WHA Corporation (WHA-R) Fair Value & Analysis
Real Estate · TH · Market cap 81.5B THB (≈ $2.5B) · ISIN TH3871010R19
What is WHA Corporation really worth?
Below-average quality, and trading another 31% above our fair value of 3.66 THB.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 9 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from 4.14 THB to 3.66 THB (−11.6%) since Jul 18, 2026. Share price −0.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (2.33 THB to 5.36 THB) leaves room in how you read the outcome.
- Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 2.40 THB – 5.45 THB · fair‑value band 2.33 THB – 5.36 THB · the 4.78 THB price screens above the 3.66 THB fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
WHA Corporation (WHA-R) currently trades at 4.78 THB, while our model-based Fair Value estimate is 3.66 THB, implying the stock looks roughly 30.6% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of 4.94 THB per share, and 3 of the 9 models we run sit above the 4.78 THB price. Bear case: the Asset-Based group reads lowest at 1.65 THB, and 6 of the 9 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, WHA Corporation generated revenue of 15.0B THB at a net margin of 30.5%. Revenue declined 40.6% year over year. It earns a return on equity of 12.1%. Net debt stands at 46.6B THB. Fundamentals as of Aug 13, 2026
Our scenario range runs from 2.33 THB (bear case) to 5.36 THB (bull case); at 4.78 THB, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 6% below its 52-week high and 74% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −23%, WHA-R screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.0673 THB per share, which is 1.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 9 models by family
Widest divergence: Multiples (4.94 THB) versus Asset-Based (1.65 THB). Highest evidence: Residual Income (71).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 63
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
WHA Corporation Public Company Limited, together with its subsidiaries, develops, rents, and sells lands, buildings, factories, warehouses, and other properties in Thailand and internationally. It also develops and manages properties in industrial estates and zones.
Full company description
WHA Corporation Public Company Limited, together with its subsidiaries, develops, rents, and sells lands, buildings, factories, warehouses, and other properties in Thailand and internationally. It also develops and manages properties in industrial estates and zones. In addition, the company provides digital, data center, Internet connection, and other IT services; and public utilities, facilities, and other related services. Further, it is involved in the water utility and power, mobility, and logistics businesses. WHA Corporation Public Company Limited was founded in 2003 and is headquartered in Samut Prakan, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
WHA Corporation reported revenue of 15.3B THB in FY2025 versus 10.4B THB in FY2021, a compound +10.0%/yr. Reported net income was 5.1B THB in FY2025, compounding +18.7%/yr from FY2021.
of which total revenue +2.2 % · buybacks/dilution −2.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
WHA-R screens 31% overvalued. Compare with CBRE Group →
Peer Group
Real Estate Services · 523 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Real Estate Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CBRE Group CBRE | $148.74 | $69.47 | −53% |
| Vonovia SE VNA | €19.85 | €36.67 | +85% |
| Cellnex Telecom, S.A CLNX | €27.47 | €25.46 | −7% |
| KE Holdings BEKE | $17.42 | $6.57 | −62% |
| Jones Lang LaSalle Incorporated JLL | $378.01 | $290.25 | −23% |
| Swire Properties Limited 1972 | HK$24.84 | HK$5.12 | −79% |
| CoStar Group CSGP | $32.22 | $4.64 | −86% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$39.84 | HK$34.95 | −12% |
| CapitaLand Investment Limited 9CI | 2.66 SGD | 0.4900 SGD | −82% |
| Plaza S.A MALLPLAZA | 4,040 CLP | 4,571 CLP | +13% |
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