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.
WHA Corporation Public Company LimitedKGI Securities expects H1 2026 profit to fall 24% due to slower land transfers and lower margins, and downgrades stock to hold.