Financials WHA Industrial Leasehold Real Estate Investment Trust

Equities

WHAIR

TH7585010005

Commercial REITs

End-of-day quote Thailand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
5.8 THB -0.85% Intraday chart for WHA Industrial Leasehold Real Estate Investment Trust 0.00% +5.45%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 6,183 5,375 7,603 7,075 5,223 5,508 -
Enterprise Value (EV) 1 9,314 8,735 10,994 10,976 5,223 9,411 9,369
P/E ratio 8.17 x 10.6 x 8.52 x 12.1 x 12.9 x 9.83 x 9.91 x
Yield 9.03% 8.97% 7.68% 8.35% - 9.66% 9.74%
Capitalization / Revenue 8.06 x 7.84 x 9.95 x 9.47 x 5.99 x 6.32 x 6.36 x
EV / Revenue 12.1 x 12.7 x 14.4 x 14.7 x 5.99 x 10.8 x 10.8 x
EV / EBITDA 13.7 x 14.9 x 16.4 x 17.6 x 7.03 x 12.8 x 12.8 x
EV / FCF - - 19,070,869 x - - - -
FCF Yield - - 0% - - - -
Price to Book 0.97 x 0.87 x 0.98 x 0.83 x - 0.65 x 0.65 x
Nbr of stocks (in thousands) 702,634 702,634 840,134 949,616 949,616 949,616 -
Reference price 2 8.800 7.650 9.050 7.450 5.500 5.800 5.800
Announcement Date 2/18/20 2/17/21 2/21/22 2/21/23 2/21/24 - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 767 686 764.3 747.2 871.9 871 865.5
EBITDA 1 680.2 584.5 670.1 622.6 742.6 735 734.5
EBIT 1 680.2 584.5 565.4 - - 735 741
Operating Margin 88.68% 85.21% 73.98% - - 84.39% 85.62%
Earnings before Tax (EBT) 1 756.4 609.1 892.6 583.4 406.2 564 555.5
Net income 1 756.4 609.1 892.6 583.4 406.2 564 555.5
Net margin 98.61% 88.79% 116.78% 78.07% 46.59% 64.75% 64.18%
EPS 2 1.076 0.7250 1.062 0.6143 0.4278 0.5900 0.5850
Free Cash Flow - - 576.5 - - - -
FCF margin - - 75.42% - - - -
FCF Conversion (EBITDA) - - 86.02% - - - -
FCF Conversion (Net income) - - 64.58% - - - -
Dividend per Share 2 0.7948 0.6863 0.6952 0.6224 - 0.5600 0.5650
Announcement Date 2/18/20 2/17/21 2/21/22 2/21/23 2/21/24 - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 3,130 3,360 3,391 3,902 - 3,903 3,861
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 4.602 x 5.749 x 5.06 x 6.267 x - 5.31 x 5.257 x
Free Cash Flow - - 576 - - - -
ROE (net income / shareholders' equity) 12% 8.83% 7.44% 7.13% - 6.6% 6.5%
ROA (Net income/ Total Assets) 7.72% 5.69% 4.86% 4.65% - 4.3% 4.25%
Assets 1 9,803 10,701 18,359 12,546 - 13,116 13,071
Book Value Per Share 2 9.090 8.820 9.270 9.030 - 8.960 8.990
Cash Flow per Share 2 1.000 -0.6500 0.6900 -0.6700 - 0.6100 0.6000
Capex - - 8.5 - - - -
Capex / Sales - - 1.11% - - - -
Announcement Date 2/18/20 2/17/21 2/21/22 2/21/23 2/21/24 - -
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
2
Last Close Price
5.8 THB
Average target price
8.35 THB
Spread / Average Target
+43.97%
Consensus

Annual profits - Rate of surprise

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  4. Financials WHA Industrial Leasehold Real Estate Investment Trust