WHA Corp Pcl

WHA: Positive Outlook for Three Key Businesses in 2022

Equity Bottom-Up
322 Views, 20 May 2022 15:51
EXECUTIVE SUMMARY
  • 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 
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Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
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Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

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