Analysts remain optimistic about i-Tail Corporation PCL (SET: ITC), highlighting its resilience amid currency fluctuations and external pressures. Positive outlooks from leading brokerages underscore ITC’s strong fundamentals, attractive valuations, and solid dividend yield, suggesting the company is well-positioned for future growth.
Maybank Securities (Thailand) has assigned ITC a target price of THB 18.60, noting that the Thai Baht’s recent 1.2% week-on-week slide follows Federal Reserve Chair Jerome Powell’s latest comments, which offered no indication of forthcoming rate cuts. Additionally, domestic factors have added to the pressure, with the Ministry of Finance establishing a committee to review currency movements. According to Maybank, each THB1 dip against the US dollar has the potential to boost ITC’s FY25 earnings by as much as 3.5%.
Looking forward, the brokerage anticipates earnings growth of 10% and 15% year-on-year in FY26 and FY27, respectively, driven by higher sales and margin improvements. Maybank also points out ITC’s compelling valuation, with FY25/26 estimated P/E ratios at 16.2x and 14.7x, respectively, and a generous 6% dividend yield that helps cushion downside risks.
Meanwhile, Finansia Syrus has reiterated its “Buy” recommendation with a 2026 price target of THB 18.00. The firm expects ITC’s 3Q25 net profit to reach THB 748 million, up 7% quarter-on-quarter but down 23% year-on-year. Despite a strong Baht—up 3% q-o-q and 7% y-o-y—total Baht-denominated revenue is forecast to increase by 5% q-o-q and 6% y-o-y to THB 4.7 billion, supported by temporary assistance given to select US clients.
Finansia Syrus notes that, so far, the impact of US tariffs on ITC has been limited. The firm estimates a net profit of THB 3 billion for 2025, a 22% decline year-on-year, but expects a rebound to THB 3.6 billion in 2026, representing 20% growth. In the near term, sentiment is buoyed by the Baht’s recent weakening. Technical support is seen at THB 16 and 15.50, with resistance at THB 17 and 17.50.
