FSS International Investment Advisory Securities (FSSIA) reported in an analysis that WHA Corporation Public Company Limited (SET: WHA) has announced a strong fourth quarter 2025 financial performance, surpassing both analyst and market expectations.
WHA’s net profit in 4Q25 reached THB 1,445 million, marking a surge of 128% quarter-on-quarter and 16% year-on-year. This result not only represents the company’s quarterly peak for the year but also beat FSSIA’s own estimates by 15% and exceeded the market consensus by 6%.
According to the securities firm, the outperformance was primarily driven by lower-than-expected selling, general, and administrative (SG&A) expenses, coupled with stronger profit contributions from joint ventures.
Operationally, WHA’s business delivered as expected, with particular strength in the industrial estate segment. The fourth quarter saw WHA transfer a record 711 rai of land—a significant increase from 220 rai in 3Q24 and 449 rai in 4Q24. For the full year 2025, WHA completed a total transfer of 2,074 rai, surpassing the 2,020 rai achieved in 2024.
However, WHA’s gross profit margin from land sales moderated, attributed to the transfer of larger land plots to customers during the quarter.
Although rental income experienced a slight QoQ decline, the business continued its annual growth trajectory, posting a robust 14% YoY increase. The company expanded its leasable area by 204,437 square meters in 2025, exceeding internal targets and bringing its total managed area to 3.24 million square meters. WHA is in ongoing negotiations with several additional customers, signaling potential further growth.
WHA closed out 2025 with a record-high net profit of THB 5,135 million. After adjusting for foreign exchange and non-recurring items, recurring profit stood at THB 5,261 million, up 16% YoY.
The company also declared a dividend of THB 0.1438 per share (3.1% dividend yield) with the ex-dividend (XD) date set for May 11. Combined with the earlier payout, total dividends for 2025 amount to THB 0.211 per share, representing a payout ratio of 61% and a total yield of 5.9%.
Looking ahead to 2026, WHA has set a bold target to sell 2,500 rai of land, comprising 2,300 rai in Thailand and 200 rai in Vietnam. The company will continue its focus on attracting clients from emerging industries such as electric vehicles, batteries, data centers, printed circuit boards (PCBs), and semiconductors.
FSSIA noted it is currently reviewing its forecasts and previous target price of THB 4.4 for WHA, reflecting the company’s impressive performance and ambitious forward strategy.
