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WHA Corporation Public Company Limited

WHA Corporation Public Company Limited

WHA.BK
WHA Corporation Public Company LimitedTH flagStock Exchange of Thailand
5.20
THB
- -
- -
77.72BMarket Cap
WHA Corporation Public Company Limited
WHA.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 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%.