View ValuationWHA Utilities and Power 향후 성장Future 기준 점검 2/6WHA Utilities and Power (는) 각각 연간 18.3% 및 9.2% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 18.7% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 12% 로 예상됩니다.핵심 정보18.3%이익 성장률18.69%EPS 성장률Water Utilities 이익 성장7.8%매출 성장률9.2%향후 자기자본이익률11.98%애널리스트 커버리지Good마지막 업데이트17 May 2026최근 향후 성장 업데이트Price Target Changed • May 18Price target increased by 8.3% to ฿5.83Up from ฿5.38, the current price target is an average from 7 analysts. New target price is 15% above last closing price of ฿5.05. Stock is up 57% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.27 last year.Major Estimate Revision • Nov 25Consensus EPS estimates increase by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿3.18b to ฿3.24b. EPS estimate increased from ฿0.303 to ฿0.338 per share. Net income forecast to grow 29% next year vs 13% growth forecast for Water Utilities industry in Thailand. Consensus price target up from ฿5.10 to ฿5.23. Share price was steady at ฿4.28 over the past week.Price Target Changed • Jul 24Price target decreased by 12% to ฿4.87Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 46% above last closing price of ฿3.34. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.29 last year.Major Estimate Revision • Feb 28Consensus EPS estimates fall by 14%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.39 to ฿0.335 per share. Revenue forecast steady at ฿3.29b. Net income forecast to grow 19% next year vs 30% growth forecast for Water Utilities industry in Thailand. Consensus price target down from ฿5.50 to ฿4.53. Share price was steady at ฿3.62 over the past week.Price Target Changed • Feb 26Price target decreased by 18% to ฿4.53Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 26% above last closing price of ฿3.60. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.29 last year.Price Target Changed • Nov 12Price target increased by 7.5% to ฿5.77Up from ฿5.37, the current price target is an average from 3 analysts. New target price is 15% above last closing price of ฿5.00. Stock is up 33% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.43 last year.모든 업데이트 보기Recent updatesPrice Target Changed • May 18Price target increased by 8.3% to ฿5.83Up from ฿5.38, the current price target is an average from 7 analysts. New target price is 15% above last closing price of ฿5.05. Stock is up 57% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.27 last year.Reported Earnings • May 17First quarter 2026 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2026 results: EPS: ฿0.08 (up from ฿0.059 in 1Q 2025). Revenue: ฿1.12b (up 59% from 1Q 2025). Net income: ฿303.2m (up 35% from 1Q 2025). Profit margin: 27% (down from 32% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.공시 • Apr 23WHA Utilities and Power Public Company Limited Approves Dividend Payment from 2025, Payable on May 18, 2026WHA Utilities and Power Public Company Limited at its 2026 Annual General Meeting of Shareholders, held on April 22, 2026, acknowledged the interim dividend of THB 0.0600 per share or equivalent to THB 229.5, made on December 11, 2025 and approved an additional dividend payment from 2025 operating performance of THB 0.1925 per share or equivalent to THB 736.3 million without any allocation of net profit to the legal reserve, as the Company has already made full allocation of the legal reserve as required by law. In this regard, the Company has determined the Record Date for shareholders' right to receive the dividend on April 29, 2026 and the dividend payment date on May 18, 2026.Upcoming Dividend • Apr 21Upcoming dividend of ฿0.19 per shareEligible shareholders must have bought the stock before 28 April 2026. Payment date: 18 May 2026. Payout ratio is on the higher end at 89%, and the cash payout ratio is above 100%. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.9%).Valuation Update With 7 Day Price Move • Mar 04Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿4.30, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total returns to shareholders of 31% over the past three years.Declared Dividend • Feb 28Final dividend of ฿0.19 announcedDividend of ฿0.19 is the same as last year. Ex-date: 28th April 2026 Payment date: 18th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (246% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Feb 27Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: EPS: ฿0.27 (down from ฿0.29 in FY 2024). Revenue: ฿3.19b (up 9.2% from FY 2024). Net income: ฿1.02b (down 9.2% from FY 2024). Profit margin: 32% (down from 38% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth.공시 • Feb 26+ 1 more updateWHA Utilities and Power Public Company Limited Proposed Annual Cash Dividend for Operating Period from 01 January 2025 to 31 December 2025, Payment Date Shall Be on May 18, 2026WHA Utilities and Power Public Company Limited at the AGM to be held on 22 April 2026, proposed distribution of the annual dividend for Operating period from 01 January 2025 to 31 December 2025 to shareholders, derived from net profit and retained earnings at THB 0.2525 per share, or equivalent to THB 965.8 million, or equivalent to 95.03% of net profit for the year after deducting legal reserve of consolidated financial statements, which is consistent with the Company's dividend payment policy. In addition, the Board resolved to approve an Interim dividend payment of THB 0.0600 per share or equivalent to THB 229.5 million, which was already paid on December 11, 2025, therefore, the remaining annual cash dividend for the year 2025 shall be additionally paid at THB 0.1925 per share or equivalent to THB 736.3 million. The Company has fully allocated its legal reserves in accordance with legal requirement. The Company has determined the Record Date for the shareholders' right to receive the dividend on April 29, 2026, and the dividend payment date shall be on May 18, 2026. However, the right to receive the dividend is uncertain as it is subject to the approval of the Annual General Meeting of Shareholders.Major Estimate Revision • Nov 25Consensus EPS estimates increase by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿3.18b to ฿3.24b. EPS estimate increased from ฿0.303 to ฿0.338 per share. Net income forecast to grow 29% next year vs 13% growth forecast for Water Utilities industry in Thailand. Consensus price target up from ฿5.10 to ฿5.23. Share price was steady at ฿4.28 over the past week.Declared Dividend • Nov 16Dividend of ฿0.06 announcedDividend of ฿0.06 is the same as last year. Ex-date: 27th November 2025 Payment date: 11th December 2025 Dividend yield will be 6.2%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (332% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 38% over the next 3 years, which should maintain adequate earnings cover for the dividend.Reported Earnings • Nov 16Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: ฿0.13 (up from ฿0.02 in 3Q 2024). Revenue: ฿955.8m (up 24% from 3Q 2024). Net income: ฿486.7m (up ฿405.9m from 3Q 2024). Profit margin: 51% (up from 11% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Reported Earnings • Aug 09Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: EPS: ฿0.04 (down from ฿0.087 in 2Q 2024). Revenue: ฿765.1m (up 5.9% from 2Q 2024). Net income: ฿141.5m (down 57% from 2Q 2024). Profit margin: 19% (down from 46% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.Price Target Changed • Jul 24Price target decreased by 12% to ฿4.87Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 46% above last closing price of ฿3.34. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.29 last year.Reported Earnings • May 10First quarter 2025 earnings: EPS in line with expectations, revenues disappointFirst quarter 2025 results: EPS: ฿0.06 (down from ฿0.12 in 1Q 2024). Revenue: ฿704.6m (down 2.2% from 1Q 2024). Net income: ฿223.8m (down 52% from 1Q 2024). Profit margin: 32% (down from 65% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.공시 • Apr 24WHA Utilities and Power Public Company Limited Approves Dividend for the Year 2024, Payable on May 16, 2025WHA Utilities and Power Public Company Limited at its AGM held on April 22, 2025, approved the interim dividend and approved the additional dividend payment from 2024 operating performance at THB 0.1925 per share or equivalent to THB 736.3 million; and did not allocate its net profit for legal reserve because the legal reserve had been fully allocated as required by law. The Record Date for the shareholders' right to receive the dividend shall be on April 29, 2025, and the dividend payment date shall be on May 16, 2025.Upcoming Dividend • Apr 21Upcoming dividend of ฿0.19 per shareEligible shareholders must have bought the stock before 28 April 2025. Payment date: 16 May 2025. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 7.4%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (4.2%).Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿3.02, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total loss to shareholders of 15% over the past three years.Major Estimate Revision • Feb 28Consensus EPS estimates fall by 14%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.39 to ฿0.335 per share. Revenue forecast steady at ฿3.29b. Net income forecast to grow 19% next year vs 30% growth forecast for Water Utilities industry in Thailand. Consensus price target down from ฿5.50 to ฿4.53. Share price was steady at ฿3.62 over the past week.Price Target Changed • Feb 26Price target decreased by 18% to ฿4.53Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 26% above last closing price of ฿3.60. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.29 last year.Declared Dividend • Feb 24Final dividend of ฿0.19 announcedDividend of ฿0.19 is the same as last year. Ex-date: 28th April 2025 Payment date: 16th May 2025 Dividend yield will be 7.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.1% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 2 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Feb 22Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: ฿0.29 (down from ฿0.43 in FY 2023). Revenue: ฿2.93b (up 5.2% from FY 2023). Net income: ฿1.12b (down 31% from FY 2023). Profit margin: 38% (down from 59% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.4%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.공시 • Feb 22WHA Utilities and Power Public Company Limited, Annual General Meeting, Apr 22, 2025WHA Utilities and Power Public Company Limited, Annual General Meeting, Apr 22, 2025, at 14:00 SE Asia Standard Time. Location: meeting, b.e. 2563 (2020) and, other related regulation, Thailand공시 • Feb 21WHA Utilities and Power Public Company Limited Proposes Annual Dividend for the Year 2024, Payable on May 16, 2025WHA Utilities and Power Public Company Limited at its board meeting held on February 21, 2025 approved to propose the 2025 Annual General Meeting of Shareholders to consider and approve the distribution of the annual dividend for the year 2024 at THB 0.2525 per share or equivalent to THB 965.8 million from net profit and retained earnings, consisting of: Interim dividend of THB 0.0600 per share or equivalent to THB 229.5 million which was already paid on December 4, 2024. Additional dividend of THB 0.1925 per share or equivalent to THB 736.3 million. The Record date for the shareholders' right to receive the dividend shall be April 29, 2025 and the dividend payment date shall be on May 16, 2025. However, the right to receive dividend is uncertain as it is subject to the approval from the Annual General Meeting of Shareholders to be held on April 22, 2025.Board Change • Feb 20Less than half of directors are independentThere are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Luxmon Attapich was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.Valuation Update With 7 Day Price Move • Feb 06Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿3.28, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total loss to shareholders of 7.7% over the past three years.Reported Earnings • Nov 14Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2024 results: EPS: ฿0.02 (down from ฿0.13 in 3Q 2023). Revenue: ฿769.4m (up 12% from 3Q 2023). Net income: ฿80.9m (down 84% from 3Q 2023). Profit margin: 11% (down from 74% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 82%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.Price Target Changed • Nov 12Price target increased by 7.5% to ฿5.77Up from ฿5.37, the current price target is an average from 3 analysts. New target price is 15% above last closing price of ฿5.00. Stock is up 33% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.43 last year.Declared Dividend • Nov 11First half dividend of ฿0.06 announcedShareholders will receive a dividend of ฿0.06. Ex-date: 21st November 2024 Payment date: 4th December 2024 Dividend yield will be 5.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (dividend approximately 24x free cash flows). The dividend has increased by an average of 3.1% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Major Estimate Revision • Aug 20Consensus EPS estimates fall by 11%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿2.80b to ฿2.89b. EPS estimate fell from ฿0.40 to ฿0.355 per share. Net income forecast to shrink 15% next year vs 22% growth forecast for Water Utilities industry in Thailand . Consensus price target reaffirmed at ฿5.40. Share price was steady at ฿3.90 over the past week.New Risk • Aug 13New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 24x cash flows per share).Reported Earnings • Aug 10Second quarter 2024 earnings: EPS misses analyst expectationsSecond quarter 2024 results: EPS: ฿0.09 (down from ฿0.13 in 2Q 2023). Revenue: ฿722.2m (down 7.4% from 2Q 2023). Net income: ฿332.1m (down 31% from 2Q 2023). Profit margin: 46% (down from 62% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.공시 • Aug 10WHA Utilities and Power Public Company Limited Announces Management ChangesWHA Utilities and Power Public Company Limited Acknowledged the resignation of Mrs. Punnee Worawuthichongsathit from her position as an Independent Director, an Audit Committee Member and a Chairman of the Corporate Governance and Sustainable Development Committee of the Company due to her personal engagement, effective from 10 August 2024 onwards. Approved the appointment of Dr. Somsak Pratomsrimek as an Independent Director in replacement of Mrs. Punnee Worawuthichongsathit, the resigned director. Additionally, appointed him to serve as an Audit Committee member and a Risk Management Committee member, effective from 10 August 2024 onwards. Approved the appointment of Mr. Natthapatt Tanboon-ek as a Director in replacement of Mr. Pajongwit Pongsivapai, the resigned director, effective from 10 August 2024 onwards. List of Members of the Board of Directors of WHA Utilities and Power Public Company: Ms. Jareeporn Jarukornsakul Chairman of the Board of Directors, Chairman of the Executive Committee Chairman of the Risk Management Committee Nomination and Remuneration Committee Member, Mr. Weidt Nuchjalearn Independent Director Chairman of the Audit Committee Chairman of the Nomination and Remuneration Committee, Mr. Ekajai Tivutanond Independent Director Audit Committee Member Corporate Governance and Sustainable Development Committee Member Nomination and Remuneration Committee Member Risk Management Committee Member, Mr. Numchai Lowattanatakul Independent Director Chairman of the Corporate Governance and Sustainable Development Committee Risk Management Committee Member, Professor Dr. Kamphol Panyagometh Independent Director Audit Committee Member Dr. Somsak Pratomsrimek Independent Director Audit Committee Member Risk Management Committee Member Mr. Vivat Jiratikarnsakul Director Mr. Somkiat Masunthasuwun Director Executive Committee Member Chief Executive Officer Mr. Krailuck Asawachatroj Director Mr. Natthapatt Tanboon-ek Director Executive Committee Member.공시 • May 11WHA Utilities and Power Public Company Limited Announces Board and Committee ChangesWHA Utilities and Power Public Company Limited informed that the Board of Directors' Meeting passed the resolution to approved the appointment of Professor Dr. Kamphol Panyagometh as an Independent Director in replacement of Mr. David Richard Nardone the resigned director, and a new member of Audit Committee, with effect from 10 May 2024 onwards. Therefore, the list of members of the Board of Directors as of 10 May 2024appears in the enclosure. The audit committee is consisted of: Chairman of the audit committee; Mr. Weidt Nuchjalearn, Member of the audit committee; Mrs. Punnee Worawuthichongsathit, Member of the audit committee; Mr. Ekajai Tivutanond, Member of the audit committee; Professor Dr. Kamphol Panyagometh.공시 • May 03WHA Utilities and Power Public Company Limited Announces Resignation of David Richard Nardone as DirectorWHA Utilities and Power Public Company Limited informed that Mr. David Richard Nardone has expressed his intention to resign from the Company's director due to personal engagements, with effect from 1 May 2024 onwards. The Company will proceed to appoint a person to replace Mr. David Richard Nardone in due course.공시 • Apr 19WHA Utilities and Power Public Company Limited Approves Dividend for the Year 2023, Payable on 15 May 2024WHA Utilities and Power Public Company Limited announced at annual general meeting held on April 18, 2024, the shareholders approved the allocation of legal reserve THB 25.1 million (5% of net profit of separate financial statement for the year 2023) and the distribution of dividend payment for the year 2023 at THB 0.2525 per share or equivalent to THB 965.8 million from net profit and retained earnings, consisting of: 1) Interim dividend of THB 0.0600 per share or equivalent to THB 229.50 million which was already paid on 4 December 2023 and An additional dividend of THB 0.1925 per share or equivalent to THB 736.3 million. The list of shareholders to be entitled to the dividend will be determined on 26 April 2024 (record date) and dividend payment will be made on 15 May 2024.Upcoming Dividend • Apr 18Upcoming dividend of ฿0.19 per shareEligible shareholders must have bought the stock before 25 April 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.8%). In line with average of industry peers (4.3%).Declared Dividend • Feb 25Final dividend increased to ฿0.19Dividend of ฿0.19 is 93% higher than last year. Ex-date: 25th April 2024 Payment date: 15th May 2024 Dividend yield will be 6.3%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 14% over the next 2 years. However, it would need to fall by 51% to increase the payout ratio to a potentially unsustainable range.Reported Earnings • Feb 24Full year 2023 earnings: EPS exceeds analyst expectationsFull year 2023 results: EPS: ฿0.43 (up from ฿0.12 in FY 2022). Revenue: ฿2.78b (up 14% from FY 2022). Net income: ฿1.63b (up 259% from FY 2022). Profit margin: 59% (up from 19% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.9%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.공시 • Feb 24+ 1 more updateWHA Utilities and Power Public Company Limited Proposes Dividend for the Year 2023, Payable 15 May 2024WHA Utilities and Power Public Company Limited at its board meeting held on February 23, 2024 approved to propose the Annual General Meeting of Shareholders 2024 to consider and approve the legal reserve allocation of THB 25.1 million (5% of net profit of separate financial statement for the year 2023) and the distribution of the annual dividend for the year 2023 at THB 0.2525 /Share or equivalent to THB 965.8 million from net profit and retained earnings, consisting of: 1) Interim dividend of 0.0600 Baht/Share or equivalent to THB 229.50 million which was already paid on 4 December 2023 and 2) Additional dividend of THB 0.1925 per Share or equivalent to THB 736.3 million. The list of shareholders to be entitled to the additional dividend will be determined on 26 April 2024 (Record date) and dividend payment will be made on 15 May 2024. The right to receive dividend is uncertain as it needs to be approved by the Shareholder's Meeting.New Risk • Feb 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows.Upcoming Dividend • Nov 15Upcoming dividend of ฿0.06 per share at 4.2% yieldEligible shareholders must have bought the stock before 22 November 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (4.9%).Reported Earnings • Nov 11Third quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.007 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.13 (up from ฿0.007 in 3Q 2022). Revenue: ฿689.7m (up 11% from 3Q 2022). Net income: ฿511.5m (up ฿485.2m from 3Q 2022). Profit margin: 74% (up from 4.2% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year.공시 • Nov 10WHA Utilities and Power Public Company Limited Announces Cash Dividend for the Period from January 1, 2023 to September 30, 2023, Payable on December 4, 2023WHA Utilities and Power Public Company Limited announced the cash dividend of THB 0.06 per share for the period from January 1, 2023 to September 30, 2023. Payment date is December 4, 2023. Ex-dividend date is November 22, 2023 and record date is November 23, 2023.Major Estimate Revision • Aug 19Consensus EPS estimates increase by 59%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿2.65b to ฿2.77b. EPS estimate increased from ฿0.23 to ฿0.365 per share. Net income forecast to grow 51% next year vs 15% growth forecast for Water Utilities industry in Thailand. Consensus price target broadly unchanged at ฿5.30. Share price rose 2.6% to ฿3.90 over the past week.Reported Earnings • Aug 11Second quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.053 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.13 (up from ฿0.053 in 2Q 2022). Revenue: ฿780.2m (up 28% from 2Q 2022). Net income: ฿480.6m (up 135% from 2Q 2022). Profit margin: 62% (up from 34% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Upcoming Dividend • Apr 20Upcoming dividend of ฿0.10 per share at 4.0% yieldEligible shareholders must have bought the stock before 27 April 2023. Payment date: 17 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (6.7%).Reported Earnings • Feb 27Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: ฿0.12 (down from ฿0.19 in FY 2021). Revenue: ฿2.44b (up 12% from FY 2021). Net income: ฿454.1m (down 38% from FY 2021). Profit margin: 19% (down from 34% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.Price Target Changed • Feb 25Price target decreased by 7.8% to ฿4.75Down from ฿5.15, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ฿3.92. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of ฿0.22 for next year compared to ฿0.19 last year.Price Target Changed • Jan 03Price target increased to ฿5.15Up from ฿4.75, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ฿4.10. Stock is up 0.5% over the past year. The company is forecast to post earnings per share of ฿0.18 for next year compared to ฿0.19 last year.Major Estimate Revision • Nov 18Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿0.28 to ฿0.34. Revenue forecast steady at ฿2.34b. Net income forecast to grow 147% next year vs 14% growth forecast for Water Utilities industry in Thailand. Consensus price target down from ฿4.75 to ฿4.65. Share price was steady at ฿3.92 over the past week.Upcoming Dividend • Nov 17Upcoming dividend of ฿0.06 per shareEligible shareholders must have bought the stock before 24 November 2022. Payment date: 07 December 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.6%. Within top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (4.1%).Reported Earnings • Nov 16Third quarter 2022 earnings: EPS and revenues miss analyst expectationsThird quarter 2022 results: EPS: ฿0.01 (down from ฿0.054 in 3Q 2021). Revenue: ฿622.2m (up 20% from 3Q 2021). Net income: ฿26.3m (down 87% from 3Q 2021). Profit margin: 4.2% (down from 40% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 80%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Numchai Lowattanatakul was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Aug 14Second quarter 2022 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2022 results: EPS: ฿0.05 (down from ฿0.064 in 2Q 2021). Revenue: ฿607.2m (up 12% from 2Q 2021). Net income: ฿204.6m (down 17% from 2Q 2021). Profit margin: 34% (down from 45% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 150%. Over the next year, revenue is forecast to grow 9.4%, compared to a 9.9% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings.Major Estimate Revision • May 24Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿0.32 to ฿0.28. Revenue forecast unchanged from ฿2.32b at last update. Net income forecast to grow 60% next year vs 18% growth forecast for Water Utilities industry in Thailand. Consensus price target broadly unchanged at ฿4.75. Share price was steady at ฿3.94 over the past week.Reported Earnings • May 16First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: ฿0.02 (down from ฿0.034 in 1Q 2021). Revenue: ฿564.4m (down 6.5% from 1Q 2021). Net income: ฿78.3m (down 40% from 1Q 2021). Profit margin: 14% (down from 22% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 11%, compared to a 8.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.Board Change • May 02Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Numchai Lowattanatakul was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Feb 25Full year 2021 earnings: EPS and revenues miss analyst expectationsFull year 2021 results: EPS: ฿0.19 (down from ฿0.21 in FY 2020). Revenue: ฿2.18b (up 28% from FY 2020). Net income: ฿735.5m (down 9.5% from FY 2020). Profit margin: 34% (down from 48% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) also missed analyst estimates by 32%. Over the next year, revenue is forecast to stay flat compared to a 4.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.Upcoming Dividend • Nov 18Upcoming dividend of ฿0.092 per shareEligible shareholders must have bought the stock before 25 November 2021. Payment date: 08 December 2021. Trailing yield: 5.8%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (3.5%).Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.049 in 3Q 2020)The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿517.3m (up 24% from 3Q 2020). Net income: ฿205.8m (up 9.7% from 3Q 2020). Profit margin: 40% (down from 45% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.Reported Earnings • Aug 13Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.083 in 2Q 2020)The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿543.6m (up 35% from 2Q 2020). Net income: ฿245.7m (down 23% from 2Q 2020). Profit margin: 45% (down from 79% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.Reported Earnings • May 14First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.011 in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿603.8m (up 40% from 1Q 2020). Net income: ฿130.7m (up 201% from 1Q 2020). Profit margin: 22% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.Price Target Changed • Apr 25Price target increased to ฿4.90Up from ฿4.47, the current price target is an average from 3 analysts. New target price is 9.9% above last closing price of ฿4.46. Stock is down 2.2% over the past year.Upcoming Dividend • Apr 20Upcoming dividend of ฿0.16 per shareEligible shareholders must have bought the stock before 27 April 2021. Payment date: 18 May 2021. Trailing yield: 5.8%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (3.6%).Major Estimate Revision • Mar 31Consensus forecasts updatedThe consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ฿2.08b to ฿2.34b. EPS estimate unchanged at ฿0.40. Net income forecast to grow 93% next year vs 13% growth forecast for Water Utilities industry in Thailand. Consensus price target up from ฿4.47 to ฿4.67. Share price was steady at ฿4.48 over the past week.Price Target Changed • Mar 18Price target decreased to ฿4.47Down from ฿5.13, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ฿4.36. Stock is up 18% over the past year.Reported Earnings • Mar 03Full year 2020 earnings released: EPS ฿0.21 (vs ฿0.56 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.70b (down 8.6% from FY 2019). Net income: ฿812.7m (down 62% from FY 2019). Profit margin: 48% (down from 115% in FY 2019). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 17% per year.Analyst Estimate Surprise Post Earnings • Mar 03Revenue and earnings miss expectationsRevenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 22%, compared to a 5.1% growth forecast for the Water Utilities industry in Thailand.Is New 90 Day High Low • Feb 24New 90-day low: ฿3.94The company is down 7.0% from its price of ฿4.24 on 26 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.97 per share.Is New 90 Day High Low • Jan 29New 90-day low: ฿4.06The company is down 3.0% from its price of ฿4.18 on 30 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.97 per share.Major Estimate Revision • Jan 28Analysts update estimatesThe 2020 consensus earning per share (EPS) estimate was lowered from ฿0.28 to ฿0.23. No change was made to the revenue estimate which at the last update was ฿1.86b. Net income is expected to grow by 49% next year compared to 18% growth forecast for the Water Utilities industry in Thailand. The consensus price target of ฿5.10 was unchanged from the last update. Share price is down by 1.4% to ฿4.10 over the past week.Is New 90 Day High Low • Dec 14New 90-day high: ฿4.44The company is up 21% from its price of ฿3.66 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Water Utilities industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.97 per share.Major Estimate Revision • Nov 26Analysts update estimatesThe 2020 consensus revenue estimate increased from ฿1.80b to ฿1.84b. Earnings per share (EPS) estimate was lowered from ฿0.39 to ฿0.33 for the same period. Net income is expected to grow by 69% next year compared to 18% growth forecast for the Water Utilities industry in Thailand. The consensus price target was lowered from ฿5.30 to ฿5.10. Share price is up 1.9% to ฿4.24 over the past week.Reported Earnings • Nov 16Third quarter 2020 earnings released: EPS ฿0.05The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿416.9m (down 7.9% from 3Q 2019). Net income: ฿187.5m (down 59% from 3Q 2019). Profit margin: 45% (down from 101% in 3Q 2019). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings.Is New 90 Day High Low • Sep 30New 90-day low: ฿3.56The company is down 26% from its price of ฿4.80 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿10.98 per share.이익 및 매출 성장 예측SET:WHAUP - 애널리스트 향후 추정치 및 과거 재무 데이터 (THB Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/20284,5961,8662,3933,002512/31/20274,1661,6871,7072,626712/31/20263,5981,443-3672,12633/31/20263,6071,0962931,838N/A12/31/20253,1941,0163931,919N/A9/30/20253,1391,0882911,945N/A6/30/20252,953682241,890N/A3/31/20252,91087221,863N/A12/31/20242,9261,119-371,752N/A9/30/20242,8911,26561,654N/A6/30/20242,8111,696391,619N/A3/31/20242,8691,8441281,578N/A12/31/20232,7821,6311131,394N/A9/30/20232,7521,394-3161,016N/A6/30/20232,685909-420923N/A3/31/20232,512633-606786N/A12/31/20222,443454-659781N/A9/30/20222,310463-121,165N/A6/30/20222,2056422591,158N/A3/31/20222,1416838521,512N/A12/31/20212,1817368861,471N/A9/30/20212,1118468371,490N/A6/30/20212,0118285831,354N/A3/31/20211,8719002661,279N/A12/31/20201,6988138641,898N/A9/30/20201,7219487141,909N/A6/30/20201,7571,2169161,994N/A3/31/20201,8281,7568081,695N/A12/31/20191,8572,137N/A1,216N/A9/30/20191,8072,347N/A1,048N/A6/30/20191,7972,522N/A1,005N/A3/31/20191,7461,960N/A865N/A12/31/20181,7082,252N/A731N/A9/30/20181,7232,081N/A1,083N/A6/30/20181,6862,020N/A976N/A3/31/20181,6682,425N/A993N/A12/31/20171,6341,981N/A870N/A9/30/20171,6821,406N/A243N/A6/30/20171,6471,021N/A297N/A3/31/20171,647580N/A636N/A12/31/20161,468369N/A710N/A9/30/20161,189306N/A626N/A6/30/20161,022-80N/A622N/A3/31/2016839-60N/A120N/A12/31/2015853157N/A165N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: WHAUP 의 연간 예상 수익 증가율(18.3%)이 saving rate(2.2%)보다 높습니다.수익 vs 시장: WHAUP 의 연간 수익(18.3%)이 TH 시장(10.5%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: WHAUP 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: WHAUP 의 수익(연간 9.2%)이 TH 시장(연간 9.7%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: WHAUP 의 수익(연간 9.2%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: WHAUP의 자본 수익률은 3년 후 12%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YUtilities 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/24 20:58종가2026/05/22 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스WHA Utilities and Power Public Company Limited는 11명의 분석가가 다루고 있습니다. 이 중 7명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Poramet TongbuaBualuang Securities PCLKijapat WongmettaBualuang Securities PCLPhoowadol PhoosodngernBualuang Securities PCL8명의 분석가 더 보기
Price Target Changed • May 18Price target increased by 8.3% to ฿5.83Up from ฿5.38, the current price target is an average from 7 analysts. New target price is 15% above last closing price of ฿5.05. Stock is up 57% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.27 last year.
Major Estimate Revision • Nov 25Consensus EPS estimates increase by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿3.18b to ฿3.24b. EPS estimate increased from ฿0.303 to ฿0.338 per share. Net income forecast to grow 29% next year vs 13% growth forecast for Water Utilities industry in Thailand. Consensus price target up from ฿5.10 to ฿5.23. Share price was steady at ฿4.28 over the past week.
Price Target Changed • Jul 24Price target decreased by 12% to ฿4.87Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 46% above last closing price of ฿3.34. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.29 last year.
Major Estimate Revision • Feb 28Consensus EPS estimates fall by 14%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.39 to ฿0.335 per share. Revenue forecast steady at ฿3.29b. Net income forecast to grow 19% next year vs 30% growth forecast for Water Utilities industry in Thailand. Consensus price target down from ฿5.50 to ฿4.53. Share price was steady at ฿3.62 over the past week.
Price Target Changed • Feb 26Price target decreased by 18% to ฿4.53Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 26% above last closing price of ฿3.60. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.29 last year.
Price Target Changed • Nov 12Price target increased by 7.5% to ฿5.77Up from ฿5.37, the current price target is an average from 3 analysts. New target price is 15% above last closing price of ฿5.00. Stock is up 33% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.43 last year.
Price Target Changed • May 18Price target increased by 8.3% to ฿5.83Up from ฿5.38, the current price target is an average from 7 analysts. New target price is 15% above last closing price of ฿5.05. Stock is up 57% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.27 last year.
Reported Earnings • May 17First quarter 2026 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2026 results: EPS: ฿0.08 (up from ฿0.059 in 1Q 2025). Revenue: ฿1.12b (up 59% from 1Q 2025). Net income: ฿303.2m (up 35% from 1Q 2025). Profit margin: 27% (down from 32% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.
공시 • Apr 23WHA Utilities and Power Public Company Limited Approves Dividend Payment from 2025, Payable on May 18, 2026WHA Utilities and Power Public Company Limited at its 2026 Annual General Meeting of Shareholders, held on April 22, 2026, acknowledged the interim dividend of THB 0.0600 per share or equivalent to THB 229.5, made on December 11, 2025 and approved an additional dividend payment from 2025 operating performance of THB 0.1925 per share or equivalent to THB 736.3 million without any allocation of net profit to the legal reserve, as the Company has already made full allocation of the legal reserve as required by law. In this regard, the Company has determined the Record Date for shareholders' right to receive the dividend on April 29, 2026 and the dividend payment date on May 18, 2026.
Upcoming Dividend • Apr 21Upcoming dividend of ฿0.19 per shareEligible shareholders must have bought the stock before 28 April 2026. Payment date: 18 May 2026. Payout ratio is on the higher end at 89%, and the cash payout ratio is above 100%. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.9%).
Valuation Update With 7 Day Price Move • Mar 04Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿4.30, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total returns to shareholders of 31% over the past three years.
Declared Dividend • Feb 28Final dividend of ฿0.19 announcedDividend of ฿0.19 is the same as last year. Ex-date: 28th April 2026 Payment date: 18th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (246% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Feb 27Full year 2025 earnings: EPS misses analyst expectationsFull year 2025 results: EPS: ฿0.27 (down from ฿0.29 in FY 2024). Revenue: ฿3.19b (up 9.2% from FY 2024). Net income: ฿1.02b (down 9.2% from FY 2024). Profit margin: 32% (down from 38% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth.
공시 • Feb 26+ 1 more updateWHA Utilities and Power Public Company Limited Proposed Annual Cash Dividend for Operating Period from 01 January 2025 to 31 December 2025, Payment Date Shall Be on May 18, 2026WHA Utilities and Power Public Company Limited at the AGM to be held on 22 April 2026, proposed distribution of the annual dividend for Operating period from 01 January 2025 to 31 December 2025 to shareholders, derived from net profit and retained earnings at THB 0.2525 per share, or equivalent to THB 965.8 million, or equivalent to 95.03% of net profit for the year after deducting legal reserve of consolidated financial statements, which is consistent with the Company's dividend payment policy. In addition, the Board resolved to approve an Interim dividend payment of THB 0.0600 per share or equivalent to THB 229.5 million, which was already paid on December 11, 2025, therefore, the remaining annual cash dividend for the year 2025 shall be additionally paid at THB 0.1925 per share or equivalent to THB 736.3 million. The Company has fully allocated its legal reserves in accordance with legal requirement. The Company has determined the Record Date for the shareholders' right to receive the dividend on April 29, 2026, and the dividend payment date shall be on May 18, 2026. However, the right to receive the dividend is uncertain as it is subject to the approval of the Annual General Meeting of Shareholders.
Major Estimate Revision • Nov 25Consensus EPS estimates increase by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿3.18b to ฿3.24b. EPS estimate increased from ฿0.303 to ฿0.338 per share. Net income forecast to grow 29% next year vs 13% growth forecast for Water Utilities industry in Thailand. Consensus price target up from ฿5.10 to ฿5.23. Share price was steady at ฿4.28 over the past week.
Declared Dividend • Nov 16Dividend of ฿0.06 announcedDividend of ฿0.06 is the same as last year. Ex-date: 27th November 2025 Payment date: 11th December 2025 Dividend yield will be 6.2%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (332% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 38% over the next 3 years, which should maintain adequate earnings cover for the dividend.
Reported Earnings • Nov 16Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: ฿0.13 (up from ฿0.02 in 3Q 2024). Revenue: ฿955.8m (up 24% from 3Q 2024). Net income: ฿486.7m (up ฿405.9m from 3Q 2024). Profit margin: 51% (up from 11% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Aug 09Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: EPS: ฿0.04 (down from ฿0.087 in 2Q 2024). Revenue: ฿765.1m (up 5.9% from 2Q 2024). Net income: ฿141.5m (down 57% from 2Q 2024). Profit margin: 19% (down from 46% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
Price Target Changed • Jul 24Price target decreased by 12% to ฿4.87Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 46% above last closing price of ฿3.34. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.29 last year.
Reported Earnings • May 10First quarter 2025 earnings: EPS in line with expectations, revenues disappointFirst quarter 2025 results: EPS: ฿0.06 (down from ฿0.12 in 1Q 2024). Revenue: ฿704.6m (down 2.2% from 1Q 2024). Net income: ฿223.8m (down 52% from 1Q 2024). Profit margin: 32% (down from 65% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.
공시 • Apr 24WHA Utilities and Power Public Company Limited Approves Dividend for the Year 2024, Payable on May 16, 2025WHA Utilities and Power Public Company Limited at its AGM held on April 22, 2025, approved the interim dividend and approved the additional dividend payment from 2024 operating performance at THB 0.1925 per share or equivalent to THB 736.3 million; and did not allocate its net profit for legal reserve because the legal reserve had been fully allocated as required by law. The Record Date for the shareholders' right to receive the dividend shall be on April 29, 2025, and the dividend payment date shall be on May 16, 2025.
Upcoming Dividend • Apr 21Upcoming dividend of ฿0.19 per shareEligible shareholders must have bought the stock before 28 April 2025. Payment date: 16 May 2025. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 7.4%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (4.2%).
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿3.02, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total loss to shareholders of 15% over the past three years.
Major Estimate Revision • Feb 28Consensus EPS estimates fall by 14%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.39 to ฿0.335 per share. Revenue forecast steady at ฿3.29b. Net income forecast to grow 19% next year vs 30% growth forecast for Water Utilities industry in Thailand. Consensus price target down from ฿5.50 to ฿4.53. Share price was steady at ฿3.62 over the past week.
Price Target Changed • Feb 26Price target decreased by 18% to ฿4.53Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 26% above last closing price of ฿3.60. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.29 last year.
Declared Dividend • Feb 24Final dividend of ฿0.19 announcedDividend of ฿0.19 is the same as last year. Ex-date: 28th April 2025 Payment date: 16th May 2025 Dividend yield will be 7.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.1% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 2 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Feb 22Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: ฿0.29 (down from ฿0.43 in FY 2023). Revenue: ฿2.93b (up 5.2% from FY 2023). Net income: ฿1.12b (down 31% from FY 2023). Profit margin: 38% (down from 59% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.4%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
공시 • Feb 22WHA Utilities and Power Public Company Limited, Annual General Meeting, Apr 22, 2025WHA Utilities and Power Public Company Limited, Annual General Meeting, Apr 22, 2025, at 14:00 SE Asia Standard Time. Location: meeting, b.e. 2563 (2020) and, other related regulation, Thailand
공시 • Feb 21WHA Utilities and Power Public Company Limited Proposes Annual Dividend for the Year 2024, Payable on May 16, 2025WHA Utilities and Power Public Company Limited at its board meeting held on February 21, 2025 approved to propose the 2025 Annual General Meeting of Shareholders to consider and approve the distribution of the annual dividend for the year 2024 at THB 0.2525 per share or equivalent to THB 965.8 million from net profit and retained earnings, consisting of: Interim dividend of THB 0.0600 per share or equivalent to THB 229.5 million which was already paid on December 4, 2024. Additional dividend of THB 0.1925 per share or equivalent to THB 736.3 million. The Record date for the shareholders' right to receive the dividend shall be April 29, 2025 and the dividend payment date shall be on May 16, 2025. However, the right to receive dividend is uncertain as it is subject to the approval from the Annual General Meeting of Shareholders to be held on April 22, 2025.
Board Change • Feb 20Less than half of directors are independentThere are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Luxmon Attapich was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.
Valuation Update With 7 Day Price Move • Feb 06Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿3.28, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total loss to shareholders of 7.7% over the past three years.
Reported Earnings • Nov 14Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2024 results: EPS: ฿0.02 (down from ฿0.13 in 3Q 2023). Revenue: ฿769.4m (up 12% from 3Q 2023). Net income: ฿80.9m (down 84% from 3Q 2023). Profit margin: 11% (down from 74% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 82%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
Price Target Changed • Nov 12Price target increased by 7.5% to ฿5.77Up from ฿5.37, the current price target is an average from 3 analysts. New target price is 15% above last closing price of ฿5.00. Stock is up 33% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.43 last year.
Declared Dividend • Nov 11First half dividend of ฿0.06 announcedShareholders will receive a dividend of ฿0.06. Ex-date: 21st November 2024 Payment date: 4th December 2024 Dividend yield will be 5.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (dividend approximately 24x free cash flows). The dividend has increased by an average of 3.1% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Major Estimate Revision • Aug 20Consensus EPS estimates fall by 11%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿2.80b to ฿2.89b. EPS estimate fell from ฿0.40 to ฿0.355 per share. Net income forecast to shrink 15% next year vs 22% growth forecast for Water Utilities industry in Thailand . Consensus price target reaffirmed at ฿5.40. Share price was steady at ฿3.90 over the past week.
New Risk • Aug 13New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 24x cash flows per share).
Reported Earnings • Aug 10Second quarter 2024 earnings: EPS misses analyst expectationsSecond quarter 2024 results: EPS: ฿0.09 (down from ฿0.13 in 2Q 2023). Revenue: ฿722.2m (down 7.4% from 2Q 2023). Net income: ฿332.1m (down 31% from 2Q 2023). Profit margin: 46% (down from 62% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
공시 • Aug 10WHA Utilities and Power Public Company Limited Announces Management ChangesWHA Utilities and Power Public Company Limited Acknowledged the resignation of Mrs. Punnee Worawuthichongsathit from her position as an Independent Director, an Audit Committee Member and a Chairman of the Corporate Governance and Sustainable Development Committee of the Company due to her personal engagement, effective from 10 August 2024 onwards. Approved the appointment of Dr. Somsak Pratomsrimek as an Independent Director in replacement of Mrs. Punnee Worawuthichongsathit, the resigned director. Additionally, appointed him to serve as an Audit Committee member and a Risk Management Committee member, effective from 10 August 2024 onwards. Approved the appointment of Mr. Natthapatt Tanboon-ek as a Director in replacement of Mr. Pajongwit Pongsivapai, the resigned director, effective from 10 August 2024 onwards. List of Members of the Board of Directors of WHA Utilities and Power Public Company: Ms. Jareeporn Jarukornsakul Chairman of the Board of Directors, Chairman of the Executive Committee Chairman of the Risk Management Committee Nomination and Remuneration Committee Member, Mr. Weidt Nuchjalearn Independent Director Chairman of the Audit Committee Chairman of the Nomination and Remuneration Committee, Mr. Ekajai Tivutanond Independent Director Audit Committee Member Corporate Governance and Sustainable Development Committee Member Nomination and Remuneration Committee Member Risk Management Committee Member, Mr. Numchai Lowattanatakul Independent Director Chairman of the Corporate Governance and Sustainable Development Committee Risk Management Committee Member, Professor Dr. Kamphol Panyagometh Independent Director Audit Committee Member Dr. Somsak Pratomsrimek Independent Director Audit Committee Member Risk Management Committee Member Mr. Vivat Jiratikarnsakul Director Mr. Somkiat Masunthasuwun Director Executive Committee Member Chief Executive Officer Mr. Krailuck Asawachatroj Director Mr. Natthapatt Tanboon-ek Director Executive Committee Member.
공시 • May 11WHA Utilities and Power Public Company Limited Announces Board and Committee ChangesWHA Utilities and Power Public Company Limited informed that the Board of Directors' Meeting passed the resolution to approved the appointment of Professor Dr. Kamphol Panyagometh as an Independent Director in replacement of Mr. David Richard Nardone the resigned director, and a new member of Audit Committee, with effect from 10 May 2024 onwards. Therefore, the list of members of the Board of Directors as of 10 May 2024appears in the enclosure. The audit committee is consisted of: Chairman of the audit committee; Mr. Weidt Nuchjalearn, Member of the audit committee; Mrs. Punnee Worawuthichongsathit, Member of the audit committee; Mr. Ekajai Tivutanond, Member of the audit committee; Professor Dr. Kamphol Panyagometh.
공시 • May 03WHA Utilities and Power Public Company Limited Announces Resignation of David Richard Nardone as DirectorWHA Utilities and Power Public Company Limited informed that Mr. David Richard Nardone has expressed his intention to resign from the Company's director due to personal engagements, with effect from 1 May 2024 onwards. The Company will proceed to appoint a person to replace Mr. David Richard Nardone in due course.
공시 • Apr 19WHA Utilities and Power Public Company Limited Approves Dividend for the Year 2023, Payable on 15 May 2024WHA Utilities and Power Public Company Limited announced at annual general meeting held on April 18, 2024, the shareholders approved the allocation of legal reserve THB 25.1 million (5% of net profit of separate financial statement for the year 2023) and the distribution of dividend payment for the year 2023 at THB 0.2525 per share or equivalent to THB 965.8 million from net profit and retained earnings, consisting of: 1) Interim dividend of THB 0.0600 per share or equivalent to THB 229.50 million which was already paid on 4 December 2023 and An additional dividend of THB 0.1925 per share or equivalent to THB 736.3 million. The list of shareholders to be entitled to the dividend will be determined on 26 April 2024 (record date) and dividend payment will be made on 15 May 2024.
Upcoming Dividend • Apr 18Upcoming dividend of ฿0.19 per shareEligible shareholders must have bought the stock before 25 April 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.8%). In line with average of industry peers (4.3%).
Declared Dividend • Feb 25Final dividend increased to ฿0.19Dividend of ฿0.19 is 93% higher than last year. Ex-date: 25th April 2024 Payment date: 15th May 2024 Dividend yield will be 6.3%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 14% over the next 2 years. However, it would need to fall by 51% to increase the payout ratio to a potentially unsustainable range.
Reported Earnings • Feb 24Full year 2023 earnings: EPS exceeds analyst expectationsFull year 2023 results: EPS: ฿0.43 (up from ฿0.12 in FY 2022). Revenue: ฿2.78b (up 14% from FY 2022). Net income: ฿1.63b (up 259% from FY 2022). Profit margin: 59% (up from 19% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.9%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.
공시 • Feb 24+ 1 more updateWHA Utilities and Power Public Company Limited Proposes Dividend for the Year 2023, Payable 15 May 2024WHA Utilities and Power Public Company Limited at its board meeting held on February 23, 2024 approved to propose the Annual General Meeting of Shareholders 2024 to consider and approve the legal reserve allocation of THB 25.1 million (5% of net profit of separate financial statement for the year 2023) and the distribution of the annual dividend for the year 2023 at THB 0.2525 /Share or equivalent to THB 965.8 million from net profit and retained earnings, consisting of: 1) Interim dividend of 0.0600 Baht/Share or equivalent to THB 229.50 million which was already paid on 4 December 2023 and 2) Additional dividend of THB 0.1925 per Share or equivalent to THB 736.3 million. The list of shareholders to be entitled to the additional dividend will be determined on 26 April 2024 (Record date) and dividend payment will be made on 15 May 2024. The right to receive dividend is uncertain as it needs to be approved by the Shareholder's Meeting.
New Risk • Feb 02New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows.
Upcoming Dividend • Nov 15Upcoming dividend of ฿0.06 per share at 4.2% yieldEligible shareholders must have bought the stock before 22 November 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (4.9%).
Reported Earnings • Nov 11Third quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.007 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.13 (up from ฿0.007 in 3Q 2022). Revenue: ฿689.7m (up 11% from 3Q 2022). Net income: ฿511.5m (up ฿485.2m from 3Q 2022). Profit margin: 74% (up from 4.2% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year.
공시 • Nov 10WHA Utilities and Power Public Company Limited Announces Cash Dividend for the Period from January 1, 2023 to September 30, 2023, Payable on December 4, 2023WHA Utilities and Power Public Company Limited announced the cash dividend of THB 0.06 per share for the period from January 1, 2023 to September 30, 2023. Payment date is December 4, 2023. Ex-dividend date is November 22, 2023 and record date is November 23, 2023.
Major Estimate Revision • Aug 19Consensus EPS estimates increase by 59%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿2.65b to ฿2.77b. EPS estimate increased from ฿0.23 to ฿0.365 per share. Net income forecast to grow 51% next year vs 15% growth forecast for Water Utilities industry in Thailand. Consensus price target broadly unchanged at ฿5.30. Share price rose 2.6% to ฿3.90 over the past week.
Reported Earnings • Aug 11Second quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.053 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.13 (up from ฿0.053 in 2Q 2022). Revenue: ฿780.2m (up 28% from 2Q 2022). Net income: ฿480.6m (up 135% from 2Q 2022). Profit margin: 62% (up from 34% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Upcoming Dividend • Apr 20Upcoming dividend of ฿0.10 per share at 4.0% yieldEligible shareholders must have bought the stock before 27 April 2023. Payment date: 17 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (6.7%).
Reported Earnings • Feb 27Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: ฿0.12 (down from ฿0.19 in FY 2021). Revenue: ฿2.44b (up 12% from FY 2021). Net income: ฿454.1m (down 38% from FY 2021). Profit margin: 19% (down from 34% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
Price Target Changed • Feb 25Price target decreased by 7.8% to ฿4.75Down from ฿5.15, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ฿3.92. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of ฿0.22 for next year compared to ฿0.19 last year.
Price Target Changed • Jan 03Price target increased to ฿5.15Up from ฿4.75, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ฿4.10. Stock is up 0.5% over the past year. The company is forecast to post earnings per share of ฿0.18 for next year compared to ฿0.19 last year.
Major Estimate Revision • Nov 18Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿0.28 to ฿0.34. Revenue forecast steady at ฿2.34b. Net income forecast to grow 147% next year vs 14% growth forecast for Water Utilities industry in Thailand. Consensus price target down from ฿4.75 to ฿4.65. Share price was steady at ฿3.92 over the past week.
Upcoming Dividend • Nov 17Upcoming dividend of ฿0.06 per shareEligible shareholders must have bought the stock before 24 November 2022. Payment date: 07 December 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.6%. Within top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (4.1%).
Reported Earnings • Nov 16Third quarter 2022 earnings: EPS and revenues miss analyst expectationsThird quarter 2022 results: EPS: ฿0.01 (down from ฿0.054 in 3Q 2021). Revenue: ฿622.2m (up 20% from 3Q 2021). Net income: ฿26.3m (down 87% from 3Q 2021). Profit margin: 4.2% (down from 40% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 80%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Numchai Lowattanatakul was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Aug 14Second quarter 2022 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2022 results: EPS: ฿0.05 (down from ฿0.064 in 2Q 2021). Revenue: ฿607.2m (up 12% from 2Q 2021). Net income: ฿204.6m (down 17% from 2Q 2021). Profit margin: 34% (down from 45% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 150%. Over the next year, revenue is forecast to grow 9.4%, compared to a 9.9% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings.
Major Estimate Revision • May 24Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿0.32 to ฿0.28. Revenue forecast unchanged from ฿2.32b at last update. Net income forecast to grow 60% next year vs 18% growth forecast for Water Utilities industry in Thailand. Consensus price target broadly unchanged at ฿4.75. Share price was steady at ฿3.94 over the past week.
Reported Earnings • May 16First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: ฿0.02 (down from ฿0.034 in 1Q 2021). Revenue: ฿564.4m (down 6.5% from 1Q 2021). Net income: ฿78.3m (down 40% from 1Q 2021). Profit margin: 14% (down from 22% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 11%, compared to a 8.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.
Board Change • May 02Less than half of directors are independentFollowing the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Numchai Lowattanatakul was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Feb 25Full year 2021 earnings: EPS and revenues miss analyst expectationsFull year 2021 results: EPS: ฿0.19 (down from ฿0.21 in FY 2020). Revenue: ฿2.18b (up 28% from FY 2020). Net income: ฿735.5m (down 9.5% from FY 2020). Profit margin: 34% (down from 48% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) also missed analyst estimates by 32%. Over the next year, revenue is forecast to stay flat compared to a 4.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.
Upcoming Dividend • Nov 18Upcoming dividend of ฿0.092 per shareEligible shareholders must have bought the stock before 25 November 2021. Payment date: 08 December 2021. Trailing yield: 5.8%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (3.5%).
Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.049 in 3Q 2020)The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿517.3m (up 24% from 3Q 2020). Net income: ฿205.8m (up 9.7% from 3Q 2020). Profit margin: 40% (down from 45% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.
Reported Earnings • Aug 13Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.083 in 2Q 2020)The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿543.6m (up 35% from 2Q 2020). Net income: ฿245.7m (down 23% from 2Q 2020). Profit margin: 45% (down from 79% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.
Reported Earnings • May 14First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.011 in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿603.8m (up 40% from 1Q 2020). Net income: ฿130.7m (up 201% from 1Q 2020). Profit margin: 22% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings.
Price Target Changed • Apr 25Price target increased to ฿4.90Up from ฿4.47, the current price target is an average from 3 analysts. New target price is 9.9% above last closing price of ฿4.46. Stock is down 2.2% over the past year.
Upcoming Dividend • Apr 20Upcoming dividend of ฿0.16 per shareEligible shareholders must have bought the stock before 27 April 2021. Payment date: 18 May 2021. Trailing yield: 5.8%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (3.6%).
Major Estimate Revision • Mar 31Consensus forecasts updatedThe consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ฿2.08b to ฿2.34b. EPS estimate unchanged at ฿0.40. Net income forecast to grow 93% next year vs 13% growth forecast for Water Utilities industry in Thailand. Consensus price target up from ฿4.47 to ฿4.67. Share price was steady at ฿4.48 over the past week.
Price Target Changed • Mar 18Price target decreased to ฿4.47Down from ฿5.13, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ฿4.36. Stock is up 18% over the past year.
Reported Earnings • Mar 03Full year 2020 earnings released: EPS ฿0.21 (vs ฿0.56 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.70b (down 8.6% from FY 2019). Net income: ฿812.7m (down 62% from FY 2019). Profit margin: 48% (down from 115% in FY 2019). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 17% per year.
Analyst Estimate Surprise Post Earnings • Mar 03Revenue and earnings miss expectationsRevenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 22%, compared to a 5.1% growth forecast for the Water Utilities industry in Thailand.
Is New 90 Day High Low • Feb 24New 90-day low: ฿3.94The company is down 7.0% from its price of ฿4.24 on 26 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.97 per share.
Is New 90 Day High Low • Jan 29New 90-day low: ฿4.06The company is down 3.0% from its price of ฿4.18 on 30 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.97 per share.
Major Estimate Revision • Jan 28Analysts update estimatesThe 2020 consensus earning per share (EPS) estimate was lowered from ฿0.28 to ฿0.23. No change was made to the revenue estimate which at the last update was ฿1.86b. Net income is expected to grow by 49% next year compared to 18% growth forecast for the Water Utilities industry in Thailand. The consensus price target of ฿5.10 was unchanged from the last update. Share price is down by 1.4% to ฿4.10 over the past week.
Is New 90 Day High Low • Dec 14New 90-day high: ฿4.44The company is up 21% from its price of ฿3.66 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Water Utilities industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.97 per share.
Major Estimate Revision • Nov 26Analysts update estimatesThe 2020 consensus revenue estimate increased from ฿1.80b to ฿1.84b. Earnings per share (EPS) estimate was lowered from ฿0.39 to ฿0.33 for the same period. Net income is expected to grow by 69% next year compared to 18% growth forecast for the Water Utilities industry in Thailand. The consensus price target was lowered from ฿5.30 to ฿5.10. Share price is up 1.9% to ฿4.24 over the past week.
Reported Earnings • Nov 16Third quarter 2020 earnings released: EPS ฿0.05The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿416.9m (down 7.9% from 3Q 2019). Net income: ฿187.5m (down 59% from 3Q 2019). Profit margin: 45% (down from 101% in 3Q 2019). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings.
Is New 90 Day High Low • Sep 30New 90-day low: ฿3.56The company is down 26% from its price of ฿4.80 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿10.98 per share.