Maybank Securities (Thailand) has issued a bullish outlook on Thailand’s industrial estate sector, initiating coverage on WHA Corporation Public Company Limited (SET: WHA) and Amata Corporation Public Company Limited (SET: AMATA) with ‘Buy’ recommendations.
The brokerage firm expects the ongoing foreign direct investment (FDI) upcycle to extend through 2026–2027, underpinned by continued China+1 relocations, increasing demand from data centers, and resilient traditional industrial segments.
Core profits in the sector are projected to achieve new highs from fiscal years 2024 to 2027, with a compound annual growth rate (CAGR) of 13%. This robust growth is driven by strong land transfers fueled by solid backlogs and presales, along with recurring income now accounting for more than 37% of total revenue and share of profit.
Despite a year-to-date share price decline of 40-50% due to concerns over tariffs and temporary softness in presales, Maybank sees valuations as attractive, with companies in the sector trading at just 4–9 times forecast 2026 earnings per share and offering yields of 7–8%.
Based on current share prices, the sector’s implied land presales are only 1,100–1,500 rai, compared to the analyst’s forecast of more than 4,000 rai in 2026–2027, suggesting significant room for upside. Key risks include uncertainty in global policy that could impact FDI and slower-than-expected land transfers.
Maybank notes that tariff uncertainties have eased, with U.S. tariffs on Thailand now at 19%—in line with regional peers—supporting the country’s status as an attractive base for relocation, especially against the backdrop of the China+1 trend.
Applications for Board of Investment (BOI) incentives surged by 139% year-on-year in the first half of 2025, including a remarkable 1,982% increase for data centers, which are poised to become a major new FDI driver. Data center capacity is forecast to jump 16-fold to 2.6GW in the next few years, marking the fastest growth in ASEAN. Both WHA and AMATA are reportedly engaged in talks with over 20–30 data center operators.
Meanwhile, electric vehicle (EV) demand remains robust and is expected to gain additional momentum from policy support, such as the government’s 30@30 initiative targeting 30% EV production by 2030. The sector is also less impacted by transshipment rules, as Thailand’s typical local content levels exceed 40%.
Following these, Maybank sees WHA as the preferred pick for exposure to Thailand’s data center expansion, while AMATA is identified as a top value pick due to its large backlog of THB 25 billion—equivalent to its total sales over the past seven years—which is expected to be realized within one to two years.
AMATA is anticipated to deliver stronger earnings growth of 18% in FY24–27, compared to WHA’s 10%, and trades at a more attractive valuation (4x FY26E P/E vs WHA’s 9x). Maybank’s forecasts for FY25–27 are 16–34% above consensus, suggesting scope for additional consensus upgrades as sales and land transfers improve.
