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.
Amata Corporation Public Company LimitedLand transfers in Smart City project and expected demand from data center and tech customers drive profit surge.