ICHI Gains Nearly 4% on Speculation of High Profit Growth in 3Q22

The share price of Ichitan Group Public Company Limited (SET: ICHI) closed the morning session on October 12 at THB9.70 per share, increased YHB0.35 or 3.74%. The highest price was at THB9.80 per share, and the lowest was at THB9.45 per share with a trading value of 60 billion baht.

Tisco Securities expected ICHI’s 3Q22 profit to come in at 182 million baht, representing an increase by 42% over the same period of previous year and increase by 19% over the 2Q22, boosted by sales revenue and profit sharing from joint venture companies in Indonesia. Domestic sales are expected to increase by 59% YoY and grow 10% QoQ. After the reopening from 3Q22 onward, the company has received revenue recognition from the OEM segment, and in 4Q22, the company has prepared to launch new products, targeting healthy trends. TISCO has given a “BUY” recommendation on ICHI with a target price at THB12.