Financials WHA Industrial Leasehold Real Estate Investment Trust

Equities

End-of-day quote Thailand S.E. Other stock markets 03:30:00 03/05/2024 am IST			5-day change	1st Jan Change
5.75 ^THB	0.00%		-0.86%	+4.55%

21/02	WHA Industrial Leasehold Real Estate Investment Trust Approves Distribution Payment for the Period from 1 October 2023 to 31 December 2023, Payable on 29 March 2024	CI
21/02	WHA Industrial Leasehold Real Estate Investment Trust Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,183	5,375	7,603	7,075	5,223	5,460	-	-
Enterprise Value (EV) ¹	9,314	8,735	10,994	10,976	5,223	9,363	9,321	5,460
P/E ratio	8.17 x	10.6 x	8.52 x	12.1 x	12.9 x	9.66 x	9.69 x	9.13 x
Yield	9.03%	8.97%	7.68%	8.35%	-	9.74%	9.86%	10.1%
Capitalization / Revenue	8.06 x	7.84 x	9.95 x	9.47 x	5.99 x	6.23 x	6.21 x	5.92 x
EV / Revenue	12.1 x	12.7 x	14.4 x	14.7 x	5.99 x	10.7 x	10.6 x	5.92 x
EV / EBITDA	13.7 x	14.9 x	16.4 x	17.6 x	7.03 x	12.7 x	12.6 x	7.2 x
EV / FCF	-	-	19.1 x	-	-	10.2 x	10.1 x	5.95 x
FCF Yield	-	-	5.24%	-	-	9.78%	9.91%	16.8%
Price to Book	0.97 x	0.87 x	0.98 x	0.83 x	-	0.64 x	0.64 x	0.64 x
Nbr of stocks (in thousands)	7,02,634	7,02,634	8,40,134	9,49,616	9,49,616	9,49,616	-	-
Reference price ²	8.800	7.650	9.050	7.450	5.500	5.750	5.750	5.750
Announcement Date	18/02/20	17/02/21	21/02/22	21/02/23	21/02/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	767	686	764.3	747.2	871.9	876.5	878.7	923
EBITDA ¹	680.2	584.5	670.1	622.6	742.6	739.5	740.7	758
EBIT ¹	680.2	584.5	565.4	-	-	739.5	747	758
Operating Margin	88.68%	85.21%	73.98%	-	-	84.37%	85.02%	82.12%
Earnings before Tax (EBT) ¹	756.4	609.1	892.6	583.4	406.2	567.5	564.7	595
Net income ¹	756.4	609.1	892.6	583.4	406.2	567.5	564.7	595
Net margin	98.61%	88.79%	116.78%	78.07%	46.59%	64.75%	64.26%	64.46%
EPS ²	1.076	0.7250	1.062	0.6143	0.4278	0.5950	0.5933	0.6300
Free Cash Flow ¹	-	-	576.5	-	-	916	923.9	917.9
FCF margin	-	-	75.42%	-	-	104.51%	105.14%	99.44%
FCF Conversion (EBITDA)	-	-	86.02%	-	-	123.87%	124.73%	121.09%
FCF Conversion (Net income)	-	-	64.58%	-	-	161.41%	163.61%	154.26%
Dividend per Share ²	0.7948	0.6863	0.6952	0.6224	-	0.5600	0.5667	0.5800
Announcement Date	18/02/20	17/02/21	21/02/22	21/02/23	21/02/24	-	-	-

¹THB in Million²THB

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,130	3,360	3,391	3,902	-	3,903	3,861	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.602 x	5.749 x	5.06 x	6.267 x	-	5.278 x	5.213 x	-
Free Cash Flow ¹	-	-	576	-	-	916	924	918
ROE (net income / shareholders' equity)	12%	8.83%	7.44%	7.13%	-	6.65%	6.6%	6.9%
ROA (Net income/ Total Assets)	7.72%	5.69%	4.86%	4.65%	-	5%	4.73%	5.8%
Assets ¹	9,803	10,701	18,359	12,546	-	11,350	11,930	10,259
Book Value Per Share ²	9.090	8.820	9.270	9.030	-	8.970	8.990	9.050
Cash Flow per Share ²	1.000	-0.6500	0.6900	-0.6700	-	0.6100	0.6100	0.6300
Capex	-	-	8.5	-	-	-	-	-
Capex / Sales	-	-	1.11%	-	-	-	-	-
Announcement Date	18/02/20	17/02/21	21/02/22	21/02/23	21/02/24	-	-	-

¹THB in Million²THB

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5.75 THB

Average target price

8.233 THB

Spread / Average Target

+43.19%

	1st Jan change	Capi.
WHA INDUSTRIAL LEASEHOLD REAL ESTATE INVESTMENT TRUST	+4.55%	148M
PROLOGIS, INC.	-20.56%	98.04B
GOODMAN GROUP	+28.97%	40.98B
REXFORD INDUSTRIAL REALTY, INC.	-20.86%	9.65B
EASTGROUP PROPERTIES, INC.	-12.90%	7.68B
AMERICOLD REALTY TRUST, INC.	-25.01%	6.45B
STAG INDUSTRIAL, INC.	-10.29%	6.41B
FIRST INDUSTRIAL REALTY TRUST, INC.	-10.29%	6.25B
WAREHOUSES DE PAUW SA	-9.12%	6.12B
TERRENO REALTY CORPORATION	-12.41%	5.3B