Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>4Q24 core profit was lower than expected due to lower land transfer prices in Thailand, which is believed to be a short-term impact, as land prices for current sales have been gradually increasing.</li><li>In addition, presales are expected to remain robust over the next two years, supported by rising investments and production base relocations.</li><li>AMATA’s core profit is thus projected to grow at an 18% CAGR, outpacing the industry.</li></ul>

4Q24 core profit was lower than expected due to lower land transfer prices in Thailand, which is believed to be a short-term impact, as land prices for current sales have been gradually increasing.In addition, presales are expected to remain robust over the next two years, supported by rising investments and production base relocations.AMATA’s core profit is thus projected to grow at an 18% CAGR, outpacing the industry.

Amata Corporation - 4Q24 Earnings 25% Below Forecast

<ul><li>We expect 4Q24E core profit to show robust YoY and QoQ growth, with continued expansion in 2025E, driven by higher-than- expected presales and transfers, reaching a new high since 2012.</li><li>As a result, we have revised up our 2025-26E profit forecasts by 17% and 7%, respectively, leading to a two-year core earnings CAGR of +11%, in line with the industry.</li><li>We upgrade our rating to Outperform (previously Neutral) with a new fair value of Bt35.00, based on a required return of 8.1% (previously Bt25.30 and 9.1%).</li></ul>

We expect 4Q24E core profit to show robust YoY and QoQ growth, with continued expansion in 2025E, driven by higher-than- expected presales and transfers, reaching a new high since 2012.As a result, we have revised up our 2025-26E profit forecasts by 17% and 7%, respectively, leading to a two-year core earnings CAGR of +11%, in line with the industry.We upgrade our rating to Outperform (previously Neutral) with a new fair value of Bt35.00, based on a required return of 8.1% (previously Bt25.30 and 9.1%).

AMATA CORPORATION - Outstanding 4Q24E Profit Growth; 2025E Transfers to Hit a New High

Thematic (Sector/Industry)

<ul><li>The Fed’s rate cuts would encourage investors to seek higher yields in riskier markets such as Asia and Thailand (narrowing US–Thailand yield gap), which should support baht appreciation (USD weakening).</li><li>KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs of weakening in the labor market.</li><li>The rapid rise in unemployment poses a more serious risk to overall economic stability than allowing temporary cost-push inflation to persist.</li></ul>

The Fed’s rate cuts would encourage investors to seek higher yields in riskier markets such as Asia and Thailand (narrowing US–Thailand yield gap), which should support baht appreciation (USD weakening).KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs of weakening in the labor market.The rapid rise in unemployment poses a more serious risk to overall economic stability than allowing temporary cost-push inflation to persist.

KTX Ahead: Fed Poised to Cut Rates Further—Even With High Inflation

<ul><li>The SET Index is expected to trade sideways or sideway down today, with the support at 1,260/1,250 points and the resistance at 1,271/1,285 points.</li><li>China’s exports to the US continued to contract sharply at –28.5% YoY in November, compared with –25% YoY in October.</li><li>The market may be more concerned about the risk of potential US trade pressure.</li></ul>

The SET Index is expected to trade sideways or sideway down today, with the support at 1,260/1,250 points and the resistance at 1,271/1,285 points.China’s exports to the US continued to contract sharply at –28.5% YoY in November, compared with –25% YoY in October.The market may be more concerned about the risk of potential US trade pressure.

Krungthai XSpring Zoom Eng. December 9, 2025

<ul><li>The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.</li><li>The US: US equities extended their gains (S&amp;P +0.19%, NASDAQ +0.31%) after Friday’s economic data aligned with expectations.</li><li>Thailand: Since the beginning of December, the baht has appreciated 0.8% MTD, reaching its strongest level in two months at 31.84 baht/USD.</li></ul>

The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.The US: US equities extended their gains (S&amp;P +0.19%, NASDAQ +0.31%) after Friday’s economic data aligned with expectations.Thailand: Since the beginning of December, the baht has appreciated 0.8% MTD, reaching its strongest level in two months at 31.84 baht/USD.

Krungthai XSpring Zoom Eng. December 8, 2025

Thailand

Amata Corporation Public Company Limited develops industrial estates primarily served for manufacturing plants and factories. The Company acquires land and develops essential infrastructure and facilities ready for industrialized operations. Ameta also has overseas investments in Vietnam.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Amata Corp Public (AMATA TB)

Amata Corporation - 4Q24 Earnings 25% Below Forecast

4Q24 core profit was lower than expected due to lower land transfer prices in Thailand, which is believed to be a short-term impact, as land prices...

Krungthai XSpring

AMATA CORPORATION - Outstanding 4Q24E Profit Growth; 2025E Transfers to Hit a New High

We expect 4Q24E core profit to show robust YoY and QoQ growth, with continued expansion in 2025E, driven by higher-than- expected presales and...

Krungthai XSpring

KTX Ahead: Fed Poised to Cut Rates Further—Even With High Inflation

KTX expects the Fed to cut its policy rate by 0.25% to 3.75% at its meeting on December 11, as it seeks to balance inflation concerns against signs...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 9, 2025

The SET Index is expected to trade sideways or sideway down today, with the support at 1,260/1,250 points and the resistance at 1,271/1,285 points.

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 8, 2025

The SET Index is expected to remain stable or move sideways up today, with the resistance at 1,290/1,300 points and the support at 1,271/1,260 points.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)