Industrial estate sector

Industrial estate sector: 4Q11 and 2011 earnings preview
We expect the industrial estate (IE) sector to report mixed performances in 4Q11 and 2011, with total net profit forecast at just Bt209mn in 2011. Amata Corporation (AMAT.BK/AMATA TB) should deliver the best full-year performance with a net profit at Bt810mn, followed by Ticon Industrial Connection (TICO.BK/TICON TB) with a net profit of Bt495mn, Hemaraj Land and Development (HEMR.BK/HEMRAJ TB) at Bt336mn, and Rojana Industrial Park (ROJN.BK/ROJNA TB)’s net loss of Bt1.4bn. Note that YoY comparisons are impossible due to the changes in accounting standards of revenue recognition since the beginning of 2011.