Kasikorn Securities maintains a “Buy” rating and a 2026 target price of THB 22.80 for AMATA Corporation, citing the company’s reaffirmed land sales target of 2,800 rai for 2026.
This target comprises 1,650 rai in Thailand, 550 rai in Vietnam, and 600 rai in Laos, as stated during AMATA’s recent Opportunity Day event held by the Stock Exchange of Thailand. Despite emerging challenges such as ongoing Middle East tensions, Yasuo Tsutsui, AMATA’s Acting Chief Marketing Officer and CEO for Thailand Industrial Estates, reassured that clients previously delaying transactions from 2025 have reaffirmed their commitments, and land sales in Q1/2026 are expected to reach at least 400 rai.
Kasikorn Securities notes that, despite these reassurances, demand in Vietnam has not rebounded to 2025 levels, and initial sales from the Namor project in Laos are not anticipated until Q3/2026. As a result, overall land sales are likely to be more concentrated in the second half of the year, following patterns seen in previous years.
Progress on new projects in both Laos and Vietnam is on track. In December 2025, AMATA received an Investment Registration Certificate for its fifth Vietnamese industrial estate, AMATA City Phu Tho, spanning 2,970 rai. Targeted at high-tech, smart electronics, and clean energy investors, this estate boasts direct connections to major national infrastructure. In Laos, AMATA’s first project, AMATA City Narmo, covers 19,688 rai, with required permits and a 30-year tax exemption secured. Land sales recognition is expected to commence in Q3/2026.
Kasikorn Securities highlights that it is too early to assess the full impact of Middle East conflicts on AMATA’s operations, with delays possible should tensions persist. Additionally, the utility business, typically contributing 20-25% of AMATA’s net profit, may face pressure from rising gas prices and softer demand. As such, their land sales estimate for 2026 is 2,000 rai—28.5% below AMATA’s target.
Nevertheless, the brokerage is optimistic about the long-term outlook, believing that strong infrastructure and robust consumer demand, along with the region’s neutral policy stance, will continue to attract investment into Southeast Asia’s industrial estate sector, benefiting AMATA’s share price as regional investment flows strengthen.
