Strong land sales underpinning revenue. We project revenue of Bt2.4b (+50% yoy, 68%qoq), chiefly supported by revenue from its real estate development business. During 3Q23,AMATA completed 272 rai of land transfers, increasing by 50% yoy and 200% qoq. The landtransfers included 2 rai in Chonburi, 104 rai in Rayong, and 166 rai in Vietnam. Hence, weexpect its real estate segment to report revenue of Bt1.2b (+122% yoy, 238% qoq).