AMATA is committed to creating value for all its stakeholders and striking a balance between growing the business, and social responsibilities and environmental conservation to coexist with the surrounding communities. They aim to be carbon-neutral by 2040 and its performances have been mostly on track. The company has a good reputation and is one of the three largest industrial estate developers in Thailand. They have registered favorable land sales, growing by 20% p.a. CAGR over FY21-FY26F to 2,511 rai, and core profit has grown in line, at 21% p.a. to Bt3.2b (a new record high). Maintain BUY rating.