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 Corporation Public Company LimitedQ2 profit misses estimates by 13.6-28.7%, down 32.7-33% YoY and 56.3% QoQ, prompting target price cuts.
