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
 06:00:00 2024-07-11 pm EDT 		5-day change 1st Jan Change
5.05 THB +2.64% Intraday chart for WHA Corporation +1.00% -4.72%
May. 10 WHA Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 25 WHA Corporation Public Company Limited Approves 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 75,482 - -
Enterprise Value (EV) 1 94,536 83,270 87,823 82,513 106,619 105,577 107,527 111,329
P/E ratio 17.7 x 18 x 20.3 x 15.1 x 17.9 x 15.5 x 13.6 x 13.5 x
Yield 3.48% 3.3% 0.57% - 3.47% 3.8% 4.02% 4.35%
Capitalization / Revenue 5.54 x 6.57 x 5.05 x 4.44 x 5.33 x 4.75 x 4.15 x 3.9 x
EV / Revenue 9.04 x 12 x 8.43 x 6.01 x 7.17 x 6.64 x 5.91 x 5.75 x
EV / EBITDA 33.9 x 35.3 x 23.3 x 17.3 x 19.3 x 16 x 14.7 x 14.5 x
EV / FCF 93.9 x 62 x 46.3 x 28.7 x 29.9 x 38 x 29.8 x 69.7 x
FCF Yield 1.06% 1.61% 2.16% 3.49% 3.35% 2.63% 3.36% 1.44%
Price to Book 1.94 x 1.58 x 1.72 x 1.9 x 2.37 x 2.21 x 2.05 x 1.87 x
Nbr of stocks (in thousands) 14,946,602 14,946,835 14,946,835 14,946,835 14,946,835 14,946,835 - -
Reference price 2 3.880 3.040 3.520 4.080 5.300 5.050 5.050 5.050
Announcement Date 2/28/20 3/1/21 2/24/22 2/23/23 2/23/24 - - -
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 15,899 18,209 19,372
EBITDA 1 2,791 2,361 3,770 4,765 5,513 6,601 7,327 7,664
EBIT 1 2,331 1,769 3,150 4,155 4,803 5,680 6,368 6,676
Operating Margin 22.28% 25.59% 30.24% 30.26% 32.29% 35.73% 34.97% 34.46%
Earnings before Tax (EBT) 1 4,268 3,158 3,551 4,867 5,708 6,344 6,976 7,391
Net income 1 3,229 2,524 2,590 4,046 4,426 4,958 5,349 5,671
Net margin 30.86% 36.5% 24.86% 29.47% 29.75% 31.19% 29.38% 29.27%
EPS 2 0.2192 0.1689 0.1733 0.2707 0.2961 0.3255 0.3719 0.3727
Free Cash Flow 1 1,007 1,343 1,897 2,878 3,570 2,775 3,612 1,598
FCF margin 9.62% 19.43% 18.21% 20.96% 24% 17.45% 19.83% 8.25%
FCF Conversion (EBITDA) 36.06% 56.88% 50.32% 60.39% 64.76% 42.04% 49.29% 20.85%
FCF Conversion (Net income) 31.17% 53.22% 73.25% 71.12% 80.67% 55.97% 67.52% 28.18%
Dividend per Share 2 0.1350 0.1002 0.0200 - 0.1839 0.1918 0.2032 0.2196
Announcement Date 2/28/20 3/1/21 2/24/22 2/23/23 2/23/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q2
Net sales 1 6,769 1,575 1,803 1,976 8,375 2,057 2,671 2,116 8,031 3,280 4,061 4,061 4,061 - -
EBITDA 2,617 - 537 626.9 3,024 749.3 1,016 744.5 3,003 1,563 - - - - -
EBIT 1 2,460 425.9 389.6 474.8 2,864 577.8 843.9 563.5 2,818 1,366 1,435 1,435 1,435 - -
Operating Margin 36.35% 27.04% 21.61% 24.03% 34.2% 28.09% 31.59% 26.64% 35.09% 41.65% 35.34% 35.34% 35.34% - -
Earnings before Tax (EBT) 2,604 765.7 478.5 411 3,212 670.7 1,104 883.7 3,050 1,674 - - - - -
Net income 1 2,035 656.1 289.6 258.6 2,842 522.7 866.1 622.8 2,414 1,365 900 - - - -
Net margin 30.06% 41.65% 16.06% 13.08% 33.93% 25.41% 32.42% 29.44% 30.06% 41.62% 22.16% - - - -
EPS 2 0.1362 0.0439 0.0194 0.0173 0.1901 0.0350 0.0579 0.0417 0.1615 0.0913 0.0628 0.0506 0.1443 - -
Dividend per Share 2 - - 0.0735 - - - - - 0.1170 - - - 0.1971 - -
Announcement Date 2/24/22 5/13/22 8/10/22 11/11/22 2/23/23 5/11/23 8/10/23 11/9/23 2/23/24 5/10/24 - - - - -
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 27,401 30,095 32,046 35,847
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 13.09 x 16.02 x 9.339 x 4.518 x 4.971 x 4.559 x 4.373 x 4.677 x
Free Cash Flow 1 1,007 1,343 1,897 2,878 3,570 2,775 3,612 1,598
ROE (net income / shareholders' equity) 11.4% 8.66% 8.72% 12.9% 13.5% 14.3% 15.4% 14.9%
ROA (Net income/ Total Assets) 4.02% 3.06% 3.13% 4.79% 5.01% 5.32% 5.42% 5.3%
Assets 1 80,310 82,443 82,695 84,536 88,264 93,199 98,688 106,994
Book Value Per Share 2 2.000 1.930 2.050 2.140 2.240 2.290 2.460 2.700
Cash Flow per Share 2 0.1400 0.1800 0.1800 0.3000 0.3300 0.5600 0.4700 0.4300
Capex 1 1,204 1,283 776 1,545 1,428 4,548 4,066 3,994
Capex / Sales 11.51% 18.55% 7.45% 11.25% 9.6% 28.61% 22.33% 20.62%
Announcement Date 2/28/20 3/1/21 2/24/22 2/23/23 2/23/24 - - -
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
13
Last Close Price
5.05 THB
Average target price
5.965 THB
Spread / Average Target
+18.13%
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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