1. Thailand Stocks

  2. •

    Real Estate

  3. •

    REIT - Office
WHA Business Complex Freehold and Leasehold Real Estate Investment Trust

WHA Business Complex Freehold and Leasehold Real Estate Investment Trust

WHABT.BK
WHA Business Complex Freehold and Leasehold Real Estate Investment TrustTH flagStock Exchange of Thailand
6.10
THB
+0.05
- -
1.23BMarket Cap
WHA Business Complex Freehold and Leasehold Real Estate Investment Trust
WHABT.BK
(Stock Exchange of Thailand)

Recent

price

6.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
0.43
1.07
1.05
1.19
1.19
1.05
1.08
1.13
1.15
1.06
- -
0.88
Revenue per Share
0.11
0.72
0.76
0.88
0.82
0.82
0.89
0.91
0.81
0.71
- -
0.42
Basic EPS, GAAP
-11.71
0.78
0.83
0.32
1.2
0.92
0.82
0.82
0.85
0.8
- -
0.48
Free Cash Flow per Basic Share
0.1
0.42
0.55
0.53
0.6
0.62
0.66
0.67
0.68
0.67
- -
0.6
Dividend per Share
10.01
10.11
10.24
10.49
10.66
10.82
11.04
11.28
11.4
11.44
- -
11.26
Book Value per Share
10.01
10.11
10.24
10.49
10.66
10.82
11.04
11.28
11.4
11.44
- -
11.26
Tangible Book Value per Share
202
202
202
202
202
202
202
202
202
202
- -
202
Basic Weighted Avg Shares
87
216
213
241
241
212
218
228
232
215
177
177
Sales/Revenue/Turnover
68.71
72.45
70.04
65.5
68.9
76.4
73.45
71.23
70.72
69.53
64.4
64.4
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
23
146
153
177
166
166
179
184
164
143
85
85
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
25.88
67.93
71.94
73.56
68.86
78.51
82
80.45
70.54
66.66
47.8
47.8
Profit Margin (%)
86
85
81
-13
74
106
116
129
155
155
114
114
Working Capital
494
494
495
496
497
498
498
501
503
504
504
504
LT Debt
2,021
2,043
2,068
2,119
2,153
2,185
2,230
2,278
2,304
2,312
2,275
2,275
Total Equity
- -
6.18
5.85
6.09
6.31
6.07
5.92
5.9
5.87
5.32
4.07
4.07
Return on Invested Capital (%)
- -
6.66
6.85
7.68
7.12
6.89
7.2
7.23
6.66
5.85
3.6
3.6
Return on Capital (%)
- -
7.2
7.46
8.46
7.78
7.67
8.11
8.15
7.14
6.21
3.69
3.69
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
- -
- -
- -
LT Borrowings
504
504
504
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
202
202
202
Market Capitalization
1,212
1,192
1,131

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
176
170
148
Cash, Cash Equivalents & STI
170
161
144
Accounts Receivable, Net
6
8
4
Inventories
- -
- -
- -
Total Current Liabilities
58
58
34
Payables & Accruals
10
9
8
ST Debt
- -
- -
- -
Deferred Revenue
48
50
24

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
1.2%
0.82%
-1.58%
Free Cash Flow
3.69%
-10.61%
-40.62%
Net Income, GAAP
50.86%
-10.82%
-40.98%
Sales/Revenue/Turnover
13.12%
-3.16%
-17.69%
Total Cash Common Dividend
37.98%
-0.64%
-10.25%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
59
59
55
58
232
2025
58
57
52
48
215
2026
47
45
42
42
177

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.18
0.18
0.17
- -
0.81
2025
0.17
0.17
0.15
- -
0.71
2026
0.11
0.1
0.11
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.17
0.16
0.17
- -
0.68
2025
0.17
0.16
0.18
- -
0.67
2026
0.15
0.15
0.15
- -
- -
Similar Companies
Vornado Realty Trust (VNORP)
Embassy Office Parks REIT (EMBASSY-RR.NS)
Elme Communities (ELME)
Daiwa Office Investment Corporation (8976.T)
Global One Real Estate Investment Corp. (8958.T)
alstria office REIT-AG (AOX.SW)
Business
WHA Business Complex Freehold and Leasehold Real Estate Investment Trust (WHABT.BK) is a Thailand-based real estate investment trust focused on acquiring, owning, and managing income-generating commercial properties, primarily through freehold land and buildings; its core assets include eight plots of freehold land at the SJ Infinite One Business Complex project and a freehold office building exceeding 8,920 square meters at the Bangna Business Complex project, both located in Thailand, with operations generating rental income and potential benefits from leasing, sub-leasing, sales, improvements, or developments of these properties. Established as a closed-end property fund listed on the Stock Exchange of Thailand, the Trust is managed by WHA Real Estate Management Company Limited and headquartered at 1 Empire Tower, South Sathorn Road, Yannawa, Sathorn, Bangkok 10120, Thailand, targeting investors seeking stable returns from office and business complex real estate in the domestic market. In recent developments, the Trust published its second quarterly report for 2025 ending September 30 on investor.whabt.com, alongside notifications of asset appraisal values and audited financial statements for the fiscal year ended March 31, 2025, reflecting ongoing transparency and performance reporting without major acquisitions, partnerships, or expansions announced in the past two years.