Thailand industrial estate stocks rose, led by AMATA, which jumped 3.38% as Q1 2026 results beat expectations
During the morning session on May 15, 2026, Thailand's industrial estate sector traded higher across the board. AMATA led the gains with a 3.38% rise, followed by WHA up 1.71% and ROJNA up 0.82%.
AMATA rose 0.70 baht to 21.40 baht; WHA rose 0.08 baht to 4.76 baht; ROJNA rose 0.04 baht to 4.92 baht.
Main driver: Q1 2026 results stronger than market expectations
The rally was mainly supported by Q1 2026 earnings reports from industrial estate developers, with overall results exceeding market estimates, especially AMATA's strong performance.
AMATA reported Q1 2026 net profit of about 1.4 billion baht, 55% above analysts' expectations and about 32% higher than the previous quarter.
What drove AMATA's strong performance
AMATA's improved results were mainly driven by higher land transfer volumes and tight control of selling and administrative expenses.
In Q1 2026, the company transferred 306 rai of land, up from 279 rai in the same period last year, indicating year-on-year growth in land sales.
Industrial estate sector continues to see positives; analysts' view on WHA
The industrial estate sector continues to benefit from several tailwinds: government policy support, and a boom in data-center investment that is boosting land demand; progress on the Southern Land Bridge project in Thailand could turn the south into a new economic zone after the Eastern Economic Corridor (EEC), further enhancing the sector's investment appeal.
After its latest analyst meeting, institutions kept a neutral rating on WHA. The company is still sticking to its annual land sales target of 2,500 rai.
Comparing AMATA and WHA, each has its own strengths:
AMATA operates in Thailand and Vietnam, suitable for investors seeking overseas exposure and risk diversification;
WHA's business focus is mainly on the domestic Thai market.
In the short term, institutions are relatively more bullish on WHA: the stock has lagged the sector (a laggard within the industry). On the funding side, the market often views WHA as a core industrial estate name, and it could catch up with the sector as other stocks rise.
