Following the earnings announcement of two industrial park developers CGS International Securities (CGSI) has given an ‘Add’ recommendation for both Amata and WHA stocks, but seems to be bullish on WHA Corporation with a strong outlook for 3Q25 performance.
Amata Corporation’s earnings for the second quarter of fiscal 2025 fell sharply, missing analyst forecasts by a wide margin. Net income plunged 83% quarter-on-quarter and dropped 39.5% from the year prior to THB139.9 million, falling more than half short of both CGS International Securities and Bloomberg consensus estimates.
The shortfall was primarily attributed to a THB112.8 million tax expense linked to the disposal of Thai-Chinese Rayong 2 shares and a sizeable THB111.7 million exchange rate loss. Despite these one-off impacts, the company’s ongoing business performance was largely in line with expectations, suggesting operational stability beneath the headline numbers. The analyst rated ‘Add’ for AMATA.
Meanwhile, CGSI noted that WHA Corporation posted a second-quarter profit that beat CGSI forecasts by 11.3%, though it trailed behind the Bloomberg consensus by 6.2%. The developer is poised for a strong showing in the third quarter, with land sales anticipated to peak thanks to two major transactions totaling 1,000 rai (approximately 395 acres). By the end of the second quarter, WHA boasted a promising pipeline, with letters of intent and MOUs for land purchases covering 1,427 rai. Notably, this includes large deals with electrical appliance and auto tire manufacturers accounting for 530 and 470 rai, respectively.
Looking ahead, analysts have raised their presales projections for WHA by 11.8-18.8% to 1,900 rai for both 2026 and 2027, citing reduced tariff risks for Thailand and increased data center activity fueling land demand. The firm has identified a potential 1,000-rai requirement from a non-Chinese data center operator, pointing to further upside in future presales.
CGS International Securities reiterated its ‘Add’ recommendation on WHA, with a higher target price of THB4.06 per share. The revision reflects improved expectations for land presales, faster transfers, and greater profit contributions from associates for the financial years 2025 to 2027. Presently, WHA trades at a price-to-earnings ratio of just 10.4 times forward 2025 earnings—well below its historical average of 14.5—incorporating the potential impact of US tariffs.
