Equity Analysis /
Thailand

TH : WHA Corporation - Potential upside from data centre sales

    CGS-CIMB
    29 March 2022
    Published byCGS-CIMB

    We expect 1Q22F core net profit of THB278m (-86.3% qoq; +106.5% yoy). We believe that industrial estate (IE) business should drive earnings in FY22F due to land transfers rising 39.2% yoy to 906 rai. We retain our Add call with a lower TP of THB4.12.