Investment / WHA

Editorial Team

Tris Rating affirms WHA’s Company Rating at “A-”with “stable” outlook, confirming continuous sustainable growth.

TRIS Rating affirms WHA Corporation Public Company Limited or WHA Group (“the Company”) company rating at “A-” with “stable” outlook, reflecting a company's continuous sustainable growth.

The company delivered solid growth across its four business hubs - logistics, industrial development, utilities and power, digital platform while targeting to become a tech company by 2024.

Ms. Jareeporn Jarukornsakul, chairman and group CEO of WHA Corporation PCL.

Ms. Jareeporn Jarukornsakul, chairman and group CEO of WHA Corporation PCL., said that Tris Rating recently announced the rating of WHA Corporation at “A-”, with a ‘stable’ outlook, reflecting continuous sustainable growth and strength of our 4 business hubs.
The rating has shown the company’s financial discipline and liquidity, together with the flexibility and efficiency in financial management as well as the capability to access funding through various sources.
Ms. Jareeporn said that the logistics business has an impressive performance in the first half with delivered area of 194,300 sq.m., comprising of 98,200 sq.m. of new projects and new contracts plus 96,100 sq.m. of short-term contracts.

The Covid-19 pandemic’s impact on consumer behaviors resulted in an increase in demand for short-term warehouse rentals especially from consumer goods, e-commerce, express delivery.

For the remaining of 2022, new logistics projects representing over 51,000 sq.m. will be delivered. In addition, 2 new mega logistics projects and the expansion phase of WHA Mega Logistics Center Theparak KM. 21 will be launched, totaling over 420,000 sq.m.

For the industrial estate business, the company is the leader in industrial estates developer in Thailand while expanding in Vietnam. In the first quarter of 2022 land sales reached 513 rai in both Thailand and Vietnam. Later, the company revised the land sales target to 1,650 rai.

In September, the company signed a 600-rai landmark deal at WHA Rayong 36 industrial estate, its largest transaction in 20 years, with leading Chinese electric vehicle manufacturer BYD, with operations expected to start in 2024 and an annual capacity of 150,000 electric passenger cars which confirms the company’s role as a key player for the formation of Thailand’s automotive cluster in the EEC throughout the past 20 years.

In addition, construction of the 573-rai expansion phase of WHA Eastern Seaboard Industrial Estate 4 (WHA ESIE 4) will be completed this Q4 2022, while construction of WHA Industrial Estate Rayong (WHA IER) is expected to start this October.

In Vietnam, following the success of its project in Nghe An Province, the company continues its strategy of industrial expansion in select key provinces.

WHA Industrial Zone 1 - Nghe An 900-rai Phase 1 is now fully completed. The 76% of the first phase is leased to customers whose activities span across sectors such as automotive parts, food processing, solar energy, building materials and electronics with the largest recorded foreign direct investment (FDI) in Nghe An province of US$ 500 million. The construction of second phase with 2,215 rai is underway.
In addition, the company is currently planning and in the approval process of one industrial zone in Thanh Hoa Province (5,625 rai including expansion).
Thanh Hoa is Vietnam’s 3 rd largest populated province in Vietnam and benefits from a strategic location with proximity to Hanoi and Lach Huyen deep seaport. ‘WHA Smart Technology Industrial Zone – Thanh Hoa’ located nearby the province’s main city, is poised to capture demand from high value technology investors and expand Vietnam’s ‘Northern Technology Corridor’.
In Central Vietnam, the company has recently signed a MoU for a third project in Quang Nam Province of (2,500 rai). ‘WHA Smart Eco Industrial Zone – Quang Nam’ will also be strategically situated at the heart of the central region.
For utilities business, the company continues to expand products and solutions focusing on value-added water products.,

For digital platform, the company is empowering its businesses by building the digital infrastructure and implementing digital technologies.
The company also launched its first innovative product with an aim to enhance accessibility to adequate healthcare services and solutions.

By the end of 2022, underground fiber optic (FTTx) will be available throughout 11 WHA’s industrial estates in Thailand.

In the digital platform business, the company is currently driving the implementation of several digital innovations and technologies across all business hubs. WHA Group targets to become a tech company by 2024.