WHA Corporation
WHA Corporation (SET: WHA) is Thailand's largest listed industrial estate, built-to-suit warehouse operator with ~3M sqm of industrial land, factory, warehouse stock across Bangkok, EEC, Rayong, Chonburi. FY2024 consolidated revenue ~THB 15-17B blends industrial-land sales, factory, warehouse rental, utility services (power, water, wastewater, industrial gas), and logistics property. The 2015 acquisition of Hemaraj Land and Development was strategic — Hemaraj's premier EEC industrial estate positions (Hemaraj Eastern Seaboard, Hemaraj Chonburi) anchor WHA's current EV, electronics, aerospace manufacturing client base (Foxconn, BYD, MG/SAIC, Great Wall Motors, Horizon Battery Thailand).
Snapshot
Headline numbers a buyer checks first.
Warehouse, industrial stock
~3M sqm
FY2024
FY2024 revenue
~THB 15-17B
FY2024
Ticker
SET: WHA
Listed
Anchor acquisition
Hemaraj 2015
EEC positioning
What this company actually does
WHA Corporation operates across four integrated business lines. Industrial land, industrial estate: ~11 industrial estates in Thailand (legacy WHA, Hemaraj), 2 in Vietnam; sells industrial land to manufacturing clients, manages infrastructure. Factory, warehouse rental: built-to-suit, ready-built factory, warehouse leasing to multinational manufacturers (Foxconn, BYD, MG/SAIC, Horizon Battery, Western Digital, Seagate). Utility services: industrial power generation (WHAUP SET-listed separately, ~1,300 MW capacity), water, wastewater, industrial gas. Logistics property: warehouse, distribution centres leased to 3PL, consumer-goods, e-commerce clients.[]
The EEC position is WHA's competitive moat. Hemaraj Eastern Seaboard (Rayong), Hemaraj Chonburi Industrial Estate, WHA Eastern Seaboard Industrial Estate hold the premier EV, electronics, automotive tier-1 manufacturing tenants in Thailand. Foxconn's EV assembly JV, BYD's Rayong passenger-EV plant, Great Wall Motors' Chonburi plant, Horizon Battery cell manufacturing, and MG/SAIC operations all sit in WHA/Hemaraj estates. Thailand's 2024 BEV share at 16% of new-car registrations (highest in ASEAN) directly feeds WHA's manufacturing, warehouse demand.[]
Business lines and tenant base
Industrial estate land
~11 Thai estates plus 2 in Vietnam. Industrial-land sales are the primary profit driver; lumpy by deal. Key EEC estates inherited from 2015 Hemaraj acquisition.
Factory and warehouse rental
Built-to-suit, ready-built factories for manufacturers; warehouse leasing for 3PL, e-commerce, FMCG. Stable recurring income vs land-sale lumpiness.
WHAUP utilities
SET-listed separately (WHAUP). ~1,300 MW industrial power, water, wastewater, industrial gas. Utility margin is high and recurring — the bedrock of WHA's earnings stability.
EV anchor tenants
BYD Rayong, Foxconn EV JV, Great Wall Motors Chonburi, Horizon Battery Thailand, MG/SAIC operations all sit in WHA/Hemaraj estates.
Vietnam platform
WHA Industrial Zone 1 (Nghe An), WHA Industrial Zone 3 (Thanh Hoa) — Vietnam's second-largest industrial estate developer.
WHA REITs
Sponsors WHART, WHAPF industrial property REITs and AIMIRT. Asset monetisation via REIT vehicles provides capital recycling.
Thailand listed industrial estate peers
Revenue, stock size, and strategic differentiation for the major listed Thai industrial estate operators.
Ticker
SET:AMATA
FY2024 revenue
~ $0.232-10B
Industrial stock
~2M sqm
Competitive edge
Chonburi Japanese-auto cluster
| Company | Ticker | FY2024 revenue | Industrial stock | Competitive edge |
|---|---|---|---|---|
| WHA Corporation | SET:WHA | ~ $0.435-17B | ~3M sqm | EEC EV, Hemaraj premium estates |
| Amata Corporation | SET:AMATA | ~ $0.232-10B | ~2M sqm | Chonburi Japanese-auto cluster |
| Frasers Property Thailand | SET:FPT | ~ $231.9M | ~1.5M sqm | Singapore-parent warehouse depth |
| Rojana Industrial | SET:ROJNA | ~ $87M | ~0.6M sqm | Ayutthaya, Prachin corridor |
Watchpoints
EV manufacturing client expansion
BYD, Foxconn, MG/SAIC, Great Wall capacity additions, warehouse BTS pipeline.
Industrial-land sale velocity
Land-sale cycle is lumpy; revenue-recognition timing affects YoY comparability.
WHAUP utility spin-out strategy
WHAUP (SET-listed) strategic direction affects WHA consolidation accounting.
Vietnam industrial estate expansion
Vietnam portfolio growth is WHA's primary international diversification vector.
Related Market profiles
Peers, parents, partners, agencies, and other Logistics & Warehousing actors.
Competitor
Amata Corporation
Fellow listed industrial estate operator; Chonburi-concentrated.
Open Market profile →
Competitor
Frasers Property Thailand
Singapore-parent JV warehouse platform; more warehouse-weighted.
Open Market profile →
Sector peer
Aramex Thailand
Thai operations of Aramex International, a Dubai-listed express courier with dominant reach in Middle East, South Asia, and Africa corridors.
Open Market profile →
Sector peer
DHL Express Thailand (DPDHL Group)
Thai operating unit of DHL Express, the world's largest international express network, serving B2B and e-commerce cross-border shipments via Suvarnabhumi gateway.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
WHA Corporation (SET: WHA) FY2024 Form 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| WHA Corporation (SET: WHA) FY2024 Form 56-1 | WHA Corporation PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Water Utilities Supply & Treatment Market Intelligence
Industrial water, wastewater inside WHA Group industrial estates; Vietnam expansion
Open report →
Sits alongside 6 other Atlas profilesThailand-China BRI Exposure: Rail, Port, and Power Grid Investment
Thai industrial-estate operator hosting BYD, Chinese-EV cluster.
Open report →
Sits alongside 4 other Atlas profilesThai Warehouse Logistics: Cold-Chain and Cross-Dock Modernisation
Largest Thai industrial-warehouse landlord; WHA Premium Growth Freehold REIT vehicle.
Open report →
Sits alongside 6 other Atlas profilesRayong: Industrial Petrochemical and the EEC Anchor City
SET-listed industrial-estate operator; WHA Eastern Seaboard 1-4 host major Rayong tenants.
Open report →
Sits alongside 7 other Atlas profilesEastern Economic Corridor: Investment Anchor and 2027 Pipeline
SET-listed industrial-estate developer; WHA Eastern Seaboard 1-4 estates host major EEC tenants including Beijing Haoyang Cloud's 300 MW data-centre.
Open report →
Sits alongside 7 other Atlas profilesThailand Logistics & Warehousing Market Intelligence
Largest listed industrial estate, warehouse operator; ~3M sqm stock; EEC manufacturing anchor.
Open report →
Sits alongside 10 other Atlas profilesThailand Automotive & EV Supply Chain Market Intelligence
EEC EV, electronics manufacturing infrastructure anchor.
Open report →
Sits alongside 14 other Atlas profilesThailand Industrial Estates Market Intelligence
Largest listed industrial-estate developer; ~12,000 rai bank; Hemaraj, WHAUP utilities, logistics.
Open report →
Sits alongside 4 other Atlas profilesThailand Freight and Shipping Market Intelligence
WHA Logistics, industrial estate integrated logistics services.
Open report →
Sits alongside 17 other Atlas profilesThailand EEC Industrial Infrastructure Deep Dive
WHA Industrial Estate, Hemaraj, EEC industrial land, ready-built factory.
Open report →
Sits alongside 3 other Atlas profilesThailand Security & Facility Management Market Intelligence
WHA industrial estates major security, FM service consumer.
Open report →
Sits alongside 3 other Atlas profilesThailand BOI Incentive Economics Deep Dive
WHA EEC industrial land, BOI Category 5-8 tenant base.
Open report →
Sits alongside 4 other Atlas profilesThailand REITs & Infrastructure Funds Deep Dive
WHA sponsors WHART, WHAPF industrial REITs, AIMIRT.
Open report →
Sits alongside 4 other Atlas profilesThailand 5G Enterprise Monetisation Deep Dive
WHA Eastern Industrial Estate hosts private 5G deployments.
Open report →
Sits alongside 4 other Atlas profilesThailand EEC FDI & Tax Incentive Deep Dive
Largest EEC industrial-estate operator, Hemraj-merged.
Open report →
Sits alongside 3 other Atlas profilesThailand 3PL Warehouse, Last-Mile Deep Dive
Industrial estate, warehouse, logistics services.
Open report →
Sits alongside 7 other Atlas profilesThailand Laem Chabang, Map Ta Phut Port Deep Dive
WHA EEC industrial estate, Laem Chabang adjacency.
Open report →
Sits alongside 5 other Atlas profilesThailand Cold-Chain Pharma, Vaccine Deep Dive
WHA Pharmaceutical industrial estate, warehouse-for-rent.
Open report →
Sits alongside 6 other Atlas profilesThailand Water Utility, WHA, EASTW, TTW Deep Dive
WHA Water (subsidiary) — EEC industrial water, DC cooling ~8% share
Open report →
Sits alongside 3 other Atlas profiles