On Thursday at 2:31 PM (Bangkok time), the share price of WHA Utilities and Power Public Company Limited (SET: WHAUP) rose by 3.73% or THB 0.18 to THB 5.00, with a trading value of THB 24.49 million.
Land and Houses Securities (LHS) wrote that WHAUP posted a net profit of THB 303 million for the first quarter of 2026. This figure represents an 85% increase quarter-on-quarter and a 35% rise year-on-year, outperforming expectations by 19%.
The earnings growth was primarily driven by a significant increase in capacity charge income, particularly from data center clients. Additionally, the company has gradually recognized revenue from its solar power projects, and further support came from foreign exchange gains.
Looking ahead to Q2, LHS expects WHAUP’s core profit to recover both quarter-on-quarter and year-on-year. This anticipated improvement is supported by the full-quarter resumption of normal operations at the Gheco-1 power plant. Meanwhile, revenue from the water business is forecast to continue expanding, boosted by both higher sales volume and increased capacity charge income.
LHS gives a ‘Buy’ recommendation on WHAUP, with a target price of THB 5.45 per share, implying an estimated 2026 price-to-earnings (P/E) ratio of 15x.
