Amata Corporation Public Company Limited (SET: AMATA) is poised to realize a substantial profit after its subsidiary, Amata City Long Thanh Joint Stock Co (ACLT), which is 93.5% owned by Amata VN Public Company Limited (SET: AMATAV), agreed to divest its stakes in two Vietnam-based subsidiaries to local property developers.
The deal, valued at THB 1.5 billion, involves the sale of 51% stakes in Amata Service City Long Thanh 1 Co., Ltd. (ASCLT 1) and Amata Service City Long Thanh 2 Co., Ltd. (ASCLT 2) to Nova Rivergate Co. and Nharong Investment and Commercial Joint Stock Co., respectively. Upon completion, both Vietnamese firms will gain full ownership of ASCLT 1 and ASCLT 2.
The transaction, anticipated to close by mid-2026, is set to generate a post-tax gain for AMATA estimated in the range of THB 585–800 million, equivalent to roughly 19–26% of the analyst’s forecasted earnings for the 2026 financial year.
For AMATAV—the listed subsidiary managing the industrial estate in Vietnam—the transaction is expected to unlock a one-off profit of approximately THB 800 million to THB 1.1 billion.
Strategically, this move offers multiple benefits for AMATA and AMATAV. The sale will strengthen the company’s balance sheet by boosting working capital and supporting debt reduction plans.
ASCLT 1 and ASCLT 2 together own 107 hectares (669 rai) of land suitable for commercial development, a segment outside AMATAV’s core focus at this time. Moreover, the selling price reflects a robust valuation, standing about 37% above the last comparable transaction in 2019.
In addition to improving liquidity, the divestment allows both AMATA and AMATAV to fully recognize the profits and tax expenses from the sale in their financial statements, given that neither will retain any stake in the two units following the transaction.
Krungsri Securities maintains a positive stance on Amata Corporation, citing the stock’s compelling valuation—trading at only 6.8 times forward earnings and 0.8 times book value. The brokerage firm reiterates a ‘Buy’ recommendation with a target price of THB 26 per share.
As of 10:58 AM (Bangkok time) on Wednesday, the share price of AMATA surged by 2.55% or THB 0.40 to THB 16.10, with a trading value of THB 49.38 million.
