WHA Industrial Leasehold REIT
WHA Industrial Leasehold REIT operates in various business sectors.
WHA Industrial Leasehold REIT (WHAIR) - Net Assets
Latest net assets as of September 2025: ฿9.12 Billion THB
Based on the latest financial reports, WHA Industrial Leasehold REIT (WHAIR) has net assets worth ฿9.12 Billion THB as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿14.20 Billion) and total liabilities (฿5.08 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ฿9.12 Billion |
| % of Total Assets | 64.19% |
| Annual Growth Rate | 5.59% |
| 5-Year Change | 19.68% |
| 10-Year Change | N/A |
| Growth Volatility | 4.85 |
WHA Industrial Leasehold REIT - Net Assets Trend (2016–2024)
This chart illustrates how WHA Industrial Leasehold REIT's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for WHA Industrial Leasehold REIT (2016–2024)
The table below shows the annual net assets of WHA Industrial Leasehold REIT from 2016 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | ฿8.87 Billion | +4.63% |
| 2023-12-31 | ฿8.48 Billion | -1.16% |
| 2022-12-31 | ฿8.57 Billion | +10.04% |
| 2021-12-31 | ฿7.79 Billion | +5.16% |
| 2020-12-31 | ฿7.41 Billion | +16.07% |
| 2019-12-31 | ฿6.38 Billion | +3.29% |
| 2018-12-31 | ฿6.18 Billion | +3.27% |
| 2017-12-31 | ฿5.99 Billion | +4.31% |
| 2016-12-31 | ฿5.74 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to WHA Industrial Leasehold REIT's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 799.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿399.08 Million | 4.50% |
| Other Components | ฿8.47 Billion | 95.50% |
| Total Equity | ฿8.87 Billion | 100.00% |
WHA Industrial Leasehold REIT Competitors by Market Cap
The table below lists competitors of WHA Industrial Leasehold REIT ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Fedbank Financial Services Limited
NSE:FEDFINA
|
$174.00 Million |
|
Escalade Incorporated
NASDAQ:ESCA
|
$174.07 Million |
|
HL Corp Shenzhen
SHE:002105
|
$174.10 Million |
|
Changchun Yidong Clutch Co Ltd
SHG:600148
|
$174.11 Million |
|
LOGAN GROUP HD -10
F:5LP
|
$173.99 Million |
|
Ningbo Homelink Eco-iTech Co. Ltd.
SHE:301193
|
$173.90 Million |
|
Klaveness Combination Carriers ASA
OL:KCC
|
$173.80 Million |
|
Cogobuy Group
F:7C3
|
$173.80 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in WHA Industrial Leasehold REIT's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 8,475,170,608 to 8,867,906,203, a change of 392,735,595 (4.6%).
- Net income of 316,443,153 contributed positively to equity growth.
- Dividend payments of 602,246,541 reduced retained earnings.
- New share issuances of 698,816,000 increased equity.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿316.44 Million | +3.57% |
| Dividends Paid | ฿602.25 Million | -6.79% |
| Share Issuances | ฿698.82 Million | +7.88% |
| Other Changes | ฿-20.28 Million | -0.23% |
| Total Change | ฿- | 4.63% |
Book Value vs Market Value Analysis
This analysis compares WHA Industrial Leasehold REIT's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.83x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.69x to 0.83x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2016-12-31 | ฿10.03 | ฿6.95 | x |
| 2017-12-31 | ฿8.48 | ฿6.95 | x |
| 2018-12-31 | ฿8.76 | ฿6.95 | x |
| 2019-12-31 | ฿9.09 | ฿6.95 | x |
| 2020-12-31 | ฿8.82 | ฿6.95 | x |
| 2021-12-31 | ฿9.27 | ฿6.95 | x |
| 2022-12-31 | ฿9.03 | ฿6.95 | x |
| 2023-12-31 | ฿8.92 | ฿6.95 | x |
| 2024-12-31 | ฿8.38 | ฿6.95 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently WHA Industrial Leasehold REIT utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 3.57%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 34.65%
- • Asset Turnover: 0.07x
- • Equity Multiplier: 1.58x
- Recent ROE (3.57%) is below the historical average (5.65%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2016 | 0.77% | 71.56% | 0.01x | 1.43x | ฿-529.41 Million |
| 2017 | -7.11% | -73.87% | 0.07x | 1.41x | ฿-1.02 Billion |
| 2018 | 10.52% | 89.54% | 0.07x | 1.57x | ฿32.04 Million |
| 2019 | 11.85% | 98.49% | 0.08x | 1.55x | ฿117.95 Million |
| 2020 | 8.22% | 88.72% | 0.06x | 1.55x | ฿-131.91 Million |
| 2021 | 11.45% | 116.78% | 0.06x | 1.51x | ฿113.37 Million |
| 2022 | 6.80% | 78.07% | 0.06x | 1.55x | ฿-274.08 Million |
| 2023 | 4.79% | 46.59% | 0.07x | 1.55x | ฿-441.30 Million |
| 2024 | 3.57% | 34.65% | 0.07x | 1.58x | ฿-570.35 Million |
Industry Comparison
This section compares WHA Industrial Leasehold REIT's net assets metrics with peer companies in the REIT - Industrial industry.
Industry Context
- Industry: REIT - Industrial
- Average net assets among peers: $3,051,220,930
- Average return on equity (ROE) among peers: 9.18%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| WHA Industrial Leasehold REIT (WHAIR) | ฿9.12 Billion | 0.77% | 0.56x | $174.00 Million |
| Amata Summit Growth Freehold and Leasehold Real Estate Investment Trust (AMATAR) | $3.64 Billion | 8.51% | 0.37x | $55.79 Million |
| Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT) | $5.75 Billion | 8.49% | 0.35x | $617.86 Million |
| MFC Industrial Real Estate Investment Trust (MIT) | $876.78 Million | 14.57% | 0.58x | $841.78K |
| Prospect Logistics and Industrial Leasehold Real Estate Investment Trust (PROSPECT) | $3.45 Billion | 8.29% | 0.55x | $66.94 Million |
| Sub Sri Thai Real Estate Investment Trust (SSTRT) | $1.54 Billion | 6.06% | 0.12x | $12.27 Million |