Travel restrictions tied to COVID-19 in China will gradually ease, enabling the release of pent-up demand, so boosting land presales and transference. We expect that story to continue boosting AMATA’s stock price. BUY!
Strong 2Q22 result
AMATA posted a 2Q22 bottom-line of Bt649m, up by 163% YoY and 17% QoQ. NPAT was far ahead of our estimate (and the consensus), due to greater extra gains and revenue from real estate sales and utilities services than assumed. Excluding extra items, core profit would be Bt601m, up by 190% YoY and 10% QoQ. The core number was also far ahead of our estimate and the street—extra gains and revenue from real estate sales and utilities services exceeded our expectations.
AMATA will pay a 1H22 DPS of Bt0.20 (XD Aug 25, payment Sep 9), implying a simple yield of 1.1%.