WHA : Positive Outlook for 2022-23 Performance

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

WHA: Expect Earnings to Hit the Highest Level of This Year in 4Q20

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 the BUY call and a target price of Bt3.80 derived from 18.0xPE’22  (5-year average) or implies 10% discount to Thai real estate sector. BUY rating reflects positive outlook </li>
<li>Expect Industrial estate business’s revenue (15% of total revenue in 2021) to grow 50% in 2022E supported by 1.) higher land transfer along with increasing investor traffic at site-visit, and, </li>
<li>Maintain positive outlook for utility business under WHAUP(BUY: Bt4.60)in 2022E driven by an increase in water sales volume, solar roof portfolio expansion (target to hit 300MW by 2023 from 60MW </li>
</ul>


We maintain the BUY call and a target price of Bt3.80 derived from 18.0xPE’22  (5-year average) or implies 10% discount to Thai real estate sector. BUY rating reflects positive outlook 
Expect Industrial estate business’s revenue (15% of total revenue in 2021) to grow 50% in 2022E supported by 1.) higher land transfer along with increasing investor traffic at site-visit, and, 
Maintain positive outlook for utility business under WHAUP(BUY: Bt4.60)in 2022E driven by an increase in water sales volume, solar roof portfolio expansion (target to hit 300MW by 2023 from 60MW 


WHA: Positive Outlook for Three Key Businesses in 2022

WHA Corp Pcl

WHA: Positive Outlook for Three Key Businesses in 2022