WHA Corporation Public Company Limited

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kiatnakin Phatra Securities Public Company Limited, or KKP, assesses that global AI investment is moving beyond chips into the surrounding infrastructure, which will create positive ripple effects for the Thai economy, especially the opportunity to attract a new wave of foreign direct investment, or FDI, into the country's industrial sector and advanced technology supply chain. The analysis notes that as AI systems grow larger, power per rack in data centers rises from several tens of kilowatts to about 600 kilowatts and could reach 1 megawatt in the future, shifting the main constraints to power delivery systems, cooling systems, and data transmission. KKP sees two key technologies that will drive the next phase: 800VDC technology and the shift to optical connectivity. KKP expects the new wave of FDI to flow into semiconductors, printed circuit boards, or PCBs, and advanced electronics, estimating that Thailand's major industrial estate developers, WHA and AMATA, will see land sales increase by about 2,500 rai per year and 2,000 rai per year, respectively. For the standout stocks that stand to benefit, KKP states that Delta Electronics (Thailand) Public Company Limited, or DELTA, is ready to serve demand for data center power systems and liquid cooling systems, while Hana Microelectronics Public Company Limited, or HANA, benefits from demand for analog ICs and power semiconductors. KCE Electronics Public Company Limited, or KCE, is ready to serve demand for high-end PCBs, and Stars Microelectronics (Thailand) Public Company Limited, or SMT, benefits directly from the shift to optical connectivity technology. Cal-Comp Electronics (Thailand) Public Company Limited, or CCET, has the potential to serve demand for both HDD and SSD storage devices. Beyond the electronics group, KKP states that AI's expansion also benefits energy infrastructure, as a global shortage of large power transformers bodes well for Thirai Public Company Limited, or TRT, while demand for transformer oil and fluids for liquid cooling systems opens opportunities for P.S.P. Specialties Public Company Limited, or PSP, as well as the strategic partnership of Millennium Group Corporation (Asia) Public Company Limited, or MGC, in developing humanoid robots. Supapong Iamkong-aek, an analyst at Kiatnakin Phatra Securities Public Company Limited, said global AI investment will not stop at software or chips but is spreading to areas where Thailand has good cost advantages, namely infrastructure and downstream industries, which is a window of opportunity that remains wide open for the Thai economy.

Kiatnakin Phatra Securities, part of the Kiatnakin Phatra Financial Group, analyses that accelerating global AI investment will bring a new wave of FDI into Thailand, particularly in semiconductors, printed circuit boards, or PCBs, and advanced electronics. It estimates that Thailand's major industrial estate developers, WHA and AMATA, will see land sales rise by roughly 2,500 rai per year and 2,000 rai per year respectively. Although upstream technologies such as chip design and manufacturing remain concentrated overseas, Thailand is playing a growing role in the semiconductor supply chain for AI, especially in downstream manufacturing, the assembly and processing of advanced technology. Supapong Iamkongek, an analyst at Kiatnakin Phatra Securities, said global investment in AI will not stop at software or chips but is spreading to areas where Thailand has a cost advantage, namely infrastructure and downstream industries. If Thailand can fully attract this new wave of FDI into advanced production chains, it will not only boost the profits of listed companies but also raise the competitiveness of Thai industry on the world stage.

The US Producer Price Index, or PPI, rose 5.4% year-on-year in August, above expectations of 5.3% and accelerating from 4.8% in July. Core PPI rose 4.6%, in line with forecasts, after a 4.3% gain the previous month. As a result, the Dow Jones closed at 52,064.10 points, down 316.56 points, or 0.60%. The S&P 500 closed at 7,591.70 points, down 44.66 points, or 0.58%, and the Nasdaq closed at 26,081.73 points, down 171.62 points, or 0.65%. Meanwhile, WTI and Brent crude both surged past 100 dollars per barrel as Iran continued to attack oil tankers passing through the Strait of Hormuz and Iran-backed Houthi rebels seized control of the port of Mokha in Yemen. In Europe, the STOXX 600 closed at 635.97 points, down 4.44 points, or 0.69%, after the European Central Bank, or ECB, raised interest rates by 0.25% to 2.5%, its second hike this year. Asian markets opened broadly lower, with Japan's Nikkei posting the region's biggest opening drop at 1.52%, followed by South Korea's KOSPI down 2.7%, Hong Kong's Hang Seng down 0.95%, Australia's S&P/ASX 200 down 1%, and China's Shanghai Composite down 0.60%. Thailand's stock market is expected to trade sideways down in line with overseas markets. The stock to watch today is WHA, which is preparing to develop a 1,000-to-2,000-rai Data Center Park dedicated to data centers, with clarity expected within this year. The company remains confident land sales will meet its target of 2,500 rai after already achieving more than 1,000 rai in the first half.

Asia Plus Securities issued a research note recommending a buy on WHA Corporation Public Company Limited, or WHA, viewing its plan to establish a large Data Center Park of 1,000-2,000 rai as a move that will elevate the company from an industrial estate developer to a full-service digital infrastructure provider, carrying higher added value and generating long-term revenue from land sales, Data Center building development, utility services, and its affiliated power and water businesses. The main areas are in the EEC zone in Chonburi and Rayong, expanding to Saraburi, to create an ecosystem covering Data Centers, supply chains, a training center, and energy and water infrastructure, supporting investment by hyperscaler Data Center providers. The research team stated that if it succeeds in attracting hyperscaler customers, this will be a factor accelerating land sales and creating more new backlog, and will increase asset value that can be further developed into the group's REIT in the future. Although uncertainty over new policies may slow Data Center investment in the short term, if the rules become clear within one month it would reduce uncertainty and be positive for WHA. The research team therefore maintains its buy recommendation with a new 2027 fundamental value of 5.85 baht.

WHA Corporation, or WHA, is preparing to develop a Data Center Park project of 1,000 to 2,000 rai or more to fully serve data centers and the supply chain of the digital industry. Jareeporn Jarukornsakul, Chairwoman of the Executive Committee and Group Chief Executive Officer, said no decision has yet been made on whether the project will be located in the Eastern Economic Corridor or outside the EEC area, as it must await clarity from the Data Center board in about one month. Clarity is expected within this year, 2026. The company is maintaining its total land sales target in Thailand and Vietnam at 2,500 rai, having achieved sales of more than 1,000 rai in the first half, including 900 rai of land sales to data center clients already closed in the first quarter of 2026. It confirmed that the temporary delay of the Data Center project while awaiting policy clarity from the government does not affect the overall sales target, as other customer groups are stepping in to replace it. Meanwhile, the WHART trust, for which WHA serves as sponsor and property manager, has invested in the WGCL International Distribution Center project, operated by WHA GC Logistics Company Limited, a joint venture between WHA Group and PTT Global Chemical Public Company Limited, with a total value of not more than 2,507.60 million baht and a total area of 99,390 square meters, along with a 30-year long-term lease agreement, pushing total assets past 56,000 million baht. Subscription for the additional trust units opens to existing unitholders from September 21 to 25 and to the general public from September 28 to October 1, 2026.

The WHART trust is investing in the WGCL International Distribution Center, or WGCL IDC, a built-to-suit distribution center in the EEC area of Map Ta Phut, Rayong Province, with a total area of approximately 99,390 square meters, for a value of no more than 2.5076 billion baht, under a 30-year long-term lease. After the investment is completed, WHART will manage more than 2 million square meters of leasable area, and its total asset value will rise to more than 56 billion baht. For this capital increase, WHART will issue and offer up to 1.416 billion baht worth of additional trust units at a maximum offering price of 11.10 baht per unit, with an expected distribution of approximately 0.783 baht per unit for the 12-month period from October 1, 2026 to September 30, 2027, equivalent to a distribution rate of approximately 7.05% per year. Existing unitholders with subscription rights can subscribe between September 21 and 25, 2026, while the general public can subscribe between September 28 and October 1, 2026. WHART also leaves open the possibility of bringing Data Center assets into the trust in the future, if WHA develops a built-to-suit Data Center Park with tenants already in place.

Analysts at TTB Wealth Securities Public Company Limited warn that this September's FOMC meeting is a key event the market is watching closely. If the Fed decides to raise rates, it would mark the first hike of this cycle, following six consecutive holds since the last cut on December 10, 2025. Historical data from 1994 to 2022 covering six previous hiking cycles shows that US equities and the SET typically held steady to edged slightly lower in the 15 days after the first hike, before facing greater pressure over the following 30 to 60 days. US equities fell an average of 3-4%, while the SET saw average declines of as much as 5-10%. The current cycle differs from past tightening cycles because the economy and labour market are not as hot as in 2022. So if the Fed resumes hiking, the market could face pressure from both a slowing economy and inflation that remains above the 2% target. And if the Fed hikes while the MPC holds rates steady, the US-Thailand interest rate gap would widen, adding pressure on fund flows and the baht. The groups likely to outperform in a rising bond yield environment include banks, and those benefiting from a weaker baht, such as tourism, exports, and companies with a high share of revenue in foreign currency. TTB Wealth recommends selective investment in groups with earnings growth that can withstand tight monetary policy, such as ADVANC, AMATA, WHA, KTB and BBL, and in groups that benefit from a weaker baht, such as DELTA, AOT, CENTEL, CPN and PR9.

WHA is confident that the decision by the Data Center Business Policy Committee to halt projects not yet under construction in order to issue control criteria within one month will benefit industrial estates that are more prepared. Meanwhile, AMATA agrees that it will not be affected, but experts point out that psychologically, it damages the investment climate. The measures cover all types of data centers, requiring those using more than 2 megawatts of electricity to be classified as industrial operations, and establishing four subcommittees to consider technical standards. Currently, there are 35 data centers in operation, 49 under construction, and 117 awaiting review.

WHA views the government's delay in approving new data centers to establish common guidelines as beneficial for the country, helping to select investors who generate the greatest benefits, and it does not affect land sales due to a diverse customer base. The company maintains its 2026 land sales target of 2,500 rai after achieving 1,199 rai in the first half. Regarding Toyota's investment in Vietnam of 9.3 billion baht, WHA points out that this is not a relocation, as Toyota is increasing its investment in Thailand by 55 billion baht and still has three main production plants in Thailand with a combined annual production capacity of 770,000 vehicles.

The Data Center Board is set to hold its first meeting this Friday, September 4, to establish investment rules. Deputy Prime Minister and Minister of Finance, Dr. Ekniti Nitithanprapas, in his capacity as board chairman, stated that the new criteria will consider the country's economic benefits, environmental impact, and surrounding communities. Additionally, cases of data centers that may be constructed improperly in city centers will be reviewed on a case-by-case basis in coordination with the Bangkok Metropolitan Administration. If violations are found, measures could include demolition or suspension of operations. Meanwhile, analysts at Kasikorn Securities view positively the industrial estate stocks in the long term, as these areas have ready infrastructure including electricity and water, which are essential for data center businesses. Government regulation will help filter investors, allowing well-prepared groups to proceed faster. They recommend buying AMATA shares with a target price of 35.00 baht and WHA shares with a target price of 6.25 baht.

Asia Plus Securities stated that the SET Index's overall picture is just waiting for a continued rebound after holding above the 1580-point base, which is the second-level Buy Zone of 1575-1585 points. The next resistance is at 1615 points; breaking through it would open strong upside. For S50U26, it recommends Long at 1060 points, waiting for a bounce to take profits at 1080-1100 points, or averaging Long at 1045-1050 points with a Cut below 1040 points. First point: G20 opens the way to rescue the global economy, despite the US threatening additional sanctions on Iran, which could impact oil and financial markets. In the short term, it gives positive weight to upstream energy to hedge against the risk of rising oil prices, supporting PTTEP, PTT, and BCP. Be cautious of stocks sensitive to energy costs and slowing global economy, such as IVL, PTTGC, SCC, AAV, BA, PSL, TTA, and RCL. Second point: The Cabinet approved a 400 billion baht energy fund to stimulate the economy and boost Thai energy megaprojects. It approved a decree to borrow 400 billion baht to alleviate the energy crisis and invest in energy transition projects, divided into 200 billion baht for public assistance and 200 billion baht for energy investment. Standouts: GULF, GPSC, BGRIM, CK, and WHA. Third point: The mobile Cabinet meeting in Songkhla is set to approve the second phase of double-track railways with 6 routes, totaling 316 billion baht, along with a 10 billion baht disaster insurance budget. Standouts: CK and STECON.