The share price of WHA Corporation Public Company Limited (SET: WHA) dropped 6% in the morning session as of 11:23 BKK time on Thursday to THB4.42 per share, extending the decline for the third day amid market rout in the Thai stock market.
As per UOB Kay Hian Securities’ latest insights on WHA’s upcoming financial results, it is predicted that the net profit for the fourth quarter of 2024 will not be exceptional, although a noticeable improvement is anticipated for the first quarter of 2025. The target price is set at THB6.60 per share.
In the fourth quarter of 2024, WHA is expected to record earnings of Bt1.3 billion, reflecting a 46% decline year-over-year, but a significant 184% increase compared to the previous quarter. While revenue is projected to decrease year-over-year, this is attributed to reduced land transfers following a strong performance in the same period in 2023.
Despite the anticipated sluggish performance in the fourth quarter of 2024, a positive shift is expected in the first quarter of 2025, driven by seasonal trends in land transfers and sales from investment properties. The market sentiment surrounding land sales is predicted to strengthen in the upcoming year.
UOBKH suggests maintaining a ‘Buy’ rating for WHA, emphasizing the potential for growth in the coming quarters. Their target price remains at Bt6.60, while advising investors to keep a close watch on WHA’s performance as it navigates through the shifting financial landscape in the real estate sector.
