Ichitan Group Public Company Limited’s (SET: ICHI) share price closed higher on Tuesday at THB12.10 per share, up THB0.40 or 3.42%, increasing by THB0.40 or 3.42%. The highest price was at THB12.10 per share, and the lowest was at THB11.80 per share, with a trading value of THB 119.50 million.
Tisco Securities forecasted that ICHI’s net profit in 2022 would be THB 635 million, up 16% from the same period the previous year, and THB 752 million in 2023, up 18% from the same period the previous year. Meanwhile, revenue is expected to increase by 21% in 2022 and 13% in 2023, owing to 1) the Ready-to-Drink Tea (RTD tea) and Yen Yen business, which is expected to grow further due to new product launches, 2) revenue from non-tea business such as mix vitamin drink, cannabidiol drink (CBD), and carbonated soft drink (CSD) is expected to increase by 9% this year and 20% in 2023, and 3) exports are expected to increase 10% next year, especially from the CLMV market.
TISCO has upgraded a rating of ICHI to “BUY” with a new target price of THB 14.50.