On Thursday, the share price of Amata Corporation Public Company Limited (SET: AMATA) at the time of 11:33 a.m. was at THB 34, a THB 3.75 or 12.4% increase with a total trading value of THB 673.76 million. The surge in buying interest came after an upward revision to AMATA’s share price following a valuation and forecasts adjustment.
Dendao Komolmas, Chief Financial Officer of AMATA, revealed that the company is confident that land sales in 2026 will meet the target of 2,800 rai (1,650 rai in Thailand, 550 rai in Vietnam, and 600 rai in Laos). This follows first-half land sales of 378 rai, representing 14% of the annual target. The company anticipates business operations in the second half of the year to proceed as planned, aligning with the increasing demand for land from foreign investors expanding their base in Thailand.
Currently, approximately 70 – 90% of the clients in negotiations are from China, representing a high-potential group of 22 clients. Of these, around 6 clients (27%) are in the data center sector, while approximately 4 clients (11%) are in the electronics and electrical sector. Additionally, there are clients in the automotive parts and other sectors.
The demand for data center investment continues to show growth. Over the past eight months, the company has received inquiries from approximately 20 data center operators, reflecting the high demand for investment space in Thailand. Regarding the Board of Investment’s (BOI) delay in approving new data center projects for suitability assessment, the company views this as beneficial to industrial estates, as it will allow for more sufficient and clearer allocation of resources and infrastructure, Dendao said.
Meanwhile, the company currently has a sales backlog of THB 18,425 million, which will be gradually transferred throughout the second half of the year.
KGI Securities (Thailand) maintains its “Buy” recommendation for AMATA shares and has revised its target price up to THB 37 per share (from the previous THB 33 per share). This is due to the adjustment of the valuation to use the 2027 target price, even though the BOI is about to issue stricter regulations for data center investments.
The analyst still maintains a positive long-term outlook for the industrial estate developers from the new upward investment cycle from the private sector. The government is committed to accelerating the implementation of projects already approved by the BOI and holding investment certificates. By 2025, such projects are valued at over THB 1 trillion.
Furthermore, the KGI has revised its 2026 net profit estimate upwards by 8% to THB 4.4 billion, a 37% increase from the previous year, and its 2027 estimate upwards by 33% to THB 5 billion, a 13% increase from the previous estimate of THB 3.8 billion. This is based on the assumption that the selling price will increase to THB 8 million per rai, and the gross profit margin will improve to almost 60% (from 56 – 57%), as well as reduced expenses.
In addition, the broker has included potential profits from the sale of assets in Vietnam this year, approximately THB 700 million (THB 366 million already recognized in the first half of the year), in its estimates.
