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Amata Corp PCL: Result miss

  • 1Q21 result miss (deep core profit miss)
  • AMATA posted a 1Q21 bottom-line of Bt186m
  • Revenue dived by 25% YoY and 26% QoQ

Sino-US trade conflict looks set to persist long after COVID-19 fades as an issue, so we anticipate substantial production relocation from China to other jurisdictions—chiefly to Vietnam and Thailand. Once Thailand’s quarantine requirement is lifted, AMATA should start reporting much heavier land bookings and transference. However, its share price has increased about 10% YTD (against 7% for the broad SET), so the market already anticipates the good land booking outlook, leaving little upside to our YE21 target price. As such, we have shifted down our call from BUY to HOLD. Within Industrial Estate space we prefer WHA, a laggard play with better 1Q21 land bookings than AMATA.

1Q21 result miss (deep core profit miss)

AMATA posted a 1Q21 bottom-line of Bt186m, down by 17% YoY and 53% QoQ. NPAT was 15% short of our estimate and 10% below the consensus. Excluding extra items, core profit would be Bt143m, down by 4% YoY and 70% QoQ. The core number missed our estimate by 35% and the street by 30%. Equity earnings and GM were lower than assumed.


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