Eastern Water Resources Development and Management Public Company Limited

Kasikorn Securities estimates that the SET Index today will move in a range of 1,585-1,610 points, with the market watching the US August PCE and Core PCE figures, which are expected at 3.7% and 3.3% year-on-year respectively, before following non-farm payrolls data later in the week. Previously, the SET Index closed at 1,594.30 points, down 8.07 points, or 0.50%, pressured by selling in banking and energy stocks, with foreign investors net selling Thai shares of 7.685 billion baht. Meanwhile, the 10-year US bond yield moved near 5.25%, the highest since 2007, and the 30-year bond yield rose above 5.6%. New York Fed President John Williams said the Fed has no need to rush another rate hike, causing the market to somewhat reduce expectations for a rate increase in October. For strategy, it recommends gradually accumulating good fundamental stocks, with today's standout picks being ADVANC with a target price of 385.34 baht and EASTW with a target price of 6.70 baht.

CGSI, or CGS International Securities (Thailand), recommends buying shares of Amata Corporation Public Company Limited, or AMATA, and has raised its target price to 39.75 baht, equivalent to a P/E of 10.5 times in FY27, after taking institutional investors to visit the Amata City Rayong industrial estate and EASTW's water production system on September 16, 2026. It views AMATA as ready to capture the upward investment cycle amid strong FDI flows, especially from the Data Center segment and high-value industries. CGSI has raised its new land sales forecast to 1,600 rai in FY27 and 1,550 rai in FY28, including sales from the Amata City Namor project in Laos, while keeping its FY26 estimate at 1,172 rai. This means AMATA must sell an additional 794 rai in 2H26, from deals under negotiation totaling approximately 1,000 rai in Thailand and 187-219 rai in Vietnam. For Amata City Rayong, a new phase of 3,000 rai is under development, with pre-sales starting in 2Q26 and ownership transfers expected to begin within 2027. About 300-400 rai has already been pre-sold at an average selling price of 7.5 million baht per rai, with a gross profit margin of 50-55%. As for the Amata City Namor project in Laos, the first phase has 4,500 rai of saleable area, with infrastructure construction and sales starting in 1Q26, and the first customer deal of about 300 rai expected to close in 4Q26. On the water system, CGSI assesses that the EEC has sufficient water utilities to support Data Centers, with EASTW estimating Data Center water demand in the EEC at 40-50 million cubic meters in 2027-2029 and capacity to support up to 4.4GW. Meanwhile, stricter screening criteria for new Data Centers may delay land sales for some projects by 1-3 months, but this is positive in the medium to long term for industrial estates with ready infrastructure. CGSI has raised its FY26-FY28 EPS estimates by 5.5-7.6% to reflect gains from the sale of its investment in Amata Service City Long Thanh 1 in 4Q26, while its backlog still secures 89.7% of estimated land sales revenue for FY26-27.

EASTW reported a strong recovery in its second-quarter 2026 results, with net profit of 67 million baht, up 807% year-on-year. Revenue from sales and services reached 968 million baht, an increase of 7.6%, driven by growth across all business segments, including raw water, tap water, and industrial water. The company also benefited from improved energy cost management and more efficient water pumping systems, which lifted gross profit margin to 32.0% from 25.2%. Financial costs declined 13.0% due to gradual debt repayment. The surge in Data Center investment in the EEC area is considered a key new S-Curve for the company, as these facilities require high-quality water for cooling systems. In the first half of the year, revenue from the industrial water business rose 24.1% to 167 million baht, with gross profit up 84.4% to 41 million baht. The company leverages its 553-kilometer water pipeline network covering the EEC and plans to increase raw water capacity from 417 million cubic meters to 500 million cubic meters to meet long-term demand. It is also partnering with STECON to develop water systems for industrial and Data Center customers. The outlook for the third quarter of 2026 points to a return to profitability, following a loss of around 15 million baht in the same period last year. The recovery is expected to continue through the fourth quarter of 2026 and into the first quarter of 2027, supported by the super El Niño phenomenon and customer water demand from the Data Center trend. The company maintains a market share of approximately 60% in the eastern region and has new projects, including U-Tapao, Khlong Luang–Chonburi pipeline, and new customers in Amata City Rayong 2, WHA Chonburi, Vichit Valley, Thai Oil, and Rojana, which will help expand its revenue base in the coming period.

A review of Q2 2026 earnings reports for 19 listed companies in Thailand's energy and utilities sector shows that all companies posted net profit growth compared to the same period last year. Notably, BGRIM, EASTW, WHAUP, and SUSCO saw profits surge by several hundred to several thousand percent. Meanwhile, PTT and PTTEP reported net profits of 52,524.59 million baht and 27,197.17 million baht, respectively, up 143.93% and 101.23%. Key drivers include higher electricity and water sales volumes, lower financial costs, and improved energy prices. Looking ahead, power plant operators continue to benefit from the new Power Development Plan (PDP2026), the introduction of direct power purchase agreements (Direct PPA), and rising electricity demand from AI and data center businesses. Investors should monitor gas costs, oil prices, and progress on government policies. Bangkok Aviation Fuel Services (BAFS) reported a net profit of 60.50 million baht, up 8.02%.

Fourteen companies listed on the Stock Exchange of Thailand reported second-quarter net profit for fiscal 2569 growing more than 1,000 percent from the same period last year. B.Grimm Power Public Company Limited, or BGRIM, posted net profit of 675.97 million baht, up 9,773.97 percent from 6.85 million baht. That was followed by Wincost Industrial Park Public Company Limited, or WIN, with net profit of 2.75 million baht, up 5,553.90 percent, and Maybank Securities Thailand Public Company Limited, or MST, with net profit of 82.97 million baht, up 3,691.95 percent. Rompho Property Public Company Limited, or TITLE, recorded net profit of 250.74 million baht, up 3,256.68 percent, while RPCG Public Company Limited, or RPC, posted net profit of 18.91 million baht, up 2,458.46 percent. Christiani & Nielsen Thai Public Company Limited, or CNT, reported net profit of 158.73 million baht, up 1,938.40 percent, and The Steel Public Company Limited, or THE, posted net profit of 94.38 million baht, up 1,422.67 percent. Seafresh Industry Public Company Limited, or CFRESH, recorded net profit of 82.65 million baht, up 1,413.92 percent, while T.K.S. Technologies Public Company Limited, or TKS, posted net profit of 168.93 million baht, up 1,310.82 percent. Eastern Water Resources Development and Management Public Company Limited, or EASTW, reported net profit of 64.30 million baht, up 1,282.56 percent, and S. Pack & Print Public Company Limited, or SPACK, posted net profit of 13.88 million baht, up 1,275.98 percent. Pacific Pipe Public Company Limited, or PAP, recorded net profit of 298.90 million baht, up 1,125.00 percent, while Singer Thailand Public Company Limited, or SINGER, posted net profit of 148.84 million baht, up 1,095.30 percent. Amata Corporation Public Company Limited, or AMATA, reported net profit of 1.58 billion baht, up 1,032.15 percent. Finansia Syrus Securities Public Company Limited, or FSS, said overall listed-company profit in the second quarter of fiscal 2569 came in about 11 percent above expectations, and it expects third-quarter fiscal 2569 still has room to grow from commodity prices and economic stimulus measures. The firm also significantly raised its full-year 2569 earnings-per-share estimate for the SET and maintained its mid-2570 SET index target at 1,710 points.

The Board of Investment is preparing to review its consideration framework and raise the screening intensity for data center projects, setting at least four criteria dimensions: benefits to the country, energy readiness and security, readiness and efficiency in water resource use, and environmental impact and measures. The BOI Secretary-General disclosed that between 2024 and 2026, 42 data center projects have been approved for investment promotion, with a combined processing capacity of 3,400 megawatts and total investment of 750 billion baht. However, since April 2026, no new applications have been submitted. Kasikorn Securities views this as positive for stocks in the data center and industrial estate theme, namely WHA and AMATA, as well as power plant and water utility stocks, including GULF, BGRIM, EASTW, and WHAUP.

The new Banpu made its trading debut today after the amalgamation between the former BANPU and BPP was completed on 31 July 2026, resulting in a new public limited company under the name Banpu Public Company Limited. All assets, liabilities, rights, duties and responsibilities have been transferred by law, with no disruption to business continuity or partner relationships. Meanwhile, Thai Union Group reported second-quarter 2026 results reflecting tangible strategy gains, with a record-high gross profit margin, sales volume growth for the tenth consecutive quarter, and a dividend per share increase of over 14%. The board approved an interim dividend of 0.40 baht per share, up 14.3% and the highest since 2022, representing a dividend yield of 3.4%. The prime minister has assigned the deputy prime minister for legal affairs to review the royal endorsement process for the NBTC chairman, stressing that everything must follow the law and that no one has discretionary power above it. In logistics, TPL has undertaken a major group restructuring effective 1 August 2026, clearly separating the roles of the parent company and operating entities, along with new executive appointments. EASTW received a buy recommendation from Kasikorn Securities with a target price of 6.70 baht, as the market has yet to fully price in growth potential from the data centre theme, given its extensive water pipeline network and high production capacity relative to peers, positioning it to capture new water demand flowing into data centres.