Stocks in Focus on January 19, 2023: ICHI and WHA

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on January 19, 2023.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Ichitan Group Public Company Limited (SET: ICHI) with a target price at ฿17.30/share.

MST stated that profit trends in 2024 are expected to experience growth propelled by new product launches, the expansion of the export sector, and the flourishing green tea market. Particularly noteworthy is the projected positive performance in the first half of the year (1H67). This surge is anticipated to be driven by the onset of summer, increased appetite, government stimulus measures, and a rising influx of tourists.

However, the 4Q23 estimated profits exhibit a quarter-on-quarter (QoQ) contraction from a high base. This contraction is attributed to escalated Selling, General, and Administrative Expenses (SG&A), primarily due to employee bonus expenses. On a year-on-year (YoY) basis, the profits are expected to expand, driven by higher revenue resulting from the utilization rate (U-Rate) and improved profit margins.

Currently, the share price is trading at a Price-to-Earnings Ratio (PER24E) of 17.8x, which is considered below its long-term average. Moreover, the company is offering a high dividend yield of 5-6% per year.


Krungsri Securities (KSS) has given a “BUY” recommendation on WHA Corporation Public Company Limited (SET: WHA) with a target price at ฿5.40/share.

KSS stated that revenue and profit of WHA should hit new highs in 2023/24 led by record land sales. Near-term boost from news South Korea’s auto giant is still keen to invest in Thailand.