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.
WHA Corporation Public Company LimitedQ2 net profit down 32.7% due to lower land transfers and no asset sale income.
