Maybank Securities (Thailand) (MST) has given a positive outlook on Ichitan Group Public Company Limited (SET: ICHI), Thailand’s leading ready-to-drink green tea beverage producer, seeing growth to continue in 2026 along with attractive dividends.
Maybank Securities projects robust growth for Ichitan Group, with fourth-quarter 2025 earnings expected to surge by 28% year-on-year. The impressive performance is being primarily fueled by successful new product launches, expanded distribution channels, and a boost from the Khon La Khrueng Plus stimulus scheme—a government initiative to stimulate consumption.
Looking ahead, Maybank anticipates this momentum to continue into fiscal year 2026, projecting a further 10% year-on-year earnings increase. This is expected to outperform the broader sector, highlighting Ichitan Group’s market resilience and effective growth strategies.
In addition to solid earnings growth, Ichitan is forecasted to deliver an attractive dividend yield of 8-9% over 2025-26. This yield notably exceeds both the average for stocks under Maybank’s coverage (5.1%) and the SETHD Index average (5-6%). Maybank analysts noted that this combination of strong earnings expansion and generous dividends should provide investors with a high level of downside protection, making Ichitan Group a standout pick in the beverage sector. Additionally, the firm gives a strategic target price for ICHI at THB 14.80 per share, representing about 10% upside from the current share price.
