Tris Rating Affirms WHA’s Company Rating at “A-” with “Stable” Outlook

TRIS Rating affirms WHA Corporation Public Company Limited or WHA Group (“the Company”) company rating at “A-” with “stable” outlook, reflecting the Company’s continued sustainable growth across its four business hubs – Logistics, Industrial Development, Utilities and Power, and Digital Solutions.

Ms. Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group CEO of WHA Corporation PCL., stated that TRIS Rating recently announced the Company rating of WHA Corporation at “A-”, with a ‘Stable’ outlook, reflecting continuous sustainable growth and the strength of our 4 business hubs. Furthermore, this company rating demonstrates the Company’s financial discipline and liquidity, together with the flexibility and efficiency in financial management. It also highlights the Company’s ability to access funding through various sources, including asset monetization to REITs, the capital market, and financial institutions, supporting the continuous and future growth of the Company’s businesses.

The Chairman of the Executive Committee and Group CEO added that Logistics Business has delivered an impressive performance while continuing to expand in Thailand and Vietnam, with focus on high-growth industries, long-term partnerships and implementation of digital innovations and sustainable practices across all operations as well as Green Logistics. Regarding Office Solutions, the Company is expanding office building projects in prime locations in Bangkok, and exploring new types of commercial property.


For the Industrial Development Business, the Company continues to reaffirm its position as a leader in the industrial estate sector in Thailand, capable of attracting significant foreign investors across various industries, particularly the electric vehicle industry. Last week, the Company signed a 250-rai land sales deal with a leading Chinese electric vehicle manufacturer, reflecting the confidence and potential investors have in the Company. This also contributes to promoting Thailand’s role in the global electric vehicle industry. Furthermore, the Company remains committed to expanding its business in Vietnam, ensuring continuous growth.

Utilities & Power Businesses – Utility Business – continues to grow alongside with the Group’s industrial estates, to expand products and solutions focusing on value-added water products, as well as seeks to capture opportunities outside WHA’s industrial estates.

Power Business – aims to enlarge its portfolio in Thailand, expand in Vietnam and explore new overseas markets, and continue to implement innovative and sustainable practices while seeking new opportunities in new S-Curve businesses such as Battery Energy Storage Systems (BESS), Green Hydrogen, Carbon Trading and Carbon Capture Utilization and Storage (CCUS).

Digital Business – continues to lead digital transformation initiatives within WHA Group, enhancing operational capabilities to improve efficiency, ensuring digital security, and bolstering competitiveness to meet the comprehensive needs of customers. In addition, WHA Digital collaborates with the other 3 business hubs of WHA Group to create new value-added products and services driven by technology, such as the improvement of the digital health tech solution “WHAbit”, solar monitoring dashboards, performance detection devices, analytic tools, automation, and smart devices for the water distribution system.

Furthermore, the Company will monetize assets to WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust (WHART) in Q4 2023, as planned.

“With the overall economic trend anticipating a positive direction in the second half of the year, we are confident that we will achieve our 2023 year-end business targets. Meanwhile we will continue to strengthen our capacity across key business dimensions to become a Technology Company in 2024 as well as move forward with WHA: WE SHAPE THE FUTURE campaign to be a part of creating a stable and sustainable future for people, the society and Thailand, in line with WHA Group’s business direction to become “The Ultimate Solution for Sustainable Growth”.