Thailand's Industrial Estates, Power, Chemicals, and IT Firms Draw Investor Attention

Company news AMATA.BK Company Background Amata Corporation PCL develops and operates industrial estates in Thailand and Vietnam (Amata City Chonburi, Rayong, Bien Hoa and related sites), selling prepared land to manufacturers and layering utilities, rental factories and power/water JVs on top of the estate platform. Cash flow mixes lumpy land transfers with recurring utility and rental income; the share last closed at THB 33.50 after a 0.75% bounce from Monday’s 33.25, just under the THB 34.50 52-week high on a cheap high-single-digit TTM multiple after more than doubling from the December 2025 close on the data-centre/FDI rerating. YTD Performance 2026 : ▲ +101.8% (Dec 30 2025 close: THB 16.60; 22 September 2026 last sale: THB 33.50) View full analysis → AMATA: AMATA has closed a land lease with TROIS SMT (Thailand), part of a Taiwanese electronics group, for a new high-tech components manufacturing plant at AMATA City Chonburi. The project will occupy around 13.75 rai and involves investment of approximately THB498m, with production expected to begin in 2027. The plant will manufacture electronic components including PCBA, capacitors and resistors, reinforcing continued electronics supply-chain investment into Thailand’s Eastern Economic Corridor. Comment: I heard one comment from a Japanese semicon that because Thailand has gone down the auto industry route that it will not be able to get the semicon industry due to the lack of available resources – the taiwanese are thinking different. EGCO.BK Company Background Electricity Generating PCL (EGCO) is a Thai independent power producer and holding company with contracted IPP/SPP gas, coal and renewable assets in Thailand and overseas plus a developing power-plus-infrastructure book. Recurring cash flow is dominated by long-term PPAs and a stable THB 6.50 indicated annual dividend, but TTM earnings have been crushed by non-cash items so the headline P/E is not usable; the share last closed at THB 130.00 after slipping from Monday’s 131.00, a deep discount to book after a modest 2026 rerating from the December 2025 close. ▲ +14.0% (Dec 30 2025 close: THB 114.00; 22 September 2026 last sale: THB 130.00) EGCO — EGCO signed to acquire an indirect 45.05% stake in the 615MW Astoria Energy II gas-fired plant in New York; closing remains subject to conditions. GGC.BK Company Background Global Green Chemicals PCL is PTTGC’s listed oleochemicals subsidiary, producing methyl ester (biodiesel feedstock), fatty alcohols, refined glycerine and related green-chemical products for domestic blending and export. Cash flow tracks palm-oil feedstock, biodiesel mandate volumes and fatty-alcohol spreads; the share last closed unchanged at THB 6.75 after a multi-month rerating from the December 2025 close of THB 3.38, sitting just under the THB 7.05 52-week high on a high-50s TTM multiple after returning to a thin TTM profit. ▲ +99.7% (Dec 30 2025 close: THB 3.38; 22 September 2026 last sale: THB 6.75) GGC — Par cut registered: ฿9.50 → ฿8.00. Paid-up ฿9.72bn → ฿8.19bn. Share count unchanged. Clears the ฿1.29bn accumulated-loss line so the board can pay a dividend again if they ever make one. NETBAY.BK Company Background Netbay PCL is a mai-listed SaaS platform for electronic business-to-government, B2B and B2C transactions in Thailand — customs, e-tax, digital documents and related e-service applications — with Ditto as a strategic 24.9% holder. Recurring high-margin software cash flow supports a large indicated payout, but the share has halved from the December 2025 close of THB 21.30 and last closed at THB 11.80, well below the THB 25.00 52-week high on a low-teens TTM multiple after the mid-year de-rating. ▼ −44.6% (Dec 30 2025 close: THB 21.30; 22 September 2026 last sale: THB 11.80) NETBAY — Board named Chatchai Thanaruedee CEO. Kobkanjana moves to adviser. Comment: Or the new major shareholder could simply allow the business to run as it had been doing for the past decades. Comparison — as of 22 September 2026 (last sale Tuesday 22 September 2026 official close; USD/THB 33.13) Corporate events XD today — KTB / KTB-P ฿0.48 (pay 8 Oct). Pays today — BCPG ฿0.15; CIMBT ฿0.0385; HMPRO ฿0.16; HPF ฿0.14; MII ฿0.206; M-STOR ฿0.11; PTTGC ฿0.60. Par cuts — LHRREIT ฿10.7302 → ฿10.6602. QHBREIT ฿8.1747 → ฿8.0347. Unit counts unchanged. Buyback starts — TKN on-market window opens today (through 21 Mar 2027). SP — TSR suspended from today. Auditor still no conclusion on the restated Q1–Q2 books. Still open — SPCG tender at ฿9.11 through 8 Oct. Market chatter (not filings) SET — Monday close 1,598 (+14). Foreigners +฿4.65bn. Opened +8 this morning on cheaper oil. Fitch flipped Thailand’s outlook to Stable. Cabinet today — Thai Chuay Thai Plus extension. Map Ta Phut port phase 3, stage 2. SIAA — Used-car auction house filed for a mai IPO, up to 94.1m new shares (~32%). Not listed yet. Oil — Brent off the $100 handle on talk of a US–Iran sit-down. Street rotating into GULF / DELTA / banks. Please give this Somtum Waffle a tip Leave a tip The post Stocks in the news (AMATA, EGCO, GGC, NETBAY) 22.09.26 first appeared on ThaiCapitalist.