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WHA Corporation Public Company Limited

WHA Corporation Public Company Limited

WHA-R.BK
WHA Corporation Public Company LimitedTH flagStock Exchange of Thailand
5.20
THB
- -
- -
77.72BMarket Cap
WHA Corporation Public Company Limited
WHA-R.BK
(Stock Exchange of Thailand)

Recent

price

5.20

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.03
0.29
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
0.92
Revenue per Share
0.06
0.03
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
0.31
Basic EPS, GAAP
0.01
-0.02
0.01
- -
0.33
-0.13
0.07
-0.01
0.07
0.08
0.09
0.19
0.44
0.05
-0.05
-0.09
Free Cash Flow per Basic 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
Dividend per Share
0.1
0.14
0.25
0.17
0.41
0.56
0.58
0.69
0.62
0.7
0.78
0.91
1.04
1.15
1.3
1.4
Book Value per Share
0.1
0.36
0.42
0.45
-0.01
0.02
0.48
0.65
0.78
0.7
0.83
0.93
1.05
1.13
1.26
1.37
Tangible Book Value per Share
7,193
7,554
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
14,949
Basic Weighted Avg Shares
221
2,169
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
13,727
Sales/Revenue/Turnover
66.36
16.49
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
28.18
Operating Margin (%)
25
105
137
179
515
597
473
497
460
592
620
611
709
915
1,029
1,038
Depreciation Expense
405
212
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
4,568
Net Income, GAAP
0.59
16.03
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
10.12
Effective Tax Rate (%)
183.54
9.79
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
33.28
Profit Margin (%)
-949
1,045
802
2,751
5,306
6,646
11,354
9,771
-476
2,655
-792
2,732
4,199
8,874
7,621
9,423
Working Capital
1,340
2,605
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
35,036
LT Debt
908
2,887
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
42,207
Total Equity
- -
6.41
20.15
9.85
6.69
5.9
4.15
3.07
3.09
2.2
3.47
4.94
5.48
4.13
5.03
3.81
Return on Invested Capital (%)
- -
9.15
28.04
14.13
12.09
8.4
8.55
6.09
6.6
5.87
5.85
8.5
8.21
7.69
8.31
7.25
Return on Capital (%)
- -
23.59
84.41
47.65
63.72
44.42
40.19
31.94
34.05
25.92
23.48
32.04
30.39
26.69
28.09
22.76
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
12,202
14,243
14,586
LT Borrowings
36,172
35,179
34,580
LT Finance Leases
424
384
457
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
14,947
14,947
14,947
Market Capitalization
53,211
49,026
62,786

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
25,128
25,424
28,848
Cash, Cash Equivalents & STI
4,725
3,603
3,506
Accounts Receivable, Net
1,008
553
1,497
Inventories
18,191
19,644
22,417
Total Current Liabilities
17,027
17,803
19,425
Payables & Accruals
4,583
2,257
3,254
ST Debt
12,202
14,243
14,586
Deferred Revenue
147
1,045
1,464

Growth Rates

FRC

•

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

FRC

•

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
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

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

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.12
- -
- -
0.18
2025
- -
- -
- -
- -
0.19
2026
- -
- -
- -
- -
- -
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Business
WHA Corporation Public Company Limited (WHA-R.BK) operates as Thailand's leading developer of integrated industrial estates, logistics facilities, utilities, power solutions, and digital services; it develops, rents, and sells lands, factories, warehouses, and built-to-suit properties tailored for industries including automotive, electronics, e-commerce, FMCG, healthcare, and data centers; provides logistics through WHA Logistics with green logistics offerings like electric vehicle fleets via Mobilix platform and EV charging stations; manages 15 industrial estates primarily in Thailand's Eastern Economic Corridor and one in Vietnam via subsidiaries such as WHA Industrial Development Plc.; delivers utilities including raw water, industrial water (such as demineralized and clarified water), wastewater treatment, and public facilities; generates power with renewable energy solutions encompassing solar rooftops, floating solar, solar farms, energy storage, waste-to-energy, and hydro power totaling contracted capacity exceeding 1,000 megawatts; and offers digital services through WHA Digital Co., Ltd. featuring AI, IoT, data centers, cybersecurity, cloud computing, and platforms like WHAbit for wellness and RENEX for peer-to-peer clean energy trading. Headquartered in Samut Prakan, Thailand, and founded in 2003, the company listed on the Stock Exchange of Thailand in 2012 and expanded via the 2015 acquisition of WHA Industrial Development (formerly Hemaraj); it serves local and international investors across Thailand, Vietnam, and Southeast Asia, supporting sectors like Eastern Economic Corridor's high-tech clusters in aerospace, biofuels, digital, healthcare, and robotics. Recent developments include ambitious 2025 targets for over 20 billion baht in revenue with EBITDA above 45%, adding 318 electric vehicles to rental fleets with partnerships alongside Voltality, EVMe, Grab, and SHARGE for EV ecosystems, signing Google's first Thailand data center land deal and Haier's air conditioning facility, launching green mobility as a fifth business hub alongside expansions in small modular reactors, battery storage, and carbon capture; key 2025 alliances feature joint ventures like WHA Daiwa Solar with Daiwa House, power system MOUs with PEA for data centers, and land deals with firms including Thai Inaba Foods, Eastong, FES International, Thai Watsadu, and Stronger Hydraulic; the group reports record 9-month 2025 normalized net profit of 3,787 million baht up 14% year-over-year, with interim dividends, while advancing AI projects like Drone Inspection and IoX for solar, targeting 900 vehicles on Mobilix by year-end.