We expect China to gradually ease its zero-COVID policy, 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 and core profit missed our estimates
WHA posted 2Q22 NPAT of Bt290m, up 11% YoY but down 56% QoQ. That number was 34% short of our estimate (a greater cost-of-sales and higher interest expenses than assumed) and was 7% below the consensus. Stripping out extra items, core earnings would be Bt339m, up by 20% YoY and 10% QoQ. The core number was 23% short of our expectation (a greater cost-of-sales and higher interest expenses than assumed) and was 16% shy of the street projection.