Ms. Pimphat Invasa, Head of Investor Relations at i-Tail Corporation Public Company Limited (SET: ITC), told “Kaohoon” that for its 2026 operations plan, the company targets USD sales growth of 5-10% compared to 2025. This will stem from efforts to maintain growth in the U.S. market, which is its main market, and from closing deals with new clients in 1Q26, thereby supporting increased orders.
In the past year, the company developed new products, which have been received very well by the market, and orders for these products will be reflected for the full year in 2026. ITC will also continue to focus on new product development.
At present, several clients are co-developing products with ITC. The company has adjusted formulas and ingredients to better suit the European market. Therefore, orders from Europe are expected to grow considerably in 2026. In addition, other markets will remain a focus for maintaining market presence.
Regarding the global pet food industry in 2026, ITC estimates market growth of approximately 3-5%. The company is confident it can outpace industry growth, driven by an expanding new customer base and ongoing new product development. Importantly, ITC’s products are positioned as premium, leading to higher demand compared to ordinary products.
For the 2026 investment budget, ITC is finalizing figures but expects it to be around THB 800-1,000 million, to be allocated to general projects, not including potential mergers and acquisitions (M&A), which are under ongoing feasibility studies. Updates will be provided as progress occurs.
Ms. Pimphat further stated that 4Q25 operating results are expected to be similar to 3Q25 and 4Q24, as customers carried out marketing activities and new product launches, resulting in sustained strong orders, especially from the U.S. market, which remained stable despite tariff increases. European orders have improved compared to the first half, while Asian orders remain steady.
ITC is confident that USD sales for the full year 2025 will meet its targets. However, after conversion, there may be some impact due to the strengthening of the Thai baht. The company expects 3-5% growth compared to 2024, when total sales were around THB 18.4 billion. For the first nine months of 2025, total sales amounted to about THB 13.8 billion, aligning with sustained growth and a widening pet food and treat customer base.
Bualuang Securities maintains a “BUY” recommendation for ITC with a target price of THB 18.20 per share and continues to rate the stock as its top pick for 2026, boosted by projected sales volume growth of 7-11% in 2026-2027 due to new customers, expansion of own-branded products, and continued demand for new products (about 20% of total sales).
Gross margin is expected to hold at 24-25%, supported by an increased premium product share of around 50% and manageable production costs. Currently, ITC trades at a 2026 PER of around 14.9 times and offers a dividend yield of 5.7%, which remains attractive.
According to the analyst, ITC management targets USD sales growth of 5-9% in 2026, more than twice the estimated growth rate of the global wet pet food industry. Management guidance points to strong sales momentum in 1Q26. Although 1Q is typically a seasonally slower period, this is seen as an opportunity to accumulate the shares as demand for new products remains robust as a structural driver.
Additionally, ITC is expected to report 4Q25 core net profit of THB 790 million, down 1% year-on-year and flat quarter-on-quarter, exceeding previous estimates by 4%. Revenues are projected to grow 5% in US dollars and 2-3% in Thai baht, supported by strong U.S. demand and steadily increasing European sales.
