KGI Securities Thailand has upgraded its recommendation on ICHI to buy, with a new target price of 16.50 baht, up from 13.70 baht. The research team has raised its core profit forecasts for 2026 to 2028 by 3 to 6 percent, driven by higher gross margins, even though ready-to-drink tea sales are below expectations. It expects a return to 10 percent year-on-year growth in 2027, supported by continued expansion in the alkaline water business, clearer positive effects from El Niño, and lower PET resin costs. The research team also views ICHI as an attractive defensive stock offering high dividend yields, estimating a dividend yield of around 6 percent and an interim dividend for the first half of 0.46 baht per share, representing a yield of 3.1 percent. For the second quarter of 2026, net profit is forecast at 313 million baht, down 23 percent from the same period last year but up 9 percent from the previous quarter, due to a high profit base last year from land sales and seasonally higher sales in the current quarter.
Ichitan Group Public Company LimitedKGI upgrades ICHI to buy with higher target price and raised profit forecasts.