Kasikorn Securities has maintained its buy recommendation on ICHI shares and raised its target price to 16.10 baht, after the company reported second-quarter 2026 normalized profit of 309 million baht, down 1 percent from a year earlier but up 8 percent from the previous quarter. The result came in below the research team's earlier estimate due to weaker-than-expected revenue, although the cost impact was better than anticipated. The research team has slightly adjusted its 2026 to 2028 profit forecasts by 0 to 2 percent, reflecting a better-than-expected gross margin. It expects pressure from PET costs to peak in the third quarter of 2026, but still forecasts normalized profit in the first half of 2026 to grow 6 percent from a year earlier. The higher target price reflects the revised earnings estimates and an increase in the target price-to-earnings ratio from 15 times to 16 times, driven by better-than-expected cost clarity.
Ichitan Group Public Company LimitedKasikorn Securities maintains buy rating and raises target price to 16.10 baht on better cost clarity and revised earnings estimates.
