New Risk • Jul 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risks High level of debt (53% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). New Risk • May 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. Minor Risks High level of debt (53% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿1.20 (vs ฿0.72 in 1Q 2025) First quarter 2026 results: EPS: ฿1.20 (up from ฿0.72 in 1Q 2025). Revenue: ฿4.00b (up 19% from 1Q 2025). Net income: ฿1.38b (up 66% from 1Q 2025). Profit margin: 35% (up from 25% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿24.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Real Estate industry in Thailand. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿18.32 per share. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chief Technical Officer, CEO of Industrial Estate Thailand & Director Viwat Kromadit was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.75 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 26 May 2026. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.8%). Buy Or Sell Opportunity • Apr 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to ฿20.70. The fair value is estimated to be ฿16.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 0.3% per annum over the same time period. Declared Dividend • Mar 09
Final dividend of ฿0.75 announced Shareholders will receive a dividend of ฿0.75. Ex-date: 5th May 2026 Payment date: 26th May 2026 Dividend yield will be 6.1%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 4.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 4.9% over the next 3 years. However, it would need to fall by 55% to increase the payout ratio to a potentially unsustainable range. New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 04
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿2.74 (up from ฿2.16 in FY 2024). Revenue: ฿14.5b (down 2.2% from FY 2024). Net income: ฿3.15b (up 27% from FY 2024). Profit margin: 22% (up from 17% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 9.5%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿18.30, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Real Estate industry in Thailand. Total returns to shareholders of 3.0% over the past three years. New Risk • Dec 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks High level of debt (55% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Dec 17
Now 22% overvalued Over the last 90 days, the stock has fallen 3.5% to ฿16.50. The fair value is estimated to be ฿13.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 1.7% in 2 years. Earnings are forecast to decline by 2.0% in the next 2 years. Buy Or Sell Opportunity • Nov 25
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 4.3% to ฿16.90. The fair value is estimated to be ฿13.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 1.5% in 2 years. Earnings are forecast to decline by 0.1% in the next 2 years. Buy Or Sell Opportunity • Oct 17
Now 21% undervalued Over the last 90 days, the stock has risen 6.0% to ฿16.00. The fair value is estimated to be ฿20.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 6.0%. Revenue is forecast to grow by 7.6% in 2 years. Earnings are forecast to grow by 9.8% in the next 2 years. Declared Dividend • Aug 15
First half dividend increased to ฿0.35 Dividend of ฿0.35 is 40% higher than last year. Ex-date: 26th August 2025 Payment date: 10th September 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ฿0.12 (down from ฿0.20 in 2Q 2024). Revenue: ฿2.38b (down 12% from 2Q 2024). Net income: ฿139.9m (down 40% from 2Q 2024). Profit margin: 5.9% (down from 8.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 60%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 01
Price target decreased by 7.8% to ฿23.17 Down from ฿25.13, the current price target is an average from 16 analysts. New target price is 42% above last closing price of ฿16.30. Stock is down 31% over the past year. The company is forecast to post earnings per share of ฿2.36 for next year compared to ฿2.16 last year. Board Change • Jul 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive Director Vatana Supornpaibul was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risks High level of debt (55% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.72 (up from ฿0.40 in 1Q 2024). Revenue: ฿3.37b (up 24% from 1Q 2024). Net income: ฿829.2m (up 79% from 1Q 2024). Profit margin: 25% (up from 17% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 30%. Earnings per share (EPS) also surpassed analyst estimates by 51%. Revenue is forecast to stay flat during the next 3 years compared to a 1.6% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • May 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks High level of debt (55% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). Upcoming Dividend • May 06
Upcoming dividend of ฿0.55 per share Eligible shareholders must have bought the stock before 13 May 2025. Payment date: 29 May 2025. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (5.7%). Announcement • Apr 30
Amata Corporation Public Company Limited Approves Dividend for Operating Period from the Year 2024, Payable on 29 May 2025 Amata Corporation Public Company Limited at the annual general meeting of shareholders for the year 2025 held on April 30, 2025, approved dividends for the year 2024 at THB 0.80 per share from the Net Profit for the year. This includes THB 0.25 per share from retained earnings of an interim dividend paid on September 13, 2024. The final payment of dividend shall be made at THB 0.55 per share, from the Net Profit for the year on consolidated financial statements, from the Net Profit generated by Non BOI promoted activities. The above final dividend distribution shall be payable to the Shareholders entitled to receive the dividend according to the Company's Articles of Association and to whom whose names listed on the record date on May 14, 2025. The dividend payment will be made on May 29, 2025. Price Target Changed • Apr 10
Price target decreased by 9.0% to ฿30.46 Down from ฿33.48, the current price target is an average from 16 analysts. New target price is 116% above last closing price of ฿14.10. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿2.50 for next year compared to ฿2.16 last year. New Risk • Apr 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Buy Or Sell Opportunity • Apr 04
Now 31% undervalued after recent price drop Over the last 90 days, the stock has fallen 44% to ฿15.50. The fair value is estimated to be ฿22.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 4.6%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 10.0% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿18.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Real Estate industry in Thailand. Total loss to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿22.25 per share. New Risk • Mar 03
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 01
Final dividend increased to ฿0.55 Dividend of ฿0.55 is 38% higher than last year. Ex-date: 13th May 2025 Payment date: 29th May 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased by an average of 5.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 28
Amata Corporation Public Company Limited, Annual General Meeting, Apr 30, 2025 Amata Corporation Public Company Limited, Annual General Meeting, Apr 30, 2025, at 14:00 SE Asia Standard Time. Location: amata, Thailand Announcement • Feb 27
Amata Corporation Public Company Limited Proposes Dividend for Operating Period from January 1, 2024 - December 31, 2024, Payable on 29 May 2025 The Board of Directors of Amata Corporation Public Company Limited agreed to propose to the Annual Meeting of Shareholders for consideration and approval of the dividend payments at the rate of THB 0.55 per share for operating results from January 1, 2024 - December 31, 2024. Record date for the right to receive dividends is 14 May 2025. Ex-dividend date is 13 May 2025. Derived from profit under non-BOI privilege THB 0.55 per share. Payment date is 29 May 2025. Declared Dividend • Aug 15
First half dividend of ฿0.25 announced Dividend of ฿0.25 is the same as last year. Ex-date: 26th August 2024 Payment date: 13th September 2024 Dividend yield will be 3.0%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 70% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: ฿0.20 (down from ฿0.27 in 2Q 2023). Revenue: ฿2.69b (up 88% from 2Q 2023). Net income: ฿231.2m (down 26% from 2Q 2023). Profit margin: 8.6% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates by 59%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.40 (vs ฿0.43 in 1Q 2023) First quarter 2024 results: EPS: ฿0.40 (down from ฿0.43 in 1Q 2023). Revenue: ฿2.72b (up 25% from 1Q 2023). Net income: ฿463.6m (down 5.8% from 1Q 2023). Profit margin: 17% (down from 23% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 01
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: ฿1.64 (down from ฿2.04 in FY 2022). Revenue: ฿9.70b (up 47% from FY 2022). Net income: ฿1.88b (down 20% from FY 2022). Profit margin: 19% (down from 35% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 01
Final dividend of ฿0.40 announced Dividend of ฿0.40 is the same as last year. Ex-date: 9th May 2024 Payment date: 24th May 2024 Dividend yield will be 2.9%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 63% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 05
Amata Corporation Public Company Limited Announces Board Changes Amata Corporation Public Company Limited informed the resolution of Company's Board of Director Meeting No. 9/2023 dated November 14, 2023, as follows: Acknowledged the resignation of Mr. Chackchai Panichapat from being Director, Vice Chairman, and Chairman of the Good Corporate Governance Committee effective from January 4, 2024 onwards; Appointed Dr. Atchaka Sibunruang to be independent director replacing Mr. Chackchai Panichapat effective from January 4, 2024 onwards; and Appointed Mr. Nithi Patarachoke to be independent director replacing Mr. Viboon Kromadit, who resigned earlier in accordance with Reference, effective from January 4, 2024 onwards. Reported Earnings • Nov 16
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: ฿0.34 (up from ฿0.31 in 3Q 2022). Revenue: ฿2.86b (up 76% from 3Q 2022). Net income: ฿396.4m (up 12% from 3Q 2022). Profit margin: 14% (down from 22% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.25 per share at 2.5% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (4.2%). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.27 (vs ฿0.56 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.27 (down from ฿0.56 in 2Q 2022). Revenue: ฿1.44b (down 11% from 2Q 2022). Net income: ฿313.3m (down 52% from 2Q 2022). Profit margin: 22% (down from 40% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
Amata Corporation Public Company Limited Declares Interim Dividend Distribution, Payable on 08 September 2023 Amata Corporation Public Company Limited declared Interim Dividend Distribution payment of THB 0.25. Par value THB 1.00. Payment date 08 September 2023. Price Target Changed • Jul 28
Price target increased by 8.1% to ฿26.93 Up from ฿24.91, the current price target is an average from 13 analysts. New target price is 12% above last closing price of ฿24.00. Stock is up 33% over the past year. The company is forecast to post earnings per share of ฿1.74 for next year compared to ฿2.04 last year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.43 (vs ฿0.48 in 1Q 2022) First quarter 2023 results: EPS: ฿0.43 (down from ฿0.48 in 1Q 2022). Revenue: ฿2.18b (up 101% from 1Q 2022). Net income: ฿492.0m (down 11% from 1Q 2022). Profit margin: 23% (down from 51% in 1Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.40 per share at 2.6% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (4.1%). Reported Earnings • Mar 03
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ฿2.04 (up from ฿1.22 in FY 2021). Revenue: ฿6.61b (up 27% from FY 2021). Net income: ฿2.34b (up 67% from FY 2021). Profit margin: 35% (up from 27% in FY 2021). Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Nov 18
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: ฿0.31 (up from ฿0.20 in 3Q 2021). Revenue: ฿1.90b (up 104% from 3Q 2021). Net income: ฿353.4m (up 55% from 3Q 2021). Profit margin: 19% (down from 25% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Director Tevin Vongvanich was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 14
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: ฿0.56 (up from ฿0.21 in 2Q 2021). Revenue: ฿1.61b (up 80% from 2Q 2021). Net income: ฿648.8m (up 163% from 2Q 2021). Profit margin: 40% (up from 28% in 2Q 2021). Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Over the next year, revenue is forecast to grow 14%, compared to a 22% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Aug 13
Amata Corporation Public Company Limited Announces Interim Cash Dividend, Payable on September 09, 2022 Amata Corporation Public Company Limited announced an interim cash dividend of THB 0.20 per share. Record date for the right to receive dividends is August 26, 2022. Ex-dividend date is August 25, 2022. Payment date is September 09, 2022. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.48 (up from ฿0.16 in 1Q 2021). Revenue: ฿1.11b (up 31% from 1Q 2021). Net income: ฿275.4m (up 48% from 1Q 2021). Profit margin: 25% (up from 22% in 1Q 2021). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 92%. Over the next year, revenue is forecast to grow 20%, compared to a 18% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿18.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Real Estate industry in Thailand. Total loss to shareholders of 9.8% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. Independent Director Tevin Vongvanich was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Apr 18
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 25 April 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.1%). Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿1.22 (up from ฿1.02 in FY 2020). Revenue: ฿5.65b (up 31% from FY 2020). Net income: ฿1.40b (up 27% from FY 2020). Profit margin: 25% (in line with FY 2020). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Over the next year, revenue is forecast to grow 11%, compared to a 17% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Independent Director Tevin Vongvanich was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.25 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿931.6m (down 6.2% from 3Q 2020). Net income: ฿228.7m (down 15% from 3Q 2020). Profit margin: 25% (down from 27% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Executive Departure • Sep 07
VP of Company Secretary & Legal and Company Secretary Rewadee Jantamaneechote has left the company On the 1st of September, Rewadee Jantamaneechote's tenure as VP of Company Secretary & Legal and Company Secretary ended. We don't have any record of a personal shareholding under Rewadee's name. Rewadee is the only executive to leave the company over the last 12 months. Upcoming Dividend • Aug 20
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 10 September 2021. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (3.7%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.21 (vs ฿0.20 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿893.9m (down 15% from 2Q 2020). Net income: ฿247.1m (up 15% from 2Q 2020). Profit margin: 28% (up from 21% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Price Target Changed • May 18
Price target increased to ฿19.34 Up from ฿17.94, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ฿18.60. Stock is up 44% over the past year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.16 (vs ฿0.21 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ฿857.3m (down 24% from 1Q 2020). Net income: ฿185.7m (down 17% from 1Q 2020). Profit margin: 22% (up from 20% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Upcoming Dividend • Apr 15
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 22 April 2021. Payment date: 07 May 2021. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (3.8%). Is New 90 Day High Low • Mar 01
New 90-day high: ฿18.60 The company is up 14% from its price of ฿16.30 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.95 per share. Analyst Estimate Surprise Post Earnings • Feb 27
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 7.0%. Over the next year, revenue is forecast to grow 22%, compared to a 9.8% growth forecast for the Real Estate industry in Thailand. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿1.02 (vs ฿1.63 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿4.35b (down 28% from FY 2019). Net income: ฿1.10b (down 37% from FY 2019). Profit margin: 25% (down from 29% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Announcement • Feb 26
Amata Corporation Public Company Limited, Annual General Meeting, Apr 09, 2021 Amata Corporation Public Company Limited, Annual General Meeting, Apr 09, 2021, at 14:00 SE Asia Standard Time. Location: Bu-Nga Room, Golden Tulip Sovereign Hotel Bangkok, 92 Soi Saengcham, Rama 9 Road, Huay Kwang, Bangkok Bangkok Thailand Agenda: To Certify and Approve the Minutes of the Extraordinary General Meeting of Shareholders No. 1/2020 held on September 11, 2020; To Consider and Approve the Company's Financial Statements for the Year ended December 31, 2020.; To Consider and Approve the Retained Earnings Appropriated as a Legal Reserve and the Distribution of a Dividend from the Operating Performance from January 1 to December 31, 2020; To Consider and Elect Directors Replacing those who Retired by Rotation and To Consider the Director's Authorization; To Consider and Approve the Remuneration for the Company's Directors for year 2021; To Consider and Approve the Appointment of the Company's Auditor and the Remuneration for the Year 2021; and Other matters (if any). Announcement • Feb 20
Amata Corporation Public Company Limited Announces Joint Venture with Sinotech Engineering Consultants, Ltd Amata Corporation Public Company Limited, and Sinotech Engineering Consultants, Ltd. has signed the Joint Venture Agreement to establish " Amata GMS Development Co., Ltd." to conduct Smart City, Industrial, Commercial and Mixed Development and Operation. The details are as follows. Date of establishment: By Quarter 1 of year 2021. Registered capital: 750,000 shares at THB 100 each, totaling THB 75 million. Paid-up capital: 750,000 shares at THB 100 each, totaling THB 75 million. Is New 90 Day High Low • Dec 14
New 90-day high: ฿17.40 The company is up 32% from its price of ฿13.20 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.56 per share. Is New 90 Day High Low • Nov 16
New 90-day high: ฿14.80 The company is up 11% from its price of ฿13.30 on 18 August 2020. The Thai market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.29 per share. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.25 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿993.3m (down 58% from 3Q 2019). Net income: ฿268.9m (down 66% from 3Q 2019). Profit margin: 27% (down from 34% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Nov 16
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) exceeded analyst estimates by 10%. Over the next year, revenue is forecast to grow 14%, compared to a 1.2% growth forecast for the Real Estate industry in Thailand. Is New 90 Day High Low • Oct 19
New 90-day low: ฿11.50 The company is down 29% from its price of ฿16.20 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.96 per share.