Earnings Report /
Thailand

Amata Corp PCL: Impressive 1Q22 result; recovery playing out

  • Big beat for 1Q22

  • AMATA posted a 1Q22 bottom-line of Bt553m

  • Revenue increased 27% YoY

Kijapat Wongmetta
Kijapat Wongmetta

Equity Research Analyst

Bualuang Securities
17 May 2022

Travel restrictions across many countries tied to COVID-19 will gradually ease, releasing pent-up demand, so boosting land presales and transference. We expect that story to continue boosting AMATA’s stock price. BUY!

Big beat for 1Q22

AMATA posted a 1Q22 bottom-line of Bt553m, up 198% YoY but down 25% QoQ. NPAT was far ahead of our estimate (and the consensus), due to greater income from sales of investment properties than assumed. Excluding extra items, core profit would be Bt547m, up 283% YoY but down 29% QoQ. The core number was also far ahead of our estimate and the street—income from sales of investment properties was substantially higher than we had assumed.