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.
Amata Corporation Public Company LimitedCore profit beat expectations, margins at three-year high, and interim dividend announced.
WHA Corporation Public Company LimitedCore profit fell sharply, land transfers declined, and margins dropped.
