Globlex sets WHA 2027 target at 5.40 baht, maintains buy rating

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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.