Phillip Securities highlights AMATA as top industrial estate pick on BOI digital investment push

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Phillip Securities (Thailand) Public Company Limited said the Board of Investment is pressing ahead with adjustments to its investment promotion policy to draw money into the technology and digital industries, after the value of investment promotion applications in the first six months of 2026 reached 1.47 trillion baht, up 37% from the same period a year earlier. Digital businesses accounted for the largest share, at 76% of total applications in the first half and 53% in the second quarter of 2026, when applications in target industries were worth 456 billion baht. The BOI also approved three large projects with combined investment of 9.64 billion baht, covering advanced electronic circuit board manufacturers and clean energy. Meanwhile, the Thailand Fast Pass programme has 42 projects with combined investment of 344 billion baht. The automotive industry is preparing to restructure excise tax into three tiers to encourage carmakers to set up production bases in Thailand instead of importing. The research team continues to favour industrial estate stocks over the broader market, choosing AMATA as its top pick because it trades at a price-to-earnings ratio of only 7.3 times, below its five-year average of 11.7 times. It expects 2026 profit to grow strongly to 5.551 billion baht, or 76% from a year earlier. WHA is rated a buy with a target of 5.40 baht per share. For first-half results, overall profit for the industrial estate group rose 143% from a year earlier on transfers of accumulated backlog, with AMATA and ROJNA posting standout profits.

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Phillip Securities names AMATA its top industrial estate pick, citing a P/E of only 7.3x versus its 5-year average of 11.7x and expected 2026 profit growth of 76%.

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