KGI Securities Thailand notes that WHA's second-quarter net profit weakened sharply to 659 million baht, significantly below both its own and consensus estimates. Land sales in the industrial estate business fell 74 percent from the previous quarter to 248 rai, while land transfers totalled 208 rai, down 30 percent from both a year earlier and the prior quarter, mainly from the WHA-IER estate, which carries a low gross margin. This pushed the industrial estate business gross margin down to 28.5 percent from 38.5 percent in the first quarter. Meanwhile, non-industrial estate revenue rose 16 percent year-on-year to 1.5 billion baht, driven by strong rental and solar energy income, but fell 17 percent from the previous quarter due to lower utility revenue at WHAUP. Share of profit from associates jumped to 414 million baht, swinging from a loss in the first quarter. First-half profit stood at 2.2 billion baht, down 30 percent year-on-year and representing only 40 percent of the full-year forecast. The analyst is reviewing estimates and the target price following the analyst meeting on 14 August.
WHA Corporation Public Company LimitedLand transfers fell 30% YoY and QoQ, and Q2 profit missed estimates.
WHA Utilities and Power Public Company LimitedLower utility revenue at WHAUP dragged non-industrial revenue down 17% QoQ.
