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 LimitedBroker raises target and upgrades to buy on strong Q2 profit and land sales.
