WHA : Positive Outlook for 2022-23 Performance

WHA: Positive Outlook for Three Key Businesses in 2022

WHA: Positive Outlook for the Group’s Earnings Recovery in 2021

WHA: Land Presales Target Seems Quite Challenging

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>We maintain BUY rating with new target price of Bt4.20 (+11% from previous TP) ,derived from 18.0xPE’22, to reflect higher revenue recognition of land sales and asset monetarization. BUY rating</li>
<li>2Q22 earnings grew YoY WHA reported  2Q22’s net profit of Bt290m(+11%YoY,-56% QoQ),lower than market expectation by 7%.The YoY increasing of net profit  was driven by rising revenue  to  Bt1.8bn (+21%YoY)</li>
<li>3Q22 earnings remain strong We expect 3Q22’s earnings to grow YoY and QoQ due to (1) higher lands tranfers in 3Q22 supported by high presales in  2Q22 at 477 rai </li>
</ul>


We maintain BUY rating with new target price of Bt4.20 (+11% from previous TP) ,derived from 18.0xPE’22, to reflect higher revenue recognition of land sales and asset monetarization. BUY rating
2Q22 earnings grew YoY WHA reported  2Q22’s net profit of Bt290m(+11%YoY,-56% QoQ),lower than market expectation by 7%.The YoY increasing of net profit  was driven by rising revenue  to  Bt1.8bn (+21%YoY)
3Q22 earnings remain strong We expect 3Q22’s earnings to grow YoY and QoQ due to (1) higher lands tranfers in 3Q22 supported by high presales in  2Q22 at 477 rai 


WHA Corp Pcl

WHA : 2Q22 Results Expanded YoY