Kasikorn Securities (KS) maintains its ‘Buy’ recommendation on WHA Corporation Public Company Limited (SET: WHA), with a target price of THB 4.90, citing resilient demand in Thailand that is likely to offset weaker momentum in Vietnam, as revealed in its recent analyst meeting.
WHA is holding its 2026 land sales target at 2,500 rai, despite acknowledging that demand in its sole ready-for-sale Vietnamese industrial estate is lukewarm. WHA’s target of 200 rai in Vietnam may be challenging, but robust interest among Thai customers could allow the company to surpass its 2,300-rai sales goal domestically. However, the slow process for transferring out capital from China among Chinese clients pose an obstacle in the short term.
Another key development involves Tiktok, which recently received investment promotion approval from Thailand’s Board of Investment (BOI) for a massive THB 840 billion. Although Tiktok has yet to initiate discussions with WHA, KS noted that the social media giant’s diverse investment plans could eventually see them become a key tenant in WHA’s data centers.
To further tap into burgeoning demand for digital infrastructure, WHA is currently considering the establishment of a new 1,000-rai industrial estate dedicated solely to data center clients. This move is aimed at centralizing utilities—such as water and power, which are currently dispersed, thereby streamlining land and infrastructure sales moving forward.
Beyond data centers, demand from industries such as semiconductors and electronic appliances remains robust. Should WHA proceed with the sale of land at its Saraburi campus (SIL 2)—approval for which is currently pending—the company could attract even more clients from these high-growth sectors.
On the operations front, WHA’s Gheco One power plant, which weighed on first-quarter 2026 earnings due to required maintenance, has now completed its overhaul and is running at improved efficiency. KS expects this to underpin a performance recovery from the second quarter onwards.
With a solid land sales backlog of 770 rai—most of which is slated for transfer in Q2 and Q3 at higher average sales prices—Kasikorn sees a stronger second half for WHA compared to Q1.
