On Friday, the share price of i-Tail Corporation Public Company Limited (SET: ITC) at the time of 4.22 p.m. was at THB THB 16.10, a THB 0.60 or 3.87% increase with a total trading value of THB 100.96 million.
Tisco Securities expects ITC to report a net profit of THB 744 million for 3Q25, down 24% YoY but up 7% QoQ. The growth drivers include revenue, forecasted to rise by 7% YoY and 6% QoQ, supported by increased demand for pet food in the U.S. market—particularly premium product orders from major clients. The European market is expected to see improved sales QoQ, but sales will remain lower YoY due to last year’s high base.
Total sales volume is predicted to grow YoY but stay flat QoQ, with revenue growth mainly attributed to premium products. Premium products are anticipated to account for about 50% of total revenue, up from 46.3% in the previous quarter. However, gross profit margin is expected to decrease YoY but remain similar QoQ due to the U.S. tariff that the company carried for the customers, and the appreciating baht.
SG&A expenses as a percentage of revenue are forecasted to rise YoY due to the Tailwind project but will remain stable QoQ, reflecting effective cost management. The tax rate is estimated at around 8%.
Tisco maintains its “BUY” recommendation on ITC with a target price of THB 18.50, based on a forward PER of 17x. ITC currently trades at an estimated 2026 PER of about 13.9x, with the 2026 dividend yield projected at 5.8%.
Positive factors include greater clarity on the US tariff and a clearer recovery trend from 2026 onward, thanks to ITC’s flexibility in product development and strong financial status (Net Cash). Key risks remain global economic slowdown and tougher price negotiations with customers due to higher import tariff costs.
