Amata Corporation Public Company Limited

InnovestX Securities Company Limited assessed its investment strategy for the fourth quarter of 2026, saying financial markets still face volatility from oil prices, inflation, interest rate direction and elevated bond yields, forcing investors to place greater weight on asset selection and investment timing. Sutthichai Kumworachai, Head of Investment Strategy & Research at InnovestX, said the firm raised its target for the Thai stock index in 2026 from 1,600 points to 1,700 points, after expecting market earnings per share in 2026 to grow about 22% and second-quarter economic data to be stronger than expected. He recommended a fourth-quarter strategy focused on stock selection rather than buying the whole market, viewing levels below 1,550 points as an accumulation point for fundamentally strong stocks such as AMATA, CENTEL, CRC, KTB and PR9. For fixed income, he recommended focusing on 3-5 year maturities to capture still-attractive carry yield and reduce risk from interest rate volatility, with an overweight to developed-market bonds. On gold, the firm maintained a positive medium- to long-term view, estimating a 12-month price target of 5,300 US dollars per ounce on demand for diversification and capital flowing back into gold ETFs. The Thai stock market from the start of 2026 through the close on October 1, 2026 saw the SET Index at 1,563.91 points, up about 24.15% from 1,259.67 points at the end of 2025. Domestic retail investors were the largest net buyers at 58,807.49 million baht, while domestic institutional investors were the largest net sellers at about 86,397.26 million baht. From late September through early October 2026, foreign investors sold Thai shares for eight consecutive trading sessions totaling more than 34,162 million baht. Data from the Thai Bond Market Association showed that in September 2026 foreign investors were net sellers of Thai bonds worth 22,003 million baht, bringing the cumulative year-to-date net foreign selling of Thai bonds to 9,426 million baht.

Trinity Securities assesses that the Thai stock market index in the fourth quarter of 2026 will fluctuate within a range of 1,500-1,700 points, noting that the current index level has fallen into a zone where reward clearly outweighs risk. For those who still hold Thai stocks at low levels, or who need to invest to reduce taxes this year, the current index area is seen as an opportunity to gradually accumulate (Buy the Dip). As for the investment strategy for the fourth quarter, the research department recommends a defensive approach focused on its quarterly recommended stocks, namely BTG, TFG, AWC, ERW, CRC, COM7, STA, TVO, AMATA and STECON.

InnovestX Securities Company Limited assesses that Thailand's financial markets will remain volatile throughout the fourth quarter of 2026, pressured by interest rate hikes from major central banks worldwide. Suthichai Koomworachai, Head of Investment Strategy & Research, said there are seven signals to watch: crude oil prices, government bond yields, public debt burdens, the US election, natural disasters and the El Niño phenomenon, demand for AI technology, and the earnings of listed companies. Dr. Piyasak Manasant, Head of Economic Research, estimates the impact of flooding on the economy, especially in Bangkok, at approximately 21,000 million baht, split into about 19,000 million baht in the third quarter of 2026 and another approximately 1,800 million baht in the fourth quarter of 2026, representing pressure on GDP of about -0.11%. However, there is a positive factor from the extension of the "Thai Chuay Thai Plus Phase 2" program, which supports GDP by about +0.08%, leaving the net impact at only about -0.03%. GDP is expected to grow 2.0% both this year and next year. Meanwhile, Sittichai Duangrattanachaya, Head of Investment Strategy, views this round of flooding as only a short-term event and expects that fund flows, which saw outflows of about 30,000 million baht over the past two weeks, will return to buy after the waters recede. He gives a suitable entry point of 1,500 to 1,550 points, maintains this year's SET target at 1,700 points, and sets next year's target at 1,715 points. Top picks for the fourth quarter of 2026 include AMATA with a target price of 44 baht, CENTEL with a target price of 47 baht, CRC with a target price of 31 baht, KTB with a target price of 49 baht, and PR9 with a target price of 23 baht.

Three securities firms have shared their outlooks for the Thai stock market in the final stretch of the year, along with their SET index targets and top stock picks for investment in the fourth quarter of 2026. Each has a different view and set of recommendations based on fundamentals and market trends. InnovestX has set a SET index target of 1,715 points for 2027 and named its top picks for Q4/2026: AMATA, CENTEL, CRC, KTB and PR9. ASPS estimates a SET index target of 1,720 points for 2026 and selected CPN, CBG, THAI, BDMS, BBL, COM7, STECON and GUNKUL as its top picks. KSS expects the SET index to trade in a target range of 1,680 to 1,750 points in 2026 and highlights TOP, PTTGC, SCC, IVL, GULF, DELTA and KBANK as its top picks.

The Constitutional Court has ruled that the Election Commission's use of barcodes and QR codes on constituency MP ballots on 8 February 2026 does not violate the constitution, after the Ombudsman filed a petition arguing that the codes could be traced back to individual voters and would breach the principle of secret voting. The court found that in practice tracing is extremely difficult and that adequate safeguards are in place. That election therefore remains valid and does not need to be rerun, and the court merely recommended considering alternative security measures for future elections. The outcome removes the most severe scenario the capital markets had feared, namely a nationwide annulment of the election leading to a political and policy vacuum. With the ruling of no wrongdoing, it is expected to be positive for overall market sentiment and for foreign investor confidence thanks to reduced political risk, especially for large-cap stocks with high foreign holdings and sectors that depend on continuity of government policy, such as construction contractors, power, industrial estates and banks, since the government can continue administering the country as normal. The investment themes that benefit most include industrial estates AMATA and WHA, power producers GULF, GPSC, BGRIM and GUNKUL, contractors STECON, CK, PYLON and INSET, banks KBANK, KTB and KKP, and component makers DELTA and HANA. Meanwhile, in overall trading yesterday, the Thai stock index closed at 1,594.30 points, down 8.07 points, while Thai Airways, or THAI, closed at 6.05 baht, down 0.10 baht or 1.36%, amid a backlog of more than 5,600 pieces of unclaimed baggage. Thai Airways management explained that the main cause was a shortage of manpower, especially baggage handling teams and staff holding ground operation licences who were affected by flooding and unable to travel to work. In addition, Bangkok is Thai Airways' main aviation hub, so when a large number of employees are affected at the same time, the operating system comes under heavy pressure. The issue arose while Thai Airways is pressing ahead with its rehabilitation plan and its operating results have begun returning to profit. What the market and investors must therefore monitor from here on is not just the numbers in the financial statements, but also the efficiency of the operating system and the ability to cope with a crisis.

Analysts at Kasikorn Securities Public Company Limited have unveiled their Thai equity investment strategy for the fourth quarter of 2026, expecting Thailand's investment upcycle, driven by data centre investment and the PDP26 plan, to support growth momentum from the fourth quarter of 2026 through 2027. They expect power generation capacity serving data centres to rise to 5–7GW by 2030, and have raised their SET index target to 1,680 points, shifting the calculation base to an end-2027 target based on a 2027 SET EPS of 105 points and a long-term average PE of 16 times. For the fourth quarter of 2026, they highlight two themes: stocks benefiting from the new investment cycle, namely BBL, DELTA and BGRIM, and stocks with earnings recovery coupled with cost pass-through ability and room for prices to catch up, namely SCGP and CPALL. Meanwhile, analysts at InnovestX Securities have raised their 2026 SET target from 1,600 points to 1,700 points to reflect a stronger-than-expected second quarter of 2026, robust investment and economic stimulus measures, viewing 1,550 points as an attractive level for gradual accumulation, and selecting AMATA, CENTEL, CRC, KTB and PR9 as their top picks for the fourth quarter of 2026. Analysts at Trinity Securities see global stock markets in the fourth quarter of 2026 entering a tug-of-war between macro factors weighing on sentiment and micro factors still supporting the market. They estimate the SET index trading range at 1,500–1,700 points, with a base case of around 1,630 points calculated from a forward PE of 14.8 times multiplied by this year's EPS of 110 baht, and recommend a sector rotation and stock selection strategy across five favoured groups: livestock, BTG and TFG; tourism, AWC and ERW; retail with company-specific catalysts, CRC and COM7; agricultural products, STA and TVO; and beneficiaries of private-sector investment, AMATA and STECON.

Kasikornbank Securities said Thailand is accelerating negotiations on a Thailand-EU FTA, which is now more than two-thirds complete, with a decisive round of talks set for September 28. It is also reviving the Thailand-UAE CEPA after a hiatus of more than three years. Both agreements would help expand exports, attract FDI and diversify markets toward Europe and the Middle East, though conclusions are still needed on sensitive issues covering agriculture, medicine and regulations. The research team views this as a positive for sentiment toward food exporters, autos, electronics and industrial estates such as CPF, TU, DELTA, KCE, HANA, AMATA and WHA, but the impact on earnings will become clear only after negotiations conclude and the agreements take effect.

The Ministry of Commerce reported Thailand's trade figures for August 2026, with exports expanding 24.3% year-on-year. Although this was below the market expectation of 24.8% year-on-year, it accelerated from 21.6% year-on-year in July 2026. Meanwhile, imports expanded 25.1% year-on-year, below market expectations and below July 2026's 30.0% year-on-year and 36.7% year-on-year respectively. Among export goods that grew well in the agricultural product group were fresh, chilled, frozen and dried fruit, up 24.0%; rubber, up 23.2%; fresh, chilled and frozen shrimp, up 18.8%; and processed chicken, up 10.5%. In the agro-industrial product group, pet food grew 17.5% and canned and processed seafood grew 4.8%. In the industrial product group, video and audio equipment and parts grew 1,155.7%; telephones, equipment and parts grew 151.2%; electrical transformers and parts grew 55.6%; computers, equipment and parts grew 42.1%; electrical appliances and parts grew 40.9%; integrated circuit boards grew 19.2%; and gems and jewelry, excluding gold, grew 3.2%, returning to growth after contracting the previous month. The research team at Phillip Securities sees this as positive sentiment for export stocks in the categories that grew well, as well as stocks related to those export goods, and views it as a boost for industrial estate and utility stocks. It selected 17 standout stocks: in the agricultural product group, CPF, NER, STA and TEGH; in the agro-industrial product group, AAI, ITC and TU; in the industrial product group, CCET, DELTA, HANA, HTECH and KCE; and in the industrial estate and utility group, AMATA, BGRIM, GPSC, ROJNA and WHA.

Analysts at InnovestX Securities said that on September 23, 2026 in New York, the US-ASEAN Business Council and the US Chamber of Commerce organized a meeting bringing senior executives from leading companies together with the Prime Minister of Thailand. The government reaffirmed Thailand's position as a regional hub and gateway to the 700-million-person ASEAN market, while accelerating the finalization of trade agreement terms with the United States and facilitating investment through improvements to the Thailand Fast Pass system. This helped push the value of investment promotion applications in the first half of 2026 to 44 billion US dollars, up 37% year on year, with a goal of lifting Thailand's competitiveness into the world's top 20 by 2030. Yesterday, on September 24, 2026, the Prime Minister visited Google's office at Pier 57 and held talks with Ruth Porat, President and CIO of Alphabet and Google. Google confirmed its investment in the EEC area of Chonburi province through an environmentally friendly data center development plan and a Google Cloud Region project in Bangkok, with a combined value of 1 billion US dollars, or about 36 billion baht. It also plans to establish an Open Data institute to develop digital workforce skills and create opportunities for Thai startups. The analysts therefore view the trade negotiations, progress on Thailand Fast Pass, and the clarity of real investment money at the level of 36 billion baht from a giant like Google as significantly boosting confidence in attracting FDI in technology and clean energy to relocate and expand investment into Thailand, especially the development of Green Data Center standards and SI technology, which will accelerate demand for digital infrastructure, namely data centers, cloud network systems, renewable power, and telecommunications equipment. The advance discussions also help build strong momentum and pave the way for the signing of MOUs or actual investment agreements during the World Bank-IMF global meetings in Bangkok in mid-October, which will support a positive atmosphere for the Thai stock market in the fourth quarter of 2026. The investment strategy therefore recommends Selective Buy in three main themes expected to benefit. The first is the Investment Play theme, expected to benefit directly from the accelerating domestic investment cycle, comprising the industrial estate groups WHA and AMATA, the renewable power plant groups GULF, GPSC, BGRIM, and GUNKUL, the contractors STECON and CK, and the digital infrastructure groups ADVANC, TRUE, and INSET. Next is the Banking Re-rating Play theme, which is seen as still having upside and the chance to be re-rated from accelerating loan growth driven by the private-sector investment cycle that is beginning, and the end of the interest rate cutting cycle, namely BBL, KBANK, and KTB. Finally, the Consumption Play theme will benefit in the short term from accelerating user numbers driven by travel by the US executive delegation and global participants in the World Bank-IMF meetings in October, while in the long term it will benefit from an overall stronger domestic economy, namely the tourism groups AOT, CENTEL, ERW, and MINT, and the commerce groups CPALL, CRC, and CPN.

Brokers take a positive view on the industrial estate group after the Thailand roadshow team in New York met with global funds and technology companies including PIMCO, Microsoft and Bank of America to pitch investment opportunities in future industries such as data centers, AI, digital infrastructure and alternative energy. PIMCO expressed interest in providing funding for data centers in Thailand, while Asia Plus Securities and KGI Securities (Thailand) tout AMATA and WHA as the biggest beneficiaries of the FDI and data center theme, with a key catalyst being clarity on new data center regulations in mid-October. KGI noted that investment promotion applications to the BOI and approved investment reached 1.47 trillion baht, up 37% year on year, and 1.3 trillion baht, up 45% year on year, respectively. FDI in the first half of 2026 jumped 80% year on year to 1.37 trillion baht, driven by the digital sector at 1.11 trillion baht, up 150% year on year, already exceeding full-year 2025 FDI of 1.36 trillion baht. Industrial estate land prices continue to rise, with AMATA's average land selling price in the first half of 2026 at 8.2 million baht per rai, up 32% year on year, while WHA's land selling price remains low at 4.8 million baht per rai due to a larger share of land transfers from the WHA-IER estate, which carries lower margins. KGI maintains an overweight stance on the industrial estate group versus the market and keeps buy ratings on both AMATA and WHA with SOTP-based target prices of 37.00 baht and 5.90 baht, respectively.

Krungsri Securities stated that the direction for operating Data Centers in Thailand is progressing continuously, with the draft Digital Infrastructure Services Business Act B.E. ...., the main law establishing the regulatory framework for data center, cloud service, and digital platform businesses. It requires operators to obtain licenses from the Ministry of Digital Economy and Society and to post collateral. Meanwhile, large data centers that use electricity up to the threshold must secure their own electricity and water sources, are prohibited from competing for water from public water sources, must use clean energy according to the proportion set by the state, must be located in urban planning areas permitted for factory operations, must conduct EIA/EHIA, and are required to store personal data of Thai individuals and Thai juristic persons within the country as a primary requirement. On the progress of subordinate legislation, the DC Board approved preliminary criteria requiring data centers using electricity from 0.5 megawatts and above to formally register with the Ministry of Digital Economy and Society, and instructed three subcommittees on infrastructure, urban planning, and environment to expedite the drafting of minimum standards for completion within February 2026. Meanwhile, the Bangkok Metropolitan Administration and the Department of Public Works and Town and Country Planning are reviewing a new urban planning draft designating zoning for large data centers in industrial zones in purple areas on the outskirts of the city, and acknowledged progress on the TH-DC Dashboard system by BDI in collaboration with the Ministry of Digital Economy and Society to serve as a national central database. The research department assesses this progress as overall positive and views it as positive sentiment for Infra Tech theme stocks, namely industrial estate developers AMATA and WHA, contractors STECON, PYLON, and INSET, power companies GPSC, BGRIM, WHAUP, and GUNKUL, as well as banks KBANK, KTB, and BBL.

Prime Minister Anutin Charnvirakul led a Thai delegation, together with the Stock Exchange of Thailand and FETCO, on a roadshow in New York, meeting Bank of America, PIMCO, Microsoft and global institutional investors to present Thailand's potential and investment opportunities, with a focus on future industries such as data centers, AI, digital infrastructure and alternative energy. PIMCO expressed interest in providing funding for data centers in Thailand, reflecting the opportunity for Thailand to attract more FDI and foreign investment. Asia Plus Securities said the news is a positive factor for the industrial estate group over the medium to long term, with WHA and AMATA the biggest beneficiaries of the FDI and data center investment theme. WHA is linked to digital infrastructure and data centers, while AMATA has an industrial estate base and industrial customers to support new investment. However, the short-term impact remains limited, since the roadshow is still at the stage of generating interest and negotiating investment. Investors should therefore monitor BOI applications, new customers, land reservations and transfers, and progress on data center investment criteria from the Data Center board, rather than relying on the roadshow response alone.

Krungsri Securities said Thailand has signed the ASEAN-Hong Kong Investment Agreement, or AHKIA, to open up investment markets between the two sides and attract investment from Hong Kong in high-potential target industries, focusing on automobiles, auto parts, and printed circuit boards, or PCB. In addition, the agreement will help promote supply chain connectivity and give Thai investors the opportunity to expand their businesses into Hong Kong to connect with the Chinese market. The research team assesses that sentiment toward the SET is positive given the continued approach of drawing foreign investment. Stocks that benefit from the investment theme include industrial estates AMATA and WHA, as well as banks KBANK, KTB, KKP, and BBL.

Foreign investors returned to buying Thai stocks, with net purchases of 52.68226 billion baht from the start of the year through September 22, comprising 6.60989403 trillion baht in buys and 6.55721177 trillion baht in sells. In September alone, net buying reached 1.31328 billion baht, from 626.56138 billion baht in buys and 625.24810 billion baht in sells, marking the highest foreign buying in two months and making the Thai stock market the most sought-after in ASEAN. The supporting factor came from Meta's launch of a new AI model with higher processing efficiency, offered free of charge, which the market expects will extend its advertising business and accelerate demand for AI CAPEX, benefiting Thai component stocks, especially DELTA and HANA. Meanwhile, Infra Tech stocks drew support from the NBTC's proposal for a data center board to set new investment criteria, including requiring operators to have power purchase agreements and water supply certificates, to use domestic materials no less than 50%, and to add sustainability requirements. This is expected to boost industrial estate stocks such as AMATA and WHA, power stocks such as GULF, BGRIM and GUNKUL, bank stocks such as KBANK, KTB, KKP and BBL, as well as contractor stocks such as STECON, PYLON and INSET. At the same time, the Cabinet meeting approved extending the Thai Help Thai Plus 40/60 Phase 2 project by another 2 months, from October 1 to November 30, 2026, with a total budget of 42.69 billion baht, and approved an additional 700 baht per person in product purchase credit for state welfare cardholders for October only, bringing the total injection to 1,000 baht per person. This measure is expected to benefit retail stocks such as CPAXT, BJC and CPALL, as well as consumer goods stocks such as CBG and OSP, in a second-round effect.

CGSI, or CGS International Securities (Thailand), recommends buying shares of Amata Corporation Public Company Limited, or AMATA, and has raised its target price to 39.75 baht, equivalent to a P/E of 10.5 times in FY27, after taking institutional investors to visit the Amata City Rayong industrial estate and EASTW's water production system on September 16, 2026. It views AMATA as ready to capture the upward investment cycle amid strong FDI flows, especially from the Data Center segment and high-value industries. CGSI has raised its new land sales forecast to 1,600 rai in FY27 and 1,550 rai in FY28, including sales from the Amata City Namor project in Laos, while keeping its FY26 estimate at 1,172 rai. This means AMATA must sell an additional 794 rai in 2H26, from deals under negotiation totaling approximately 1,000 rai in Thailand and 187-219 rai in Vietnam. For Amata City Rayong, a new phase of 3,000 rai is under development, with pre-sales starting in 2Q26 and ownership transfers expected to begin within 2027. About 300-400 rai has already been pre-sold at an average selling price of 7.5 million baht per rai, with a gross profit margin of 50-55%. As for the Amata City Namor project in Laos, the first phase has 4,500 rai of saleable area, with infrastructure construction and sales starting in 1Q26, and the first customer deal of about 300 rai expected to close in 4Q26. On the water system, CGSI assesses that the EEC has sufficient water utilities to support Data Centers, with EASTW estimating Data Center water demand in the EEC at 40-50 million cubic meters in 2027-2029 and capacity to support up to 4.4GW. Meanwhile, stricter screening criteria for new Data Centers may delay land sales for some projects by 1-3 months, but this is positive in the medium to long term for industrial estates with ready infrastructure. CGSI has raised its FY26-FY28 EPS estimates by 5.5-7.6% to reflect gains from the sale of its investment in Amata Service City Long Thanh 1 in 4Q26, while its backlog still secures 89.7% of estimated land sales revenue for FY26-27.

September earnings estimates for the SET were revised up a further 0.7% month on month and 15.6% since the start of the year, driven mainly by sectors benefiting from higher energy and commodity prices. Petrochemicals led the way with a 6.2% month-on-month increase, as PTTGC rose 13% and IVL gained 7%. The energy sector rose 1.8%, led by refiners BCP up 26%, TOP up 10% and SPRC up 9%, which lifted the estimate for sector heavyweight PTT by a further 2%. The agricultural sector rose 2.1% on higher rubber prices, with STA's earnings estimate revised up 26%. However, the upward revisions are no longer as broad-based as before: fuel station operators PTG fell 26% and OR dropped 4%, while power plant groups SPP, BGRIM and GPSC slipped 2% and 1% respectively. In real estate, LH fell 1% and ORI dropped 13%, reflecting a growing divergence in earnings estimate trends between sectors and individual companies. Stocks still seeing upward revisions included AWC up 8%, CENTEL up 5%, BJC up 4%, CRC up 3%, AMATA up 8% and GUNKUL up 2%.

Bualuang Securities (BLS) has revised up its earnings estimate for the Thai stock market in September by 0.7% month-on-month and 15.6% since the start of the year. Piriyapon Kongwanich, Director of Investment Analysis for Wealth Management, said the main driver came from groups benefiting from energy and commodity prices amid prolonged wars. The petrochemical group was raised 6.2% month-on-month, led by PTTGC up 13% and IVL up 7%, while the energy group rose 1.8% on refineries BCP up 26%, TOP up 10% and SPRC up 9%, pushing PTT up another 2%. The agricultural group rose 2.1% on higher rubber prices, with STA raised 26%. On the other side, groups whose costs are linked to energy prices were revised down, led by PTG down 26% and OR down 4%, as well as SPP power plants such as BGRIM down 2% and GPSC down 1%. Meanwhile, businesses sensitive to the economy such as property, LH down 1% and ORI down 13%, also faced downgrades. This reflects a clearer divergence in earnings direction between industry groups and individual companies. The strategy therefore focuses on Earnings Leaders with strong profits. CRC is expected to post core profit growth of 25 to 30% year-on-year in the third quarter of 2026 from same-store sales growth of around 2% and revenue growth of about 4% year-on-year. CBG is supported by domestic energy drink sales growing 10% year-on-year. BH and BDMS are entering a seasonal profit recovery period. AOT, AWC and CENTEL benefit from tourism entering the high season, with AOT's winter slots from October 2026 to March 2027 up 4% year-on-year and AWC's RevPAR in July to August up 23% year-on-year, while CENTEL rose 5 to 6% year-on-year. AMATA is supported by data center demand adding clarity to profits, and GUNKUL benefits from a recovery in wind power plants along with investment opportunities in transmission systems.

CGSI, or CGS International Securities Thailand, estimates the SET Index range today at 1,575-1,595 points, with the market likely to swing in a narrow band after the 10-year US government bond yield surged past 5%, pressuring fund flows and risk assets worldwide. Meanwhile, crude oil prices remain above 100 dollars per barrel even after easing from their peak, still a factor weighing on the inflation outlook and global interest rate direction. Factors to watch this week include the Trump-Xi Summit on September 24, trade tariff issues and US-China relations, the situation in the Strait of Hormuz and oil price direction, as well as regulatory and safety risks surrounding AI technology. For recommended stocks, CGSI stated that EGCO has indirectly acquired a 45.1% stake in Astoria Energy II, a 615-megawatt natural gas-fired power plant in New York State, United States, expected to add to EGCO's profit from the first quarter of 2027 onward, and it raised its earnings forecasts for 2027 to 2028. As for AMATA, it raised its land sales forecast for 2027 to 2028 to 1,550-1,600 rai per year to reflect the inclusion of the Amata City Namor project in its estimates.

Kasikorn Securities, or KS, said in a research note that ESG is entering an era in which it genuinely affects financial outcomes, and unveiled 10 stocks set to benefit from the ESG transition. The Stock Exchange of Thailand is preparing to move from SET ESG Ratings to the FTSE Russell ESG Scores framework, with listed companies due to learn their own scores in 2026 and public disclosure beginning in 2027. Preliminary statistics from the 2025 FTSE Russell ESG Scores assessment show that 222 Thai listed companies averaged 3.6 out of 5, placing them at a Good practice level, with the utilities, healthcare, and oil and gas sectors scoring most strongly. KS said ESG development is reaching a regulatory level that will affect profits and ROIC through a carbon pricing mechanism with a pilot price of 200 baht per tonne of carbon equivalent, a planned emissions trading system trial in 2029-2030, the EU CBAM measure, and the IFRS S1/S2 standards and Thailand Taxonomy. A study of SET100 stocks found that high ESG-rated shares do not always trade at more expensive PER or PBV multiples or post higher EPS growth, but that good ESG enhances investability through liquidity and the shareholding of foreign and institutional investors. The case of DELTA, which was removed from the SETESG index, reflects how money from ESG-linked funds affects short-term price volatility. The 10 standout stocks span five themes: renewable energy business expansion, GULF, BCPG and CKP; green industrial infrastructure, WHA and AMATA; ESG data services and carbon management, DITTO and BBIK; sustainable finance, BAY and TTB; and the circular economy, SCGP.

The equity and derivatives market strategist at InnovestX Research, InnovestX Securities, said efforts to push Thailand as a regional data center hub are taking clearer shape after the first meeting of the Data Center Business Policy Committee resolved to accelerate integration of data and legal provisions into a single dashboard, in order to set a clear industrial strategic framework within one month. The criteria define data centers using more than 2 MW of electricity as industrial businesses, set resource utilization fees to reflect true direct and indirect costs, and impose strict energy conditions to support Green Data Centers, including a separate electricity tariff category for the group, a mandatory clean energy share of no less than 60% to meet Net Zero goals, and tighter standards for backup power systems. Four subcommittees will be set up covering the economy, infrastructure, land and buildings, and the environment to draw up technical standards, and decisive measures are being prepared to suspend water and electricity allocation for projects not yet under construction if they fail the criteria. InnovestX assesses that these clearer policies will create significant positive ripple effects for two main industries. The first is clean energy, where the 60% minimum clean energy requirement will turn clean power from an option into a necessity, sharply driving real demand. The second is industrial estates, where classifying data centers as industrial businesses will draw foreign direct investment, or FDI, into leading estates equipped with smart grid networks and environmental management, leaving estates reliant on fossil fuels far behind. The investment strategy therefore recommends Selective Buy, focusing on accumulating leaders in these two main industries. For industrial estates, it favors companies with stable smart grid networks sufficient for Tier 3-4 data centers, joint ventures with multinational technology firms, and their own water recycling management systems, namely AMATA and WHA. For clean energy, it favors companies making progress on direct power purchase agreements, or Direct PPAs, with global hyperscalers, with high ESG scores and green certificates, and investing in battery energy storage systems, or BESS, to maintain the stability of electricity supplied to data centers, namely GULF, GPSC and BGRIM, as well as GUNKUL, a contractor for high-voltage transmission line systems.

Today's stocks to watch are led by GULF, which newspapers report is making a major move, committing investment of a hundred billion baht to build a Data Center Park with capacity of more than 1,000 megawatts. The company will finalize the investment plan within this year and is accelerating development of both power and water infrastructure to serve large customers, following strong demand, and is in the process of seeking permits for an undersea cable route linking Thailand, Vietnam, and Singapore to pave the way for an ASEAN data network. Meanwhile, MEDEZE is ramping up its cell culture media production plant, expected to begin commercial production in the first quarter of 2028, helping cut imports by several hundred million baht a year. IP announced its Advance Biotech vision, highlighting the success of Parkinson's gene therapy together with Japan, supporting sales growth of 10% a year toward a target of 5 billion baht in 2031. THAI is confident revenue this year will reach its target of 200 billion baht despite pressure from oil prices, showing cash flow of 120 billion baht, and is pushing ahead with expanding its fleet by 150 aircraft and raising its market share to 35%. AMATA is bringing in Chinese investment from Homa to set up a refrigerator and freezer manufacturing base in Amata Chonburi Industrial Estate, with investment of more than 3.1 billion baht, production capacity of 1.5 million units a year, and an export value target of 12 billion baht a year.

Amata Corporation Public Company Limited, or AMATA, disclosed that Homa, a major global refrigerator and freezer manufacturer from China, will establish a production base in Amata Industrial Estate in Chonburi with an investment budget of over 3.1 billion baht, a production capacity of approximately 1.5 million units per year, and is expected to generate export value of up to 12 billion baht per year. The production base will focus on manufacturing high-efficiency refrigerators, smart refrigerators, and high-standard freezers that comply with European Union energy regulations. Michael Yao, President of Homa Appliance (Thailand) Company Limited, said this investment will create approximately 1,400 jobs in the first phase and is expected to rise to 3,000 jobs within one to two years, with a goal of increasing the use of domestic components to 50 to 60 percent. Meanwhile, Vikrom Kromadit, Chief Executive Officer of AMATA, stated that Chinese investors remain continuously interested in investing in Thailand, increasingly viewing the country as a production base for exporting to global markets, shifting from a previous focus on production for the domestic market.

Asadej Kongsiri, Director and Manager of the Stock Exchange of Thailand, is pressing ahead with the JUMP+ project, which now has 142 listed companies participating, aiming to upgrade businesses through a three-year plan covering strategy, governance, greenhouse gas management, and investor communication. The JUMP+ Investor Day 2026 on 26 September will be a stage for 56 companies to present their business plans directly to investors. On energy, Pongpol Yodmuangcharoen, spokesperson for the Ministry of Energy, disclosed that electricity requests from Data Centers have surged to 35 gigawatts, close to the country's peak power demand of 40 gigawatts. The government plans to assess Data Center demand in the 2026 Power Development Plan at 8.8 gigawatts, shift the power security criterion from reserve margin to the LOLE index, and upgrade the grid to a Two-way Dynamic Grid to accommodate rooftop solar, which is expected to add more than 5,000 megawatts of capacity. The Electricity Generating Authority of Thailand will need a budget of about 35,000 million baht, particularly for the EEC area. Meanwhile, Vikrom Kromadit, Chief Executive Officer of Amata Corporation Public Company Limited, or AMATA, said Chinese investors are looking at Thailand as a production base for export. In one case, Michael Yao, President of Homa Appliances (Thailand) Company Limited, led Homa to invest more than 3,100 million baht in the Amata Chonburi industrial estate, targeting production of 1.5 million units per year, creating export value of 12,000 million baht per year, and employing up to 3,000 people, while increasing the use of Thai components to 50-60%. On the capital market, Rawin Boonyanusasna, an executive in the money and capital markets business at Krungthai Bank, has joined with Gulf Development Public Company Limited, or GULF, to offer digital debentures rated AA-/Stable by TRIS Rating. They can be invested through a wallet on the Paotang app, starting at 1,000 baht, with 24-hour secondary market trading. Subscription opens from 19-21 October 2026, or until the full amount is taken, allocated on a first come, first served basis. Meanwhile, Chai Eamsiri, Chief Executive Officer of Thai Airways International Public Company Limited, or THAI, confirmed there will be no further flight cuts even though jet fuel prices have surged above 160 dollars per barrel, with fuel costs accounting for about 40% of total costs. Second-quarter net profit was 1,528 million baht, down 87% year on year, but the airline remains confident of meeting its 2026 revenue target of 200,000 million baht, and will add flights to Europe and Asia to take delivery of new aircraft. The 10,000 million baht MRO facility at U-Tapao is still awaiting approval, and applications for a new CEO are open until 27 September. Finally, Santipol Jenwatanapaisal, Chief Executive Officer of Jenkongklai Public Company Limited, or JPARK, launched GJ PARK, a full-service parking building at Kanchanaphisek Medical Center, with an investment of 590 million baht, accommodating at least 1,000 cars. Revenue is expected to be at least 60 million baht per year, with recognition beginning in the third quarter of 2026. The company also plans to develop another 3-4 locations and to raise funds by injecting assets into a REIT within 2029, targeting revenue growth of 20-30% in 2026 and reaching 1,000 million baht in 2028.

InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.

Land and Houses Securities Public Company Limited stated that the direction of the BOI's investment promotion policy is beginning to shift from focusing solely on the value of applications toward tracking actual investment that materialises and the benefits to the Thai economy, including linking SMEs into supply chains, workforce skill development, research and development, and technology transfer. At the same time, the BOI has added 17 more projects under the Thailand FastPass scheme with a combined value of 121 billion baht, while FastPass projects from earlier rounds have already seen more than 21 billion baht in actual investment. The brokerage views that reducing procedures and easing constraints on project implementation will help accelerate the transition from investment plans to actual spending, and that increasing linkages with domestic operators will help investment money flow through to Thai businesses and workers more effectively. It assesses that the benefits to the SET will not be evenly distributed across all industries, but will favour companies that can clearly convert investment money into domestic revenue, especially industrial estate groups, Data Center contractors, electrical and public utility network providers, and banks with business customer bases and project loans. The beneficiary stocks include AMATA and WHA on demand for industrial land, with WHA recording land sales of 1,199 rai in the first half of 2026 and 1,464 rai in pending transfer sales, while AMATA had land sales of 377 rai in the first half of 2026 and pending transfer sales of about 18.4 billion baht. INSET benefits from Data Center investment, with second-quarter 2026 revenue from Data Center work rising to 670 million baht, up 451% year on year, from six projects totalling 335 MW, lifting net profit to 64 million baht, up 652% year on year, with a backlog at the end of the second quarter of 2026 of about 4.5 billion baht, rising to about 5.7 to 5.8 billion baht after winning new work in the third quarter of 2026. BGRIM, GULF and RATCH have opportunities from electricity demand and Data Center expansion, with BGRIM developing a Hyperscale Data Center in Chonburi targeting maximum service capacity of 96 MW, while GULF aims to expand Data Center capacity to 300 to 500 MW within three to five years, and RATCH is in talks with five to six operators with potential to support about 300 to 1,400 MW. WHAUP and EASTW are supported by rising water demand, with EASTW having begun supplying water to Data Center customers in Chonburi since May 2026 and planning to add two more customers within this year. GUNKUL expects its backlog at the end of 2026 to be about 5 to 6 billion baht, supporting revenue in 2027, while BBL and KBANK have opportunities from financial services across the entire investment chain, from project loans and business loans to working capital, cash management services and foreign exchange transactions.

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.

The global AI investment wave is driving foreign capital into Thailand's infrastructure sectors, including data centers, power systems, cooling systems, PCB and storage. Data from Kasikorn Thai shows that in the first half of 2026, Thailand received investment promotion applications totaling 1.47 trillion baht, up 37% from a year earlier, while foreign capital rose 80% to 1.36 trillion baht, led by the digital and electronics industries. Among the stocks seen as direct beneficiaries is DELTA, which makes power supply and cooling systems for data centers and is ramping up commercial production of liquid cooling systems. HANA is viewed as the Thai stock market's new AI proxy, with AI-related products set to enter production lines in the second half of 2026. KCE is expected to benefit from the semiconductor upcycle and tight PCB supply, which could support selling prices and profits in the second half of 2026. SMT gains from the shift to optical connectivity, while CCET benefits from rising demand for both HDD and SSD storage as AI computing generates massive volumes of data. INSET has seen a flood of project inquiries, while WHA and AMATA stand to gain because data center businesses use roughly 12 to 16 times more electricity and water than general industrial plants, meaning industrial estate revenue does not end on the day land is sold but continues through long-term utility income. If foreign capital flows and data center investment accelerate further in 2027, the Thai stock market may see an increasingly clear picture of an AI ecosystem.

Kiatnakin Phatra Securities Public Company Limited, or KKP, assesses that global AI investment is moving beyond chips into the surrounding infrastructure, which will create positive ripple effects for the Thai economy, especially the opportunity to attract a new wave of foreign direct investment, or FDI, into the country's industrial sector and advanced technology supply chain. The analysis notes that as AI systems grow larger, power per rack in data centers rises from several tens of kilowatts to about 600 kilowatts and could reach 1 megawatt in the future, shifting the main constraints to power delivery systems, cooling systems, and data transmission. KKP sees two key technologies that will drive the next phase: 800VDC technology and the shift to optical connectivity. KKP expects the new wave of FDI to flow into semiconductors, printed circuit boards, or PCBs, and advanced electronics, estimating that Thailand's major industrial estate developers, WHA and AMATA, will see land sales increase by about 2,500 rai per year and 2,000 rai per year, respectively. For the standout stocks that stand to benefit, KKP states that Delta Electronics (Thailand) Public Company Limited, or DELTA, is ready to serve demand for data center power systems and liquid cooling systems, while Hana Microelectronics Public Company Limited, or HANA, benefits from demand for analog ICs and power semiconductors. KCE Electronics Public Company Limited, or KCE, is ready to serve demand for high-end PCBs, and Stars Microelectronics (Thailand) Public Company Limited, or SMT, benefits directly from the shift to optical connectivity technology. Cal-Comp Electronics (Thailand) Public Company Limited, or CCET, has the potential to serve demand for both HDD and SSD storage devices. Beyond the electronics group, KKP states that AI's expansion also benefits energy infrastructure, as a global shortage of large power transformers bodes well for Thirai Public Company Limited, or TRT, while demand for transformer oil and fluids for liquid cooling systems opens opportunities for P.S.P. Specialties Public Company Limited, or PSP, as well as the strategic partnership of Millennium Group Corporation (Asia) Public Company Limited, or MGC, in developing humanoid robots. Supapong Iamkong-aek, an analyst at Kiatnakin Phatra Securities Public Company Limited, said global AI investment will not stop at software or chips but is spreading to areas where Thailand has good cost advantages, namely infrastructure and downstream industries, which is a window of opportunity that remains wide open for the Thai economy.

Amata Corporation Public Company Limited, or AMATA, and B.Grimm Power Public Company Limited, or BGRIM, are investing approximately 1.2 billion baht to develop a floating solar power generation project with a maximum installed capacity of 42.5 megawatts within the Amata City Chonburi industrial estate, through Amata B.Grimm Renewable Energy Company Limited, a joint venture between Amata U Company Limited, holding 75%, and B.Grimm Power Smart Solution, holding 25%. The project is being developed on a reservoir area within the industrial estate to meet the renewable energy electricity demand of operators in the Eastern Economic Corridor, or EEC, and is expected, once it begins commercial operation, or COD, to reduce greenhouse gas emissions by approximately 29,300 tonnes of carbon dioxide equivalent per year. Mr. Satta Vanlaphatthana, Chairman of Amata B.Grimm Renewable Energy Company Limited, said the project is part of efforts to elevate Amata City into a smart and sustainable industrial city and to support the goal of carbon neutrality by 2040. Meanwhile, Mr. Saroj Arunpairojkul, Deputy Chief Executive Officer for Industrial Customer Relations and Power Plant Operations at B.Grimm Power, said B.Grimm Power aims to expand the share of clean energy in its power generation portfolio to more than 50% by 2030 and is pursuing the goal of net zero carbon emissions by 2050. Mr. Chawalit Tippawanich, Chief Executive Officer of Amata U Company Limited, said the 42.5-megawatt floating solar project will enhance clean energy capacity within the industrial estate without requiring additional land, and in the future the two companies will continue to jointly study the feasibility of expanding clean energy supply and developing additional energy solutions.

Kiatnakin Phatra Securities, part of the Kiatnakin Phatra Financial Group, analyses that accelerating global AI investment will bring a new wave of FDI into Thailand, particularly in semiconductors, printed circuit boards, or PCBs, and advanced electronics. It estimates that Thailand's major industrial estate developers, WHA and AMATA, will see land sales rise by roughly 2,500 rai per year and 2,000 rai per year respectively. Although upstream technologies such as chip design and manufacturing remain concentrated overseas, Thailand is playing a growing role in the semiconductor supply chain for AI, especially in downstream manufacturing, the assembly and processing of advanced technology. Supapong Iamkongek, an analyst at Kiatnakin Phatra Securities, said global investment in AI will not stop at software or chips but is spreading to areas where Thailand has a cost advantage, namely infrastructure and downstream industries. If Thailand can fully attract this new wave of FDI into advanced production chains, it will not only boost the profits of listed companies but also raise the competitiveness of Thai industry on the world stage.

Amata BIG Industrial Gas Company Limited, a joint venture between Amata Corporation Public Company Limited and Bangkok Industrial Gas Company Limited, or BIG, has officially announced the start-up of its third Amata BIG air separation plant within the Amata City Chonburi industrial estate. The new air separation plant has a nitrogen production capacity of more than 27,000 tonnes per year, serving the demand of target industries such as flat glass, chemicals and automotive, which continue to expand in the Eastern Economic Corridor and nearby provinces. Chavalit Tippayawanich, Chief Executive Officer of Amata U Company Limited, or Amata U, said the start-up of Amata BIG's third air separation plant marks an important step in strengthening the utilities infrastructure of the Amata industrial estate and preparing it to support operations at full efficiency. Orla Charoenlap, Managing Director of Bangkok Industrial Gas Company Limited, or BIG, added that the third air separation plant not only increases the security of industrial gas supply for customers but also helps cut greenhouse gas emissions from transport by more than 7,000 tonnes of carbon dioxide equivalent per year. The third Amata BIG air separation plant is an on-site gas generation plant and is unmanned, controlled from a remote control centre. It uses highly efficient production technology, helping reduce reliance on gas transport from external production sources, increase continuity of delivery and raise the standard of safety in service, in line with the global standards of Air Products, BIG's parent company in the United States.

Analysts at TTB Wealth Securities Public Company Limited warn that this September's FOMC meeting is a key event the market is watching closely. If the Fed decides to raise rates, it would mark the first hike of this cycle, following six consecutive holds since the last cut on December 10, 2025. Historical data from 1994 to 2022 covering six previous hiking cycles shows that US equities and the SET typically held steady to edged slightly lower in the 15 days after the first hike, before facing greater pressure over the following 30 to 60 days. US equities fell an average of 3-4%, while the SET saw average declines of as much as 5-10%. The current cycle differs from past tightening cycles because the economy and labour market are not as hot as in 2022. So if the Fed resumes hiking, the market could face pressure from both a slowing economy and inflation that remains above the 2% target. And if the Fed hikes while the MPC holds rates steady, the US-Thailand interest rate gap would widen, adding pressure on fund flows and the baht. The groups likely to outperform in a rising bond yield environment include banks, and those benefiting from a weaker baht, such as tourism, exports, and companies with a high share of revenue in foreign currency. TTB Wealth recommends selective investment in groups with earnings growth that can withstand tight monetary policy, such as ADVANC, AMATA, WHA, KTB and BBL, and in groups that benefit from a weaker baht, such as DELTA, AOT, CENTEL, CPN and PR9.

The Data Center Board is set to hold its first meeting this Friday, September 4, to establish investment rules. Deputy Prime Minister and Minister of Finance, Dr. Ekniti Nitithanprapas, in his capacity as board chairman, stated that the new criteria will consider the country's economic benefits, environmental impact, and surrounding communities. Additionally, cases of data centers that may be constructed improperly in city centers will be reviewed on a case-by-case basis in coordination with the Bangkok Metropolitan Administration. If violations are found, measures could include demolition or suspension of operations. Meanwhile, analysts at Kasikorn Securities view positively the industrial estate stocks in the long term, as these areas have ready infrastructure including electricity and water, which are essential for data center businesses. Government regulation will help filter investors, allowing well-prepared groups to proceed faster. They recommend buying AMATA shares with a target price of 35.00 baht and WHA shares with a target price of 6.25 baht.

AMATA, or Amata Corporation Public Company Limited, reported a net profit of 1,580 million baht for the second quarter of 2026, up 1,032% from the same period last year and 15% from the previous quarter. This exceeded analyst estimates from Kasikorn Securities by 38% and the market consensus by 40%, driven by strong gross margins and a large special item. Meanwhile, the sales backlog at the end of Q2/69 stood at 1.84 billion baht. The company expects quarterly land sales revenue to maintain a level of 2,200-2,900 million baht, supported by the start of land transfers in new industrial estates such as Amata City Chonburi 2 from Q3/2025 and improved transfer processes. Additionally, the board approved a capital increase for Amata Digital City Company Limited (ADC), a wholly-owned subsidiary, from 1 million baht to 500 million baht, to fully launch its industrial real estate rental business, covering ready-built factories, warehouses, and build-to-suit buildings. The first customer is expected to be recognized in the second half of 2026, with an additional positive factor from the gain on the sale of ASCLT 1 in Vietnam. Consequently, the recommendation is "Buy" for AMATA shares with a mid-2027 target price of 35 baht.

The Ministry of Commerce reported that Thailand's export value in July 2026 stood at 34.8 billion US dollars, expanding 21.6% year-on-year, higher than the market's expectation of 17.8%. Meanwhile, imports for the same month were 38.4 billion US dollars, up 37.8%, lower than expected, resulting in a trade deficit of 3.61 billion US dollars, less than forecast. Products with good growth include rubber, processed chicken, pet food, processed canned seafood, and electronic goods. Stocks in these sectors, such as STA, GFPT, ITC, TU, DELTA, HANA, and KCE, benefit accordingly. In the first seven months of the year, exports totaled 232 billion US dollars, up 18.2%, while imports were 267 billion US dollars, up 37.8%, with a trade deficit of 35.4 billion US dollars. The Ministry of Commerce sees support from global demand for technology products and digital infrastructure, as well as accelerated imports to prepare for US trade policies. Meanwhile, brokers like Krungsri Securities and Phillip Securities view positively on export-related stocks and recommend top picks such as DELTA, HANA, KCE, AMATA, GULF, GPSC, KBANK, and KTB.

AMATA shares surged 10.74% to 33.50 baht, leading industrial estate stocks, while WHA rose 1.65% to 4.94 baht, after the first day of Thailand Focus 2026 drew interest from foreign investors, including from Switzerland, New Zealand, and Israel. TTB Wealth views that the government is signaling a restoration of confidence and restructuring the economy toward becoming a future industrial production base, while adjusting measures to support Data Center investment by having new investors bear the additional natural gas costs and offering the option to purchase clean energy through Direct PPA, which is a positive factor for industrial estate stocks and the AI supply chain such as AMATA and WHA.

AMATA shares surged strongly, leading the market with a 10.74% gain to 33.50 baht, after KGI Securities maintained its "Outperform" recommendation and raised its 12-month target price to 37 baht from 33 baht, based on the SOTP valuation method and rolling forward estimates to 2027. Meanwhile, net profit for the first six months of 2026 doubled to 3 billion baht, driven by a 32% YoY increase in land transfers at higher average selling prices, lower expenses, and gains from asset disposals. KGI Securities has raised its 2026 normal profit forecast by 8% to 4.484 billion baht and its 2027 forecast by 33% to 5.055 billion baht. Additionally, AMATA has land sale deals under negotiation totaling 1,700 rai in Thailand, Vietnam, and Laos. If all are completed within this year, land sales would be about 25% below the target of 2,800 rai.