We expect AMATA to post a net profit of Bt450m (+27% yoy, +44% qoq) in 3Q23, chieflysupported by strong revenue, particularly from the real estate business. Lookingforward, we expect 4Q23 earnings to be the highest for this year due to 4Q being thepeak period for land sales and land transfers. Maintain BUY. Target price: Bt30.00