Company Coverage
WHA Corporation (WHA TB): 3Q26: Earnings Grow yoy And qoq But Are Below Expectations
BUY (Maintained)
Current price:
Target price:
Upside:
Bt5.10
Bt6.10
19.61%
Analyst
Analyst
Panjarat Thaweesriprasert
Highlights
- WHA reported 3Q26 earnings of Bt766m (+19% yoy, +15% qoq).
- 9M26 land sales accounted for 62% of the full-year target.
- Maintain BUY with an unchanged target price of Bt6.10.

Analysis
- Results missed expectations. WHA Corporation (WHA) reported 3Q26 net profit of Bt756m (+19% yoy, +15% qoq). However, earnings missed our and consensus forecasts by 15% and 19% respectively. The earnings miss was mainly attributable to lower-than-expected revenue and gross margin.
- Revenue was up yoy but declined qoq. Total revenue reached Bt2.26b (+17% yoy, -19% qoq). Revenue improved yoy across all business segments except utilities due to lower capacity charge revenue. Meanwhile, the qoq decline was driven by weaker revenue across all business segments.

Highlights
- WHA reported 3Q26 earnings of Bt766m (+19% yoy, +15% qoq).
- 9M26 land sales accounted for 62% of the full-year target.
- Maintain BUY with an unchanged target price of Bt6.10.

Analysis
- Results missed expectations. WHA Corporation (WHA) reported 3Q26 net profit of Bt756m (+19% yoy, +15% qoq). However, earnings missed our and consensus forecasts by 15% and 19% respectively. The earnings miss was mainly attributable to lower-than-expected revenue and gross margin.
- Revenue was up yoy but declined qoq. Total revenue reached Bt2.26b (+17% yoy, -19% qoq). Revenue improved yoy across all business segments except utilities due to lower capacity charge revenue. Meanwhile, the qoq decline was driven by weaker revenue across all business segments.

BUY (Maintained)
Current price:
Target price:
Upside:
Bt5.10
Bt6.10
19.61%
Analyst
Analyst
Panjarat Thaweesriprasert
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