Analysts Sees Positive Outlook on Thai Leading Pet Food Manufacturer “ITC”, Eyeing Target Price as High as THB45

i-Tail Corporation Public Company Limited (SET: ITC) kicked off its first trading day in the Thai stock market with a slight gain of less than 1% at the closing of the morning session. The price rose THB0.25 from its IPO price to THB32.25 per share.

Despite a sluggish start, analysts were positive on the outlook of ITC, seeing potential growth in upcoming years from its capacity expansion, while giving a highest target price for ITC at THB45.00 per share.


Finansia Syrus Securities (FSS) has given a “BUY” recommendation on ITC with a target price range at THB41-45.00 per share.

FSS stated that ITC is the world’s and Thailand’s leading pet food manufacturer. It has cost and innovation advantages due to its parent company TU, one of the world’s largest tuna processors. Given the management team’s average experience of 20 years, ITC could respond to demands and maintain its relationship with global pet food brands. Also, it could generate higher growth than the pet food market value in the past three years.

Despite the covid pandemic, the pet food market still grows, in line with the pet humanization trend. FSS expected the 2022 normalized earnings growth to remain robust at 61% Y-Y. Besides, FSS anticipated a three-year forward profit growth of 19% CAGR. In this regard, FSS stated that it liked the profit growth outlook and its superior profitability.


Kasikorn Securities (KS) has given a “BUY” recommendation on ITC with a target price at THB40.80 per share, seeing the company entering its growth phase from capacity expansion.

Main factors to boost its profit in 2022-24 are 1) capacity expansion, 2) growing pet food industry, 3) being a leader in the industry and 4) strong financial position.

KS expected the company to report YoY growth for its fourth quarter performance due to 1) capacity expansion, 2) higher average selling price and 3) recovery in economic activities.


KGI Securities initiated its coverage on ITC with a target price range at THB38.75-41.25 per share. KGI estimated the company to record 67% profit growth in 2022, while net profit in 2023 should reach THB4,945 million, a 9% growth, boosted by expected higher sales.


Asia Plus Securities (APS) initiated its coverage on ITC with a target price range of THB36-37.50 per share.

APS expected ITC to report 48.4%, 11.2% and 15.0% profit growth in 2022-24, respectively. The increase would be due to rising sales volume following positive trends in the global pet food industry. SG&A and cost of sales in 2022-24 should gradually decline. More importantly, gross margin should increase from 23.1% in 2021 to 25.0% in 2022-23.


Krungthai XSpring (KTX) expected CAGR of core profit to grow 15.8% in the next two years at THB4,555 million in 2023 and THB5,184 million in 2024, boosted by its rising revenue and profitability. IPO proceeds would also be used for financial repayment that should save its expenses by THB20-30 million per year.

KTX gave a target price range at THB36-36.70 per share.