Thai Property "Industrial: Data center optimism largely priced in" Friestad

Research evidence excerpt

Thai Property "Industrial: Data center optimism largely priced in" Friestad

Global Research

11 June 2026ab

Thai Property Equities

ThailandIndustrial: Data center optimism largely priced in

Real Estate

Sukrit Friestad

Downgrades reflect sentiment-driven re-rating vs. fundamentals Analyst

We adopt a more cautious outlook for Thai industrial estate developers, downgrading sukrit.friestad@ubs.com

our ratings on WHA Corporation and Amata Corporation, as recent share price +662-613 5732

performance appears to have outpaced underlying fundamentals, with sector sentiment

increasingly driven by the Thailand data center theme. We downgrade WHA from Buy to

Neutral, with an unchanged SOTP-based price target of Bt5, while we downgrade

Amata from Neutral to Sell, with a higher SOTP-based price target of Bt23, reflecting

higher industrial estate GPM estimates. This revision is driven by higher transfers from

the Chonburi 1 project, which delivered a GPM above the portfolio average in Q126. In

our view, YTD re-ratings of 54% for WHA and 70% for Amata have largely priced in

expectations of industrial estates benefiting from data center investment inflow, with

implied PE of 11-12x for both companies industrial estate segment, broadly in line with

the peak of the previous five-year cycle. We foresee limited changes in the core

operating outlooks, with industrial land sales incorporating potential data center

transactions. The majority of our projected land sales in 2026-27 remain driven by

automotive and consumer electronics supply chains. We believe the next meaningful

catalysts could stem from stronger semiconductor supply chain investment and

improved traction in international projects, although near-term visibility on both is

limited.