LHSEC recommends buying AWC with a target of 3.46 baht and WHA with a target of 5.50 baht

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Summary · why it matters

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.

Impact on assets 3

Real Estate▲
Asset World Corp Public Company Limited
AWC
▲ PositiveCapitalrelevance

LHSEC raised AWC's target price to 3.46 baht and maintained a speculative buy, citing clarity on AWR boosting 2027 extraordinary profit forecasts.

Artificial Intelligence▲
WHA Corporation Public Company Limited
WHA
▲ PositiveCapitalrelevance

LHSEC recommends buying WHA with a 5.50 baht target, citing land sales progress and expected standout Q4 2026 profit from land transfers and asset sales into the trust.

Off-coverage companies 1

AWC Lifestyle Properties REITi
Private± Mixedrelevance