Yuanta Securities said i-Tail Corporation Public Company Limited, or ITC, is likely to post strong earnings and high dividends. Its research team expects normal profit in the third quarter of 2026 at 855 million baht, up 18% from the previous quarter and 9% from a year earlier, on revenue forecast at 5,429 million baht, growing 12% from the previous quarter and 15% from a year earlier, driven by sales volume growth in the United States and new product launches by customers, especially cat food. The gross profit margin is expected to hold steady at a high 24%. Selling and administrative expenses are forecast at 592 million baht, up 9% from the previous quarter and 22% from a year earlier, due to higher shipping costs and about 45 million baht in advisory fees for an M&A deal in the United States, a one-time expense unrelated to operations. Net profit is expected at 780 million baht. For the fourth quarter of 2026, the research team expects revenue to keep growing on both seasonal factors and new customers, with the gross profit margin likely rising to 25%, and it holds a positive view on progress of the M&A deal in the United States, which is expected to be a pet food manufacturing business that would add production capacity and reduce import taxes. The deal is expected to have a chance of closing in October this year, with some revenue to be recognized in 2026. The research team kept its 2026 profit forecast and maintained its 2027 profit forecast at 3,798 million baht, up 10% from a year earlier, with upside risk from M&A. It maintained a Buy recommendation with an end-2027 target price of 21.50 baht. It expects a second-half 2026 dividend of 0.55 baht per share, a yield of 3%.
i-Tail Corp. PCLYuanta maintains Buy with 21.50 baht target, citing strong Q3/Q4 profit and dividend outlook.
