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WHA Industrial Leasehold Real Estate Investment Trust

WHA Industrial Leasehold Real Estate Investment Trust

SSET:WHAIR
7.95
THB
+0.05
(+0.63%)
0.33EPS
23.73P/E
8.21BMarket Cap
Nov 11Next Earn
WHA Industrial Leasehold Real Estate Investment Trust
SET:WHAIR
(Stock Exchange of Thailand)

Recent

price

7.95

P/E

ratio

23.73

div

yld

7.34%

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
0.11
0.81
1.03
1.08
0.81
0.9
0.78
0.92
0.86
0.96
0.94
Revenue per Share
0.08
-0.6
0.92
1.07
0.72
1.05
0.61
0.43
0.3
0.39
0.33
Basic EPS, GAAP
-13.59
0.55
-1.96
0.99
-0.65
0.68
-0.66
0.66
-0.19
0.74
0.81
Free Cash Flow per Basic Share
- -
0.21
- -
0.76
0.66
0.6
0.59
0.53
0.57
0.46
0.58
Dividend per Share
10
8.45
8.73
9.02
8.75
9.2
9
8.9
8.38
8.31
8.32
Book Value per Share
10
8.45
8.73
9.02
8.75
9.2
9
8.9
8.38
8.31
8.32
Tangible Book Value per Share
572
708
708
708
847
847
953
953
1,059
1,059
1,059
Basic Weighted Avg Shares
62
577
726
768
686
764
747
872
913
1,017
998
Sales/Revenue/Turnover
88
90.48
88.82
88.69
85.22
89.25
83.32
85.17
84.65
85.19
85.09
Operating Margin (%)
- -
1
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
44
-425
650
756
609
893
583
406
316
414
346
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
71.56
-73.75
89.54
98.49
88.72
116.78
78.07
46.59
34.65
40.69
34.66
Profit Margin (%)
56
1,034
4
8
131
143
188
155
-413
-1,134
394
Working Capital
2,286
2,294
3,282
3,293
3,721
3,730
4,356
4,334
4,132
3,264
4,769
LT Debt
5,738
5,985
6,181
6,384
7,410
7,792
8,575
8,475
8,868
8,799
8,811
Total Equity
- -
- -
7.27
7.12
5.62
6.02
5.09
5.77
5.85
6.37
6.19
Return on Invested Capital (%)
- -
- -
8.66
9.34
6.99
8.91
5.65
4.57
3.84
4.35
3.56
Return on Capital (%)
- -
-7.26
10.69
12.04
8.83
11.74
7.13
4.77
3.65
4.68
3.87
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1,500
- -
- -
LT Borrowings
3,264
4,767
4,769
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,059
1,059
1,059
Market Capitalization
6,512
7,306
8,206

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
687
680
691
Cash, Cash Equivalents & STI
603
602
631
Accounts Receivable, Net
30
20
9
Inventories
- -
- -
- -
Total Current Liabilities
1,821
305
297
Payables & Accruals
44
34
26
ST Debt
1,500
- -
- -
Deferred Revenue
277
271
271

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
3.58%
-0.78%
Free Cash Flow
- -
-247.46%
-491.3%
Net Income, GAAP
- -
-1.97%
30.72%
Sales/Revenue/Turnover
- -
8.37%
11.32%
Total Cash Common Dividend
- -
-1.92%
-19.88%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
222
224
229
238
913
2025
256
255
254
251
1,017
2026
250
243
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.15
0.15
0.15
-0.11
0.3
2025
0.23
0.16
0.16
-0.17
0.39
2026
0.17
0.16
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.14
0.14
0.14
0.2
0.57
2025
0.06
0.13
0.13
0.13
0.46
2026
0.18
0.14
- -
- -
- -
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Business
WHA Industrial Leasehold Real Estate Investment Trust (WHAIR.BK) operates as a Thailand-based real estate investment trust focused on acquiring and managing leasehold rights in industrial properties, including ready-built factories and warehouses located primarily in the Eastern Seaboard region. The trust invests in approximately 170 units across factory buildings (136 units) and warehouses (34 units), totaling around 468,990 square meters of net leasable area, with lease terms of 30+30 years and an average remaining leasehold life of 53.8 years; these assets are sourced from WHA Group companies such as WHA Industrial Development Public Company Limited, which serves as the property manager. Managed by WHA Industrial REIT Management Company Limited and with SCB Asset Management Company Limited acting as trustee, the trust targets logistics, supply chain, and industrial tenants seeking high-quality, strategically located facilities. Established in 2016 following its initial public offering on the Stock Exchange of Thailand, the trust, formerly known as Hemaraj Leasehold Real Estate Investment Trust, maintains its headquarters at 777 WHA Tower, Unit 2101, 21st Floor, Moo 13, Debaratna Road (Bangna-Trad) KM.7, Bangkaeo, Bang Phli, Samut Prakan 10540, Thailand. Its portfolio emphasizes ready-built factories comprising 68% of assets and ready-built warehouses at 32%, supporting industrial operations in key Thai economic zones. In recent developments, WHAIR secured unitholder approval in September 2025 for its fifth additional investment valued at up to THB 1,118 million, acquiring leasehold rights for four land parcels with factory-warehouse projects totaling 40,172 square meters from three WHA Group entities to diversify its portfolio and enhance long-term returns. Prior expansions include the first investment in December 2016 with 101 units (261,458 sq.m.), subsequent additions in January, December, and further tranches, reflecting ongoing asset growth through related-party transactions. These moves align with the trust's strategy of portfolio expansion amid Thailand's industrial and logistics demand.