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.
WHA Corporation Public Company LimitedGovernment regulation of data center investment could curb future land sales, though WHA's EEC industrial-estate locations may limit the impact and allow additional orders once rules are clear.
