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.
Amata Corporation Public Company LimitedHigh-quality land sales and strong backlog drive profit outlook; presales recovery and customer pipeline in data centers, electronics, and production relocations boost demand.