Earnings Report /
Thailand

WHA Corp PCL: 1Q22 NPAT beat; recovery to continue through 2Q22

  • Bottom-line beat our estimate and the consensus

  • WHA posted 1Q22 NPAT of Bt656m

  • Revenue increased 51% YoY

Kijapat Wongmetta
Kijapat Wongmetta

Equity Research Analyst

Bualuang Securities
17 May 2022

We expect many countries to gradually lift their travel restrictions by mid-2022. China should also ease its zero-COVID policy sometime in 2H22, making for the full release of pent-up demand, boosting land sales. Hence, we anticipate that WHA’s stock price will start rallying soon. BUY!

Bottom-line beat our estimate and the consensus

WHA posted 1Q22 NPAT of Bt656m, up 387% YoY but down 68% QoQ. That number was 138% ahead of our estimate (greater land transference and extra gains than assumed) and 51% above the consensus. Stripping out extra items (mainly a gain on the divestment of two data centers), core earnings would be Bt309m, up 68% YoY but down 85% QoQ. The core number was 12% above our expectation (greater land transference than assumed), but was 43% below the street projection.