WHA Corporation Public Company Limited

WHA.BK

Real Estate - Services · Real Estate

Price

4.94 THB

+0.02 (+0.41%)

Market Cap

73.84B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

WHA Corporation is a Thai real estate company that develops and manages industrial estates, warehouses, and logistics parks. Its main customers are manufacturers and logistics companies — many of them multinational firms looking for factory or warehouse space in Thailand and Southeast Asia. WHA is one of Thailand's largest industrial estate developers, and its properties attract businesses in industries like automotive, electronics, and e-commerce.

The company makes money by selling land plots within its industrial estates, leasing warehouses and factory buildings, and collecting utility and service fees from tenants. WHA operates primarily in Thailand, with some expansion into Vietnam and other parts of Southeast Asia. Its large, established industrial estates create a natural advantage because tenants prefer locations with existing infrastructure and nearby suppliers. The key growth driver is continued foreign investment into Southeast Asia as global companies look to diversify their manufacturing away from China, though rising interest rates and slower global trade remain meaningful risks.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-32.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+57.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

48.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$43.4B cash & investments at current burn rate

Revenue declining

WHA Corporation Public Company Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 14.95B (2021) → 14.95B (2025)

Score breakdown

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Quality

Gross Margin

50.1%

Healthy — 50.1% gross margin

Operating Margin

34.5%

Excellent — 34.5% operating margin

ROCE

1.2%

Weak — 1.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+7.6%

Steady sales growth (+7.6% YoY)

EPS YoY

+24.8%

Earnings growing fast (+24.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

18%

Weak — only 18% of profit becomes cash

FCF Margin

-9.6%

Burning cash (-9.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.28

Elevated debt (1.28)

Interest Cover

2.95x

Tight — interest eats into profit (2.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

11.6x

Attractive valuation — P/E 11.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-2.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

4.34%

Healthy income — 4.34% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+14.3%

Dividend growing fast (14.3% YoY)

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