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WHA Utilities and Power Public Company Limited (WHAUP.BK)

Q3 2026
▲3▼1

WHAUP Q2 profit surges on data centers, but land weakness weighs

  • Q2 profit jump Core profit rose 116% and net profit 276% year-on-year, driven by higher water demand, new industrial customers, and the Gheco-One power plant's recovery.

    This is the main positive financial result that likely boosted investor confidence.

  • Data center catalyst Data centers are a key catalyst, with operations starting Q4 2026, 958 billion baht of approved projects, and 120MW of Direct PPA MOUs.

    This highlights a major new growth driver for future revenue.

  • Broker upgrades Brokers upgraded forecasts and targets (9.30–9.70 baht), citing PDP2026 renewables support and planned Small Modular Reactor and carbon capture investments.

    Analyst upgrades can directly influence stock price and investor sentiment.

  • Land transfer weakness Weak WHA land transfers cut utility revenue 17% quarter-on-quarter, highlighting dependence on industrial estate activity; higher gas costs and flat electricity tariffs also pressure margins.

    This is a key risk that could offset positive drivers and weigh on the stock.

September 2026
▲4

WHAUP's profit surge and data-centre demand drive bullish outlook

  • Q2 profit surges 276% on water and power recovery WHAUP's Q2 net profit jumped 276% to 532 million baht, and H1 profit rose 129%, driven by higher water sales in Thailand and Vietnam and the Gheco-One power plant returning to full operation. This directly boosts earnings and supports a higher share price.

    This is the core earnings event that explains the recent profit surge and is new to readers.

  • Data centres to accelerate water and power demand from Q4 2026 Data centres gradually starting operations from Q4 2026 through 2027 should significantly increase WHAUP's water usage and electricity sales. Phillip Securities maintains a Buy rating with a 9.45 baht target, expecting 9M26 profit up 25.3% year-on-year.

    This is a new, specific catalyst that directly links data centre growth to WHAUP's future revenue and profit.

  • WHAUP prepares for small nuclear and carbon capture investments WHAUP is preparing to invest in Small Modular Reactors and Carbon Capture and Storage as new growth engines, aligning with Thailand's PDP 2026 plan that targets over 65% renewable and clean energy. This positions the company for long-term growth.

    This is a new strategic move that could drive future earnings and is not yet reflected in the price.

  • Brokerages raise WHAUP profit forecasts and target prices Krungsri Securities raised WHAUP's 2026-2028 profit forecasts by 6%, 3%, and 8%, while Kasikorn Securities expects 19% annual profit growth through 2030. Phillip maintains a 9.45 baht target, and WHA's target was raised to 5.60 baht, citing WHAUP's data-centre-driven growth.

    Analyst upgrades and higher target prices directly influence investor sentiment and can push the stock price up.

Latest
▲4

WHAUP's profit surge and data-centre demand drive bullish outlook

  • Q2 profit surges 276% on water and power recovery WHAUP's Q2 net profit jumped 276% to 532 million baht, and H1 profit rose 129%, driven by higher water sales in Thailand and Vietnam and the Gheco-One power plant returning to full operation. This directly boosts earnings and supports a higher share price.

    This is the core earnings event that explains the recent profit surge and is new to readers.

  • Data centres to accelerate water and power demand from Q4 2026 Data centres gradually starting operations from Q4 2026 through 2027 should significantly increase WHAUP's water usage and electricity sales. Phillip Securities maintains a Buy rating with a 9.45 baht target, expecting 9M26 profit up 25.3% year-on-year.

    This is a new, specific catalyst that directly links data centre growth to WHAUP's future revenue and profit.

  • WHAUP prepares for small nuclear and carbon capture investments WHAUP is preparing to invest in Small Modular Reactors and Carbon Capture and Storage as new growth engines, aligning with Thailand's PDP 2026 plan that targets over 65% renewable and clean energy. This positions the company for long-term growth.

    This is a new strategic move that could drive future earnings and is not yet reflected in the price.

  • Brokerages raise WHAUP profit forecasts and target prices Krungsri Securities raised WHAUP's 2026-2028 profit forecasts by 6%, 3%, and 8%, while Kasikorn Securities expects 19% annual profit growth through 2030. Phillip maintains a 9.45 baht target, and WHA's target was raised to 5.60 baht, citing WHAUP's data-centre-driven growth.

    Analyst upgrades and higher target prices directly influence investor sentiment and can push the stock price up.

August 2026
▲3▼1

WHAUP Q2 profit surges on data center demand and power plant strength

  • Q2 profit surge WHAUP's Q2/2026 core profit jumped 116% and net profit 276% year-on-year, driven by higher water demand, new industrial customers, and a stronger profit share from the Gheco-One power plant.

    This is the main new financial result that directly boosted investor confidence and the stock's outlook.

  • Data center demand catalyst Data center demand is a major catalyst: new efficiency rules, 958 billion baht of approved projects, and Direct PPA MOUs totaling 120MW with a 100MW+ pipeline support long-term growth.

    This new demand source is a key forward-looking driver that could significantly boost future revenue.

  • Broker upgrades and policy support Thailand's GDP upgrade and PDP2026, with renewables above 60%, favor WHAUP, and brokers rate it a key beneficiary with Buy ratings and 9.30–9.70 baht targets.

    This reflects new external validation and policy tailwinds that improved the stock's investment case.

  • Margin pressure and weak land transfers Risks remain: higher gas costs pressure margins, electricity tariffs stayed flat at 3.95 baht/unit, and weak WHA land transfers cut utility revenue 17% quarter-on-quarter, showing dependence on industrial estate activity.

    This provides a fair counterweight, highlighting real challenges that could limit upside.

▲4

WHAUP gains from PDP2026, Direct PPA, and data center demand

  • PDP2026 opens new power investment cycle Thailand's new Power Development Plan (PDP2026) is moving forward, with renewable energy set to exceed 60% and direct power purchase agreements (Direct PPA) opening. This creates opportunities for WHAUP to win new power plant projects and sell more electricity, especially to data centers. Brokers see it as a positive for WHAUP, supporting future earnings growth.

    This is a major new regulatory catalyst that directly expands WHAUP's power business opportunities.

  • Direct PPA deals with data centers WHAUP has signed MOUs for Direct PPA with data center customers totaling 120 megawatts, with a pipeline of over 100 megawatts. Data centers use 12-16 times more water than typical factories, boosting both power and water demand. This positions WHAUP for long-term growth as the sole utility provider in WHA's industrial estates.

    This is a concrete new business win that directly drives future revenue and profit.

  • Q2 profit surges 276% on industrial demand WHAUP reported Q2/2026 net profit up 276% year-on-year to 532 million baht, driven by higher water demand across all segments and new industrial customers. The electricity business also saw a significant increase in profit share from the Gheco-One power plant. This strong result confirms the company's recovery and supports positive sentiment.

    This is a new earnings report that validates the company's strong operational performance.

  • Brokers highlight WHAUP as PDP2026 beneficiary Several brokers, including Krungsri, Yuanta, KGI, and Bualuang, have named WHAUP as a key beneficiary of PDP2026 and Direct PPA. KGI maintains a Buy rating with a 9.30 baht target, expecting core profit to grow 34% in 2026 and 21% in 2027. Bualuang sees 18.1% earnings upside from 0.5GW additional capacity.

    Broker endorsements and target prices influence investor sentiment and buying decisions.

▲3▼1

WHAUP Q2 profit surges on water and power recovery, data center demand builds

  • Q2 profit surge beats expectations WHAUP's second-quarter 2026 core profit jumped 116% from a year earlier to 502 million baht, beating analyst estimates. Both water and power businesses recovered: water sales volume rose 10% and the Gheco-1 power plant ran at full capacity with lower coal costs. Krungsri recommends buy with a 9.7 baht target.

    This is the single biggest new fact this period and directly explains why the stock is moving.

  • Data center rules seen boosting water and power demand New government rules for data centers, including water-use efficiency criteria, are expected to attract more investment. Analysts name WHAUP as a beneficiary because data centers need large amounts of industrial water and electricity — WHAUP's core products. Over 958 billion baht of data center projects are already approved.

    This is the main structural growth driver behind the stock's long-term story and is new this period.

  • Broader Thai investment and GDP upgrade support utilities Thailand's Finance Ministry raised its 2026 GDP growth forecast to 2.5% from 1.6%, with private investment expected to expand 9% on data center and BOI-promoted projects. Kasikorn Securities lists WHAUP among its top investment and infrastructure picks, which supports demand for its water and power services.

    Macro upgrade and analyst endorsement give a demand tailwind that helps explain positive sentiment.

  • Rising gas costs and weak WHA land sales weigh on results Higher gas costs pressure margins for small power producers like WHAUP, and the electricity tariff was kept flat at 3.95 baht per unit. Separately, WHA's weak Q2 land transfers cut utility revenue at WHAUP by 17% from the previous quarter, a reminder that its fortunes are tied to industrial estate activity.

    This is the real counterweight — cost pressure and a soft parent result that could cap the stock's rise.

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