Amata Corporation Public Company Limited

The Ministry of Commerce reported that Thailand's export value in July 2026 stood at 34.8 billion US dollars, expanding 21.6% year-on-year, higher than the market's expectation of 17.8%. Meanwhile, imports for the same month were 38.4 billion US dollars, up 37.8%, lower than expected, resulting in a trade deficit of 3.61 billion US dollars, less than forecast. Products with good growth include rubber, processed chicken, pet food, processed canned seafood, and electronic goods. Stocks in these sectors, such as STA, GFPT, ITC, TU, DELTA, HANA, and KCE, benefit accordingly. In the first seven months of the year, exports totaled 232 billion US dollars, up 18.2%, while imports were 267 billion US dollars, up 37.8%, with a trade deficit of 35.4 billion US dollars. The Ministry of Commerce sees support from global demand for technology products and digital infrastructure, as well as accelerated imports to prepare for US trade policies. Meanwhile, brokers like Krungsri Securities and Phillip Securities view positively on export-related stocks and recommend top picks such as DELTA, HANA, KCE, AMATA, GULF, GPSC, KBANK, and KTB.

AMATA shares surged 10.74% to 33.50 baht, leading industrial estate stocks, while WHA rose 1.65% to 4.94 baht, after the first day of Thailand Focus 2026 drew interest from foreign investors, including from Switzerland, New Zealand, and Israel. TTB Wealth views that the government is signaling a restoration of confidence and restructuring the economy toward becoming a future industrial production base, while adjusting measures to support Data Center investment by having new investors bear the additional natural gas costs and offering the option to purchase clean energy through Direct PPA, which is a positive factor for industrial estate stocks and the AI supply chain such as AMATA and WHA.

AMATA shares surged strongly, leading the market with a 10.74% gain to 33.50 baht, after KGI Securities maintained its "Outperform" recommendation and raised its 12-month target price to 37 baht from 33 baht, based on the SOTP valuation method and rolling forward estimates to 2027. Meanwhile, net profit for the first six months of 2026 doubled to 3 billion baht, driven by a 32% YoY increase in land transfers at higher average selling prices, lower expenses, and gains from asset disposals. KGI Securities has raised its 2026 normal profit forecast by 8% to 4.484 billion baht and its 2027 forecast by 33% to 5.055 billion baht. Additionally, AMATA has land sale deals under negotiation totaling 1,700 rai in Thailand, Vietnam, and Laos. If all are completed within this year, land sales would be about 25% below the target of 2,800 rai.

AMATA's share price closed the morning session up 13.22% at 34.25 baht, driven by several positive factors, including progress on the PDP2026 plan, which is expected to become clearer by the end of September, helping to unlock data center projects and reigniting the data center/AI theme. Additionally, the company posted strong Q2/2026 results, with net profit of 1,795 million baht, up 564.62% year-on-year, and revenue of 4,068 million baht, up 71.25%, supported by the transfer of 288 rai of land valued at 2,206 million baht. Furthermore, the company targets land sales of 2,800 rai in 2026, with 22 clients under negotiation, 70–90% of which are Chinese clients, reflecting demand from production base relocation. The atmosphere at Thailand Focus 2026 also helped create positive sentiment for industrial estate stocks.

Pi Securities has raised its 2026 net profit forecast for Amata Corporation by 19% to 3.65 billion baht, up 16% from the previous year, and upgraded its recommendation to buy with a new target price of 36 baht, based on a 2026 price-to-earnings ratio of 11.3 times. The broker noted that AMATA posted second-quarter 2026 net profit of 1.584 billion baht, up 1,032% from the same period last year and up 13% from the previous quarter. Excluding gains from the sale of investments in Vietnam and other special items totaling about 300 million baht, the company would have reported core profit of 1.286 billion baht, close to the research team's forecast. Revenue came in at 3.627 billion baht, up 56% from a year earlier but down 8% from the previous quarter. Land sales revenue was 2.206 billion baht, up 131% from a year earlier but down 11% from the previous quarter, on transfers of 287 rai, up from 172 rai in the second quarter of 2025 but down from 306 rai in the first quarter of 2026. Utility business revenue rose 4% from a year earlier but fell 4% from the previous quarter, while rental business revenue increased 4% from a year earlier and 3% from the previous quarter, supported by about 30,000 square meters of additional leased area from the first quarter of 2026. Overall gross margin improved to 51% from 37% in the second quarter of 2025 and 48% in the first quarter of 2026, as the company began transferring more than 119 rai of land in the Smart City project, which carries a high gross margin. Selling and administrative expenses were 444 million baht, up 21% from a year earlier and 8% from the previous quarter. Share of profit from investments was 236 million baht, down 2% from a year earlier due to higher costs in the power plant business, but up 55% from the previous quarter, helped mainly by the natural gas business. As a result, AMATA reported first-half 2026 net profit of 2.962 billion baht and core profit of 2.541 billion baht, up 132% from the same period last year and equivalent to 83% of the research team's previous full-year forecast. First-half land sales totaled 378 rai, compared with management's full-year target of 2,800 rai. However, the company still has customers in negotiations and expects to sign contracts within this year for more than 1,000 rai, covering around six data center customers with a combined area of 300 rai and electronics customers. In Vietnam, although first-half sales were only 17 rai, the company still has a large number of customers in negotiations and expects to sell at least 35 hectares, or about 200 rai, with potential to reach 60 to 65 hectares, or about 400 rai. For the Laos project, which has a sales target of 600 rai, progress is expected in the fourth quarter of 2026 if deals materialize. Pi Securities therefore raised its 2026 net profit forecast for AMATA by 19% to 3.65 billion baht, up 16% from the previous year, noting that even if land sales fall short of management's target, the impact on estimates should not be significant because the company has a backlog of more than 18 billion baht awaiting revenue recognition. In addition, AMATA announced a first-half 2026 dividend of 0.60 baht per share, with the stock set to trade ex-dividend on August 26 and payment scheduled for September 10, 2026.

Amata Corporation Public Company Limited, or AMATA, reported first-half 2026 net profit surged 167.01% to 3,219 million baht, with total revenue of 8,064 million baht, up 39.86% from the same period last year. For the second quarter of 2026, net profit was 1,795 million baht, up 564.62%, and total revenue was 4,068 million baht, up 71.25%, supported by land transfers in industrial estates totaling 288 rai worth 2,206 million baht, up 131.07%, comprising 271 rai in Thailand and 17 rai in Vietnam, compared with 172 rai a year earlier. Gross profit margin from real estate sales rose 66.16% from the same period last year to 46.87%, due to land transfers in Chonburi province industrial estates in phases with favorable gross margins, along with improved gross margins at industrial estates in Vietnam. The company also recognized a gain from the disposal of its investment in subsidiary Amata Service City Long Thanh 2 Company Limited, or ASCLT2, of 366 million baht. The utilities business posted revenue of 1,154 million baht, up 3.87%, and the ready-built factory rental business posted revenue of 266 million baht, up 4%, driven by increased leased area. Yasuo Suzuki, Chief Executive Officer of the real estate business group in Thailand and Acting Chief Marketing Officer of AMATA, said the global economy still faces pressure from geopolitics and energy prices, with the OECD lowering its 2026 global economic growth forecast to 2.8%. Meanwhile, cumulative investment reported by the BOI in the second quarter of 2026 totaled 1,473,718 million baht, up 37%, and FDI totaled 1,368,493 million baht, up 80%, reflecting investor confidence. Amata remains focused on developing smart industrial cities toward its carbon neutrality target in 2040 and reducing greenhouse gas emissions per unit area by 30% by 2030.

AMATA is confident that land sales in 2026 will meet the target of 2,800 rai and expects land transfers to exceed the target by 50% of the backlog worth 18.425 billion baht, thanks to improved land management efficiency. In the first half of the year, sales reached 378 rai, accounting for 14% of the full-year target. Of the customers currently in negotiations, 70 to 90% are Chinese investors, including six data center operators and four electronics and electrical companies. The company is also in talks with 22 high-potential customers and continues to acquire land to support industrial estate expansion.

CGS International Thailand, or CGSI, has raised its year-end 2026 target for the SET Index to 1,690 points from 1,630 points, while lifting its market earnings per share estimate for this year by 8 percent. The move follows a 10 percent year-on-year and 14 percent quarter-on-quarter increase in combined net profit for the Thai listed companies it covers in the second quarter of 2026, led by the energy and petrochemical sectors. Excluding those two sectors, however, combined net profit fell 25 percent from a year earlier and 6 percent from the previous quarter. The research team recommends overweight positions in healthcare, tourism, consumer products, and industrial estates. It also updated its top picks, removing ERW and CRC and adding CPALL and PTT. The latest list consists of BH, PR9, THAI, PTT, CPALL, CPN, AMATA, WHA, GULF, TRUE, TFG, KBANK, MTC, and TIDLOR.

Analysts at Bualuang Securities say AMATA stands out over WHA in terms of profit margins, cash flow, and momentum in the second half of 2026. AMATA's core profit for the second quarter of 2026 was 1.343 billion baht, up 767 percent from the same period last year and 2 percent from the previous quarter, exceeding research and market expectations by 13 to 16 percent. Land transfers totaled 288 rai, up 67 percent year on year, split between 271 rai in Thailand and 17 rai in Vietnam. The gross margin from land sales reached a three-year high of 66.2 percent because a larger share of transfers shifted to projects in Chonburi, which carry higher margins. The company also announced an interim dividend of 0.60 baht per share. Meanwhile, WHA's core profit fell to 659 million baht, down 39 percent year on year and 56 percent from the previous quarter, as land transfers dropped to 208 rai, down 31 percent year on year, and the gross margin from land sales fell by more than half to 28.3 percent after the prior year's extraordinary gains faded. Positive factors for WHA include utility business revenue rising 7.5 percent year on year and revenue from the Gheco-One power business rising 130 percent year on year after running at full capacity for the entire quarter without any shutdowns. On the financial position, AMATA has a debt-to-equity ratio in a strong range of 0.6 to 0.7 times, roughly half that of WHA, with low trade receivables and inventory because land sales can be converted into cash almost immediately. WHA's debt-to-equity ratio has remained stable at 1.2 to 1.3 times, while inventory has increased for a fifth consecutive quarter from 17.9 billion baht to 22.5 billion baht, up 25 percent year on year, reflecting that WHA is accumulating land faster than it is selling it. AMATA's operating cash flow declined from 9.9 billion baht in 2024 to 8.7 billion baht in 2025 and is expected to fall to 4.7 billion baht in 2026 because the rising share of land sales in Chonburi converts profit into cash less quickly. However, free cash flow was negative in 2025 at 2.6 billion baht due to high investment and is expected to turn positive from 2026 at 0.6 billion baht and rise to 2.5 billion baht in 2028, giving the company room to keep increasing dividends, which are projected to reach about 1.5 to 1.6 baht per share in 2027 to 2028. At the same time, it can use internal cash flow to support business expansion in Chonburi and Vietnam. For WHA, operating cash flow declined from 2.9 billion baht in 2024 to 1.3 billion baht in 2025, while free cash flow has been negative for a second straight year at 2.0 billion baht and 2.2 billion baht because investment and dividend payments rely more on borrowing than on internal cash. Our estimates expect free cash flow in 2026 to remain slightly negative before turning positive in 2027 to 2028. The analyst continues to rate the industrial estate sector as overweight relative to the market, maintaining a buy recommendation on AMATA with a target price of 40.00 baht and a hold recommendation on WHA with a target price of 5.50 baht.

Fourteen companies listed on the Stock Exchange of Thailand reported second-quarter net profit for fiscal 2569 growing more than 1,000 percent from the same period last year. B.Grimm Power Public Company Limited, or BGRIM, posted net profit of 675.97 million baht, up 9,773.97 percent from 6.85 million baht. That was followed by Wincost Industrial Park Public Company Limited, or WIN, with net profit of 2.75 million baht, up 5,553.90 percent, and Maybank Securities Thailand Public Company Limited, or MST, with net profit of 82.97 million baht, up 3,691.95 percent. Rompho Property Public Company Limited, or TITLE, recorded net profit of 250.74 million baht, up 3,256.68 percent, while RPCG Public Company Limited, or RPC, posted net profit of 18.91 million baht, up 2,458.46 percent. Christiani & Nielsen Thai Public Company Limited, or CNT, reported net profit of 158.73 million baht, up 1,938.40 percent, and The Steel Public Company Limited, or THE, posted net profit of 94.38 million baht, up 1,422.67 percent. Seafresh Industry Public Company Limited, or CFRESH, recorded net profit of 82.65 million baht, up 1,413.92 percent, while T.K.S. Technologies Public Company Limited, or TKS, posted net profit of 168.93 million baht, up 1,310.82 percent. Eastern Water Resources Development and Management Public Company Limited, or EASTW, reported net profit of 64.30 million baht, up 1,282.56 percent, and S. Pack & Print Public Company Limited, or SPACK, posted net profit of 13.88 million baht, up 1,275.98 percent. Pacific Pipe Public Company Limited, or PAP, recorded net profit of 298.90 million baht, up 1,125.00 percent, while Singer Thailand Public Company Limited, or SINGER, posted net profit of 148.84 million baht, up 1,095.30 percent. Amata Corporation Public Company Limited, or AMATA, reported net profit of 1.58 billion baht, up 1,032.15 percent. Finansia Syrus Securities Public Company Limited, or FSS, said overall listed-company profit in the second quarter of fiscal 2569 came in about 11 percent above expectations, and it expects third-quarter fiscal 2569 still has room to grow from commodity prices and economic stimulus measures. The firm also significantly raised its full-year 2569 earnings-per-share estimate for the SET and maintained its mid-2570 SET index target at 1,710 points.

Brokers see AMATA's second-half transfer momentum accelerating on the AI and data center investment wave, supporting sales and land prices. Second-quarter net profit for fiscal 2026 came in at 1.795 billion baht, up 565.62 percent from a year earlier, driven by land transfer revenue recognition at Amata City Chonburi 2, the company's highest-margin area. Yuanta set a year-end fair value of 38.75 baht, based on a price-to-earnings ratio of 11 times, while Globlex gave a target price of 33.50 baht with a hold recommendation, noting that the full-year land sales target of 2,800 rai remains challenging after first-half transfers reached only 10 percent of the goal, with a possible downward revision after the earnings call.

Bualuang Securities says clarity on the Power Development Plan PDP2026 has increased after the draft was about 80 percent complete, and it is expected to be submitted to the Minister of Energy in late August before being announced for use in late September 2026. This helps reduce policy uncertainty for the power plant sector. The plan still targets renewable energy at around 60 percent and an average electricity tariff of around 4 baht and a fraction per unit. Meanwhile, electricity demand from data centers has already been included in the plan's scenarios, so there is no need to redo the plan. The Energy Policy and Planning Office has released three scenarios for data center electricity demand through 2050: Low at 6,799 megawatts, Mid at 8,811 megawatts, and High at 19,808 megawatts. Bualuang Securities views the Mid case as the base case because it is based on projects that have received Board of Investment privileges and a feasible pipeline, while the High case is an upside case from all connection requests to the Metropolitan Electricity Authority and the Provincial Electricity Authority. Direct foreign investment in the eastern region also remains strong. From 2023 through the first half of 2026, there were 4,566 investment promotion applications worth 2.6 trillion baht, accounting for about half of the country's total, led by digital, electronics and electrical appliances, and automotive, consistent with the electric vehicle, data center, and semiconductor themes. At the same time, infrastructure constraints are starting to become new investment opportunities, especially water. Demand in the Eastern Economic Corridor is expected to rise to 3.615 billion cubic meters in 2037, an increase of 22 percent from 2024, with industrial demand rising 58 percent. Bualuang Securities maintains an overweight stance on the power plant sector relative to the market, viewing GULF and GUNKUL as the clearest beneficiaries of PDP2026 progress, while WHA and AMATA continue to be supported by foreign direct investment in the eastern region, and WHAUP has additional upside from rising industrial water demand.

Kasikorn Securities said private investment in the second quarter of 2026 grew 13.4 percent, the highest in 11 years, supported by investment flows into S-Curve industries such as electronics, AI, and clean energy. Exports grew 12.5 percent, reflecting economic restructuring toward a New Economy production base, even as GDP slowed to 1.9 percent due to pressure from energy, inflation, and weaker consumption. The research team views this as positive for industrial estates, electronics, data centers, and clean energy, including WHA, Amata, Delta, Hana, KCE, and Gulf, driven by accelerating FDI and new infrastructure investment.

AMATA shares closed the morning session at 32.00 baht, up 3.50 baht or 12.28%, after reporting second-quarter 2026 net profit of 1.58 billion baht, an increase of more than 1,032% from the same period last year. The result was driven by land transfer revenue covering 288 rai, mostly land in Chonburi industrial estates with a gross margin as high as 66.16%, plus an extraordinary gain of about 366 million baht from selling an investment in a joint venture in Vietnam. Analysts see second-half performance remaining strong, supported by a high backlog of sales awaiting transfer, while industrial estate operators continue to benefit from foreign direct investment in semiconductors, PCBs, and data centers in the Eastern Economic Corridor.

Bualuang Securities noted in its analysis today that 12 listed companies reported financial results, split into 6 companies with better-than-expected earnings: PTT, AOT, ERW, PLANB, GFPT, and AMATA, and 6 companies with in-line earnings: TOP, BEM, BGRIM, BDMS, TIDLOR, and OSP, with no company reporting earnings below expectations. PTT reported 2Q26 net profit of 52.5 billion baht, up 144% year on year and 104% quarter on quarter, beating analyst and market expectations, driven by better-than-expected gas business profits. AOT reported 3Q26 net profit of 4.44 billion baht, 6% above analyst expectations and 17% above market expectations, due to lower-than-expected staff expenses. ERW reported 2Q26 core profit of 72 million baht, up 16% year on year but down 81% quarter on quarter on seasonal factors, beating analyst expectations. GFPT reported 2Q26 core profit of 582 million baht, down 12% year on year but up 20% quarter on quarter, beating analyst and market expectations on better-than-expected gross margin. PLANB reported 2Q26 core profit of 297 million baht, up 10% year on year but down 43% quarter on quarter, 4 to 6 percent above analyst and market expectations on better-than-expected gross margin. AMATA reported 2Q26 net profit of 1.58 billion baht, up 1,032% year on year and 15% quarter on quarter, 13% above analyst expectations and 16% above market expectations, and announced an interim dividend of 0.60 baht per share. For the in-line earnings group, TOP reported 2Q26 core profit of 16 billion baht, up 378% year on year and 74% quarter on quarter, in line with analyst expectations but 11% above market expectations, driven by higher refining margins and lube base margins. BGRIM reported 2Q26 core profit of 478 million baht, up 1% year on year but down 6% quarter on quarter, in line with analyst and market expectations, and announced an interim dividend of 0.18 baht per share. BEM reported 2Q26 core profit of 1.01 billion baht, up 2% year on year and 16% quarter on quarter, in line with analyst and market expectations. BDMS reported 2Q26 core profit of 3.25 billion baht, down 7% year on year and 20% quarter on quarter, in line with analyst expectations but 7% below market expectations. TIDLOR reported 2Q26 net profit of 1.53 billion baht, up 18% year on year but down 5% quarter on quarter, in line with analyst and market expectations. OSP reported 2Q26 core profit of 1.10 billion baht, up 9% year on year but down 5% quarter on quarter, in line with analyst and market expectations. AAV reported a 2Q26 net loss of 2.33 billion baht, swinging from a net profit both year on year and quarter on quarter, with results in line with analyst expectations but the loss 17% smaller than market expectations.

Amata Group led a delegation of high-tech investors from China to meet with senior Vietnamese leaders to advance the Amata City Halong project in Quang Ninh province and present a future city concept in Phu Tho province. Vikrom Kromadit, Chief Executive Officer of Amata Corporation, said the goal is to build a smart industrial ecosystem and infrastructure that supports high-value industries, elevating Vietnam into a regional technology hub. The executives met with Quan Manh Cuong, a member of the Communist Party of Vietnam Central Committee and Party Secretary of Quang Ninh province, which boasts strengths in logistics and investment support policies. They also held discussions with Ho Chi Minh City leaders, joined by Urawadee Sriphiromya, Thailand's Ambassador to Vietnam, to expand economic cooperation under the opportunity of the 50th anniversary of Thai-Vietnamese diplomatic relations. In Phu Tho province, Amata proposed an integrated development model combining a smart city, industrial estates, and modern service centers to accommodate investment in data centers and high-tech industries.

The Board of Investment is preparing to review its consideration framework and raise the screening intensity for data center projects, setting at least four criteria dimensions: benefits to the country, energy readiness and security, readiness and efficiency in water resource use, and environmental impact and measures. The BOI Secretary-General disclosed that between 2024 and 2026, 42 data center projects have been approved for investment promotion, with a combined processing capacity of 3,400 megawatts and total investment of 750 billion baht. However, since April 2026, no new applications have been submitted. Kasikorn Securities views this as positive for stocks in the data center and industrial estate theme, namely WHA and AMATA, as well as power plant and water utility stocks, including GULF, BGRIM, EASTW, and WHAUP.

CGSI assesses listed-company earnings for the second quarter of 2026, with the petrochemical sector driving growth while the communication and tourism sectors may disappoint. The firm maintains its year-end 2026 SET Index target at 1,630 points and selects BH, PR9, THAI, ERW, CRC, CPN, AMATA, WHA, GULF, TRUE, TFG, KBANK, MTC, and TIDLOR as top picks. The research team notes that the non-bank sector will see net profit decline 14 percent year-on-year and 7 percent quarter-on-quarter in the second quarter of 2026, based on Bloomberg consensus estimates. The petrochemical sector is likely to be supported by higher spreads, while the transport sector, especially airlines, tends to weaken due to rising fuel costs stemming from the situation in the Middle East. In addition, the ICT and tourism sectors face risks of disappointment, as Bloomberg consensus estimates of strong net profit growth of 26 percent year-on-year for ICT and 15 percent year-on-year for tourism are unlikely to materialize amid a still-weak economy and a 4 percent year-on-year drop in foreign tourist arrivals. Tensions in the Middle East and high oil prices have caused Thailand to face twin deficits, with a trade deficit of 12.4 billion US dollars and a current account deficit of 13.3 billion US dollars in the first half of 2026. Elevated oil prices also increase the risk of government price intervention, which would pressure margins for downstream oil and gas businesses and could push inflation higher in the second half of 2026. While the Bank of Thailand views current inflation as likely temporary, the research team believes the central bank will not raise interest rates at the Monetary Policy Committee meeting on August 26, 2026. Regarding the Senate election collusion case, the Election Commission expects to conclude the investigation by the end of August, but the timeline may be extended. The most likely scenario is that charges will be filed against only some individuals, which would negatively affect market sentiment, and the broader legal proceedings would take longer than before. The SET currently trades at a 12-month forward price-to-earnings ratio of 16.7 times, but this drops to 14 times when excluding DELTA, which has a forward P/E of 83 times. CGSI maintains its year-end 2026 SET Index target at 1,630 points. Positive factors that could support the market include an easing of geopolitical tensions and lower oil prices, while downside risks are the Election Commission filing charges against key politicians from coalition parties and a sharp slowdown in tourist arrivals.

The research team at CGS International Securities Thailand, or CGSI, recommends overweighting the industrial estate sector, viewing data centres as the key driver of land sales, and selects AMATA as the standout stock. CGSI assesses that the Board of Investment's stricter new criteria will benefit operators with ready infrastructure and renewable energy, with WHA and AMATA together capturing a combined share of data centre investment in Thailand rising from 15.4 percent in 2025 to 56.5 percent in 2037, and expects data centres to account for 39.4 percent of the two companies' new land sales in 2026. Additionally, revenue from supplying water to data centres for WHA and AMATA will increase to 32.7 percent and 5.5 percent of total utility business revenue in 2031, respectively. Meanwhile, WHA's solar energy business could see an additional 33.2 to 41.1 percent boost in 2028 to 2031 from selling renewable power to data centres through direct power purchase agreements.

AMATA's share price has surged 63% in 2026 from the start of the year to the end of July. Analysts at Yuanta Securities Thailand have raised their year-end 2026 target price to 38.75 baht from 31.40 baht, while maintaining a buy recommendation. The current valuation remains attractive at a 2026 price-to-earnings ratio of just 8 times, with a projected 2026 dividend of 1.41 baht, implying a dividend yield of 5.0%. For the second quarter of 2026, core profit is expected at 1.138 billion baht, down 14.3% from the previous quarter but surging 352.4% from the same period last year. Key drivers include a 44% year-on-year increase in the average land transfer price and total land transfers of 287 rai, up 67.1% from a year earlier, though down 6.1% from the prior quarter. Land transfers in Chonburi accounted for as much as 94% of the total, pushing the average transfer price this quarter to around 8 million baht per rai, flat from the previous quarter but up significantly from 5.6 million baht in the second quarter of 2025. If profit meets expectations, first-half 2026 earnings would represent 75.5% of the previous full-year forecast. The analyst has also raised 2026 and 2027 core profit estimates to 4.042 billion baht and 4.267 billion baht respectively, with full-year average land transfer prices projected at 7.5 million and 7.7 million baht per rai.

Kasikorn Securities says the government is pressing ahead with infrastructure development under the Missing Link plan, accelerating the upgrade of Ranong Port and building a Chumphon–Ranong railway to establish a trade gateway on the Andaman coast, alongside developing the economic hinterland behind the port. The research team views this as positive for construction contractors and industrial estates, namely STECON, CK, AMATA and WHA, if the projects are pushed forward concretely.

AMATA's 2026 earnings trend is strong, driven by revenue recognition from high-quality land sales. Land transfers in the second quarter of 2026 totaled approximately 288 rai, up 68 percent from the same period last year, with most of the area in Amata City Chonburi and the Smart City, which command high average selling prices and gross margins. In particular, the Smart City has an average selling price of around 12 to 14 million baht per rai and a gross margin exceeding 60 percent, giving profit a chance to grow markedly year-on-year and supporting upward revisions to market earnings estimates. A key strength is the backlog at the end of the second quarter of 2026 of roughly 18.4 to 18.5 billion baht, of which about 40 to 45 percent is high-margin land, providing the company with a high level of revenue yet to be recognized and enhancing earnings visibility for the second half of 2026 through 2027. Meanwhile, the average transfer land price is trending high due to a rising share of Chonburi area transfers, supporting both revenue and margins for the industrial estate business. On the presales front, land presales in the second quarter of 2026 recovered to 271 rai, up more than 150 percent from the previous quarter, but first-half sales remain low relative to the full-year target, making this a key item to monitor in the second half of 2026. The company expects a recovery from the third quarter of 2026, with a potential acceleration in the fourth quarter of 2026 from the customer pipeline in data centers, electronics, and electrical appliances, as well as production base relocations by Chinese entrepreneurs to Thailand. If pipeline projects can be converted into sales as planned, this will be an important catalyst for growth in 2027. We have a positive view on AMATA, supported by a high backlog, improving transfer quality, and a land price trend that lifts margins, while valuation remains attractive relative to the earnings trend and foreign direct investment. The main factors to watch are the acceleration of presales in the second half, the continuity of FDI, and government measures that help expedite actual investment projects, which will determine AMATA's upside going forward. The average target price from the IAA consensus recommends a buy. On the technical side, the short-term decline has formed a support at the low of a two-candle pattern that closed with a bullish signal candle. The 28-day SMA resistance has been breached and closed above, with a key reversal likely. The resistance test point is the previous candle high at 30.00. Increasing trading volume will be a leading signal for a sustained break to a new high. ASL recommendation: if holding the stock, hold or buy more, with a chance to test resistance at 28, 30, 32. If not holding, buy short-term, focusing on holding support at 26.75 and 26, which should not be breached.

Bualuang Securities expects net profit of Thai listed companies in the second quarter of 2026 to expand 24 percent from the same period last year and rise 2 percent from the first quarter, supported by higher energy prices, petrochemical spreads, mobile and internet service revenue, lower network costs, demand for electronic components for artificial intelligence and data centers, as well as new power generation capacity and profits from GULF's overseas power plant business. Meanwhile, the meat sector is pressured by lower meat prices, the banking group by narrowing interest margins, and the hospital group by fewer cash-paying patients and a slowdown in non-urgent treatments. Bualuang Securities highlights two investment approaches: picking stocks with still-strong second-quarter profit trends such as PTT, PTTGC, TRUE, ADVANC, AMATA, GULF, GUNKUL, and WHAUP, and gradually accumulating stocks with weak prices but expected strong profit recovery in the second half, such as CBG, ERW, CPF, and BTG.

The committee studying the Land Bridge project concluded that the transport system development linking the Gulf of Thailand and the Andaman Sea has a low probability of proceeding, due to budget burden risks and broad uncertainties. This direction aligns with the prime minister's earlier order to delay the project. Research analysts assess that the shift in transport infrastructure investment will focus on missing links, the Thai-Chinese railway, and certain new deep-sea ports proposed by the private sector, pointing to clearer public-private cooperation. Fiscal constraints mean the government must rely more on private investment, and scaling down projects from very large to medium or small will enable faster and more efficient investment. This trend is positive for the Thai stock market, boosting investment momentum and supporting upside potential for gross domestic product. Benefiting stocks include banking names such as KTB and KBANK, contractors like STECON and PYLON, industrial estate groups such as AMATA and WHA, and logistics players seeking new investment projects like BEM and BTS.

Bualuang Securities forecasts AMATA's core profit in the second quarter of 2026 at 1.17 billion baht, a more than sevenfold increase from the same period last year but down 11 percent from the previous quarter, in line with lower transfer volumes. Total revenue is expected at 3.75 billion baht, up 61 percent year-on-year but down 5 percent quarter-on-quarter. The quarter's highlight is the start of land transfers of 119 rai in the Amata Smart City Chonburi project, with an average selling price of 11 to 12 million baht per rai and a gross margin as high as 65 to 70 percent, keeping the gross margin from land sales steady at around 55 percent despite lower transfer volumes. Meanwhile, revenue from the utilities business continues to grow steadily. First-half presales stood at only 377 rai, well below the full-year target of 2,800 rai, meaning second-half growth will depend on closing deals with data center customers and technology manufacturers, as well as the launch of a project in Laos. However, the existing backlog is still sufficient to support continued revenue recognition in the second half and into 2027. Bualuang Securities has rolled forward its valuation base to 2027 and raised its target price to 36.50 baht, based on a price-to-earnings ratio of 10 times, while maintaining a buy recommendation. It believes AMATA will benefit from semiconductor investment and the gradual transfer of the Smart City project, which are structural drivers of long-term profit and margin growth.

FPT, Vietnam's technology giant, is expanding its business in Thailand through partnerships with CP Foods, SCG, and Amata to develop artificial intelligence solutions for the industrial sector, with AI demand in Thailand expected to grow at a double-digit annual rate. One key collaboration is the signing of a memorandum of understanding with CP Foods last May to develop smart farms at its subsidiary's facilities in Vietnam, aiming to cut operating costs by around 20 percent and upgrade food safety traceability systems to full coverage by the end of this year. Additionally, FPT is working with Amata Corporation to develop smart manufacturing and smart city systems in Amata's industrial estates in Thailand, Vietnam, and Laos, while also teaming up with SCG to develop next-generation AI for SCG's technology platform to reduce costs and boost factory efficiency across Southeast Asia. Trials have already begun in the cement business, with discussions underway to expand into chemicals and packaging. FPT University is also collaborating with Chulalongkorn University on research and workforce development in quantum AI, following Chulalongkorn's launch of Thailand's first Quantum Engine last June.

Krungsri Securities, or KSS, assesses that the Thai stock market is in a consolidation phase, with resistance framed at 1,650 and 1,665 points and support at 1,630 and 1,626 points. This comes amid pressure from Brent crude oil prices surging past $100 per barrel, the US 10-year Treasury yield climbing to test 4.7%, its highest in 1 year and 7 months, and the baht weakening to a 15-month low of 33.82 per dollar. Also weighing are US import tariff measures under Section 301 at rates of 10 to 12.5% on 60 countries, effective from 24 July 2026, though the impact on Thailand is limited as key exports like electronic parts and semiconductors are not covered. KSS expects stocks in the energy, energy security, and commercial banking sectors to be the main pillars supporting the index. It recommends standout energy stocks including PTT, PTTEP, BCP, TOP, and SPRC. In banking, it recommends KBANK and KTB. In telecoms, it recommends ADVANC and TRUE. In construction, it recommends STECON, PYLON, and INSET. In industrial estates, it recommends AMATA and WHA.

Investment promotion applications filed with the BOI in the first half of 2026 totaled 1.4 trillion baht, a 37% increase compared to the same period last year. In the second quarter, applications reached 0.46 trillion baht, which, while slowing from the previous quarter, remained above the quarterly average of 0.33 trillion baht seen over the past four to five years. The growth was driven by large-scale investment projects in AI and data centers, as well as other targeted industries such as electronics, electrical appliances, and food processing. Krungsri Securities Research views the rise in BOI applications as positive for the country's economic outlook and the Thai stock market under the investment cycle theme, particularly for businesses in new global S-curves like AI, data centers, and green energy. Coupled with the government's investment acceleration measures, projects are expected to be approved and implemented more quickly, benefiting overall economic activity and supporting supply chain sectors such as industrial estates like AMATA, construction contractors like STECON and PYLON, and banking groups like KBANK, KTB, and KKP.

CGS International Securities Thailand forecasts that net profits of Thai listed companies in the second quarter of 2026, covering 127 firms or 86.7 percent of market capitalization, will total 276 billion baht, a decline of 10.5 percent from the same period last year and down 5.3 percent from the previous quarter. The main drag came from the energy sector due to weaker refining margins, and the transport sector which was hit by the low season for airlines. Meanwhile, petrochemicals, electronics, ICT, and tourism were key supports for the market. Energy sector profits are expected to fall 26.6 percent year-on-year and 11.3 percent quarter-on-quarter. Transport sector profits are seen dropping 72.1 percent year-on-year and 74.5 percent quarter-on-quarter, weighed by weaker results at AAV and THAI. Petrochemical profits are forecast to surge 326.4 percent from a low base last year, led by IVL and PTTGC. Electronics profits are expected to grow 89 percent, and ICT profits to rise 26 percent, helped by easing competition and improved ARPU at ADVANC and TRUE. Tourism benefited from the European travel season for MINT. Stocks expected to show outstanding profit growth both year-on-year and quarter-on-quarter include IVL, PSL, and BGRIM. Stocks with accelerating profit momentum from the previous quarter include MINT, SC, and 3BBIF. The stocks forecast to grow the most year-on-year are BGRIM, up 7,305.8 percent, IVL up 982.9 percent, PSL up 771.9 percent, SPRC up 666.8 percent, and AMATA up 599.1 percent, mostly driven by low profit bases last year and industry recovery. In terms of quarter-on-quarter momentum, the stocks expected to see the biggest profit increases are MINT, up 452 percent, SC up 441.7 percent, IVL up 263.3 percent, PSL up 169 percent, and PTTEP up 121.2 percent, supported by seasonal factors, a recovery in the hotel business, property transfers, and improved sales volumes and margins in energy and petrochemicals. CGSI has also selected top picks under its Quality and Earnings Momentum strategy, focusing on stocks with profit growth both year-on-year and quarter-on-quarter, Outperform recommendations, and low volatility. These include PTTEP, MINT, SC, BAREIT, TVO, IVL, TNP, ZEN, BANPUU, and PR9.

Asia Plus Securities, or ASPS, has unveiled an investment strategy to cope with volatility from the Middle East conflict, the trade war, and the technology war, recommending two main themes. The first theme consists of stocks expected to deliver profit growth both quarter-on-quarter and year-on-year, including IVL, PTTGC, BCP, TRUE, SCGP, DOHOME, PTTEP, ADVICE, SC, ADVANC, PTT, and MASTER. The second theme covers stocks with growing profits but lagging share prices, namely BCPG, AMATA, DELTA, and CRC. At the same time, ASPS has designated DELTA, BDMS, and CPALL as standout picks due to their safety from wartime conditions and lack of negative impact. The firm also recommends investing in foreign securities depositary receipts such as MICRON01 to capture strong earnings momentum from memory chip demand, and OIL03 to benefit from the US-Iran conflict boosting oil prices. Another noteworthy point is that since April 2026, the earnings per share estimate for the Thai stock market has been revised up by 3.8 percent, the second highest in the world, trailing only the Dow Jones index and bucking the trend of downward revisions in regional markets.

Maybank Securities Thailand has raised its core profit forecast for Amata Corporation, or AMATA, for 2026 to 2028 by 9 to 10 percent, while rolling forward its target price to 2027 at 35 baht and maintaining a buy recommendation. The research team views land transfers as still robust and expects second-quarter 2026 land sales to rebound 156 percent from the previous quarter to 271 rai, supported by the sale of 100 rai to a major Chinese electrical appliance manufacturer. The second-half trend is expected to strengthen further on data centre demand and the ongoing relocation of Chinese production bases, especially in electronics and electrical appliances. The research team also notes additional upside from the prime minister’s trip to Chengdu, which attracted four Chinese companies to invest a combined 70 billion baht in Thailand, one of which is an existing AMATA customer with expansion plans. In afternoon trade, AMATA shares were at 28.75 baht, down 0.50 baht or 1.71 percent.

The Ministry of Finance has disclosed progress on the Thailand Individual Savings Account scheme, or TISA, and is preparing to scrap the tax-benefit multiplier so that all citizens receive equal tax deductions. Clearer details and the deduction limit framework are expected in September. The research arm of TTB Wealth Securities views this as positive for the overall stock market, as it will encourage more people to invest in equities, and positive for 14 high-dividend stocks: ADVANC, KTB, KKP, KTC, AMATA, PIN, THANI, SAK, CPN, HMPRO, PTG, SIRI, SPALI, and SAT.

TTB Wealth Securities views the SET Index as still in a long-term uptrend, maintaining a year-end target of 1,720 points. New investment cycles from both the public and private sectors continue to be driving factors, while pointing to several signs of recovery. Bank lending has returned to growth for four consecutive months after contracting for nearly three years. Government budget disbursement has recovered from its low point, rising 8 percent year-on-year in the first nine months of fiscal year 2026. Money supply in the first five months of 2026 grew 5 percent year-on-year. Second-quarter 2026 earnings are trending better and have limited impact from the trade war, supporting upward earnings revisions for the SET. Domestic car sales are starting to recover, with the first five months of 2026 growing 14 percent year-on-year. Exports grew 17 percent year-on-year, and non-oil imports grew 35 percent year-on-year in the first five months of 2026. TTB Wealth has adjusted its Siam Senses portfolio, recommending 10 stocks: AMATA, AOT, BGRIM, CPN, DELTA, GLOBAL, GULF, KTB, STECON, and TRUE, with a buy recommendation for this round.

Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.

Krungsri Securities disclosed that the latest progress on the Thailand Individual Savings Account, or TISA, scheme is currently in the final stage of study and condition revision, with clarity expected by September. Meanwhile, the proposal to raise the investment ceiling for tax deductions is still under review for suitability. The research team assesses that the scheme will be positive for the Thai stock market due to long-term fund inflows, with every 10 billion baht of new money supporting the index by 25 to 30 points. This will benefit large-cap stocks in investment themes such as GULF, GPSC, KBANK, KTB, ADVANC, AMATA, and WHA, as well as service-sector stocks like BDMS, BH, and AOT. Additionally, the approval of the five-year national fisheries management plan will help reduce trade barrier risks and enhance ESG credibility, positively impacting seafood and food export stocks such as TU and ITC.

Analysts have selected seven stocks expected to post second-quarter earnings growth. PSL may swing from a loss to strong profit as dry bulk freight rates surge. RCL benefits from container shortages due to port congestion and can levy additional special fees. AMATA is scheduled for large land transfers in both Thailand and Vietnam, supported by electric vehicle and data center production bases. ERW maintains high average revenue per room and continues expanding its Hop Inn branches. MRDIY's profit keeps racing ahead from new branch openings with quick payback and robust same-store sales. CPN gains from increased mall foot traffic, boosting rental income and sales share. COM7 is generating new revenue from retail media, using over 1,400 stores nationwide as advertising billboards with high gross margins.

DBS Vickers Thailand says surging electricity demand in the United States from data centre businesses, to the point where some states risk insufficient generating capacity, could accelerate investment into Thailand. The grid operator for 14 central US states has warned it may need to implement rolling blackouts in some areas. DBS notes that data centre businesses consume roughly 10 times more electricity than typical industries, and several major US tech companies have already invested in Thailand, such as Microsoft with over 1 billion US dollars, Google Cloud with around 1 billion US dollars, and AWS with a long-term investment plan of about 5 billion US dollars. DBS estimates that additional investment from data centre and cloud providers would be positive for power plant stocks, including GULF, GPSC, and BGRIM, digital infrastructure plays like ADVANC and TRUE, as well as industrial estate groups such as AMATA and WHA.

Dao Securities assesses that the Thai stock index is likely to swing sideways in a narrow range near the short-term target of 1,630 to 1,650 points, amid global investor caution toward technology stocks and the still-sensitive war situation. The Thai market is supported by fund flows and higher crude oil prices, but caution is needed against profit-taking as it approaches resistance levels. On the domestic front, discussions between the prime minister and President Xi Jinping have led to the acceleration of the Thailand-China railway project and expanded cooperation in technology and AI, which is expected to support industrial estate and technology stocks. Meanwhile, the Ministry of Transport is pushing ahead with a common ticket policy for electric trains at 17 to 45 baht and studying congestion charges to subsidize mass transit systems. Overseas, the US stock market recovered on semiconductor stocks, but investors are still watching earnings from major technology companies. The Middle East situation remains tense even though Iran has signaled openness to diplomatic talks. The Chinese stock market rebounded after a national fund stepped in to buy and support the market, and authorities prepared to meet with financial institutions to restore confidence. The investment strategy focuses on Selective Buy, benefiting from fund flows and China-Thailand cooperation. Oil stocks such as PTTEP, TOP, and SPRC continue to benefit from US-Iran tensions, while stocks expected to gain from the World AI Conference include ADVANC, TRUE, INSET, AMATA, WHA, GULF, GPSC, DELTA, HANA, and KCE. The recommended portfolio adds MTC and OR, comprising MTC, OR, WHA, GULF, TOP, HMPRO, TRUE, CRC, PTTEP, and PTT, each at a 10% weighting.

Phillip Securities Thailand says support from banks reporting strong results and speculation on second-quarter 2026 earnings are expected to drive positive sentiment, as bank earnings have come in better than Bloomberg consensus. Yesterday, KKP and TTB reported earnings per share exceeding Bloomberg consensus by 15.46 percent and 9.26 percent respectively, raising hopes that other bank stocks reporting today will also deliver positive results. There is also expectation that after the remaining bank stocks report, analysts will raise their target prices. Meanwhile, government measures are seen as another boost, especially for domestic stocks, after the deputy transport minister announced plans to propose revised state welfare card criteria to the cabinet, and the finance ministry will propose assistance for those who lost eligibility through the Thai Chuay Thai Plus 60/40 program in August to September 2026. Additionally, there is anticipation of tourism measures from the tourism ministry, which is preparing to request a central budget of 1.75 billion baht for the Thai Thiew Thai Plus project. The Middle East situation remains a concern. Although Iran said talks with the US can continue, Houthi rebels have declared a naval blockade against Saudi Arabia, pushing West Texas Intermediate crude oil prices up 0.9 percent to close at 83.2 dollars per barrel. Phillip expects the SET index to swing sideways to up within a range of 1,640 to 1,660 points, with a strategy of speculating on second-quarter 2026 earnings across several sectors. One recommended group is stocks expected to benefit from Chinese investment, namely Advanced Info Service, Amata, Gunkul, Gulf Energy, Rojana, WHA Corporation, and WHA Utilities and Power.