Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Amata provides direct leverage to massive foreign direct investment flowing into ASEAN, acting as an irreplaceable infrastructure proxy for global supply chain diversification.</li>
<li>First-Quarter 2026 net profit surged 67% year-over-year, supported by a historic 21.5 billion baht backlog and compounding, high-margin utility revenues.</li>
<li>A transformative 1-gigawatt data center partnership positions Amata at the epicenter of Southeast Asia’s digital expansion, unlocking massive recurring energy and utility income streams.</li>
</ul>


Amata provides direct leverage to massive foreign direct investment flowing into ASEAN, acting as an irreplaceable infrastructure proxy for global supply chain diversification.
First-Quarter 2026 net profit surged 67% year-over-year, supported by a historic 21.5 billion baht backlog and compounding, high-margin utility revenues.
A transformative 1-gigawatt data center partnership positions Amata at the epicenter of Southeast Asia’s digital expansion, unlocking massive recurring energy and utility income streams.


1GW Toll-Bridge: LONG Amata to Capitalize on the Trillion-Dollar 'China Plus One' Capital Flight

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 112% versus the SET 100 Index’s return of 55%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 112% versus the SET 100 Index’s return of 55%


The Stocks to Own in Thailand – Vol. 53

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We maintain an Underperform rating, while revising our fair value to Bt20.90 based on a required return of 11.3% (from Bt16.40/14.7%), reflecting updated macro assumptions and ERP adjustments using a revised regression framework.</li><li>We expect 1Q26E core profit to be flat YoY and QoQ, with weak presales of only 106 rai, driven by just two customers, and delays in obtaining licenses for overseas investment (particularly outside China).</li><li>We expect AMATA to report its 1Q26E core profit on May 14 at an unexciting Bt842mn, flat YoY and QoQ, alongside weak presales of 106 rai (from just two DC customers in Chonburi industrial estate), below our earlier expectations.</li></ul>

We maintain an Underperform rating, while revising our fair value to Bt20.90 based on a required return of 11.3% (from Bt16.40/14.7%), reflecting updated macro assumptions and ERP adjustments using a revised regression framework.We expect 1Q26E core profit to be flat YoY and QoQ, with weak presales of only 106 rai, driven by just two customers, and delays in obtaining licenses for overseas investment (particularly outside China).We expect AMATA to report its 1Q26E core profit on May 14 at an unexciting Bt842mn, flat YoY and QoQ, alongside weak presales of 106 rai (from just two DC customers in Chonburi industrial estate), below our earlier expectations.

AMATA CORPORATION Plc. (AMATA): 1Q26E Uninspiring: Flat Earnings And Weak Presales

<ul>
<li>4Q25 net profit beat estimates, driven by a Bt215mn reversal of industrial estate development costs in Vietnam.</li>
<li>We downgrade to Underperform (from Neutral), reflecting a 5% downside to our 12M forward FV of Bt16.40, based on a 14.7% required return.</li>
<li>Revenue fell 25% YoY but rose 2% QoQ, as land transfers declined to 517 rai (vs. 1.15k rai in 4Q24 and 677 rai in 3Q25).</li>
</ul>


4Q25 net profit beat estimates, driven by a Bt215mn reversal of industrial estate development costs in Vietnam.
We downgrade to Underperform (from Neutral), reflecting a 5% downside to our 12M forward FV of Bt16.40, based on a 14.7% required return.
Revenue fell 25% YoY but rose 2% QoQ, as land transfers declined to 517 rai (vs. 1.15k rai in 4Q24 and 677 rai in 3Q25).


AMATA CORPORATION Plc. (AMATA): Upbeat 4Q25 NP On One-Offs; CP Disappointed

<ul><li>We downgrade to Neutral (from Outperform) as upside to our 12M FV narrows to +4%, and we revise down our tactical view to Neutral (vs. Very limited downside) amid weaker presales and delays in government permit approvals.</li><li>We believe presales peaked in 2024, and with no new industrial customers and low data center (DC) exposure, presales and transfers are likely to decline, pressuring 2026–28E EPS to a –11% CAGR, in line with the sector. We cut our FV to Bt16.40, based on a 14.7% required return (from Bt20.00 / 11.7%).</li><li>Our valuation shows that 12M operating performance is the key FV driver; faster presales and transfers would add upside to the share price.</li></ul>

We downgrade to Neutral (from Outperform) as upside to our 12M FV narrows to +4%, and we revise down our tactical view to Neutral (vs. Very limited downside) amid weaker presales and delays in government permit approvals.We believe presales peaked in 2024, and with no new industrial customers and low data center (DC) exposure, presales and transfers are likely to decline, pressuring 2026–28E EPS to a –11% CAGR, in line with the sector. We cut our FV to Bt16.40, based on a 14.7% required return (from Bt20.00 / 11.7%).Our valuation shows that 12M operating performance is the key FV driver; faster presales and transfers would add upside to the share price.

AMATA Corporation Plc. (AMATA): Presales Show Early Signs of Delay and Softness

Thailand

Amata Corporation Public Company Limited develops industrial estates primarily served for manufacturing plants and factories. The Company acquires land and develops essential infrastructure and facilities ready for industrialized operations. Ameta also has overseas investments in Vietnam.

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Amata Corp Public (AMATA TB)

1GW Toll-Bridge: LONG Amata to Capitalize on the Trillion-Dollar 'China Plus One' Capital Flight

Amata provides direct leverage to massive foreign direct investment flowing into ASEAN, acting as an irreplaceable infrastructure proxy for global...

Jacob Cheng

The Stocks to Own in Thailand – Vol. 53

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

AMATA CORPORATION Plc. (AMATA): 1Q26E Uninspiring: Flat Earnings And Weak Presales

We expect 1Q26E core profit to be flat YoY and QoQ, with weak presales of only 106 rai, driven by just two customers, and delays in obtaining...

Krungthai XSpring

AMATA CORPORATION Plc. (AMATA): Upbeat 4Q25 NP On One-Offs; CP Disappointed

We downgrade to Underperform (from Neutral), reflecting a 5% downside to our 12M forward FV of Bt16.40, based on a 14.7% required return.

Krungthai XSpring

AMATA Corporation Plc. (AMATA): Presales Show Early Signs of Delay and Softness

Our valuation shows that 12M operating performance is the key FV driver; faster presales and transfers would add upside to the share price.

Krungthai XSpring

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