บทวิเคราะห์ (Research)

WHAIR : Earnings preview - Occupancy improved in 4Q24 We estimate Bt150m core profit for 4Q24, rising 7.7% yoy and 3.3% qoq, driven by new asset acquisition (4 December) and better occupancy rate at a new high of 95%. We estimate final DPU at Bt0.06, which the REIT manager might decide to include with 1Q25 dividend. Falling interest rates in could be an upside risk to earnings in FY25F. Our sensitivity analysis suggests a 1% rate cut would lift earnings/DPU by 7.9%. We will include contribution from new assets in our model after the REIT releases results. We project Bt0.57 DPU (8.8% yield) for FY25F. At last close, WHAIR offers attractive 9.3% IRR. Maintain BUY rating.