On Tuesday at 2:42 PM (Bangkok time), the share price of Amata Corporation Public Company Limited (SET: AMATA) soared by 7.01% or THB 1.10 to THB 16.80, with a trading value of THB 431.99 million.
WHA Corporation Public Company Limited (SET: WHA) advanced by 4.43% or THB 0.14 to THB 3.30, with a trading value of THB 519.43 million.
UOB Kay Hian Securities (Thailand) (UOBKH) wrote that Thailand’s new “Fast Pass” investment scheme is accelerating the approval of 80 projects worth a total of THB 480 billion, benefiting stocks such as AMATA, WHA, and WHAUP.
On November 24, 2025, the Economic Cabinet approved urgent measures to speed up and promote future investments through the Board of Investment (BOI). The “Thailand Fast Pass” initiative aims to eliminate obstacles and expedite investments, especially in sectors like data centers, industrial estate development, clean energy production, and electronics.
Kasikorn Securities (KS) maintains a positive outlook on AMATA, setting a target price of THB 23.50 per share. The stock is highlighted for its strong dividend theme, trading at an attractive 0.7x PBV (2026) and offering an estimated dividend yield of 6-7%. AMATA’s backlog stands at approximately THB 25 billion, supporting robust land transfers from 4Q25 into 2026, particularly in high-margin Chonburi plots. There is additional upside potential from future land price adjustments in various industrial estates.
Key structural tailwinds include the “China-plus-one” strategy and surging investment in data centers, with BOI applications for this sector rising over 90% year-on-year in the first nine months of 2025. The growing digital industry has driven land demand in industrial estates to significant new highs. AMATA’s management is confident in hitting its 2026 land sales target of 2,000 to 3,000 rai, and expects standout performance in 4Q25, with plans to transfer approximately 1,000 rai — marking the highest annual transfer in a decade.
Meanwhile, SBI Thai Online Securities (SBITO) forecasts a quarter-on-quarter and year-on-year earnings recovery for WHA in 4Q25. The company is set to accelerate land transfers from its backlog and expects to close a large-scale land sale deal for as much as 1,000 rai, supporting its annual land transfer target (2,350 rai). Negotiations with major data center clients for another 1,000 rai are also progressing, with at least one or two contracts likely to be signed this quarter, potentially creating further upside.
Other earnings boosters include asset monetization—WHA plans to sell assets into its REIT, WHART, worth at least THB 700 million in the fourth quarter—and steady profits from its utilities and energy business under WHAUP. The brokerage firm also expects continued robust performance in water and power services, plus incremental revenue from data center customers’ excessive water charges, supporting ongoing profit growth for WHAUP and the WHA group overall.
