Kiatnakin Phatra Securities (KKPS) has upgraded its recommendation for WHA Corporation Public Company Limited (SET: WHA) from ‘Neutral’ to ‘Buy’, setting a new price objective of THB 6.20, up from the current market price of THB 4.98. The upgrade reflects a positive outlook for WHA’s return on equity (ROE), which is expected to show a robust uptrend after a temporary setback in 2026.
KKPS projects that WHA’s ROE will recover to 14.4% in 2027, surpassing its previous peak of 13.9% in 2025, driven by both secured land sales revenue—60% of which is already guaranteed via backlog—and accelerated growth in recurring income from logistics, utilities, and power sales. The recurring income share is projected to rise from 33% in 2027 to 50% in 2029, supported by clients in the data center segment reaching commercial operation in 2028.
The brokerage has also raised its price-to-earnings ratio (PER) target for industrial estate land sales from 9x to 14x, citing high-quality, visible profit growth and strong fundamentals. The stock currently trades below its long-term mean price-to-book value (PBV), at 1.8x for 2027E.
Management’s active engagement with foreign investors, especially in sectors like EVs, electronics, and data centers, positions WHA as a proven first-mover in capturing rising FDI demand. Expansion into new regions, such as Saraburi, further strengthens its foothold in Thailand’s industrial and logistics market.
WHA is expected to benefit in the coming years from both big-ticket land sales to new FDI clusters and the long-term momentum in recurring income, laying a solid foundation for future growth.
