First Read: WHA Corporation "Q126: Beat led by strong recurring revenue" (Buy)

Research evidence excerpt

First Read: WHA Corporation "Q126: Beat led by strong recurring revenue" (Buy)

2% in 1Q25). Power UBS Cons.

segment was mixed, with solar revenue up 31.7% YoY, though earnings were 12/26E 0.35 0.36

dampened by maintenance at Gheco-One. Meanwhile, tighter cost control, particularly 12/27E 0.38 0.38

lower SG&A and funding costs, helped mitigate earnings pressure. Operational 12/28E 0.39 0.38

indicators remain constructive, with 1Q26 pre-sales of 951 rai and a backlog of 1,426 rai

providing visibility on forward demand.. Sukrit Friestad

Analyst

sukrit.friestad@ubs.com

Has the company's outlook/guidance changed? +662-613 5732

Transfers are guided to pick up materially from 2Q26 onwards. However, with only c.500

rai of backlog currently expected to transfer in 2026, as the recently signed ~900 rai data

centre deal in 1Q26 likely to be transfer in 2027, we see scope for rising market caution

around a potential downside skew to FY26 earnings. Meeting current Street

expectations would imply the need to secure and transfer more than 1,300 rai over the

next six months. Management highlighted continued progress in negotiations across

core sectors including data centres, electronics and automotive. Recurring income

trends remain supportive. Logistics occupancy is firm, with new capacity coming

onstream set to underpin incremental leasing income. Utilities volumes are also

expected to sustain growth, supported by stable industrial demand and ongoing

customer additions. In power, earnings should recover through 2Q–3Q26 following the

completion of maintenance at Gheco-One, removing a key drag seen in 1Q.

Valuation: Buy with SOTP-based price target of Bt5.0/share

We maintain our Buy rating with SOTP-based price target of Bt5.0.