Market snapshot: AMATA leads the industrial estate sector

In the Thai stock market morning session on May 15, 2026, the industrial estate sector rose, led by AMATA (+3.38%), followed by WHA (+1.71%) and ROJNA (+0.82%).

• AMATA: up 3.38%, +THB 0.70, at THB 21.40.
• WHA: up 1.71%, +THB 0.08, at THB 4.76.
• ROJNA: up 0.82%, +THB 0.04, at THB 4.92.

Key driver: Q1/2026 results beat market expectations

Analysts said the main support came from group companies posting Q1/2026 results stronger than expected, especially AMATA.

AMATA reported net profit of about THB 1.4 billion in Q1/2026, around 55% above analyst estimates.

AMATA's performance was also supported by rising land transfers and effective control of selling and administrative expenses.

Outlook: government policy, data centers and the Land Bridge remain tailwinds

According to the report, AMATA's Q1/2026 net profit rose about 32% from the previous quarter to around THB 1.4 billion, while gross margin improved and selling and administrative costs were kept under control; land transfers also continued to grow. In Q1/2026, 306 rai were transferred, compared with 279 rai a year earlier.

Meanwhile, the broader industrial estate sector still has fresh tailwinds, including government policy support, land demand from data center investment, and the southern Land Bridge project, which aims to turn the south into a new economic zone similar to the EEC, boosting the sector's appeal.

As for WHA, analysts kept a relatively neutral view after the latest analyst meeting, while the company maintained its full-year land sales target of 2,500 rai. Between AMATA and WHA, AMATA may be more suitable for investors seeking overseas diversification, as its business base spans Thailand and Vietnam, while WHA is more focused on domestic growth.

At the same time, the market currently assigns a higher positive weighting to WHA, because its share price has lagged peers and it is seen as a Laggard. From a fund-flow perspective, investors often view WHA as one of the leading names in the industrial estate sector, with room to rise alongside other sector stocks.