Pi Securities expects Amata Corporation Public Company Limited (SET: AMATA) to report first-quarter 2026 net profit of THB 858 million, up 4% from a year earlier but down 18% from the previous quarter, reflecting lower land transfers compared with the strong fourth quarter of 2025.
For the first three months of 2026, land transfers are estimated at 307 rai, above 279 rai in 1Q25 but below 519 rai in the prior quarter. Land sales were limited to 106 rai, partly because some Chinese customers are still awaiting overseas direct investment approvals.
Core revenue is forecast at THB 3.43 billion, rising 3% year-on-year but declining 21% quarter-on-quarter. Revenue from land sales is projected at THB 1.96 billion, up 2% from a year earlier but down 33% sequentially, in line with the lower transfer volume. Utility income is expected to remain broadly stable from both the prior year and previous quarter, while rental revenue is seen edging higher on an expanding customer base.
Gross margin is estimated at 45%, improving from 44% in the same quarter last year, supported by a higher proportion of transfers from Amata Chonburi, which carries stronger margins. However, this would be below 46.3% in the fourth quarter of 2025 due to lower land-sale revenue. Selling and administrative expenses are forecast at THB 452 million, up 3% year-on-year but down 13% quarter-on-quarter.
Share of profit from investments is expected at THB 161 million, down 30% from a year earlier and 32% from the previous quarter, mainly due to weaker earnings from power-related businesses as costs increased.
Pi Securities noted that land sales at the start of the year remained slow, with only 106 rai booked in the first quarter, largely from data center customers. This remains well below the company’s full-year target of 2,800 rai. Delays in Chinese investment approvals were cited as one factor.
Despite the slow start, the company said discussions continue with prospective clients, including around 500 rai from data center operators and more than 300 rai from electric vehicle manufacturers. In addition, around 400 rai of transactions postponed from late 2025 remain under negotiation, with more than 300 rai still unsigned during the first quarter. Some of these deals are expected to materialize in the second quarter.
AMATA has maintained its full-year land sales target of 2,800 rai, comprising 1,650 rai in Thailand, 550 rai in Vietnam, and 600 rai in Laos—viewed as the most challenging market.
Pi Securities kept its 2026 net profit forecast unchanged at THB 3.07 billion, representing a 3% decline from the previous year, pointing out that earnings visibility remains supported by more than THB 19 billion in backlog. The brokerage maintained a ‘Buy’ recommendation with a target price of THB 30.00 per share, based on 11.3 times projected 2026 PER.
AMATA is also scheduled to pay a second-half 2025 dividend of THB 0.75 per share, with an ex-dividend date on May 5 and payment due on May 26.
