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    Real estate development
WHA Corporation Public Company Limited

WHA Corporation Public Company Limited

4.86
THB
-0.02
(-0.41%)
0.32EPS
18.13P/E
76.98BMarket Cap
Nov 12Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.74
0.5
0.91
1.25
0.66
0.59
0.72
0.46
0.7
0.92
1
0.76
1.02
0.86
Basic EPS, GAAP
0.15
0.1
0.17
0.2
0.23
0.2
0.22
0.17
0.17
0.27
0.3
0.29
0.34
0.28
Free Cash Flow per Basic Share
0.01
- -
0.33
-0.13
0.07
-0.01
0.07
0.08
0.09
0.19
0.44
0.05
-0.05
-0.01
Dividend per Share
0.01
0.07
0.03
- -
0.21
0.12
0.2
0.12
0.11
0.14
0.17
0.18
0.19
0.07
Book Value per Share
0.35
0.38
1.3
1.5
1.76
1.9
2
1.93
2.05
2.14
2.24
2.33
2.47
2.5
Tangible Book Value per Share
0.35
0.38
-0.22
-0.02
0.25
0.39
0.53
0.48
0.6
0.69
0.79
0.88
1.02
1.05
Basic Weighted Avg Shares
9,639
9,832
12,533
14,322
14,322
14,330
14,546
14,943
14,947
14,947
14,947
14,947
14,947
14,950
Sales/Revenue/Turnover
7,085
4,888
11,437
17,855
9,514
8,410
10,463
6,914
10,417
13,729
14,875
11,335
15,265
12,895
Operating Margin (%)
25.59
27.32
25.12
27.7
29.53
25.81
22.28
25.71
30.24
30.26
32.29
36.59
32.33
26.06
Depreciation Expense
137
179
515
597
473
497
460
592
620
611
709
915
1,029
1,053
Net Income, GAAP
1,463
979
2,167
2,898
3,266
2,907
3,229
2,524
2,590
4,046
4,426
4,359
5,135
4,247
Effective Tax Rate (%)
14.53
18.63
3.86
20.4
6.21
7.74
7.15
9.28
19.11
11.21
11.54
16.91
9.09
9.04
Profit Margin (%)
20.65
20.02
18.95
16.23
34.33
34.56
30.86
36.5
24.86
29.47
29.75
38.46
33.64
32.93
Working Capital
802
2,751
5,306
6,646
11,354
9,771
-476
2,655
-792
2,732
4,199
8,874
7,621
7,971
LT Debt
4,202
8,366
31,005
30,004
29,556
30,259
25,154
29,833
23,324
27,436
30,557
38,055
35,563
37,187
Total Equity
4,154
4,480
21,659
21,962
28,533
31,014
33,101
32,167
34,030
35,612
37,322
38,511
40,599
41,179
Return on Invested Capital (%)
20.15
9.85
6.94
5.91
4.15
3.08
3.09
2.22
3.46
5.35
5.43
4.17
5.04
4.08
Return on Capital (%)
21.41
11.19
9.69
6.69
6.5
4.49
4.82
4.31
4.36
6.36
6.28
6.04
6.67
5.33
Return on Common Equity (%)
41.57
22.67
18.73
14.46
14
11.08
11.39
8.66
8.72
12.92
13.51
12.76
14.32
11.71

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
14,243
14,586
15,741
LT Borrowings
35,179
34,580
36,706
LT Finance Leases
384
457
481
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
14,947
14,947
14,947
Market Capitalization
49,026
62,777
76,976

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
25,424
28,848
28,477
Cash, Cash Equivalents & STI
3,603
3,506
3,737
Accounts Receivable, Net
553
1,497
1,045
Inventories
19,644
22,417
22,906
Total Current Liabilities
17,803
19,425
20,506
Payables & Accruals
2,257
3,254
2,825
ST Debt
14,243
14,586
15,741
Deferred Revenue
1,045
1,464
1,821

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.78%
4.77%
5.42%
Free Cash Flow
-138.95%
-5.63%
-196.74%
Net Income, GAAP
10.92%
16.9%
17.79%
Sales/Revenue/Turnover
9%
20.33%
34.67%
Total Cash Common Dividend
2,547.33%
10.87%
3.65%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3,280
2,322
2,049
3,684
11,335
2025
4,704
3,333
1,933
5,295
15,265
2026
3,166
2,501
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
0.09
0.03
0.08
0.29
2025
0.14
0.07
0.04
0.1
0.34
2026
0.1
0.04
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.12
- -
0.07
0.18
2025
- -
- -
- -
0.07
0.19
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Jareeporn Jarukornsakul
Full Time Employees
613
Sector
Finance
Industry
Real estate development
Address
777 WHA TOWER Bang Phli SP Thailand 10540
IPO Date
Oct 31, 2012
Website
wha-group.com
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Business
WHA Corporation Public Company Limited WHA Corporation Public Company Limited (WHA.BK) operates as Thailand's leading provider of integrated industrial solutions, encompassing logistics facilities, industrial estate development, utilities and power services, and digital infrastructure across Thailand and select Southeast Asian markets. The company develops, rents, and sells lands, factories, warehouses, and related properties; offers built-to-suit factories and warehouses, warehouse farms, logistics parks, and ready-built facilities totaling approximately two million square meters; provides utilities including raw water procurement and distribution, industrial water production, wastewater treatment with capacities of 366,776 cubic meters per day for industrial water and 132,456 cubic meters per day for wastewater, natural gas distribution, and renewable energy solutions such as solar farms; and delivers digital services like data centers, IT connectivity, smart services, smart mobility, smart communication, smart power, smart water, and smart security managed through a Unified Operation Center. WHA Corporation serves multinational and local industrial clients in sectors including automotive, electronics, petrochemicals, electric vehicles, and consumer goods, with operations centered in strategic locations such as the Eastern Economic Corridor, Greater Bangkok, and provinces across 15 industrial estates—14 in Thailand and one in Vietnam—and targets high-tech clusters in aerospace, biofuels, digital, healthcare, and robotics aligned with Thailand's Eastern Economic Corridor initiatives. Founded in 2003 and headquartered in Samut Prakan, Thailand, the company listed on the Stock Exchange of Thailand in 2012 and expanded significantly in 2015 through the acquisition of WHA Industrial Development Plc., formerly Hemaraj Land And Development Plc. Recent developments include a 2023 acquisition of 50% in GC Logistics Solutions Company Limited (rebranded as WHA GC Logistics), addition of 318 electric vehicles to its rental fleet, strategic partnerships with EV firms such as Voltality, EVMe, Grab, and SHARGE for charging ecosystems, a 250-rai land deal with Changan Automotive for an EV production base at WHA Eastern Seaboard Industrial Estate 4, a power purchase agreement with SPM Group for 9 MW solar installations, a land purchase agreement with Google for Thailand's first data center, and Haier’s new air conditioning manufacturing facility, alongside ambitious 2025 plans targeting over 20 billion baht in revenue with EBITDA margins above 45%.