Krungsri Securities (KSS) pointed to a positive outlook for Thailand’s industrial estate sector as the Board of Investment (BOI) greenlights Homa Appliances (Thailand) Co., Ltd.—the world’s fourth-largest freezer producer—for a significant investment project.
This development comes as the U.S. enforces reciprocal tariffs and Chinese manufacturers increasingly relocate production to Thailand.
According to BOI, an appointed subcommittee has approved Homa Appliances’ investment promotion application. The company will establish a production base for smart refrigerators and freezers that meet stringent EU energy efficiency standards.
The total investment will exceed THB 3 billion, with the facility located in Amata City Industrial Estate, Chonburi Province. The project is set to generate over 1,400 local jobs in its initial phase, expanding to over 3,000 within the next one to two years.
Notably, Homa plans to source 50–60% of components locally—marking the initial signs of increased local content usage following new U.S. tariff policies, which bodes well for the outlook of industrial estate developers.
Additionally, Nikkei Asia reports ongoing relocation of Chinese production to Thailand, strengthening expectations that China will continue to pursue a ‘China +1’ manufacturing strategy by leveraging Thai production bases under the new global tariff framework.
Krungsri notes that these factors are set to benefit the listed industrial estate operators, particularly Amata Corporation (SET: AMATA) and WHA Corporation (SET: WHA), both trading at value zones with price-to-earnings and price-to-book ratios below their historical averages.
The brokerage firm recommends selectively accumulating shares in AMATA and WHA, which are well positioned to recover as the positive momentum from China +1 and ongoing infrastructure development continues.
