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.

Equity Bottom-Up

<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

Cross Asset Strategy

<ul><li>Crude oil prices rebounded more than 2% this morning after Iran rejected direct talks with the US over reopening the Strait of Hormuz, supporting energy stocks (PTTEP, PTTGC, TOP).</li><li>A strong investment ecosystem, supported by solid infrastructure and government investment incentives, should drive growth in the industrial estate sector (AMATA, EASTW).</li><li>The Finance Ministry expects to soon finalize the "solar rooftop" installation subsidy scheme, preliminarily covering 0.5-1.0mn households with subsidies of Bt50,000 per household (GUNKUL, HMPRO).</li></ul>

Crude oil prices rebounded more than 2% this morning after Iran rejected direct talks with the US over reopening the Strait of Hormuz, supporting energy stocks (PTTEP, PTTGC, TOP).A strong investment ecosystem, supported by solid infrastructure and government investment incentives, should drive growth in the industrial estate sector (AMATA, EASTW).The Finance Ministry expects to soon finalize the "solar rooftop" installation subsidy scheme, preliminarily covering 0.5-1.0mn households with subsidies of Bt50,000 per household (GUNKUL, HMPRO).

Krungthai XSpring Zoom Eng. August 10, 2026

<ul><li>3Q25 core profit beat on lower SG&amp;A and tax expenses.</li><li>With presales expected to surge in 4Q25E (raising selling costs) and 9M25 transfers at 77% of the full-year target (1,460 rai), we maintain 2025E core profit, down 3% YoY.</li><li>We remain cautious on long-term presales as some buyers adopt a wait-and-see stance amid tariff concerns, likely resulting in a 2Y core EPS CAGR of –16%, below peers.</li></ul>

3Q25 core profit beat on lower SG&amp;A and tax expenses.With presales expected to surge in 4Q25E (raising selling costs) and 9M25 transfers at 77% of the full-year target (1,460 rai), we maintain 2025E core profit, down 3% YoY.We remain cautious on long-term presales as some buyers adopt a wait-and-see stance amid tariff concerns, likely resulting in a 2Y core EPS CAGR of –16%, below peers.

AMATA CORPORATION Plc. (AMATA): 3Q25 Beat On Lower-Than-Expected Expenses

<ul><li>While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast.</li><li>We maintain Outperform with 2026E FV rolled over to Bt20.00 (11.7% required return), with new house assumptions (Rf of 1.04% and MRP of 5.81% (from Bt20.10, 11.3%, 1.45%, and 5.26% respectively)).</li><li>Valuation metrics: current valuation remains attractive with 36% upside and very limited tactical downside, as the 31% drop since Apr 2 already prices in reciprocal tariff concerns.</li></ul>

While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast.We maintain Outperform with 2026E FV rolled over to Bt20.00 (11.7% required return), with new house assumptions (Rf of 1.04% and MRP of 5.81% (from Bt20.10, 11.3%, 1.45%, and 5.26% respectively)).Valuation metrics: current valuation remains attractive with 36% upside and very limited tactical downside, as the 31% drop since Apr 2 already prices in reciprocal tariff concerns.

AMATA CORPORATION Plc. (AMATA): Chonburi IE 2 Transfers Ease Backlog Concerns

<ul><li>Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran.</li><li>Thailand's exports rose 20.8% YoY in June, beating market expectations of 15.2% YoY, driven by strong shipments of electronics, pet food, and rubber products (KCE, ITC, STGT).</li><li>DELTA reported 2Q26 core profit of Bt5.5bn (+12% YoY, -38% QoQ), missing both our forecast and market consensus by 31% and 37%, respectively.</li></ul>

Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran.Thailand's exports rose 20.8% YoY in June, beating market expectations of 15.2% YoY, driven by strong shipments of electronics, pet food, and rubber products (KCE, ITC, STGT).DELTA reported 2Q26 core profit of Bt5.5bn (+12% YoY, -38% QoQ), missing both our forecast and market consensus by 31% and 37%, respectively.

Krungthai XSpring Zoom Eng. July 27, 2026

Thailand

Amata Corporation is a leading developer and operator of industrial estates, specializing in planning, developing, managing, and marketing integrated industrial cities. The company also provides industrial utilities such as power, water, and natural gas. It is headquartered in Bangkok, Thailand, and was founded on March 6, 1989.

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Amata Corporation (AMATA TB)

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

Krungthai XSpring Zoom Eng. August 10, 2026

Crude oil prices rebounded more than 2% this morning after Iran rejected direct talks with the US over reopening the Strait of Hormuz, supporting...

Krungthai XSpring

AMATA CORPORATION Plc. (AMATA): 3Q25 Beat On Lower-Than-Expected Expenses

We maintain Outperform with 2026E FV of Bt20.00, based on 11.7% required return. We see solid fundamentals, with 31% upside, and very limited...

Krungthai XSpring

AMATA CORPORATION Plc. (AMATA): Chonburi IE 2 Transfers Ease Backlog Concerns

While 3Q25E presales remain weak, strong negotiations should keep 2025E presales near our 1,500-rai forecast. We maintain Outperform with 2026E FV...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 27, 2026

Brent crude prices fell 4-5% following the temporary ceasefire between the US and Iran. Thailand's exports rose 20.8% YoY in June, beating market...

Krungthai XSpring

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