High-quality ROE uptrend; Upgrade to Buy

Research evidence excerpt

High-quality ROE uptrend; Upgrade to Buy

Upward earnings revision, long-term

resiliency

We slightly revised up our core profit forecast for 2027 and increased it by 17% for

2028. This is due to the expected higher consumption of recurring income utility

services (water and power sales) after data center clients’ full commercial operation and

higher new land sales forecasts from 1,400 rai/1,300 rai for 2027/2028 to 1,600

rai/1,800 rai for 2027/2028 (we maintain 2,309 rai for 2026) to reflect potential FDI

from supply chains of EV parts, semiconductors, and robotics.

With the new model, we now forecast WHA’s minimum core earnings at Bt6bn per year

during 2027-30, driven by the strong support of recurring income businesses, against

our previous forecast of declining core earnings in 2028-29.

Earnings growth for 2027 is expected to be strong at 16%, with 60% high revenue

visibility for industrial land sales (about 900 rai of new land sales to a US data center

hyperscaler in 1Q26 and scheduled to transfer in 1Q27).

Exhibit 1: WHA core profit forecast Exhibit 2: WHA core profit growth forecast

We forecast earnings to sustain at over Bt6bn during 2027-2030 We forecast strong core profit growth of 16% for 2027 but a hiccup is

expected in 2026

Bt mn

YoY

7,000

20% 6,000

15%

5,000

10%

4,000

5%

3,000

0%

2,000

-5%

1,000 -10%

- -15%

2019 2022 2023 2024 2025 2026E2027E2028E2029E2030E 2026E 2027E 2028E 2029E 2030E

Previous Current

Source: Company data, KKPS estimates

BofA GLOBAL RESEARCH Source: Company data, KKPS estimates

BofA GLOBAL RESEARCH

Exhibit 3: WHA – Earnings revision

We slightly revised up our core profit forecast for 2027 and increased it by 17% for 2028 due to expected

higher utility and power business income and an increase in our new land sales assumptions