Shares in Thailand’s biggest industrial estate developer Amata Corporation Pcl jumped 5.2 percent to an eight-month high of 18.1 baht after positive management guidance of its land sales.
“2012 land presales will be concluded at 2,800 rai (1120 acres), some 6.7 percent shy of its original target of 3,000 rai (1,200 acres) but far above consensus expectations of 2,200 rai (880 acres),” broker CIMB Securities said in a report.
Japanese and auto-related customers remained key clients and the management still expects decent growth for 2013 land presales, the broker said. CIMB raised its stock target price to 26.9 baht from 23.7 baht and maintained an ‘outperform’ rating.
“AMATA should be rerated back to its historical mean on an expectedly robust 2013 growth and double-digit growth in 2014,” it said.
Reporting by Viparat Jantraprap in Bangkok; Editing by Sunil Nair