Pi Securities wrote an analysis on Amata Corporation Public Company Limited (SET: AMATA), highlighting a robust financial performance in 2Q26. AMATA posted a net profit of THB 1,584 million, marking a significant increase of 1,032% from the same period last year and a 13% rise from the previous quarter.
Excluding a THB 300 million gain from the sale of investments in Vietnam and other special items, AMATA’s normalized profit stands at THB 1,286 million, closely meeting the analyst’s expectations.
The company’s core revenue in 2Q26 reached THB 3,627 million, a 56% increase year-on-year, although this represented an 8% decline from 1Q26. Revenue from land sales totaled THB 2,206 million, up 131% from the prior year but down 11% quarter-on-quarter, as land transfers amounted to 287 rai, an increase from 172 rai in 2Q25, but a decrease from 306 rai in 1Q26.
Utility business revenue rose 4% compared to last year but declined 4% from the previous quarter, while leasing revenue increased by 4% year-on-year and 3% from quarter-on-quarter, supported by an additional 30,000 square meters of leased space.
AMATA’s consolidated gross profit margin climbed to 51%, up from 37% in 2Q25 and 48% in 1Q26. This improvement was mainly driven by the transfer of more than 119 rai in the higher-margin Smart City project. Selling, general, and administrative expenses were reported at THB 444 million, up 21% year-on-year and 8% quarter-on-quarter.
Share of profit from investments came in at THB 236 million, a 2% decrease year-on-year due to rising costs in the power plant business, but a robust 55% increase from 1Q26, supported mainly by the natural gas business.
For 1H26, AMATA recorded a net profit of THB 2,962 million and normalized profit of THB 2,541 million, representing an increase of 132% from the same period last year and equal to 83% of Pi Securities’ full-year profit forecast.
Land sales during the period reached 378 rai, against management’s full-year target of 2,800 rai. However, the company is engaged in negotiations with prospective clients and expects to sign contracts covering more than 1,000 rai within the year. These include about six data center clients, totaling 300 rai, as well as clients from the electronics sector.
In Vietnam, though H1 land sales were limited to just 17 rai, negotiations continue with many clients, and AMATA expects sales of at least 35 hectares (about 200 rai), with potential to reach 60–65 hectares (around 400 rai). For the Laos project, where a 600-rai sales target has been set, progress is expected in 4Q26 if sales materialize.
Based on strong results, Pi Securities has revised its 2026 net profit forecast for AMATA up by 19% to THB 3,650 million—a 16% increase over the previous year. The brokerage notes that while land sales may fall short of management’s target, this is not expected to significantly impact earnings due to a robust backlog exceeding THB 18 billion.
AMATA has also announced an interim dividend payment of THB 0.60 per share for the first half of 2026, with the ex-dividend (XD) date on August 26 and payment scheduled for September 10, 2026.
Citing the resilient performance and high backlog, Pi Securities has upgraded its recommendation on AMATA to ‘Buy’, raising the stock’s fair value estimate to THB 36.00 per share, based on a 2026 price-to-earnings multiple of 11.3x.
