บทวิเคราะห์ (Research)

WHA focuses on creating value for all stakeholders throughout the value chain by riding on global mega trends through ESG and SDG initiatives. They aim to share value between business and society, leading to sustainable growth for both. They see both risks and opportunities in the sustainability initiatives and have successfully turned them into new S-curve businesses (green logistics, renewable energy and circular economy) to drive sustainable growth. They have received several awards for their sustainability efforts and are in global supply chains; that will support projected 25% p.a. growth (CAGR over FY21-FY26F) in land sales to 2,700 rai in 2026F and 13% p.a. growth in core profit to Bt5.5b. There are also several upside risks. Maintain BUY rating for WHA.