Pi Securities noted that following the recent decline in Amata Corporation Public Company Limited (SET: AMATA)’s share price, the stock has reflected much of the risk from U.S. tariffs and now offers an upside of 124% from the target price set by the analyst at 33.60 baht per share.
Additionally, the brokerage firm pointed out that AMATA is strong in terms of its backlog of land sales, which will support consistent revenue recognition going forward.
The analyst predicted that AMATA’s full-year net profit in 2025 will grow by 10% from the prior year’s THB 2.48 billion, potentially bolstered by a healthy backlog of nearly THB 20 billion. While U.S. tariff policy uncertainty could impact new land sales, a resolution of such tensions is expected to trigger renewed momentum in sales.
For the first quarter of 2025, AMATA posted a net profit of THB 829.18 million, exceeding expectations as higher land transfer prices boosted gross margins. The increase resulted from upward price adjustments since the company recognized previous land sale prices in 2024—leading to continued improvement in margins for new land transfers.
The company also reported steady new land sales since the beginning of 2025, totaling over 750 rai. Notably, several Data Center clients—each requiring more than 100 rai—are in active negotiations.
Dendao Komolmas, AMATA’s Chief Financial Officer, reaffirmed the company’s target for total land sales in 2025 at 3,500 rai, a 15% increase from the 3,019 rai sold in 2024. The target comprises 2,500 rai in Thailand, 500 rai in Laos, and 500 rai in Vietnam.
As of the latest update, AMATA’s land sales backlog awaiting transfer totals THB 21.49 billion, about half of which is slated for transfer within 2025, with the remainder to follow in subsequent years. The company still holds approximately 19,238 rai of land available for sale in Thai industrial estates, primarily in Amata City Chonburi and Amata City Rayong.
On the issue of potential U.S. tariff increases on imports from Thailand and Vietnam, AMATA continues to closely monitor the situation. Thus far, the company reports no direct impact, with customers steadily proceeding with land transfers and ongoing site visits, indicating sustained demand.
