KGI Securities (Thailand) stated that WHAUP will benefit from the new Power Development Plan (PDP 2569), which aims for cleaner energy. The plan is about 80% complete and focuses on increasing the share of renewable energy to over 65%, including the implementation of Direct Power Purchase Agreements (Direct PPA), which starts with a pilot project of 2,000 megawatts and plans to expand to 4,000 megawatts. WHAUP has signed Memorandums of Understanding (MOUs) for DPPA with data center customers totaling 120 megawatts, and has a pipeline of over 100 megawatts. As the sole utility and electricity provider in WHA's industrial estates, the company is advantageously positioned to develop renewable power plants near its customers. As of the end of Q2 2026, its operational solar projects have a capacity of about 205 megawatts, up 32% year-on-year, from secured PPAs totaling 542 megawatts, with about 314 megawatts under development. For the water business, WHAUP used about 80 million cubic meters of water in 2025, with East Water (52.5%) and Wongsiam (25.4%) as main raw water suppliers. Raw water volume is expected to increase from 352 million cubic meters in 2025 to 500 million cubic meters in 2030, driven by demand from data centers, which use 12-16 times more water than typical factories. The company expects core profit to grow 34% in 2026 and 21% in 2027, supported by double-digit revenue growth, improved gross margins, and share of profit from associates such as Gulf Dev and Global Power Synergy, totaling about 1 billion baht per year. KGI maintains a "Buy" recommendation with a SOTP target price of 9.30 baht.
WHA Utilities and Power Public Company LimitedSigned DPPA MOUs with data center customers totaling 120MW plus a 100MW pipeline, and data centers drive 12-16x higher water usage, boosting both power and water demand.
