WHA Corporation Public Company Limited

WHA Corporation Public Company Limited, or WHA, said the IMF-World Bank 2026 meetings are a pivotal moment for Thailand to serve as a bridge connecting investment funds from global financial markets into tangible investment in the real economy, both in Thailand and across ASEAN. Jareeporn Jarukornsakul, Chairwoman of the Executive Committee and Group Chief Executive Officer of WHA, said hosting the meetings is a golden opportunity for Thailand to showcase its readiness and potential on the world stage, especially its infrastructure ready to support the New Economy and to build on foreign direct investment, or FDI. The meetings are held under the theme Thailand's New Horizons: Empowering People, Building Resilience. WHA Group has laid the foundation for its industrial ecosystem through three pillars: coping with economic and geopolitical polarization, adapting to climate change, and the transition to digital and artificial intelligence. On the logistics side, WHA Group has more than 3.2 million square meters of service space in Thailand and Vietnam, while its industrial estate business has more than 17 smart eco-industrial estates covering over 88,900 rai in Thailand and Vietnam. In the utilities and power business, for 2026 it targets total water sales and water management in Thailand and Vietnam of 170 million cubic meters, with equity-owned power generation capacity totaling 1,124 megawatts. Its mobility business aims to expand the number of electric vehicles under management to 637 by 2026, and WHA Group is pursuing a goal of net-zero greenhouse gas emissions by 2050. Jareeporn concluded that the meetings will draw more than 15,000 participants, including senior leaders, central bank governors, IMF and World Bank executives, investors, financial institutions, the private sector, and media from around the world, reflecting confidence in Thailand and its potential to attract high-quality FDI.

Kasikorn Securities stated that the World Bank recommends Thailand accelerate its use of AI to boost productivity and escape the middle-income trap, after finding that only 12% of Thai businesses use AI, compared with 43% in the United States. The government should urgently develop workforce skills, establish clear regulations, and ensure energy security for data centers. Meanwhile, Thailand's manufacturing base, services sector, and AI hardware supply chain are key strengths. The brokerage views this as structurally positive for the industrial estate, utilities, power plant, digital infrastructure, and electronics sectors, such as WHA, AMATA, WHAUP, GULF, BGRIM, DELTA, KCE, and HANA.

Jareeporn Jarukornsakul, Chief Executive Officer of WHA Corporation Public Company Limited, or WHA, disclosed that operating results in the fourth quarter of 2026 will improve markedly from the third quarter of 2026 and will mark the highest growth period of the year, driven by a substantial volume of industrial estate land sales awaiting transfer and revenue recognition, together with support from asset sales into an investment trust. The company plans to sell assets into the WHA Premium Growth Real Estate and Leasehold Investment Trust, or WHART, worth more than 2.5 billion baht, with transfer and revenue recognition expected in the fourth quarter of 2026, and is in the process of filing with the Securities and Exchange Commission, or SEC, to seek approval for additional asset sales into the WHA Industrial Leasehold Real Estate Investment Trust, or WHAIR. For 2026, the company is maintaining its land sales target at approximately 2,500 rai, after selling about 504 rai in the first half of this year, not yet including a large volume of sales awaiting transfer. Meanwhile, the company must temporarily slow the intake of new customers pending clarity on government policy criteria and promotional measures for data center projects, which, if clarified, would help support the investment climate and land demand in WHA's industrial estates in the future. Its main customer base consists of global multinational technology groups with strong financial standing. Related agencies forecast that in 2026 total investment promotion applications will reach as much as 1.8 trillion baht, the highest since the BOI was established, of which 1.36 trillion baht will be foreign investment.

Jareeporn Jarukornsakul, Chairwoman of the Executive Committee and Group Chief Executive Officer of WHA Corporation Public Company Limited, or WHA, revealed at the THAILAND ECONOMIC OUTLOOK 2027 NEW HORIZON BEYOND THE TRAP seminar that Thailand remains a magnet for foreign investment, with investment promotion applications filed through the Board of Investment, or BOI, reaching as high as 1.8 trillion baht, of which foreign direct investment, or FDI, accounted for 1.36 trillion baht. Meanwhile, results for just the first half of 2026 showed investment application value reaching 1.4 trillion baht, with FDI worth 1.36 trillion baht, growing by 80%, and the bulk of that figure, more than 1.1 trillion baht, came from the digital industry and infrastructure groups such as data centers. Jareeporn warned that Thailand must accelerate its development of energy, water, and connectivity infrastructure. If it fails to seize this opportunity within the next two years, it could severely affect future growth prospects, because Singapore and Malaysia have now begun reopening to data center investment again under new regulations. She also proposed that the government establish Data Center Campuses alongside AI Centers, adjust investment promotion policy to target the right groups, and shift from temporary cash handouts to giving knowledge, careers, and stability to entrepreneurs instead.

Yuanta Securities (Thailand) assesses that Thailand's hosting of the IMF–World Bank Annual Meetings 2026, to be held from 12-18 October 2026 at the Queen Sirikit National Convention Center, will be a positive factor for the Thai stock market. It marks Thailand's return as host after 35 years, having last hosted in 1991, and more than 15,000 participants from 191 countries are expected. Thailand is presenting the concept "A New Horizon for Thailand: Empowering People, Strengthening Readiness for Change," and will push four main issues: the transition to digital and AI, the role of middle-sized countries in a multipolar world, coping with climate change, and preparing the economy for an aging society. Yuanta's research team cites the case study of Indonesia, which hosted in 2018, finding that the JCI Index rose 2.8% in the one month after the meetings and outperformed MSCI EM, MSCI DM and MSCI ACWI, which delivered negative returns during that period. It therefore sees the SET Index as likely to outperform regional markets. The digital and AI theme is positive for SMT, HANA, CCET, AMATA, WHA, DITTO and SKY, while the middle-sized countries theme, aimed at supporting SMEs, is positive for KBANK, SCB, KTB, SAWAD and MTC. The climate theme is positive for GUNKUL, SSP, GULF, DITTO and TEAMG, and the aging society theme is positive for BDMS, BH, BCH and CHG. It also sees the tourism group benefiting directly from an acceleration in traveler numbers, namely AOT, THAI, BA, ERW, CENTEL, MINT and AWC, with several large concerts choosing to hold events in Thailand during November-December providing continued support.

Suwat Wattanapornprom, Director of Research in the Investment Strategy Department at Krungsri Securities Public Company Limited, said on the October 8, 2569 edition of the stock news program "Jad Talad" that the Thai stock market today is likely to move sideways, even as most Asian markets come under pressure from rising US government bond yields, along with concerns over inflation, debt burdens, and geopolitical conflicts. The market still needs to watch US consumer inflation figures, or CPI, in the middle of next week. As for the MSCI index review in November, Krungsri's research team sees it as increasingly interesting, with Thai Airways International Public Company Limited, or THAI, having a chance to return to the MSCI index if its share price rises to around 6 baht, plus or minus, since its market capitalization adjusted for free-float proportion has already passed the preliminary threshold. Meanwhile, PTT Global Chemical Public Company Limited, or PTTGC, which is currently in the MSCI Small Cap index, has a chance to move up to the MSCI Global Standard index after its share price continued to improve. Even using a stricter market capitalization threshold assumption of about 50% above the normal level, a share price of around 50 baht, plus or minus, would still likely pass the criteria, and PTTGC also has support from progress in setting up a joint venture with the Siam Cement Group, which could add upside of about 7 to 9 baht to its fundamental value. For standout stocks, Krungsri's research team recommends Krung Thai Bank Public Company Limited, or KTB, on the domestic play theme; WHA Corporation Public Company Limited, or WHA, on the trend of attracting foreign investment; and Bangkok Chain Hospital Public Company Limited, or BCH, on the trend of raising medical service fees in the social security system.

KGI Securities said the Ministry of Interior is preparing a specific ministerial regulation to upgrade Data Centers into systematically regulated businesses, after Data Center investment expanded rapidly and electricity demand is expected to possibly exceed 20,000 MW. The regulation designates Data Centers as controlled-use buildings and divides oversight by size and resource use into 8 tiers, Tier 0 to Tier 5, using key criteria such as electrical capacity, reserve water volume, and building size. Medium to large projects must assess their electricity and water impact, and areas that are Grid or Water Hotspots must obtain Utility Confirmation. Meanwhile, large projects using 50 MW or more of electricity, or clusters totaling 100 MW or more, must pass a National Strategic Review and manage electricity use on a phased basis so as not to affect the stability of the power system. The draft ministerial regulation is expected to enter consideration around October 2026, go before the Cabinet for approval in principle around January 2027, and be published in the Royal Gazette with effect around June 2027. Existing Data Centers must upgrade key systems within one year. KGI said the stricter criteria are in line with expectations and largely already priced in, but the enforcement timeline expected in mid-2027 is slower than anticipated, and it remains to be seen how much the government can accelerate the process. Its current recommendation is Buy for AMATA and WHA, with target prices of 37 baht and 5.90 baht respectively. The news could cause share prices to fluctuate in the short term.

Kasikorn Securities stated that the Cabinet has acknowledged the establishment of 8 additional EEC special economic promotion zones, covering future industries, food, rubber, medical services, LNG, and logistics. The zones will use tax incentives and a One-Stop Service to attract FDI, while also stimulating employment and developing infrastructure in the eastern region. The brokerage views this as positive for industrial estate and infrastructure stocks such as AMATA and WHA, as well as for the construction, logistics, and utilities sectors, if the investment funds materialize as planned.

A securities research note recommends buying WHA shares, assessing that second-half 2026 performance will outshine the first half, particularly in the fourth quarter of 2026, driven by accelerated land transfers and asset monetization. In the first half of 2026, the company recorded land sales of 1,199 rai but transferred only 505 rai, while carrying a backlog of 1,464 rai and letters of intent covering another 2,891 rai, providing a base to support accelerated transfers late in the year. The company is maintaining its 2026 land sales target of 2,500 rai despite the risk that some customer groups may delay decisions. In addition, the fourth quarter of 2026 has a key catalyst from asset sales into REITs totaling 144,000 square meters, valued at approximately 3.6 billion baht, split between WHART at 99,000 square meters and WHAIR at 45,000 square meters. The fourth quarter of 2026 is therefore expected to be the year's most outstanding period for profit. On margin quality, gross margin in the land sales business reported in the second quarter of 2026 was only 28% due to accounting effects, but normalized margin, excluding the impact of IER's purchase price allocation, stood at 66%, up from 48% year on year. The selling price of land for assets WHA holds itself in Thailand was 5.05 million baht per rai, close to the prior year, reflecting still-solid pricing power. Land demand continues to be supported by production base relocations, especially in EV, electronics, semiconductor and PCB. WHAUP is another standout growth engine, driven by data centers for both water and electricity. In the first half of 2026, utilities volume rose 9% year on year and capacity charge increased to 385 million baht from 116 million baht a year earlier, while solar revenue rose 36%. The average target price from IAA Consensus stands at 5.65 baht, with the current price trading at a price-to-earnings ratio of 16 times, close to the five-year average, and lagging the sector by about 8.7% over the past 60 trading days. On short-term technicals, the stock has pulled back to test and hold support at the low of the 4.56 candlestick, with buying pressure returning to close at the high on a long white candle. Trading volume increased, signaling a double-bottom pattern, with resistance at the double-top test level of 4.88 to 4.90. A break above that level would be a buy signal completing the downtrend. For investors already holding the stock or looking to add, there is a chance to test resistance at 4.80, 4.90 and 5.10. For those without the stock, short-term buying should focus on holding support at 4.66 and 4.56, and should not fall below that.

Land and Houses Securities issued an analysis recommending the purchase of two securities, AWC and WHA. For AWC, it set a target price of 3.46 baht, raised from 3.20 baht, while maintaining a speculative buy recommendation, with support levels estimated at 3.02 and 3.10 baht and resistance at 3.40 and 3.50 baht. It noted that clarity on AWR supports an upward revision to extraordinary profit forecasts for 2027 from asset sales, which is expected to help unlock asset value and increase flexibility for debt reduction and further investment, while the company continues to earn returns from holding AWR and management fees. The hotel business remains strong, with forward room bookings from the fourth quarter of 2026 through the first quarter of 2027 still growing at a double-digit rate. For WHA, it recommends buying with a target of 5.50 baht, with support estimated at 4.50 and 4.60 baht and resistance at 4.84 and 5.00 baht. WHA targets land sales this year of 2,500 rai, split into 2,300 rai in Thailand and 200 rai in Vietnam. Land sales in the second quarter of 2026 were 248 rai, a sharp decline from the previous quarter due to a high base, but up 8% from a year earlier, bringing accumulated land sales in the first half of 2026 to 1,199 rai, or 48% of the full-year target. The company views land demand as still high given global geopolitical uncertainty, with Thailand a potential target country for attracting investment, especially in data centers, electronics, and electrical appliances. It expects profit to return to standout levels again in the fourth quarter of 2026, driven by an acceleration in land transfers late in the year and gains from selling assets into the trust, with WHART in the process of a capital increase and offering additional trust units to purchase assets into the trust.

Pi Securities reported that foreign investors net sold 10.7 billion baht of Thai stocks, bringing cumulative net selling to 30.5 billion baht since September 22. Part of this is believed to stem from concerns over domestic flooding along with profit-taking. Pi Securities noted that the flooding factor may have less impact than the question of whether the outstanding profits of the energy and petrochemical sectors next year can match this year's, compared with the consensus EPS forecast of 117 baht per share. Pi Securities estimates the SET range at 1,545-1,570 points, suggesting investors may trim their portfolios somewhat and focus on defensive sectors such as communications, hospitals, exports, construction contracting, and industrial estates. Its recommended stocks include CK with a target price of 23.10 baht, based on progress in the government's approval of large-scale projects; most recently, three Phase 2 double-track railway projects worth a combined total of over 100 billion baht were approved. It also recommends WHA with a target price of 5.60 baht, based on expectations that data center factories will be completed and boost the earnings of WHAUP, in which WHA holds a 70% stake. In the US market, the DJIA closed down 444 points, or 0.86%, overnight, after PCE inflation expanded 3.4%, below the market's expectation of 3.7% year-on-year, but rising oil prices pressured US government bond yields higher. Meanwhile, the CME FedWatch tool assigns a 62% probability that the Fed will keep interest rates unchanged at its October meeting.

Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group Chief Executive Officer of WHA Corporation Public Company Limited, or WHA, disclosed that all of WHA's industrial estates and logistics centres were unaffected by the flooding. All 12 industrial estates in the Eastern Economic Corridor, or EEC, are operating normally. In specific risk-prone areas, such as the industrial estate in Saraburi province adjacent to Khlong Rapeepat, the company is continuously monitoring water levels and pre-emptively draining water from reservoirs within the estate to free up additional storage capacity in the millions of cubic metres. Since the major flood of 2011, WHA's projects have never experienced flooding problems. The logistics centres use statistical water-level data going back as far as 80 years to assess risk, up from roughly 30 years of historical data previously considered, and internal project roads are designed to sit about 30 to 50 centimetres above the maximum flood level, while buildings are raised about 1.30 metres above the internal road level. The company is maintaining its 2026 land sales target at 2,500 rai, split between 2,300 rai in Thailand and 200 rai in Vietnam, after achieving 1,199 rai in the first half of the year. It is still awaiting clarity on the government's data centre policies and regulations, and believes the flood situation will not delay their consideration or issuance.

The Constitutional Court has ruled that the Election Commission's use of barcodes and QR codes on constituency MP ballots on 8 February 2026 does not violate the constitution, after the Ombudsman filed a petition arguing that the codes could be traced back to individual voters and would breach the principle of secret voting. The court found that in practice tracing is extremely difficult and that adequate safeguards are in place. That election therefore remains valid and does not need to be rerun, and the court merely recommended considering alternative security measures for future elections. The outcome removes the most severe scenario the capital markets had feared, namely a nationwide annulment of the election leading to a political and policy vacuum. With the ruling of no wrongdoing, it is expected to be positive for overall market sentiment and for foreign investor confidence thanks to reduced political risk, especially for large-cap stocks with high foreign holdings and sectors that depend on continuity of government policy, such as construction contractors, power, industrial estates and banks, since the government can continue administering the country as normal. The investment themes that benefit most include industrial estates AMATA and WHA, power producers GULF, GPSC, BGRIM and GUNKUL, contractors STECON, CK, PYLON and INSET, banks KBANK, KTB and KKP, and component makers DELTA and HANA. Meanwhile, in overall trading yesterday, the Thai stock index closed at 1,594.30 points, down 8.07 points, while Thai Airways, or THAI, closed at 6.05 baht, down 0.10 baht or 1.36%, amid a backlog of more than 5,600 pieces of unclaimed baggage. Thai Airways management explained that the main cause was a shortage of manpower, especially baggage handling teams and staff holding ground operation licences who were affected by flooding and unable to travel to work. In addition, Bangkok is Thai Airways' main aviation hub, so when a large number of employees are affected at the same time, the operating system comes under heavy pressure. The issue arose while Thai Airways is pressing ahead with its rehabilitation plan and its operating results have begun returning to profit. What the market and investors must therefore monitor from here on is not just the numbers in the financial statements, but also the efficiency of the operating system and the ability to cope with a crisis.

Securities analysts at KGI Securities (Thailand) Public Company Limited, or KGI, said the Constitutional Court's ruling on September 28 in the case concerning the printing of barcodes on ballots in February's election, finding them not in breach of the constitution, is a positive factor for Thailand's political stability. The court reasoned that the barcodes were designed to track and control electoral fraud, and that the Election Commission has sufficiently strong controls to prevent voter identity data from being linked to vote results. However, the court ordered the Election Commission to avoid using barcodes in future elections. KGI views the ruling as positive for the economy and the stock market, because it allows the current government to continue its work and press ahead with measures to stimulate consumption in the final quarter of 2026, as well as investment stimulus measures such as public-private partnership infrastructure projects and Thailand FastPass in 2027. A key project the government aims to complete is the setting of new criteria for regulating data centre construction, which the cabinet targets enforcing in mid-October 2026. With clearer political stability, combined with the global upcycle in AI and the data centre industry, stocks linked to Thai investment remain attractive, especially construction contractors and industrial estates, as well as stocks with data centre exposure. In the construction contractor group, KGI recommends Stecon Group Public Company Limited, or STECON, for those interested in contractors that take on data centre work, and recommends Ch. Karnchang Public Company Limited, or CK, for investors focused on laggard stocks in more stable traditional projects. In the industrial estate group, it sees WHA Corporation Public Company Limited, or WHA, as likely to react positively to progress on data centre regulatory criteria. Among technology-theme stocks, it continues to recommend Delta Electronics (Thailand) Public Company Limited, or DELTA, and Hana Microelectronics Public Company Limited, or HANA, which it assesses as stocks that can speculate directly on the AI theme more than other stocks in Thailand's electronics group.

Kasikornbank Securities said Thailand is accelerating negotiations on a Thailand-EU FTA, which is now more than two-thirds complete, with a decisive round of talks set for September 28. It is also reviving the Thailand-UAE CEPA after a hiatus of more than three years. Both agreements would help expand exports, attract FDI and diversify markets toward Europe and the Middle East, though conclusions are still needed on sensitive issues covering agriculture, medicine and regulations. The research team views this as a positive for sentiment toward food exporters, autos, electronics and industrial estates such as CPF, TU, DELTA, KCE, HANA, AMATA and WHA, but the impact on earnings will become clear only after negotiations conclude and the agreements take effect.

InnovestX Securities assesses that the Thai stock market is starting to gain supportive themes after Fitch Ratings revised its outlook on Thailand's creditworthiness from Negative to Stable, while affirming the sovereign rating at BBB+. As a result, Fitch Ratings, Moody's Ratings, and S&P Global Ratings all now hold a Stable outlook on Thailand. Fitch views the improved government stability as reducing political uncertainty, and expects Thailand's economy to expand 2.3% in 2026, close to 2.4% in 2025, supported by investment in AI and data centers as well as consumption stimulus measures. It also expects general government debt to stay below 63% of GDP in fiscal 2028, an improvement from the previous estimate of 65%. On the external front, Fitch sees Thailand's position as still strong, expecting the current account to post a temporary deficit of 0.5% of GDP in 2026 before returning to a surplus of 1.5% in 2027. InnovestX sees this as positive for the Thai stock market, particularly in spurring foreign capital to flow back into big-cap stocks, commercial banks such as Bangkok Bank, KTB, and Kasikornbank, and in lowering the financial costs of listed companies, especially the finance group such as Muangthai Capital, Srisawad, and TIDLOR, as well as attracting long-term investment into future industries, including industrial estates such as Amata and WHA, power plants such as Gulf, GPSC, BGRIM, and Gunkul, and electronics components such as Hana and KCE, for a total of 14 top picks. However, it views that although the Fitch news is positive, it may support the market only in the short term, given lingering external negatives including geopolitical tensions in the Middle East and risks in the Strait of Hormuz, as well as volatility from global trade policy. It therefore recommends a Buy on Dip strategy, waiting to accumulate rather than chasing prices.

The Ministry of Commerce reported Thailand's trade figures for August 2026, with exports expanding 24.3% year-on-year. Although this was below the market expectation of 24.8% year-on-year, it accelerated from 21.6% year-on-year in July 2026. Meanwhile, imports expanded 25.1% year-on-year, below market expectations and below July 2026's 30.0% year-on-year and 36.7% year-on-year respectively. Among export goods that grew well in the agricultural product group were fresh, chilled, frozen and dried fruit, up 24.0%; rubber, up 23.2%; fresh, chilled and frozen shrimp, up 18.8%; and processed chicken, up 10.5%. In the agro-industrial product group, pet food grew 17.5% and canned and processed seafood grew 4.8%. In the industrial product group, video and audio equipment and parts grew 1,155.7%; telephones, equipment and parts grew 151.2%; electrical transformers and parts grew 55.6%; computers, equipment and parts grew 42.1%; electrical appliances and parts grew 40.9%; integrated circuit boards grew 19.2%; and gems and jewelry, excluding gold, grew 3.2%, returning to growth after contracting the previous month. The research team at Phillip Securities sees this as positive sentiment for export stocks in the categories that grew well, as well as stocks related to those export goods, and views it as a boost for industrial estate and utility stocks. It selected 17 standout stocks: in the agricultural product group, CPF, NER, STA and TEGH; in the agro-industrial product group, AAI, ITC and TU; in the industrial product group, CCET, DELTA, HANA, HTECH and KCE; and in the industrial estate and utility group, AMATA, BGRIM, GPSC, ROJNA and WHA.

Analysts at InnovestX Securities said that on September 23, 2026 in New York, the US-ASEAN Business Council and the US Chamber of Commerce organized a meeting bringing senior executives from leading companies together with the Prime Minister of Thailand. The government reaffirmed Thailand's position as a regional hub and gateway to the 700-million-person ASEAN market, while accelerating the finalization of trade agreement terms with the United States and facilitating investment through improvements to the Thailand Fast Pass system. This helped push the value of investment promotion applications in the first half of 2026 to 44 billion US dollars, up 37% year on year, with a goal of lifting Thailand's competitiveness into the world's top 20 by 2030. Yesterday, on September 24, 2026, the Prime Minister visited Google's office at Pier 57 and held talks with Ruth Porat, President and CIO of Alphabet and Google. Google confirmed its investment in the EEC area of Chonburi province through an environmentally friendly data center development plan and a Google Cloud Region project in Bangkok, with a combined value of 1 billion US dollars, or about 36 billion baht. It also plans to establish an Open Data institute to develop digital workforce skills and create opportunities for Thai startups. The analysts therefore view the trade negotiations, progress on Thailand Fast Pass, and the clarity of real investment money at the level of 36 billion baht from a giant like Google as significantly boosting confidence in attracting FDI in technology and clean energy to relocate and expand investment into Thailand, especially the development of Green Data Center standards and SI technology, which will accelerate demand for digital infrastructure, namely data centers, cloud network systems, renewable power, and telecommunications equipment. The advance discussions also help build strong momentum and pave the way for the signing of MOUs or actual investment agreements during the World Bank-IMF global meetings in Bangkok in mid-October, which will support a positive atmosphere for the Thai stock market in the fourth quarter of 2026. The investment strategy therefore recommends Selective Buy in three main themes expected to benefit. The first is the Investment Play theme, expected to benefit directly from the accelerating domestic investment cycle, comprising the industrial estate groups WHA and AMATA, the renewable power plant groups GULF, GPSC, BGRIM, and GUNKUL, the contractors STECON and CK, and the digital infrastructure groups ADVANC, TRUE, and INSET. Next is the Banking Re-rating Play theme, which is seen as still having upside and the chance to be re-rated from accelerating loan growth driven by the private-sector investment cycle that is beginning, and the end of the interest rate cutting cycle, namely BBL, KBANK, and KTB. Finally, the Consumption Play theme will benefit in the short term from accelerating user numbers driven by travel by the US executive delegation and global participants in the World Bank-IMF meetings in October, while in the long term it will benefit from an overall stronger domestic economy, namely the tourism groups AOT, CENTEL, ERW, and MINT, and the commerce groups CPALL, CRC, and CPN.

UOB Kay Hian Securities (Thailand) recommends buying shares of WHA Corporation Public Company Limited, or WHA, with a target price of 6.10 baht. WHA's management remains confident that land sales this year will reach 2,500 rai, after 1,199 rai were sold in the first half of the year, and expects fourth-quarter sales to exceed third-quarter levels, supported by several deals currently under negotiation. Strong data center demand opens up long-term growth opportunities and remains a key driver of growth over the next three to five years. Management has not seen customers slow deals, though some are waiting to see how new regulations take shape before they are announced, which is expected within the next four to six weeks. In addition, WHA is studying the feasibility of establishing an industrial estate dedicated to data centers, where shared utilities such as water, electricity, and other infrastructure would help create economies of scale. The research team sees this as a promising new growth opportunity if data center regulations become more favorable to locations within industrial estates. Management also views the semiconductor industry as the next structural growth opportunity. Meanwhile, demand from the automotive, consumer goods, and electrical appliance sectors is likely to keep growing.

Bualuang Securities upgraded WHA stock from Hold to Buy, keeping its target price unchanged at 5.50 baht. It sees uncertainty over data center regulations beginning to ease, and expects EV excise tax reform to spur Chinese automakers and parts makers to relocate production to Thailand. The stock has fallen more than 11% since the downgrade, and the broker believes most of the overhang is already reflected in the price. The new data center rules are expected to be announced by mid-October, requiring hyperscale data centers of 100MW or more, and data centers classified as industrial activities, to be located in industrial estates. There are 57 data center projects already approved by the BOI, worth about 811 billion baht. WHA has a clear customer base, including a major US client that bought more than 1,000 rai of land with an investment value of 36 billion baht, Beijing Haoyang, which is building a 300MW hyperscale data center worth 72.67 billion baht, and K2 Strategic, which is developing a 50MW colocation project at WHA ESIE 4. On EV tax restructuring, the EV board approved a three-tier excise tax structure, with domestic manufacturers using a high share of local parts paying the lowest tax, while the EV 3.5 conditions tighten from 1:2 in 2026 to 1:3 in 2027. BEV registrations in the first seven months of 2026 rose 88% year on year to 126,950 units. WHA already has an existing base supporting BYD's 600-rai plant and Changan's 250-rai plant, a total of 850 rai.

Brokers take a positive view on the industrial estate group after the Thailand roadshow team in New York met with global funds and technology companies including PIMCO, Microsoft and Bank of America to pitch investment opportunities in future industries such as data centers, AI, digital infrastructure and alternative energy. PIMCO expressed interest in providing funding for data centers in Thailand, while Asia Plus Securities and KGI Securities (Thailand) tout AMATA and WHA as the biggest beneficiaries of the FDI and data center theme, with a key catalyst being clarity on new data center regulations in mid-October. KGI noted that investment promotion applications to the BOI and approved investment reached 1.47 trillion baht, up 37% year on year, and 1.3 trillion baht, up 45% year on year, respectively. FDI in the first half of 2026 jumped 80% year on year to 1.37 trillion baht, driven by the digital sector at 1.11 trillion baht, up 150% year on year, already exceeding full-year 2025 FDI of 1.36 trillion baht. Industrial estate land prices continue to rise, with AMATA's average land selling price in the first half of 2026 at 8.2 million baht per rai, up 32% year on year, while WHA's land selling price remains low at 4.8 million baht per rai due to a larger share of land transfers from the WHA-IER estate, which carries lower margins. KGI maintains an overweight stance on the industrial estate group versus the market and keeps buy ratings on both AMATA and WHA with SOTP-based target prices of 37.00 baht and 5.90 baht, respectively.

Prime Minister Anutin Charnvirakul led a Thai delegation, together with the Stock Exchange of Thailand and FETCO, on a roadshow in New York, meeting Bank of America, PIMCO, Microsoft and global institutional investors to present Thailand's potential and investment opportunities, with a focus on future industries such as data centers, AI, digital infrastructure and alternative energy. PIMCO expressed interest in providing funding for data centers in Thailand, reflecting the opportunity for Thailand to attract more FDI and foreign investment. Asia Plus Securities said the news is a positive factor for the industrial estate group over the medium to long term, with WHA and AMATA the biggest beneficiaries of the FDI and data center investment theme. WHA is linked to digital infrastructure and data centers, while AMATA has an industrial estate base and industrial customers to support new investment. However, the short-term impact remains limited, since the roadshow is still at the stage of generating interest and negotiating investment. Investors should therefore monitor BOI applications, new customers, land reservations and transfers, and progress on data center investment criteria from the Data Center board, rather than relying on the roadshow response alone.

WHA Corporation, or WHA, disclosed that WHA Venture Holding Company Limited, a subsidiary in which the company holds approximately 100 percent, has established a new subsidiary in Vietnam under Vietnamese law named WHA Vietnam Logistics Development Company Limited to operate a logistics business in Vietnam. The new company has registered capital of 5,228,600,000 Vietnamese dong, or approximately 6,692,608 baht, with WHA Venture Holding Company Limited holding a 100 percent investment stake. The source of the investment funds comes from the company's working capital.

Krungsri Securities said Thailand has signed the ASEAN-Hong Kong Investment Agreement, or AHKIA, to open up investment markets between the two sides and attract investment from Hong Kong in high-potential target industries, focusing on automobiles, auto parts, and printed circuit boards, or PCB. In addition, the agreement will help promote supply chain connectivity and give Thai investors the opportunity to expand their businesses into Hong Kong to connect with the Chinese market. The research team assesses that sentiment toward the SET is positive given the continued approach of drawing foreign investment. Stocks that benefit from the investment theme include industrial estates AMATA and WHA, as well as banks KBANK, KTB, KKP, and BBL.

Foreign investors returned to buying Thai stocks, with net purchases of 52.68226 billion baht from the start of the year through September 22, comprising 6.60989403 trillion baht in buys and 6.55721177 trillion baht in sells. In September alone, net buying reached 1.31328 billion baht, from 626.56138 billion baht in buys and 625.24810 billion baht in sells, marking the highest foreign buying in two months and making the Thai stock market the most sought-after in ASEAN. The supporting factor came from Meta's launch of a new AI model with higher processing efficiency, offered free of charge, which the market expects will extend its advertising business and accelerate demand for AI CAPEX, benefiting Thai component stocks, especially DELTA and HANA. Meanwhile, Infra Tech stocks drew support from the NBTC's proposal for a data center board to set new investment criteria, including requiring operators to have power purchase agreements and water supply certificates, to use domestic materials no less than 50%, and to add sustainability requirements. This is expected to boost industrial estate stocks such as AMATA and WHA, power stocks such as GULF, BGRIM and GUNKUL, bank stocks such as KBANK, KTB, KKP and BBL, as well as contractor stocks such as STECON, PYLON and INSET. At the same time, the Cabinet meeting approved extending the Thai Help Thai Plus 40/60 Phase 2 project by another 2 months, from October 1 to November 30, 2026, with a total budget of 42.69 billion baht, and approved an additional 700 baht per person in product purchase credit for state welfare cardholders for October only, bringing the total injection to 1,000 baht per person. This measure is expected to benefit retail stocks such as CPAXT, BJC and CPALL, as well as consumer goods stocks such as CBG and OSP, in a second-round effect.

Krungsri Securities reported that the setting of new Data Center investment criteria is making continuous progress. Most recently, the NBTC proposed to the Data Center Board three key conditions: operators must have adequate utilities, meaning they must have power purchase agreements, or PPAs, and sufficient water supply service certifications; they must use domestically produced structural materials, construction work and electrical systems at a proportion of no less than 50% to support Thai industry; and a sustainability requirement, or Go Green, must be added, requiring operators to have guidelines to reduce environmental impact, cut carbon emissions and have electronic waste management plans. The research department assesses that this rapid and clear adjustment of the criteria is positive for Thailand's economic direction in the period ahead, and the Local Content condition will help circulate Data Center investment money into other industries. Stocks expected to gain positive sentiment include Infra Tech theme stocks such as AMATA and WHA, power group stocks GULF, BGRIM and GUNKUL, banking group stocks KBANK, KTB, KKP and BBL, and construction group stocks STECON, PYLON and INSET.

Kasikorn Securities, or KS, said in a research note that ESG is entering an era in which it genuinely affects financial outcomes, and unveiled 10 stocks set to benefit from the ESG transition. The Stock Exchange of Thailand is preparing to move from SET ESG Ratings to the FTSE Russell ESG Scores framework, with listed companies due to learn their own scores in 2026 and public disclosure beginning in 2027. Preliminary statistics from the 2025 FTSE Russell ESG Scores assessment show that 222 Thai listed companies averaged 3.6 out of 5, placing them at a Good practice level, with the utilities, healthcare, and oil and gas sectors scoring most strongly. KS said ESG development is reaching a regulatory level that will affect profits and ROIC through a carbon pricing mechanism with a pilot price of 200 baht per tonne of carbon equivalent, a planned emissions trading system trial in 2029-2030, the EU CBAM measure, and the IFRS S1/S2 standards and Thailand Taxonomy. A study of SET100 stocks found that high ESG-rated shares do not always trade at more expensive PER or PBV multiples or post higher EPS growth, but that good ESG enhances investability through liquidity and the shareholding of foreign and institutional investors. The case of DELTA, which was removed from the SETESG index, reflects how money from ESG-linked funds affects short-term price volatility. The 10 standout stocks span five themes: renewable energy business expansion, GULF, BCPG and CKP; green industrial infrastructure, WHA and AMATA; ESG data services and carbon management, DITTO and BBIK; sustainable finance, BAY and TTB; and the circular economy, SCGP.

The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.

InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.

Land and Houses Securities Public Company Limited stated that the direction of the BOI's investment promotion policy is beginning to shift from focusing solely on the value of applications toward tracking actual investment that materialises and the benefits to the Thai economy, including linking SMEs into supply chains, workforce skill development, research and development, and technology transfer. At the same time, the BOI has added 17 more projects under the Thailand FastPass scheme with a combined value of 121 billion baht, while FastPass projects from earlier rounds have already seen more than 21 billion baht in actual investment. The brokerage views that reducing procedures and easing constraints on project implementation will help accelerate the transition from investment plans to actual spending, and that increasing linkages with domestic operators will help investment money flow through to Thai businesses and workers more effectively. It assesses that the benefits to the SET will not be evenly distributed across all industries, but will favour companies that can clearly convert investment money into domestic revenue, especially industrial estate groups, Data Center contractors, electrical and public utility network providers, and banks with business customer bases and project loans. The beneficiary stocks include AMATA and WHA on demand for industrial land, with WHA recording land sales of 1,199 rai in the first half of 2026 and 1,464 rai in pending transfer sales, while AMATA had land sales of 377 rai in the first half of 2026 and pending transfer sales of about 18.4 billion baht. INSET benefits from Data Center investment, with second-quarter 2026 revenue from Data Center work rising to 670 million baht, up 451% year on year, from six projects totalling 335 MW, lifting net profit to 64 million baht, up 652% year on year, with a backlog at the end of the second quarter of 2026 of about 4.5 billion baht, rising to about 5.7 to 5.8 billion baht after winning new work in the third quarter of 2026. BGRIM, GULF and RATCH have opportunities from electricity demand and Data Center expansion, with BGRIM developing a Hyperscale Data Center in Chonburi targeting maximum service capacity of 96 MW, while GULF aims to expand Data Center capacity to 300 to 500 MW within three to five years, and RATCH is in talks with five to six operators with potential to support about 300 to 1,400 MW. WHAUP and EASTW are supported by rising water demand, with EASTW having begun supplying water to Data Center customers in Chonburi since May 2026 and planning to add two more customers within this year. GUNKUL expects its backlog at the end of 2026 to be about 5 to 6 billion baht, supporting revenue in 2027, while BBL and KBANK have opportunities from financial services across the entire investment chain, from project loans and business loans to working capital, cash management services and foreign exchange transactions.

Phillip Securities (Thailand) Public Company Limited said the Board of Investment is pressing ahead with adjustments to its investment promotion policy to draw money into the technology and digital industries, after the value of investment promotion applications in the first six months of 2026 reached 1.47 trillion baht, up 37% from the same period a year earlier. Digital businesses accounted for the largest share, at 76% of total applications in the first half and 53% in the second quarter of 2026, when applications in target industries were worth 456 billion baht. The BOI also approved three large projects with combined investment of 9.64 billion baht, covering advanced electronic circuit board manufacturers and clean energy. Meanwhile, the Thailand Fast Pass programme has 42 projects with combined investment of 344 billion baht. The automotive industry is preparing to restructure excise tax into three tiers to encourage carmakers to set up production bases in Thailand instead of importing. The research team continues to favour industrial estate stocks over the broader market, choosing AMATA as its top pick because it trades at a price-to-earnings ratio of only 7.3 times, below its five-year average of 11.7 times. It expects 2026 profit to grow strongly to 5.551 billion baht, or 76% from a year earlier. WHA is rated a buy with a target of 5.40 baht per share. For first-half results, overall profit for the industrial estate group rose 143% from a year earlier on transfers of accumulated backlog, with AMATA and ROJNA posting standout profits.

Globlex Securities issued an analyst report on WHA Corporation Public Company Limited, or WHA, forecasting 2026 revenue of about 17.7 billion baht, up 16% year-on-year, driven by two main factors: land transfers rising to 2,500 rai from 2,100 rai in 2025 on the back of securing Data Center customers, and asset sales into the WHART and WHAIR funds in the second half of 2026. The research team assumes a gross profit margin of about 49.4%, up from 48.7% in 2025, resulting in forecast 2026 profit of about 5.56 billion baht, up 8% year-on-year. The research team values WHA using the sum of the parts, or SOTP, method, arriving at a fair value of 4.55 baht per share for the WHA business and about 0.85 baht per share for WHAUP, giving a total 2027 fair value of 5.40 baht per share, up from the 2026 fair value of 4.10 baht, as the one-year average P/E ratio rose from 11 times to 14 times. With the current price still offering about 15% upside, the research team maintains its buy recommendation. Management targets 2026 land sales of about 2,500 rai, even though the first half of 2026 saw land sales of about 504 rai, or 20% of the 2026 target, with backlog of 1,470 rai as of June 2026. In the second half of 2026, the company plans to sell two warehouses worth a combined 3.7 billion baht into the WHA Real Estate Management trust, or WHART, worth 2.5 billion baht, and the WHA Industrial trust, or WHAIR, worth 1.2 billion baht, respectively. For second-quarter 2026 results, the company reported net profit of 659 million baht, down 33% year-on-year and 56% quarter-on-quarter, due to land transfers falling to 208 rai from 296 rai in the first quarter of 2026. The logistics business added leases in both built-to-suit and ready-built warehouse formats, pushing total managed area to 3.24 million square meters. The utilities business recorded total water sales and management of 87 million cubic meters, up 10% year-on-year, while the power business recovered on the share of profit from the Gheco-One power plant. First-half 2026 profit came in at 2.17 billion baht, down 29% year-on-year and representing 39% of the estimate.

The global AI investment wave is driving foreign capital into Thailand's infrastructure sectors, including data centers, power systems, cooling systems, PCB and storage. Data from Kasikorn Thai shows that in the first half of 2026, Thailand received investment promotion applications totaling 1.47 trillion baht, up 37% from a year earlier, while foreign capital rose 80% to 1.36 trillion baht, led by the digital and electronics industries. Among the stocks seen as direct beneficiaries is DELTA, which makes power supply and cooling systems for data centers and is ramping up commercial production of liquid cooling systems. HANA is viewed as the Thai stock market's new AI proxy, with AI-related products set to enter production lines in the second half of 2026. KCE is expected to benefit from the semiconductor upcycle and tight PCB supply, which could support selling prices and profits in the second half of 2026. SMT gains from the shift to optical connectivity, while CCET benefits from rising demand for both HDD and SSD storage as AI computing generates massive volumes of data. INSET has seen a flood of project inquiries, while WHA and AMATA stand to gain because data center businesses use roughly 12 to 16 times more electricity and water than general industrial plants, meaning industrial estate revenue does not end on the day land is sold but continues through long-term utility income. If foreign capital flows and data center investment accelerate further in 2027, the Thai stock market may see an increasingly clear picture of an AI ecosystem.