On Friday at 4:04 PM (Bangkok time), the share price of Amata Corporation Public Company Limited (SET: AMATA) added 1.89% or THB 0.50 to THB 27.00, with a trading value of THB 155.22 million.
Yuanta Securities (Thailand) noted that while AMATA’s 2Q26 performance is anticipated to slow sequentially due to a weaker gross profit margin (GPM) from the industrial estate business, year-on-year improvement is anticipated, supported by increased land transfers, especially from Amata City Chonburi, which boasts higher transfer prices compared to other estates.
As a result, the average land transfer price during the period is projected to remain high and up year-on-year from THB 5.6 million in 2Q25. However, GPM is expected to dip slightly quarter-on-quarter because of a higher proportion of land transfers from Rayong and Vietnam, although it should still improve year-on-year due to the strong pricing from Chonburi.
Presales in 2Q26 are forecast to rebound quarter-on-quarter, reflecting accelerated customer contract signings in both Thailand and Vietnam, yet they remain lower year-on-year given the high base and accelerated contract signings in 2Q25. The process for obtaining China’s ODI approval remains a challenge, potentially delaying land sales contracts.
Looking ahead, Yuanta expects a clear recovery in presales in 2H26, supported by a robust pipeline of customers. Although 1H26 presales are estimated to represent only 10-20% of AMATA’s full-year target of THB 2.8 billion (+127% year-on-year ), sales activity is expected to accelerate in 2H26, with ongoing negotiations covering 800-1,000 rai, mainly from data center clients—700-800 rai in Thailand and 100-200 rai in Vietnam.
This should push full-year presales to 1,300–1,500 rai, marking year-on-year growth even if it remains below the 2026 target. As of 1Q26, AMATA reported a backlog of THB 19.7 billion and a land bank totaling 19,371 rai (12,754 rai in Chonburi and 6,617 rai in Rayong).
Yuanta has revised its 2026–2027 net profit forecasts upward on the back of higher anticipated average land transfer prices. Normalized profit for 1Q26 accounted for 45% of the previous full-year estimate. The 2026–2027 average land transfer price is now forecast at THB 6.7–6.9 million—an increase of 26.4%–30.2% from 2025. This supports 2026–2027 revenues of THB 17.02 billion and THB 16.97 billion, respectively, and GPM improvements of 60 and 430 basis points to 36.2% and 36.4%.
With these developments, Yuanta has raised its target price for AMATA to THB 31.40 per share, based on an 11x PER, and upgraded its recommendation from ‘Trading’ to ‘Buy.’ Despite a 66% year-to-date share price increase, the brokerage maintains a positive outlook on AMATA as the stock benefits from positive sentiment surrounding government measures (BOI Fast Pass) and ongoing data center investments.
