Shares in Amata Corporation Public Company Limited (SET: AMATA) dropped 5% to settle at THB 15.20 on Monday, a decline of THB 0.80 from the prior session, with trading volume of THB 217 million.
Krungsri Securities speculated that the decline in AMATA’s share price could be due to several contributing factors. As reported by the brokerage, concerns have emerged following news that Novaland Investment Group—the parent firm of Nova Rivergate—has been unable to meet certain debt obligations.
Despite this, Krungsri Securities believed that the situation is not expected to affect Amata’s planned sale of a 51% stake in Amata Service City Long Thanh 1 and 2 to Nova Rivergate, valued at THB 1.5 billion. The transaction, anticipated to generate profits of THB 625 million for AMATA, is scheduled for payment next year. The brokerage added that a similar episode occurred during Nova Rivergate’s earlier acquisition of a 49% stake, which was completed in full before the agreement to purchase the additional 51% was signed.
Further pressure on the stock stems from potential risks to land sales in the third quarter of 2025. According to Krungsri, there is the possibility that AMATA may revise down its full-year target from the current 3,000 rai to a figure closer to its own forecast of 2,562 rai. Further details are expected when the company holds its analyst meeting on October 22.
Finally, Krungsri noted that foreign investor outflows have also contributed to the recent sell-off in the stock.
Despite ongoing concerns regarding external and operational factors, Krungsri Securities continues to recommend a “Buy” rating for AMATA, maintaining its target price at THB 26 per share.
