TRIS assigns positive ratings to WHA Corp

At the same time, TRIS Rating assigns the rating of “A-” to WHA’s existing senior unsecured debentures totaling Bt14,19 billion.
The ratings reflect WHA’s strong competitive position in warehouse business and its role as one of the leading industrial estate developers in Thailand. The ratings are also supported by the sizable base of recurring income the company earns from its properties for rent, the sale of utility services, and investments in power projects. The strengths are, however, partially constrained by the volatile nature of the industrial property market. The ratings also incorporate the financial flexibility WHA has via selling assets to real estate investment trusts (REITs).
WHA’s financial performance improved during the first nine months of 2017, underpinned by strong growth in revenues from land sales and a continued rise in recurring utility income. Revenue soared by 23.8 per cent year-on-year to Bt4.784 billion in the first nine months of 2017. Revenue from land transfers was Bt2.215 billion in the first nine months of 2017, rising from Bt785 million during the same period of a year earlier. Utility services and rental income rose by 8.9 per cent year-on-year to Bt1.441 billion in the first nine months of 2017.