Kasikorn Securities estimates WHAUP's normalised profit for the second quarter of 2026 at 385 million baht, up 75.6% year-on-year and 81.7% quarter-on-quarter. The growth is driven by a recovery in profit sharing from associates, expanding water sales, and increased solar power generation capacity. Profit sharing from associates this quarter is projected at 325 million baht, rising 81.6% from a year earlier and 348.9% from the previous quarter, thanks to the restart of the GHECO-One power plant. Revenue is expected at 865 million baht, up 13.1% year-on-year but down 22.6% quarter-on-quarter, due to lower excess water capacity service income. Kasikorn Securities maintains a buy rating and a target price of 8.75 baht, factoring in upside from a 200-megawatt direct PPA project, which is estimated to add 270 million baht in annual profit. In a best-case scenario, capacity could reach up to 500 megawatts.
WHA Utilities and Power Public Company LimitedKasikorn Securities maintains buy rating and raises profit estimate for WHAUP.