TRIS Rating Affirms WHA Group's Corporate Credit Rating at "A-" with a "Stable" Outlook
Reinforcing the Strength Business Fundamentals and Financial Structure of Its Five Business Hubs
TRIS Rating has affirmed the corporate credit rating of WHA Corporation Public Company Limited (WHA Group) at "A-" with a "Stable" outlook, reflecting the Group's strong financial structure, effective liquidity and capital structure management as well as stable revenue growth across its five business hubs; i.e. Logistics, Industrial Development, Utilities & Power, Digital, and Mobility. The rating also underscores WHA Group's readiness to pursue its strategic investment expansion in Thailand and overseas, guided by its commitment to "WHA: SHAPE THE FUTURE FOR THAILAND."
Ms. Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group Chief Executive Officer of WHA Corporation Public Company Limited, stated, "TRIS Rating's affirmation of our corporate credit rating at 'A-' with a 'Stable' outlook demonstrates the confidence of capital markets and financial institutions in our business capabilities and financial discipline. Our effective risk and liquidity management has enabled WHA Group to maintain a solid financial position and remain well-positioned to capture future growth opportunities, particularly those arising from the relocation of manufacturing operations and investments to the ASEAN region."
Driving Growth Through the Strength of Five Core Business Hubs
WHA Group remains committed to leveraging its expertise across five business hubs to drive economic growth, while integrating technology and innovation to enhance competitiveness:
Logistics Business: The business continues to achieve strong growth through the expansion of high-quality warehouse leasing space to support S-Curve industries in Thailand, particularly in Bangkok, the surrounding metropolitan areas, and the Eastern Economic Corridor (EEC), and leveraging its strength to expand into Vietnam by continuing increase its asset portfolio.
Industrial Development Business: WHA Group continues to play a leading role in attracting foreign direct investment (FDI), particularly from data center, electronics, electrical appliance, and automotive industries, across Thailand and Vietnam.
Utilities & Power Business: WHA Group continues to develop comprehensive utilities infrastructure and water solutions, including water reclamation systems and value-added water services, to improve water resource management efficiency and support future industries. The Group is also expanding its utilities business in Vietnam. In the power business, WHA Group continues to expand its renewable energy investments, develop the RENEX peer-to-peer energy trading platform, and offer Renewable Energy Certificates (RECs).
Digital Business: The business serves as a key enabler of WHA Group's operations through more than 12 AI Transformation projects, including Drone Inspection Solution, the IoX Platform for solar energy systems, and the WHASApp application with its CO2 ZERO feature.
Mobility Business: Under the Mobilix brand, WHA Group continues to expand its comprehensive commercial Built-to-Suit electric vehicle ecosystem, encompassing EV rental services, software solutions, and EV charging solutions, in response to the growing trend toward decarbonization in the transportation sector.
Reinforcing Sustainable Growth and SET Awards 2026
Alongside its strong business performance, WHA Group continues to advance its "3P" model as a key mechanism for developing a sustainable industrial ecosystem while creating tangible benefits for society and the environment. The model comprises Develop People (ปลูกคน), which focuses on enhancing the capabilities of employees and communities through upskilling and reskilling initiatives to prepare them for the future workforce; Restore Nature (ปลูกป่า), which involves collaboration with the Mae Fah Luang Foundation under Royal Patronage to restore green spaces and ecosystems, with the goal of achieving No Net Loss of biodiversity by 2030; and Build Industrial City of the Future (ปลูกเมือง), which focuses on developing future-ready industrial ecosystems where industry, communities, and the environment can grow together in a balanced manner.
These commitments have also been recognized at the national level. Most recently, at the SET Awards 2026, organized by the Stock Exchange of Thailand in collaboration with Money & Banking Magazine, WHA Group and its subsidiaries received a total of three prestigious recognitions. WHA Corporation Public Company Limited received the 5-Year Sustainability Recognitions distinction under the Sustainability Excellence category, as well as the Outstanding Investor Relations Awards. WHA Utilities and Power Public Company Limited received the Outstanding Investor Relations Awards as well.
In addition, WHA Group continues to receive international recognition, including its consecutive inclusion in the S&P Global Sustainability Yearbook and its selection for the ESG100 list by Thaipat Institute.
"All these achievements, whether the affirmation of our 'A-' corporate credit rating or the recognitions received at the SET Awards 2026, reflect our effective business management, financial discipline, and commitment to creating long-term value for our shareholders, customers, and the Thai economy, guided by our commitment to
'WHA: SHAPE THE FUTURE FOR THAILAND,'" Ms. Jareeporn concluded.
