Land sales expected to pick up pace in 2HFY17: Industrial estate land sales in 1HFY17 came in only 176 rai, but AMATA still sticks to its full‐year target of 1,000 rai. Management guided
that customers remained interested in investing but they were waiting for the Eastern Economic Corridor Act to be enacted into law, possibly in Oct. As the ECC’s special zone for investment covers AMATA’s industrial parks, the company expects land sales will pick up sharply in 4QFY17. The government attaches great importance to the ECC and recently urged investors from Japan to invest in the project. In this sense, we expect its land sales will rise from638 rai last year to 800 rai for FY17‐18.