Amata VN

Amata VN Plc (AMATAV)

AMATAV plans land sales and transfers of 26.3ha (164 rai) this year; as of 1Q16, sales were at 30% and backlog at 50% of this. These are close to our estimates. We expect strong growth in 2016-2017, with PER slashed to 17.8x in 2016 and 9.9x in 2017 from 59.9x in 2015. BUY.  

 

Targets unchanged. AMATAV expects to sell and transfer 25ha (156 rai) of industrial park (IP) and 1.3ha (8 rai) of commercial land. In 1Q16, IP land sales were 7.4ha (46 rai), 30% of this target. It is talking to two developers for commercial land: a Japanese for a serviced apartment (0.7ha/4 rai) and a Malaysian for residential (1.0-2.0ha/6-13 rai). Current backlog is 10.8ha (68 rai), adding this to the 2.5ha (16 rai) that was transferred in 1Q16, means transfers are set to reach 13.2ha (82.3 rai) or 50% of its full year target.