Amata Corporation
Amata Corporation (SET: AMATA) is Thailand's Chonburi-anchored industrial-estate pioneer, founded 1989 by Vikrom Kromadit. Amata Nakorn industrial estate (~30 sqkm, Chonburi) is the flagship; Amata City Rayong, Amata City Chonburi, and Amata VN (Bien Hoa, Vietnam, Long Thanh, Vietnam) complete the portfolio. FY2024 revenue ~THB 8-10B. Client base is Japanese-automotive-supply-chain-weighted (Toyota, Honda, Isuzu, Mitsubishi tier-1s, tier-2s) with Thai, Korean, Chinese, US manufacturing tenants filling out the mix. Unlike WHA's built-to-suit, rental weighting, AMATA's model skews to industrial-land sales, long-term land-lease, utility service revenue.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 8-10B
FY2024
Amata Nakorn size
~30 sqkm
Flagship estate
Vietnam presence
Amata VN (Bien Hoa, Long Thanh)
International arm
Founded
1989 · Vikrom Kromadit
Chonburi industrial pioneer
What this company actually does
Amata Corporation develops, sells, manages industrial-estate real estate in Thailand, Vietnam. Amata Nakorn (Chonburi, ~30 sqkm) anchors the Thai portfolio — one of ASEAN's largest integrated industrial estates. Amata City Rayong, Amata City Chonburi, Amata VN complete Thai, Vietnamese presence. Revenue mix skews to industrial-land sales (lumpy; deal-driven), long-term land lease (~50 years), utility service revenue (water, wastewater, industrial power, industrial gas via IEAT concessions), and factory rental. Japanese-automotive-supply-chain concentration drives Amata Nakorn's tenant base — Toyota, Honda, Isuzu tier-1s, tier-2s occupy major acreage; Thai, Korean, Chinese, US manufacturers complete the mix.[]
Vikrom Kromadit's founder-family control remains material; institutional investors (Thai Capital Partners, IEAT, public float) round out the shareholder base. Strategic positioning vs WHA differs materially: WHA is more EEC-EV-Foxconn-BYD-weighted, AMATA is more Chonburi-Japanese-automotive-weighted. The Japanese-automotive-supply-chain is mature, cash-generative but faces secular BEV-transition risk — how Japanese tier-1s adapt their Thailand production footprint through 2026-2030 is AMATA's primary structural question.[]
Estate portfolio and tenant base
Amata Nakorn (Chonburi)
~30 sqkm; Thailand's largest integrated industrial estate. Japanese automotive tier-1 and tier-2 supply chain clusters (Toyota, Honda, Isuzu parts suppliers).
Amata City Rayong
Petrochemical, industrial manufacturing cluster near Map Ta Phut. Complements Nakorn with heavier-industry, chemical-compatible zoning.
Amata City Chonburi
Newer expansion estate adjacent to Nakorn; mixed manufacturing with electronic, EV-battery adjacency entering the base.
Amata VN (Vietnam)
Bien Hoa and Long Thanh (near Ho Chi Minh City, new airport adjacent). Vietnam's diversification option for Japanese manufacturers reducing Thailand-concentration.
Utility and services revenue
Industrial water, wastewater, electricity distribution, gas supply — operated under IEAT concession. Recurring, high-margin revenue stream regardless of land-sale cycle.
Founder-controlled
Vikrom Kromadit family retains material ownership. Long-term holder; strategic decisions have multi-decade horizon. Industrial-estate management philosophy distinct from purely-financial operators.
Thailand and Vietnam industrial estate operators — comparison
Scale, geography, and tenant-mix differentiation across the major listed Thai industrial estate groups.
Ticker
SET:WHA
FY2024 revenue
~ $0.435-17B
Geography
Thailand, Vietnam
Tenant focus
EV, electronics, aerospace
Ticker
SET:AMATA
FY2024 revenue
~ $0.232-10B
Geography
Thailand, Vietnam
Tenant focus
Japanese automotive, light industrial
| Company | Ticker | FY2024 revenue | Geography | Tenant focus |
|---|---|---|---|---|
| WHA Corporation | SET:WHA | ~ $0.435-17B | Thailand, Vietnam | EV, electronics, aerospace |
| Amata Corporation | SET:AMATA | ~ $0.232-10B | Thailand, Vietnam | Japanese automotive, light industrial |
| Frasers Property Thailand | SET:FPT | ~ $231.9M | Thailand | Warehouse, logistics, light mfg |
| Hemaraj (within WHA) | SET:WHA | Consolidated | Thailand EEC | EV, BYD, Foxconn anchor |
Watchpoints
Industrial-land sale cadence, pricing
Lumpy revenue; land-sale velocity, pricing signals demand strength.
Japanese tier-1 BEV transition
Toyota, Honda, Isuzu Thailand BEV roadmap affects Amata Nakorn tenant base.
Amata VN Vietnam performance
Vietnam portfolio is primary international growth vector.
Utility service revenue growth
Water, wastewater, industrial power margin trajectory.
Related Market profiles
Peers, parents, partners, agencies, and other Logistics & Warehousing actors.
Competitor
WHA Corporation
Larger listed estate, warehouse peer; EEC-EV-weighted.
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Competitor
Frasers Property Thailand
Frasers JV warehouse platform; diversified.
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Sector peer
Aramex Thailand
Thai operations of Aramex International, a Dubai-listed express courier with dominant reach in Middle East, South Asia, and Africa corridors.
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Sector peer
DHL Express Thailand (DPDHL Group)
Thai operating unit of DHL Express, the world's largest international express network, serving B2B and e-commerce cross-border shipments via Suvarnabhumi gateway.
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Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Amata Corporation (SET: AMATA) FY2024 Form 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Amata Corporation (SET: AMATA) FY2024 Form 56-1 | Amata Corporation PCL | Primary | 2025-03-31 |
Reports featuring this profile
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