WHA Corporation Public Company Limited develops, rents, and sells land, buildings, factories, warehouses, and other properties in Thailand and internationally, together with its subsidiaries. It also develops and manages properties in industrial estates and zones. In addition, the company offers digital, data center, and internet connection services along with other IT services, public utilities, and related facilities. It is also involved in water utility, power, mobility, and logistics businesses. Founded in 2003, the company is headquartered in Samut Prakan, Thailand.
INVX Says Clearer Data Center Rules to Lift Clean Energy and Industrial Estate Stocks, Recommends Selective Buy
The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.
WHAUP second-quarter profit surges 275.8%, presses ahead with small nuclear power plant investment
WHA Utilities and Power Public Company Limited, or WHAUP, reported net profit of 531.8 million baht for the second quarter, up 275.8% from 141.5 million baht in the same period a year earlier. That brought first-half net profit to 834.9 million baht, up 128.6% from 365.3 million baht a year earlier. Its parent company, WHA Corporation Public Company Limited, or WHA, posted second-quarter net profit of just 659.2 million baht, down 32.7% from 980.1 million baht a year earlier, while first-half net profit came to 2.1675 billion baht, down 29.1% from 3.0555 billion baht a year earlier. In its latest development, WHAUP is building a new growth engine by preparing to invest in small nuclear power plants, or Small Modular Reactors, as well as Carbon Capture and Storage technology, in line with the PDP 2026 plan, which emphasises raising the share of renewable and clean energy to more than 65%. Meanwhile, Krungsri Securities has raised its profit forecasts for WHAUP for 2026 to 2028 by 6%, 3% and 8% respectively, and Kasikorn Securities expects WHAUP's profit to grow at a compound annual rate of 19% over 2026 to 2030, far above the sector average.
Pie Securities maintains Buy on WHA with 5.6 baht target, sees limited data center pressure
Pie Securities stated that WHA's share price has fallen more than 13-14% from its peak in late July, compared with a market index decline of only 3%. The research team views this as mainly due to the introduction of controls on the emergence of data centers in the country, which could make it harder to secure additional land sales opportunities in the future. WHA's land sales for the data center business during 2024 through the first half of 2026 totaled approximately 2,000 rai out of total sales of about 6,100 rai, accounting for roughly 30%. However, the research team views that the government's move to regulate data center investment, with four key conditions such as electricity and water usage and location controls, combined with WHA's locations being primarily industrial estates in the Eastern Economic Corridor, will help reduce the impact on communities more than setting up in urban areas. Therefore, if the government reaches clear conclusions on data center establishment, WHA has the opportunity to receive additional land orders. Meanwhile, the research team maintains its full-year profit forecast at 5,371 million baht, up 5% from the previous year, and maintains its Buy recommendation with a fair value of 5.6 baht, representing 15 times the PER for 2027.
InnovestX Unveils 4 Standout Stock Themes as SET Slips Below 1,600 Points
InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.
Brokers flag 11 hot stocks set to benefit from BOI investment plan
Land and Houses Securities Public Company Limited stated that the direction of the BOI's investment promotion policy is beginning to shift from focusing solely on the value of applications toward tracking actual investment that materialises and the benefits to the Thai economy, including linking SMEs into supply chains, workforce skill development, research and development, and technology transfer. At the same time, the BOI has added 17 more projects under the Thailand FastPass scheme with a combined value of 121 billion baht, while FastPass projects from earlier rounds have already seen more than 21 billion baht in actual investment. The brokerage views that reducing procedures and easing constraints on project implementation will help accelerate the transition from investment plans to actual spending, and that increasing linkages with domestic operators will help investment money flow through to Thai businesses and workers more effectively. It assesses that the benefits to the SET will not be evenly distributed across all industries, but will favour companies that can clearly convert investment money into domestic revenue, especially industrial estate groups, Data Center contractors, electrical and public utility network providers, and banks with business customer bases and project loans. The beneficiary stocks include AMATA and WHA on demand for industrial land, with WHA recording land sales of 1,199 rai in the first half of 2026 and 1,464 rai in pending transfer sales, while AMATA had land sales of 377 rai in the first half of 2026 and pending transfer sales of about 18.4 billion baht. INSET benefits from Data Center investment, with second-quarter 2026 revenue from Data Center work rising to 670 million baht, up 451% year on year, from six projects totalling 335 MW, lifting net profit to 64 million baht, up 652% year on year, with a backlog at the end of the second quarter of 2026 of about 4.5 billion baht, rising to about 5.7 to 5.8 billion baht after winning new work in the third quarter of 2026. BGRIM, GULF and RATCH have opportunities from electricity demand and Data Center expansion, with BGRIM developing a Hyperscale Data Center in Chonburi targeting maximum service capacity of 96 MW, while GULF aims to expand Data Center capacity to 300 to 500 MW within three to five years, and RATCH is in talks with five to six operators with potential to support about 300 to 1,400 MW. WHAUP and EASTW are supported by rising water demand, with EASTW having begun supplying water to Data Center customers in Chonburi since May 2026 and planning to add two more customers within this year. GUNKUL expects its backlog at the end of 2026 to be about 5 to 6 billion baht, supporting revenue in 2027, while BBL and KBANK have opportunities from financial services across the entire investment chain, from project loans and business loans to working capital, cash management services and foreign exchange transactions.
Phillip Securities highlights AMATA as top industrial estate pick on BOI digital investment push
Phillip Securities (Thailand) Public Company Limited said the Board of Investment is pressing ahead with adjustments to its investment promotion policy to draw money into the technology and digital industries, after the value of investment promotion applications in the first six months of 2026 reached 1.47 trillion baht, up 37% from the same period a year earlier. Digital businesses accounted for the largest share, at 76% of total applications in the first half and 53% in the second quarter of 2026, when applications in target industries were worth 456 billion baht. The BOI also approved three large projects with combined investment of 9.64 billion baht, covering advanced electronic circuit board manufacturers and clean energy. Meanwhile, the Thailand Fast Pass programme has 42 projects with combined investment of 344 billion baht. The automotive industry is preparing to restructure excise tax into three tiers to encourage carmakers to set up production bases in Thailand instead of importing. The research team continues to favour industrial estate stocks over the broader market, choosing AMATA as its top pick because it trades at a price-to-earnings ratio of only 7.3 times, below its five-year average of 11.7 times. It expects 2026 profit to grow strongly to 5.551 billion baht, or 76% from a year earlier. WHA is rated a buy with a target of 5.40 baht per share. For first-half results, overall profit for the industrial estate group rose 143% from a year earlier on transfers of accumulated backlog, with AMATA and ROJNA posting standout profits.
Globlex Securities issued an analyst report on WHA Corporation Public Company Limited, or WHA, forecasting 2026 revenue of about 17.7 billion baht, up 16% year-on-year, driven by two main factors: land transfers rising to 2,500 rai from 2,100 rai in 2025 on the back of securing Data Center customers, and asset sales into the WHART and WHAIR funds in the second half of 2026. The research team assumes a gross profit margin of about 49.4%, up from 48.7% in 2025, resulting in forecast 2026 profit of about 5.56 billion baht, up 8% year-on-year. The research team values WHA using the sum of the parts, or SOTP, method, arriving at a fair value of 4.55 baht per share for the WHA business and about 0.85 baht per share for WHAUP, giving a total 2027 fair value of 5.40 baht per share, up from the 2026 fair value of 4.10 baht, as the one-year average P/E ratio rose from 11 times to 14 times. With the current price still offering about 15% upside, the research team maintains its buy recommendation. Management targets 2026 land sales of about 2,500 rai, even though the first half of 2026 saw land sales of about 504 rai, or 20% of the 2026 target, with backlog of 1,470 rai as of June 2026. In the second half of 2026, the company plans to sell two warehouses worth a combined 3.7 billion baht into the WHA Real Estate Management trust, or WHART, worth 2.5 billion baht, and the WHA Industrial trust, or WHAIR, worth 1.2 billion baht, respectively. For second-quarter 2026 results, the company reported net profit of 659 million baht, down 33% year-on-year and 56% quarter-on-quarter, due to land transfers falling to 208 rai from 296 rai in the first quarter of 2026. The logistics business added leases in both built-to-suit and ready-built warehouse formats, pushing total managed area to 3.24 million square meters. The utilities business recorded total water sales and management of 87 million cubic meters, up 10% year-on-year, while the power business recovered on the share of profit from the Gheco-One power plant. First-half 2026 profit came in at 2.17 billion baht, down 29% year-on-year and representing 39% of the estimate.
Thai stocks ride AI wave as foreign capital jumps 80% in first half of 2026
The global AI investment wave is driving foreign capital into Thailand's infrastructure sectors, including data centers, power systems, cooling systems, PCB and storage. Data from Kasikorn Thai shows that in the first half of 2026, Thailand received investment promotion applications totaling 1.47 trillion baht, up 37% from a year earlier, while foreign capital rose 80% to 1.36 trillion baht, led by the digital and electronics industries. Among the stocks seen as direct beneficiaries is DELTA, which makes power supply and cooling systems for data centers and is ramping up commercial production of liquid cooling systems. HANA is viewed as the Thai stock market's new AI proxy, with AI-related products set to enter production lines in the second half of 2026. KCE is expected to benefit from the semiconductor upcycle and tight PCB supply, which could support selling prices and profits in the second half of 2026. SMT gains from the shift to optical connectivity, while CCET benefits from rising demand for both HDD and SSD storage as AI computing generates massive volumes of data. INSET has seen a flood of project inquiries, while WHA and AMATA stand to gain because data center businesses use roughly 12 to 16 times more electricity and water than general industrial plants, meaning industrial estate revenue does not end on the day land is sold but continues through long-term utility income. If foreign capital flows and data center investment accelerate further in 2027, the Thai stock market may see an increasingly clear picture of an AI ecosystem.
KKP Says AI Enters a New Cycle, Opening the Way for Thailand to Capture a New Wave of FDI, Highlights 10 Standout Stocks
Kiatnakin Phatra Securities Public Company Limited, or KKP, assesses that global AI investment is moving beyond chips into the surrounding infrastructure, which will create positive ripple effects for the Thai economy, especially the opportunity to attract a new wave of foreign direct investment, or FDI, into the country's industrial sector and advanced technology supply chain. The analysis notes that as AI systems grow larger, power per rack in data centers rises from several tens of kilowatts to about 600 kilowatts and could reach 1 megawatt in the future, shifting the main constraints to power delivery systems, cooling systems, and data transmission. KKP sees two key technologies that will drive the next phase: 800VDC technology and the shift to optical connectivity. KKP expects the new wave of FDI to flow into semiconductors, printed circuit boards, or PCBs, and advanced electronics, estimating that Thailand's major industrial estate developers, WHA and AMATA, will see land sales increase by about 2,500 rai per year and 2,000 rai per year, respectively. For the standout stocks that stand to benefit, KKP states that Delta Electronics (Thailand) Public Company Limited, or DELTA, is ready to serve demand for data center power systems and liquid cooling systems, while Hana Microelectronics Public Company Limited, or HANA, benefits from demand for analog ICs and power semiconductors. KCE Electronics Public Company Limited, or KCE, is ready to serve demand for high-end PCBs, and Stars Microelectronics (Thailand) Public Company Limited, or SMT, benefits directly from the shift to optical connectivity technology. Cal-Comp Electronics (Thailand) Public Company Limited, or CCET, has the potential to serve demand for both HDD and SSD storage devices. Beyond the electronics group, KKP states that AI's expansion also benefits energy infrastructure, as a global shortage of large power transformers bodes well for Thirai Public Company Limited, or TRT, while demand for transformer oil and fluids for liquid cooling systems opens opportunities for P.S.P. Specialties Public Company Limited, or PSP, as well as the strategic partnership of Millennium Group Corporation (Asia) Public Company Limited, or MGC, in developing humanoid robots. Supapong Iamkong-aek, an analyst at Kiatnakin Phatra Securities Public Company Limited, said global AI investment will not stop at software or chips but is spreading to areas where Thailand has good cost advantages, namely infrastructure and downstream industries, which is a window of opportunity that remains wide open for the Thai economy.
Kiatnakin Phatra says global AI investment to drive a new wave of FDI into Thailand
Kiatnakin Phatra Securities, part of the Kiatnakin Phatra Financial Group, analyses that accelerating global AI investment will bring a new wave of FDI into Thailand, particularly in semiconductors, printed circuit boards, or PCBs, and advanced electronics. It estimates that Thailand's major industrial estate developers, WHA and AMATA, will see land sales rise by roughly 2,500 rai per year and 2,000 rai per year respectively. Although upstream technologies such as chip design and manufacturing remain concentrated overseas, Thailand is playing a growing role in the semiconductor supply chain for AI, especially in downstream manufacturing, the assembly and processing of advanced technology. Supapong Iamkongek, an analyst at Kiatnakin Phatra Securities, said global investment in AI will not stop at software or chips but is spreading to areas where Thailand has a cost advantage, namely infrastructure and downstream industries. If Thailand can fully attract this new wave of FDI into advanced production chains, it will not only boost the profits of listed companies but also raise the competitiveness of Thai industry on the world stage.
US PPI Jumps 5.4%, Oil Breaches $100, Sending Global Stocks Tumbling
The US Producer Price Index, or PPI, rose 5.4% year-on-year in August, above expectations of 5.3% and accelerating from 4.8% in July. Core PPI rose 4.6%, in line with forecasts, after a 4.3% gain the previous month. As a result, the Dow Jones closed at 52,064.10 points, down 316.56 points, or 0.60%. The S&P 500 closed at 7,591.70 points, down 44.66 points, or 0.58%, and the Nasdaq closed at 26,081.73 points, down 171.62 points, or 0.65%. Meanwhile, WTI and Brent crude both surged past 100 dollars per barrel as Iran continued to attack oil tankers passing through the Strait of Hormuz and Iran-backed Houthi rebels seized control of the port of Mokha in Yemen. In Europe, the STOXX 600 closed at 635.97 points, down 4.44 points, or 0.69%, after the European Central Bank, or ECB, raised interest rates by 0.25% to 2.5%, its second hike this year. Asian markets opened broadly lower, with Japan's Nikkei posting the region's biggest opening drop at 1.52%, followed by South Korea's KOSPI down 2.7%, Hong Kong's Hang Seng down 0.95%, Australia's S&P/ASX 200 down 1%, and China's Shanghai Composite down 0.60%. Thailand's stock market is expected to trade sideways down in line with overseas markets. The stock to watch today is WHA, which is preparing to develop a 1,000-to-2,000-rai Data Center Park dedicated to data centers, with clarity expected within this year. The company remains confident land sales will meet its target of 2,500 rai after already achieving more than 1,000 rai in the first half.
Asia Plus recommends buying WHA on 1,000-2,000 rai Data Center Park plan
Asia Plus Securities issued a research note recommending a buy on WHA Corporation Public Company Limited, or WHA, viewing its plan to establish a large Data Center Park of 1,000-2,000 rai as a move that will elevate the company from an industrial estate developer to a full-service digital infrastructure provider, carrying higher added value and generating long-term revenue from land sales, Data Center building development, utility services, and its affiliated power and water businesses. The main areas are in the EEC zone in Chonburi and Rayong, expanding to Saraburi, to create an ecosystem covering Data Centers, supply chains, a training center, and energy and water infrastructure, supporting investment by hyperscaler Data Center providers. The research team stated that if it succeeds in attracting hyperscaler customers, this will be a factor accelerating land sales and creating more new backlog, and will increase asset value that can be further developed into the group's REIT in the future. Although uncertainty over new policies may slow Data Center investment in the short term, if the rules become clear within one month it would reduce uncertainty and be positive for WHA. The research team therefore maintains its buy recommendation with a new 2027 fundamental value of 5.85 baht.
WHA Plans 1,000-2,000-Rai Data Center Park, Targets 2,500 Rai in Land Sales
WHA Corporation, or WHA, is preparing to develop a Data Center Park project of 1,000 to 2,000 rai or more to fully serve data centers and the supply chain of the digital industry. Jareeporn Jarukornsakul, Chairwoman of the Executive Committee and Group Chief Executive Officer, said no decision has yet been made on whether the project will be located in the Eastern Economic Corridor or outside the EEC area, as it must await clarity from the Data Center board in about one month. Clarity is expected within this year, 2026. The company is maintaining its total land sales target in Thailand and Vietnam at 2,500 rai, having achieved sales of more than 1,000 rai in the first half, including 900 rai of land sales to data center clients already closed in the first quarter of 2026. It confirmed that the temporary delay of the Data Center project while awaiting policy clarity from the government does not affect the overall sales target, as other customer groups are stepping in to replace it. Meanwhile, the WHART trust, for which WHA serves as sponsor and property manager, has invested in the WGCL International Distribution Center project, operated by WHA GC Logistics Company Limited, a joint venture between WHA Group and PTT Global Chemical Public Company Limited, with a total value of not more than 2,507.60 million baht and a total area of 99,390 square meters, along with a 30-year long-term lease agreement, pushing total assets past 56,000 million baht. Subscription for the additional trust units opens to existing unitholders from September 21 to 25 and to the general public from September 28 to October 1, 2026.
WHART spends 2.507 billion baht to buy WGCL IDC, pushing assets past 56 billion baht, with a 1.416 billion baht capital increase
The WHART trust is investing in the WGCL International Distribution Center, or WGCL IDC, a built-to-suit distribution center in the EEC area of Map Ta Phut, Rayong Province, with a total area of approximately 99,390 square meters, for a value of no more than 2.5076 billion baht, under a 30-year long-term lease. After the investment is completed, WHART will manage more than 2 million square meters of leasable area, and its total asset value will rise to more than 56 billion baht. For this capital increase, WHART will issue and offer up to 1.416 billion baht worth of additional trust units at a maximum offering price of 11.10 baht per unit, with an expected distribution of approximately 0.783 baht per unit for the 12-month period from October 1, 2026 to September 30, 2027, equivalent to a distribution rate of approximately 7.05% per year. Existing unitholders with subscription rights can subscribe between September 21 and 25, 2026, while the general public can subscribe between September 28 and October 1, 2026. WHART also leaves open the possibility of bringing Data Center assets into the trust in the future, if WHA develops a built-to-suit Data Center Park with tenants already in place.
TTB Wealth warns new Fed rate hike could push SET down 5-10%
Analysts at TTB Wealth Securities Public Company Limited warn that this September's FOMC meeting is a key event the market is watching closely. If the Fed decides to raise rates, it would mark the first hike of this cycle, following six consecutive holds since the last cut on December 10, 2025. Historical data from 1994 to 2022 covering six previous hiking cycles shows that US equities and the SET typically held steady to edged slightly lower in the 15 days after the first hike, before facing greater pressure over the following 30 to 60 days. US equities fell an average of 3-4%, while the SET saw average declines of as much as 5-10%. The current cycle differs from past tightening cycles because the economy and labour market are not as hot as in 2022. So if the Fed resumes hiking, the market could face pressure from both a slowing economy and inflation that remains above the 2% target. And if the Fed hikes while the MPC holds rates steady, the US-Thailand interest rate gap would widen, adding pressure on fund flows and the baht. The groups likely to outperform in a rising bond yield environment include banks, and those benefiting from a weaker baht, such as tourism, exports, and companies with a high share of revenue in foreign currency. TTB Wealth recommends selective investment in groups with earnings growth that can withstand tight monetary policy, such as ADVANC, AMATA, WHA, KTB and BBL, and in groups that benefit from a weaker baht, such as DELTA, AOT, CENTEL, CPN and PR9.
WHA Confident Data Center Regulations Will Boost Industrial Estates
WHA is confident that the decision by the Data Center Business Policy Committee to halt projects not yet under construction in order to issue control criteria within one month will benefit industrial estates that are more prepared. Meanwhile, AMATA agrees that it will not be affected, but experts point out that psychologically, it damages the investment climate. The measures cover all types of data centers, requiring those using more than 2 megawatts of electricity to be classified as industrial operations, and establishing four subcommittees to consider technical standards. Currently, there are 35 data centers in operation, 49 under construction, and 117 awaiting review.
WHA sees state data center controls as positive, no impact on land sales
WHA views the government's delay in approving new data centers to establish common guidelines as beneficial for the country, helping to select investors who generate the greatest benefits, and it does not affect land sales due to a diverse customer base. The company maintains its 2026 land sales target of 2,500 rai after achieving 1,199 rai in the first half. Regarding Toyota's investment in Vietnam of 9.3 billion baht, WHA points out that this is not a relocation, as Toyota is increasing its investment in Thailand by 55 billion baht and still has three main production plants in Thailand with a combined annual production capacity of 770,000 vehicles.
Data Center Board to Set Investment Rules on Sept 4; Broker Sees Industrial Estate Group Benefiting
The Data Center Board is set to hold its first meeting this Friday, September 4, to establish investment rules. Deputy Prime Minister and Minister of Finance, Dr. Ekniti Nitithanprapas, in his capacity as board chairman, stated that the new criteria will consider the country's economic benefits, environmental impact, and surrounding communities. Additionally, cases of data centers that may be constructed improperly in city centers will be reviewed on a case-by-case basis in coordination with the Bangkok Metropolitan Administration. If violations are found, measures could include demolition or suspension of operations. Meanwhile, analysts at Kasikorn Securities view positively the industrial estate stocks in the long term, as these areas have ready infrastructure including electricity and water, which are essential for data center businesses. Government regulation will help filter investors, allowing well-prepared groups to proceed faster. They recommend buying AMATA shares with a target price of 35.00 baht and WHA shares with a target price of 6.25 baht.
SET expected to rebound this afternoon; watch 3 key points supporting standout stocks
Asia Plus Securities stated that the SET Index's overall picture is just waiting for a continued rebound after holding above the 1580-point base, which is the second-level Buy Zone of 1575-1585 points. The next resistance is at 1615 points; breaking through it would open strong upside. For S50U26, it recommends Long at 1060 points, waiting for a bounce to take profits at 1080-1100 points, or averaging Long at 1045-1050 points with a Cut below 1040 points. First point: G20 opens the way to rescue the global economy, despite the US threatening additional sanctions on Iran, which could impact oil and financial markets. In the short term, it gives positive weight to upstream energy to hedge against the risk of rising oil prices, supporting PTTEP, PTT, and BCP. Be cautious of stocks sensitive to energy costs and slowing global economy, such as IVL, PTTGC, SCC, AAV, BA, PSL, TTA, and RCL. Second point: The Cabinet approved a 400 billion baht energy fund to stimulate the economy and boost Thai energy megaprojects. It approved a decree to borrow 400 billion baht to alleviate the energy crisis and invest in energy transition projects, divided into 200 billion baht for public assistance and 200 billion baht for energy investment. Standouts: GULF, GPSC, BGRIM, CK, and WHA. Third point: The mobile Cabinet meeting in Songkhla is set to approve the second phase of double-track railways with 6 routes, totaling 316 billion baht, along with a 10 billion baht disaster insurance budget. Standouts: CK and STECON.
Bualuang Selects 8 Strong Dividend Stocks to Weather Market Volatility
Bualuang Securities stated that amid the still volatile market, its research team believes dividend yield will regain its role as a downside buffer. However, looking at yield based solely on base-case estimates may not be sufficient, so it conducted a Dividend Stress Test for 2027, setting worst-case scenarios according to each industry's risks, such as banks assuming a 5-10 basis point increase in credit costs and payout ratios returning to normal levels, retail with SSSG of -2% YoY, shopping malls with tenant sales of -2% YoY, hospitals with no revenue growth, ICT facing price competition and slowing cost savings, energy using Brent at $60 per barrel compared to the base case of $70 per barrel, and WHA/WHAUP assuming the transfer of 900 rai of data center land is postponed from 2027. The stress test found that even with DPS declining by an average of 7% from the base case, there are still 8 companies whose 2027 dividend yield is higher than the +1 standard deviation level of the 10-year historical average, namely CPALL, BDMS, CPN, TLI, WHA, COM7, OSP, and TU. This reflects that yields still have a buffer even if earnings come in below expectations. Among these, CPALL offers a yield of 4.1% in the worst case compared to the +1SD of 2.6%, BDMS 3.9% versus 2.7%, CPN 3.9% versus 2.9%, TLI 5.4% versus 4.8%, WHA 4.9% versus 4.5%, and COM7 4.0% versus 3.7%. Meanwhile, OSP and TU still offer high yields of 5.3% and 5.6%, respectively, compared to the +1SD level of 5.2% for both. In a situation where earnings and the market remain uncertain, the strategy should focus on quality yield rather than merely selecting stocks with high dividend yields. All 8 stocks above maintain yields above their historical ranges even after passing through negative assumptions.
Analysts Point to Accumulation Window for Thai Stocks as SET Corrects to 1,550-1,580 Points
Analysts from Pi Securities Public Company Limited expect that foreign fund flow selling pressure from August to November 2026 will weigh on the Thai stock market, due to the seasonal 'September Blue' factor and uncertainty ahead of the U.S. midterm elections. However, they still see the Thai economy recovering in the second half of the year, supported by government measures, investment, and tourism. They recommend waiting for an accumulation opportunity when the SET corrects to 1,550-1,580 points, using a selective buy strategy focusing on dividend stocks such as SCB, ADVANC, MINT, BDMS, and WHA. This follows first-half results from listed companies showing net profits of 765,969 million baht, up 22.2% year-on-year.
AMATA surges 11% leading industrial estate stocks on Thailand Focus
AMATA shares surged 10.74% to 33.50 baht, leading industrial estate stocks, while WHA rose 1.65% to 4.94 baht, after the first day of Thailand Focus 2026 drew interest from foreign investors, including from Switzerland, New Zealand, and Israel. TTB Wealth views that the government is signaling a restoration of confidence and restructuring the economy toward becoming a future industrial production base, while adjusting measures to support Data Center investment by having new investors bear the additional natural gas costs and offering the option to purchase clean energy through Direct PPA, which is a positive factor for industrial estate stocks and the AI supply chain such as AMATA and WHA.
WHA Q2 profit down 32.7% but first-half land sales reach 1,199 rai
WHA reported net profit of 659.2 million baht for the second quarter of 2026, down 32.7% year-on-year, mainly due to lower land transfers and no income from asset sales to the WHART trust as in the previous year. However, this was offset by rental, utilities, and electricity businesses, with overall GPM at 40.5%, down from 46.7% in the same quarter last year. Nevertheless, cumulative land sales in the first half reached 1,199 rai, with an additional 248 rai contracted in Q2 and 217 rai under LOI/MOU pending signing. The backlog awaiting revenue recognition stands at 1,464 rai, which will be gradually transferred in the second half. The company maintains its full-year land sales target of 2,500 rai, split between 2,300 rai in Thailand and 200 rai in Vietnam. It also plans to sell assets into two trusts in Q4: WHART worth 2,508 million baht and WHAIR worth 1,235 million baht, which have been approved by unit holders. Analysts recommend a "buy," citing positive factors from FDI and data centers supporting land sales, with a technical uptrend. Resistance levels are 4.90, 4.98, 5.10, and support at 4.82, 4.74.
PTTGC and WHA to sell joint venture assets to WHART trust for 2.51 billion baht
PTT Global Chemical, or PTTGC, and WHA Corporation, or WHA, are preparing to sell assets of their joint venture WHA GC Logistics, or WGCL, in which both parties hold a 50-50 percent stake, to WHA Premium Growth Real Estate and Leasehold Trust, or WHART, for a total of 2.51 billion baht. The assets comprise the WGCL International Distribution Center project. The sale is expected to be completed by October 2026.
Brokerage Favors AMATA Over WHA on Stronger Margins and Cash Position
Analysts at Bualuang Securities say AMATA stands out over WHA in terms of profit margins, cash flow, and momentum in the second half of 2026. AMATA's core profit for the second quarter of 2026 was 1.343 billion baht, up 767 percent from the same period last year and 2 percent from the previous quarter, exceeding research and market expectations by 13 to 16 percent. Land transfers totaled 288 rai, up 67 percent year on year, split between 271 rai in Thailand and 17 rai in Vietnam. The gross margin from land sales reached a three-year high of 66.2 percent because a larger share of transfers shifted to projects in Chonburi, which carry higher margins. The company also announced an interim dividend of 0.60 baht per share. Meanwhile, WHA's core profit fell to 659 million baht, down 39 percent year on year and 56 percent from the previous quarter, as land transfers dropped to 208 rai, down 31 percent year on year, and the gross margin from land sales fell by more than half to 28.3 percent after the prior year's extraordinary gains faded. Positive factors for WHA include utility business revenue rising 7.5 percent year on year and revenue from the Gheco-One power business rising 130 percent year on year after running at full capacity for the entire quarter without any shutdowns. On the financial position, AMATA has a debt-to-equity ratio in a strong range of 0.6 to 0.7 times, roughly half that of WHA, with low trade receivables and inventory because land sales can be converted into cash almost immediately. WHA's debt-to-equity ratio has remained stable at 1.2 to 1.3 times, while inventory has increased for a fifth consecutive quarter from 17.9 billion baht to 22.5 billion baht, up 25 percent year on year, reflecting that WHA is accumulating land faster than it is selling it. AMATA's operating cash flow declined from 9.9 billion baht in 2024 to 8.7 billion baht in 2025 and is expected to fall to 4.7 billion baht in 2026 because the rising share of land sales in Chonburi converts profit into cash less quickly. However, free cash flow was negative in 2025 at 2.6 billion baht due to high investment and is expected to turn positive from 2026 at 0.6 billion baht and rise to 2.5 billion baht in 2028, giving the company room to keep increasing dividends, which are projected to reach about 1.5 to 1.6 baht per share in 2027 to 2028. At the same time, it can use internal cash flow to support business expansion in Chonburi and Vietnam. For WHA, operating cash flow declined from 2.9 billion baht in 2024 to 1.3 billion baht in 2025, while free cash flow has been negative for a second straight year at 2.0 billion baht and 2.2 billion baht because investment and dividend payments rely more on borrowing than on internal cash. Our estimates expect free cash flow in 2026 to remain slightly negative before turning positive in 2027 to 2028. The analyst continues to rate the industrial estate sector as overweight relative to the market, maintaining a buy recommendation on AMATA with a target price of 40.00 baht and a hold recommendation on WHA with a target price of 5.50 baht.
Bualuang Securities says PDP2026 is clearer, supporting power plants and industrial estates
Bualuang Securities says clarity on the Power Development Plan PDP2026 has increased after the draft was about 80 percent complete, and it is expected to be submitted to the Minister of Energy in late August before being announced for use in late September 2026. This helps reduce policy uncertainty for the power plant sector. The plan still targets renewable energy at around 60 percent and an average electricity tariff of around 4 baht and a fraction per unit. Meanwhile, electricity demand from data centers has already been included in the plan's scenarios, so there is no need to redo the plan. The Energy Policy and Planning Office has released three scenarios for data center electricity demand through 2050: Low at 6,799 megawatts, Mid at 8,811 megawatts, and High at 19,808 megawatts. Bualuang Securities views the Mid case as the base case because it is based on projects that have received Board of Investment privileges and a feasible pipeline, while the High case is an upside case from all connection requests to the Metropolitan Electricity Authority and the Provincial Electricity Authority. Direct foreign investment in the eastern region also remains strong. From 2023 through the first half of 2026, there were 4,566 investment promotion applications worth 2.6 trillion baht, accounting for about half of the country's total, led by digital, electronics and electrical appliances, and automotive, consistent with the electric vehicle, data center, and semiconductor themes. At the same time, infrastructure constraints are starting to become new investment opportunities, especially water. Demand in the Eastern Economic Corridor is expected to rise to 3.615 billion cubic meters in 2037, an increase of 22 percent from 2024, with industrial demand rising 58 percent. Bualuang Securities maintains an overweight stance on the power plant sector relative to the market, viewing GULF and GUNKUL as the clearest beneficiaries of PDP2026 progress, while WHA and AMATA continue to be supported by foreign direct investment in the eastern region, and WHAUP has additional upside from rising industrial water demand.
Private investment grows fastest in 11 years, supporting 6 stocks
Kasikorn Securities said private investment in the second quarter of 2026 grew 13.4 percent, the highest in 11 years, supported by investment flows into S-Curve industries such as electronics, AI, and clean energy. Exports grew 12.5 percent, reflecting economic restructuring toward a New Economy production base, even as GDP slowed to 1.9 percent due to pressure from energy, inflation, and weaker consumption. The research team views this as positive for industrial estates, electronics, data centers, and clean energy, including WHA, Amata, Delta, Hana, KCE, and Gulf, driven by accelerating FDI and new infrastructure investment.
Bualuang sees Q2 stock profits up 13%, recommends continued recovery in H2
Bualuang Securities said net profit of stocks under its coverage in the second quarter of 2026 rose 13% from a year earlier and 12% from the previous quarter, coming in 10% above market expectations and 11% above the company's estimates. Revenue was only 2% above market expectations, reflecting support from higher energy prices and petrochemical spreads, revenue and ARPU in the communications sector, electronics demand, and cost management in the retail sector. Pressure still came from lower meat prices, weak Cambodian and self-pay patients, and higher energy costs in the transport sector. Sectors with standout core profit growth included energy and petrochemicals, electronics, communications, retail, and hotels. Sectors with the main profit declines remained agriculture and food, hospitals, and transport. Although the overall results beat expectations, market expectations are starting to return to a more balanced level, with the proportion of stocks beating profit estimates at 48%, compared with 59% in the previous quarter, but still above the five-year average of 37%. The beat-to-miss ratio was 3.4 times, down from 6.8 times in the previous quarter, but still above the five-year average of 1.1 times. Stocks with profits notably above market expectations included AOT, SCC, PTTGC, and PTT, while DELTA came in below expectations. On the revenue side, only the petrochemical sector clearly beat expectations, while WHA and BAM came in below. The company assesses a mid-2027 SET target of 1,650 points in the base case and 1,710 points in the best case. But with the beat-to-miss ratio starting to decline, it recommends focusing on selective plays in stocks whose earnings are likely to continue recovering in the second half of 2026. These include CBG, whose earnings are expected to have passed their trough in the second quarter of 2026 before returning to year-on-year growth from the third quarter; BH, supported by recovering Thai and Middle Eastern patients, with third-quarter profit expected to grow both year-on-year and quarter-on-quarter; and tourism plays AOT, ERW, and CENTEL, after foreign tourist arrivals in July stood at 2.5 million, down 2.5% from a year earlier, but the average daily number rose 16% from the previous month, while Thai hotel RevPAR is expected to grow both year-on-year and month-on-month.
WHA second-quarter profit falls 32.7% but keeps land sales target of 2,500 rai
WHA Corporation reported second-quarter 2569 net profit of 659.2 million baht, down 32.7% from the same period last year, as the land and property-for-investment sales business recognised lower revenue because of fewer land transfers and the absence of asset sales into the WHART trust that occurred in the second quarter of 2568. Overall gross margin was 40.5%, down from 46.7%, in line with the lower share of land revenue. However, the company was partly offset by the property rental, utilities and power businesses, and by lower financial and administrative expenses. Land transfers in the second quarter of 2569 totalled 208 rai, down from 301 rai a year earlier, but the company recorded cumulative land sales of 1,199 rai in the first half of 2569 and has a revenue backlog of as much as 1,464 rai, which will be transferred mainly in the second half. WHA maintained its full-year land sales target of 2,500 rai, split between 2,300 rai in Thailand and 200 rai in Vietnam, and plans to sell assets worth about 3.743 billion baht into the WHART and WHAIR trusts in the fourth quarter of 2569. Analysts at ASL recommend buying, with a positive view from FDI flows and data centres supporting land sales for the rest of the year, and give support at 4.86 and 4.74 baht and resistance at 4.96 to 4.98 and 5.15 baht.
WHA expands leased area for YCH by 20,635 square metres
WHA Corporation announced the signing of an additional warehouse lease agreement with YCH Thailand for 20,635 square metres within the WHA Mega Logistics Centre Theparak Km.21 project. This brings YCH's total leased area under WHA's management to 47,942 square metres. The new warehouse is a built-to-suit facility supporting the storage and distribution of leading nutrition products in line with food industry standards. Ms. Jareeporn Jarukornsakul, Group Chief Executive Officer of WHA, said the collaboration reflects customer trust in WHA's warehouse quality, strategic locations, and service standards.
Brokers cut WHA target after Q2 profit misses estimates by 13.6–28.7%
Several securities firms have lowered their target prices for WHA Corporation after its second-quarter 2026 results came in below market and analyst expectations by around 13.6% to 28.7%. Net profit was 659 million baht, down 32.7% to 33% year-on-year and down 56.3% from the previous quarter. This brought first-half profit to 2.167 to 2.2 billion baht, a decline of 29.1% to 30% year-on-year. The gross margin of the industrial estate business fell sharply to around 28.3% to 28.6% from 38.5% in the first quarter and 47.6% to 48% in the second quarter of 2025, as most land transfers came from the WHA-IER estate, which carries a low margin. Land transfers in the second quarter totalled only 208 rai, down 30% from both the same period last year and the previous quarter. First-half land sales reached 1,199 rai, representing just 48% of the full-year target of 2,500 rai. Most brokers maintain buy or hold recommendations, with target prices ranging from 4.9 to 6.1 baht per share, and expect a recovery in the second half driven by higher land transfers and a plan to sell assets into a REIT worth 3.7 billion baht in the fourth quarter.
WHA reports Q2 2026 profit of 659 million baht, down 33%
WHA Corporation Public Company Limited, or WHA, reported a net profit for the second quarter of 2026 of 659.2 million baht, a decline of 32.7% from the same period last year. Total revenue and share of profit amounted to 3.14 billion baht, down 22.2%. For the first six months, net profit was 2.17 billion baht, down 29.1%, and total revenue was 6.38 billion baht, down 32.1%. Ms. Jareeporn Jarukornsakul, Chairman of the Executive Board and Group CEO, revealed that in the second half of the year the company plans to increase land transfers and sell assets to the WHART and WHAIR trusts with a combined value of over 3.7 billion baht, which is expected to be recognized as revenue within the second half. Additionally, the company is studying investments in clean energy, including the development of small nuclear power plants to support future digital and high-tech industries.
WHAUP reports second quarter 2026 profit surges 276% to 532 million baht
WHAUP disclosed that in the second quarter of 2026, the company saw sales volume growth across all products, especially industrial water and raw water products. As a result, total revenue for the second quarter of 2026 reached 693 million baht, growing 8% year-on-year, with net profit of 532 million baht, a 276% increase from the same period last year. Meanwhile, WHA reported its first-half 2026 operating results, with total revenue and normalised profit share of 6.4543 billion baht, down 30.8% year-on-year, and normalised profit of 2.0845 billion baht, down 33.8% year-on-year. Total land sales amounted to 1,199 rai, with a backlog awaiting ownership transfer of 1,464 rai. WHAUP continues to expand its renewable energy business, with cumulative solar private PPA contracts of 384 megawatts, and is preparing to support the first phase of the Direct PPA project with 2,000 megawatts.
BOI Sets Four Criteria for Data Center Oversight, Kasikorn Securities Highlights Six Industrial Estate, Power, and Water Stocks
The Board of Investment is preparing to review its consideration framework and raise the screening intensity for data center projects, setting at least four criteria dimensions: benefits to the country, energy readiness and security, readiness and efficiency in water resource use, and environmental impact and measures. The BOI Secretary-General disclosed that between 2024 and 2026, 42 data center projects have been approved for investment promotion, with a combined processing capacity of 3,400 megawatts and total investment of 750 billion baht. However, since April 2026, no new applications have been submitted. Kasikorn Securities views this as positive for stocks in the data center and industrial estate theme, namely WHA and AMATA, as well as power plant and water utility stocks, including GULF, BGRIM, EASTW, and WHAUP.
Brokers say Thai stocks in Infra Tech, power, contracting, and industrial estates to benefit from new Data Center regulations
Analysts expect that the clarity of the new Data Center business regulations, which the government is preparing to approve, will help attract investment and benefit stocks in technology infrastructure, power, construction contracting, telecommunications, and industrial estates. The Board of Investment has already approved Data Center and Cloud Service projects worth over 958 billion baht. Power plant and utility groups such as WHAUP are expected to benefit from sales of industrial water and electrical systems, while GUNKUL, GULF, BGRIM, and STECON will gain from engineering systems, clean energy, and Data Center building construction. In the electronics sector, DELTA is highlighted as a standout stock due to demand for power supply systems and cooling technology for AI servers. HANA and KCE are supported by orders for high-end printed circuit boards, and WHA benefits from selling land in industrial estates to foreign investors. Additionally, BCPG is gaining from natural gas power plants in the United States that are seeing electricity demand from Data Centers, while INSET, ITEL, and SYMC have opportunities to undertake Data Center system installation, co-location services, and fiber optic network projects.
CGSI names 14 top picks for Q2 2026 earnings season, flags communication and tourism sectors as disappointment risks
CGSI assesses listed-company earnings for the second quarter of 2026, with the petrochemical sector driving growth while the communication and tourism sectors may disappoint. The firm maintains its year-end 2026 SET Index target at 1,630 points and selects BH, PR9, THAI, ERW, CRC, CPN, AMATA, WHA, GULF, TRUE, TFG, KBANK, MTC, and TIDLOR as top picks. The research team notes that the non-bank sector will see net profit decline 14 percent year-on-year and 7 percent quarter-on-quarter in the second quarter of 2026, based on Bloomberg consensus estimates. The petrochemical sector is likely to be supported by higher spreads, while the transport sector, especially airlines, tends to weaken due to rising fuel costs stemming from the situation in the Middle East. In addition, the ICT and tourism sectors face risks of disappointment, as Bloomberg consensus estimates of strong net profit growth of 26 percent year-on-year for ICT and 15 percent year-on-year for tourism are unlikely to materialize amid a still-weak economy and a 4 percent year-on-year drop in foreign tourist arrivals. Tensions in the Middle East and high oil prices have caused Thailand to face twin deficits, with a trade deficit of 12.4 billion US dollars and a current account deficit of 13.3 billion US dollars in the first half of 2026. Elevated oil prices also increase the risk of government price intervention, which would pressure margins for downstream oil and gas businesses and could push inflation higher in the second half of 2026. While the Bank of Thailand views current inflation as likely temporary, the research team believes the central bank will not raise interest rates at the Monetary Policy Committee meeting on August 26, 2026. Regarding the Senate election collusion case, the Election Commission expects to conclude the investigation by the end of August, but the timeline may be extended. The most likely scenario is that charges will be filed against only some individuals, which would negatively affect market sentiment, and the broader legal proceedings would take longer than before. The SET currently trades at a 12-month forward price-to-earnings ratio of 16.7 times, but this drops to 14 times when excluding DELTA, which has a forward P/E of 83 times. CGSI maintains its year-end 2026 SET Index target at 1,630 points. Positive factors that could support the market include an easing of geopolitical tensions and lower oil prices, while downside risks are the Election Commission filing charges against key politicians from coalition parties and a sharp slowdown in tourist arrivals.
CGSI recommends buying industrial estate stocks, says data centres will drive land sales, picks AMATA as top pick
The research team at CGS International Securities Thailand, or CGSI, recommends overweighting the industrial estate sector, viewing data centres as the key driver of land sales, and selects AMATA as the standout stock. CGSI assesses that the Board of Investment's stricter new criteria will benefit operators with ready infrastructure and renewable energy, with WHA and AMATA together capturing a combined share of data centre investment in Thailand rising from 15.4 percent in 2025 to 56.5 percent in 2037, and expects data centres to account for 39.4 percent of the two companies' new land sales in 2026. Additionally, revenue from supplying water to data centres for WHA and AMATA will increase to 32.7 percent and 5.5 percent of total utility business revenue in 2031, respectively. Meanwhile, WHA's solar energy business could see an additional 33.2 to 41.1 percent boost in 2028 to 2031 from selling renewable power to data centres through direct power purchase agreements.
Kasikorn Securities highlights four stocks set to benefit from the Missing Link Andaman trade corridor
Kasikorn Securities says the government is pressing ahead with infrastructure development under the Missing Link plan, accelerating the upgrade of Ranong Port and building a Chumphon–Ranong railway to establish a trade gateway on the Andaman coast, alongside developing the economic hinterland behind the port. The research team views this as positive for construction contractors and industrial estates, namely STECON, CK, AMATA and WHA, if the projects are pushed forward concretely.
WHA first-half profit expected to fall 24% on slower industrial land transfers
KGI Securities Thailand expects WHA's first-half 2026 profit to drop 24% year-on-year to 2.3 billion baht, mainly due to flat industrial estate land transfers with lower gross margins and the absence of an extraordinary gain of 905 million baht from the IER land revaluation booked in the previous quarter. First-half cumulative land transfers are forecast at 600 rai, down 48% from a year earlier and representing only 36% of the broker's full-year estimate of 2,000 rai. Cumulative land sales are projected at 1,151 rai, or 46% of the company's full-year target of 2,500 rai, with around 150 rai of data centre land sales deferred to the third quarter. The warehouse and factory rental business remains on track, with new lease signings of 120,000 square metres in the first half, achieving 60% of the full-year target of 200,000 square metres. For the utilities business under WHA Utilities and Power, second-quarter profit is expected to rebound sharply by 60% quarter-on-quarter to 484 million baht, supported by the resumption of normal operations at the Gheco-1 power plant and the associated equity income. However, the broker has downgraded WHA to hold from buy, citing limited upside to the target price of 5.40 baht amid geopolitical uncertainty, tighter Chinese outbound direct investment regulations, and a separate electricity tariff policy for data centres that may prompt new operators to delay investment.
Eight Stocks to Watch After Land Bridge Project Put on Hold
The committee studying the Land Bridge project concluded that the transport system development linking the Gulf of Thailand and the Andaman Sea has a low probability of proceeding, due to budget burden risks and broad uncertainties. This direction aligns with the prime minister's earlier order to delay the project. Research analysts assess that the shift in transport infrastructure investment will focus on missing links, the Thai-Chinese railway, and certain new deep-sea ports proposed by the private sector, pointing to clearer public-private cooperation. Fiscal constraints mean the government must rely more on private investment, and scaling down projects from very large to medium or small will enable faster and more efficient investment. This trend is positive for the Thai stock market, boosting investment momentum and supporting upside potential for gross domestic product. Benefiting stocks include banking names such as KTB and KBANK, contractors like STECON and PYLON, industrial estate groups such as AMATA and WHA, and logistics players seeking new investment projects like BEM and BTS.
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