water sales growth. It is projected that WHA might conclude the sales transaction by 2026.
For the full year 2025, WHA’s land sales are estimated at 1,350-1,400 rai, a decline of over 40% year-on-year. Land transfers for the year are projected at 2,100 rai, a modest 4% year-on-year rise, bringing forecast net profit to THB 4.998 billion (up 14.6% year-on-year), marking a new record. The expected dividend is THB 0.20 per share (including an interim dividend of THB 0.06), yielding an annual return of 5.3%.
Looking ahead to 2026, WHA anticipates its land transfer volume to remain steady, though value could grow thanks to rising average selling prices, particularly at the WHA ESIE 5 industrial estate, where the first phase (3,400 rai) will begin transfers this year.
Phillip notes that the outlook for 2026 appears more favorable than in 2025, with customs tax negotiations making progress and improved domestic stability. The analyst has revised up the 2026 profit forecast for WHA by 5% to THB 5.172 billion (+3.5% year-on-year), reflecting the shift of the WHA-IER industrial estate JV assets into the company.
