Maybank Securities (Thailand) anticipates Amata Corporation Public Company Limited (SET: AMATA) to report a core profit of approximately THB 1.08 billion for the second quarter of 2026. This figure represents a 331% increase compared to the same period last year but reflects an 18% decrease from the previous quarter. The company is scheduled to announce its financial results on August 13, 2026.
The impressive year-on-year profit growth was driven by higher land transfers, increased average selling prices, and improved gross profit margins, particularly from the initial land transfers in the Smart City project, which command higher prices and margins.
Land presales for 2Q26 totaled 271 rai, a decline of 42% year-on-year but an increase of 156% quarter-on-quarter. This improvement was mainly due to the sale of approximately 100 rai to a major Chinese electronics manufacturer.
Although management maintains the full-year 2026 land sales target at 2,800 rai, Maybank has revised its land sales forecasts for 2026–2028 downward by 5–15%, now expecting 1,600 rai, 1,700 rai, and 1,800 rai for these respective years. This adjustment reflects delays in China’s overseas investment approval processes.
Nonetheless, the revised 2026 target of 1,600 rai still represents growth of around 30% from the previous year. Sales in the second half of 2026 are expected to recover to an average of about 600 rai per quarter, supported by ongoing negotiations for over 1,000 rai of land, including roughly 300 rai for data center projects in Thailand.
Further upside stems from the Prime Minister’s visit to Chengdu, where four Chinese firms pledged investments totaling approximately THB 70 billion in Thailand. Notably, one of these companies is an existing AMATA customer planning an expansion, which could boost the company’s future land sales.
Land transfers in the second quarter of 2026 amounted to 288 rai, a 68% increase from the same period last year but a 6% decrease from the previous quarter. The initial transfer of 119 rai in the Smart City project fetched an average price of THB 12–14 million per rai and gross margins exceeding 60%. Maybank assesses that these land transfers will support robust revenue and gross margin performance for AMATA.
The company’s backlog at the end of Q2 stood at approximately THB 18.4 billion, with 40–45% comprising high-margin land. The gradual recognition of this backlog is expected to underpin profit momentum and support performance estimates for the latter half of 2026 and into 2027, coupled with continued growth in recurring income from utilities and services businesses.
As a result, the brokerage has revised the core profit forecasts for 2026–2028 upward by 9–10% to reflect stronger gross margins, while core profits for 2025–2028 are estimated to grow at an average annual rate of around 11%, driven by high-margin backlog recognition and recurring income growth.
Additional factors supporting future land sales include sustained demand for data centers, the ongoing relocation of Chinese manufacturing—particularly in the electronics and electrical appliances sectors—to Thailand, and government investment promotion policies. However, risks remain from uncertainties in global economic and trade policies, which could delay land sales and transfers.
Following these, Maybank Securities reiterates a ‘Buy’ recommendation on AMATA, shifting its valuation base to 2027 and raising the target price to THB 35.00 (previously THB 25.00), based on a 9.5x price-to-earnings ratio. The stock’s 2027 P/E is currently around 8x, which is considered attractive given its investment prospects and profit growth trajectory.
