Stock WHA WHA CORPORATION
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Financials WHA Corporation

Equities

WHA

TH3871010Z01

Real Estate Development & Operations

End-of-day quote Thailand S.E.
Other stock markets
 03:30:00 29/04/2024 am IST 		5-day change 1st Jan Change
5 THB +2.46% Intraday chart for WHA Corporation +6.84% -5.66%
25/04 WHA Corporation Public Company Limited Approves Dividend, Payable on May 24, 2024 CI
23/02 WHA Corporation Public Company Limited Proposes Dividend, Payable on May 24, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 57,993 45,438 52,613 60,983 79,218 74,734 - -
Enterprise Value (EV) 1 94,536 83,270 87,823 82,513 79,218 1,04,924 1,05,765 1,13,487
P/E ratio 17.7 x 18 x 20.3 x 15.1 x 17.9 x 15.6 x 13.1 x 13.3 x
Yield 3.48% 3.3% 0.57% - - 3.99% 4.28% 4.42%
Capitalization / Revenue 5.54 x 6.57 x 5.05 x 4.44 x 5.33 x 4.43 x 4.07 x 3.88 x
EV / Revenue 9.04 x 12 x 8.43 x 6.01 x 5.33 x 6.22 x 5.76 x 5.89 x
EV / EBITDA 33.9 x 35.3 x 23.3 x 17.3 x 14.4 x 15.9 x 15.1 x 15.7 x
EV / FCF 93.9 x 62 x 46.3 x 28.7 x - 22.7 x 37.7 x -
FCF Yield 1.06% 1.61% 2.16% 3.49% - 4.41% 2.65% -
Price to Book 1.94 x 1.58 x 1.72 x 1.9 x - 2.06 x 1.85 x 1.87 x
Nbr of stocks (in thousands) 1,49,46,602 1,49,46,835 1,49,46,835 1,49,46,835 1,49,46,835 1,49,46,835 - -
Reference price 2 3.880 3.040 3.520 4.080 5.300 5.000 5.000 5.000
Announcement Date 28/02/20 01/03/21 24/02/22 23/02/23 23/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,463 6,914 10,417 13,729 14,875 16,862 18,348 19,277
EBITDA 1 2,791 2,361 3,770 4,765 5,513 6,589 6,997 7,211
EBIT 1 2,331 1,769 3,150 4,155 4,803 5,770 6,128 6,384
Operating Margin 22.28% 25.59% 30.24% 30.26% 32.29% 34.22% 33.4% 33.12%
Earnings before Tax (EBT) 1 4,268 3,158 3,551 4,867 5,708 6,205 6,262 6,911
Net income 1 3,229 2,524 2,590 4,046 4,426 4,870 5,112 5,424
Net margin 30.86% 36.5% 24.86% 29.47% 29.75% 28.88% 27.86% 28.14%
EPS 2 0.2192 0.1689 0.1733 0.2707 0.2961 0.3213 0.3826 0.3746
Free Cash Flow 1 1,007 1,343 1,897 2,878 - 4,631 2,803 -
FCF margin 9.62% 19.43% 18.21% 20.96% - 27.46% 15.28% -
FCF Conversion (EBITDA) 36.06% 56.88% 50.32% 60.39% - 70.29% 40.06% -
FCF Conversion (Net income) 31.17% 53.22% 73.25% 71.12% - 95.09% 54.84% -
Dividend per Share 2 0.1350 0.1002 0.0200 - - 0.1994 0.2138 0.2208
Announcement Date 28/02/20 01/03/21 24/02/22 23/02/23 23/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 1,109 6,769 1,575 1,803 1,976 8,375 2,057 2,671 2,116 8,031 3,339 4,246 4,246 4,246 -
EBITDA 1 373.8 2,617 - 537 626.9 3,024 749.3 1,016 744.5 3,003 1,040 - - - -
EBIT 1 216.6 2,460 425.9 389.6 474.8 2,864 577.8 843.9 563.5 2,818 998 1,326 1,326 1,326 -
Operating Margin 19.53% 36.35% 27.04% 21.61% 24.03% 34.2% 28.09% 31.59% 26.64% 35.09% 29.89% 31.23% 31.23% 31.23% -
Earnings before Tax (EBT) 1 264.3 2,604 765.7 478.5 411 3,212 670.7 1,104 883.7 3,050 1,001 - - - -
Net income 1 160.3 2,035 656.1 289.6 258.6 2,842 522.7 866.1 622.8 2,414 789 640 - - -
Net margin 14.46% 30.06% 41.65% 16.06% 13.08% 33.93% 25.41% 32.42% 29.44% 30.06% 23.63% 15.07% - - -
EPS 2 0.0107 0.1362 0.0439 0.0194 0.0173 0.1901 0.0350 0.0579 0.0417 0.1615 0.0461 0.0671 0.0540 0.2030 -
Dividend per Share 2 - - - 0.0735 - - - - - - - - - 0.2104 -
Announcement Date 12/11/21 24/02/22 13/05/22 10/08/22 11/11/22 23/02/23 11/05/23 10/08/23 09/11/23 23/02/24 - - - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 36,544 37,831 35,211 21,530 - 30,190 31,031 38,753
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 13.09 x 16.02 x 9.339 x 4.518 x - 4.582 x 4.435 x 5.374 x
Free Cash Flow 1 1,007 1,343 1,897 2,878 - 4,631 2,803 -
ROE (net income / shareholders' equity) 11.4% 8.66% 8.72% 12.9% - 13.9% 13.7% 14.2%
ROA (Net income/ Total Assets) 4.02% 3.06% 3.13% 4.79% - 5.23% 5.3% 4.95%
Assets 1 80,310 82,443 82,695 84,536 - 93,056 96,445 1,09,572
Book Value Per Share 2 2.000 1.930 2.050 2.140 - 2.430 2.710 2.680
Cash Flow per Share 2 0.1400 0.1800 0.1800 0.3000 - 0.5000 0.4500 0.6400
Capex 1 1,204 1,283 776 1,545 - 4,252 4,083 6,058
Capex / Sales 11.51% 18.55% 7.45% 11.25% - 25.22% 22.25% 31.42%
Announcement Date 28/02/20 01/03/21 24/02/22 23/02/23 23/02/24 - - -
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for WHA Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
12
Last Close Price
5 THB
Average target price
5.754 THB
Spread / Average Target
+15.08%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Industrial Real Estate Development

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Industrial Real Estate Development
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