WHA’s strong 2023 land presales and transference outlook and positive sentiment tied to Thailand’s emerging EV ecosystem (which looks likely to be centered around one of the company’s industrial parks) should boost its stock price. However, the share price is now near our YE23 target, so we have shifted down our call from BUY to HOLD.
Missed our estimates and the consensus
WHA posted a 3Q22 net profit of Bt259m, up 61% YoY but down 11% QoQ. NPAT missed our estimate by 52% (lower revenue and a slimmer GM than assumed) and the consensus by 30%. Stripping out extra items, core earnings would be Bt333m, up 46% YoY but down by 2% QoQ. The core number was 38% below our estimate (lower revenue and a slimmer GM than assumed) and 30% short of the consensus.