WHA: Positive Outlook for Three Key Businesses in 2022

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 a target price of Bt4.54,derived from 18.0xPE’23,its 5 year trading average .BUY rating reflects positive outlook for  higher land sales and rising revenue from utility </li>
<li>Positive outlook from analyst meeting Management have positive view to overall business in 2022 and 2023.</li>
<li>Industrial estate business: WHA can sell land at  1,512 rai in 9M22 (1,412 rai in thailand and 100 rai in vietnam),accouting for 92% of 22 target at 1,650 rai. Meanwhiles,</li>
</ul>


We maintain BUY rating with a target price of Bt4.54,derived from 18.0xPE’23,its 5 year trading average .BUY rating reflects positive outlook for  higher land sales and rising revenue from utility 
Positive outlook from analyst meeting Management have positive view to overall business in 2022 and 2023.
Industrial estate business: WHA can sell land at  1,512 rai in 9M22 (1,412 rai in thailand and 100 rai in vietnam),accouting for 92% of 22 target at 1,650 rai. Meanwhiles,


WHA : Positive Outlook for 2022-23 Performance

WHA Corp Pcl

WHA : Positive Outlook for 2022-23 Performance