← Ichitan overview

Ichitan vs Srinanaporn Marketing: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Ichitan Group Public Company Limited (ICHI.BK)

Q3 202621 Jul – 9 Oct 2026

▲3

ICHI's growth rests on alkaline water, stimulus, and a new fertilizer bet

Alkaline water demand outruns capacity, new partners add supply Alkaline water sales keep hitting records and demand still exceeds production. ICHI signed outside manufacturers Hon Chuan (starting November 2026) and Precision (2027) to free up capacity, with sales seen rising from 1.1-1.2 billion baht in 2026 to 1.6 billion baht in 2027. More supply means more revenue and profit.
This is the core new growth engine repeatedly cited as the reason for higher earnings and target prices.
Government stimulus and hot weather lift beverage sales The Thai Chuay Thai Plus cash handout was extended and a second 1,000-baht phase approved, putting tens of billions of baht into shoppers' hands. About 40% of ICHI's sales come through small local shops that benefit. El Niño heat is also expected to boost drink consumption into 2027.
These two demand drivers are the main reason analysts expect ICHI's sales and profit to accelerate in late 2026 and 2027.
New fertilizer joint venture opens a second business ICHI took a 51% stake in Tan Fertilizer with partner Ek Yong Wong for 76.5 million baht, targeting 1.5 billion baht of premium fertilizer revenue and 135 million baht profit within three years. It starts around May 2027 and adds a new earnings stream, though its lower margin may slightly dilute group margins.
This is the period's biggest genuinely new corporate event, expanding ICHI beyond drinks.
Q2 profit met forecasts but overseas sales stayed weak ICHI reported Q2 2026 profit of 309 million baht, up 8% from the prior quarter but down about 1% from a year earlier, and paid a 0.45 baht interim dividend. Domestic sales grew, but exports to Cambodia fell sharply and packaging costs stayed high, so the recovery is gradual rather than dramatic.
It is the period's key earnings and dividend event and shows the real counterweight to the bullish case.

August 202621 Jul – 9 Oct 2026

▲3

ICHI's growth rests on alkaline water, stimulus, and a new fertilizer bet

Alkaline water demand outruns capacity, new partners add supply Alkaline water sales keep hitting records and demand still exceeds production. ICHI signed outside manufacturers Hon Chuan (starting November 2026) and Precision (2027) to free up capacity, with sales seen rising from 1.1-1.2 billion baht in 2026 to 1.6 billion baht in 2027. More supply means more revenue and profit.
This is the core new growth engine repeatedly cited as the reason for higher earnings and target prices.
Government stimulus and hot weather lift beverage sales The Thai Chuay Thai Plus cash handout was extended and a second 1,000-baht phase approved, putting tens of billions of baht into shoppers' hands. About 40% of ICHI's sales come through small local shops that benefit. El Niño heat is also expected to boost drink consumption into 2027.
These two demand drivers are the main reason analysts expect ICHI's sales and profit to accelerate in late 2026 and 2027.
New fertilizer joint venture opens a second business ICHI took a 51% stake in Tan Fertilizer with partner Ek Yong Wong for 76.5 million baht, targeting 1.5 billion baht of premium fertilizer revenue and 135 million baht profit within three years. It starts around May 2027 and adds a new earnings stream, though its lower margin may slightly dilute group margins.
This is the period's biggest genuinely new corporate event, expanding ICHI beyond drinks.
Q2 profit met forecasts but overseas sales stayed weak ICHI reported Q2 2026 profit of 309 million baht, up 8% from the prior quarter but down about 1% from a year earlier, and paid a 0.45 baht interim dividend. Domestic sales grew, but exports to Cambodia fell sharply and packaging costs stayed high, so the recovery is gradual rather than dramatic.
It is the period's key earnings and dividend event and shows the real counterweight to the bullish case.

Latest21 Jul – 9 Oct 2026

▲3

ICHI's growth rests on alkaline water, stimulus, and a new fertilizer bet

Alkaline water demand outruns capacity, new partners add supply Alkaline water sales keep hitting records and demand still exceeds production. ICHI signed outside manufacturers Hon Chuan (starting November 2026) and Precision (2027) to free up capacity, with sales seen rising from 1.1-1.2 billion baht in 2026 to 1.6 billion baht in 2027. More supply means more revenue and profit.
This is the core new growth engine repeatedly cited as the reason for higher earnings and target prices.
Government stimulus and hot weather lift beverage sales The Thai Chuay Thai Plus cash handout was extended and a second 1,000-baht phase approved, putting tens of billions of baht into shoppers' hands. About 40% of ICHI's sales come through small local shops that benefit. El Niño heat is also expected to boost drink consumption into 2027.
These two demand drivers are the main reason analysts expect ICHI's sales and profit to accelerate in late 2026 and 2027.
New fertilizer joint venture opens a second business ICHI took a 51% stake in Tan Fertilizer with partner Ek Yong Wong for 76.5 million baht, targeting 1.5 billion baht of premium fertilizer revenue and 135 million baht profit within three years. It starts around May 2027 and adds a new earnings stream, though its lower margin may slightly dilute group margins.
This is the period's biggest genuinely new corporate event, expanding ICHI beyond drinks.
Q2 profit met forecasts but overseas sales stayed weak ICHI reported Q2 2026 profit of 309 million baht, up 8% from the prior quarter but down about 1% from a year earlier, and paid a 0.45 baht interim dividend. Domestic sales grew, but exports to Cambodia fell sharply and packaging costs stayed high, so the recovery is gradual rather than dramatic.
It is the period's key earnings and dividend event and shows the real counterweight to the bullish case.

Srinanaporn Marketing Public Company Limited (SNNP.BK)

Q3 202620 Jul – 9 Oct 2026

▲3▼1

SNNP's profit has bottomed out; recovery, stimulus and new products drive gains

Profit trough passed, brokers raise targets Brokers say SNNP's profit bottomed in early 2026 and is now recovering. Q2 profit of 69.8 million baht rose 23% from the prior quarter, helped by Vietnam sales and steady 26% gross margin. Several houses upgraded to buy with targets of 8-9 baht, lifting the shares.
This is the core reason the stock is moving: earnings have stopped falling and analysts have turned positive.
New products and brand tie-ups broaden sales SNNP launched Jele Chewy fruit-tea jelly with Kamu Kamu, a sports jelly with Alpine, and a new Bento ad campaign. These push into younger and health-focused buyers, and the Jele tie-up got a better-than-expected response, prompting restocking and supporting sales into the high season.
New products and partnerships are a main growth engine behind the expected revenue recovery.
Government stimulus and Vietnam growth lift demand Thailand's Thai Help Thai Plus Phase 2 gives 1,000 baht of co-payment spending in October-November, and SNNP earns about 70-79% of revenue at home, so it benefits. Vietnam's economy grew 9.95% in Q3, and SNNP's Vietnam revenue is expected to rise 17% this year.
These are the demand-side forces expected to drive the second-half recovery.
Factory fire adds supply risk A fire hit SNNP's Bento snack building on 9 October. No one was hurt and insurance should cover the damage, but output is disrupted. The company has about one month of inventory and can use its Vietnam plant, so the revenue hit is seen as limited.
This is the main counterweight to the positive recovery story and a real risk to near-term supply.

August 202620 Jul – 9 Oct 2026

▲3▼1

SNNP's profit has bottomed out; recovery, stimulus and new products drive gains

Profit trough passed, brokers raise targets Brokers say SNNP's profit bottomed in early 2026 and is now recovering. Q2 profit of 69.8 million baht rose 23% from the prior quarter, helped by Vietnam sales and steady 26% gross margin. Several houses upgraded to buy with targets of 8-9 baht, lifting the shares.
This is the core reason the stock is moving: earnings have stopped falling and analysts have turned positive.
New products and brand tie-ups broaden sales SNNP launched Jele Chewy fruit-tea jelly with Kamu Kamu, a sports jelly with Alpine, and a new Bento ad campaign. These push into younger and health-focused buyers, and the Jele tie-up got a better-than-expected response, prompting restocking and supporting sales into the high season.
New products and partnerships are a main growth engine behind the expected revenue recovery.
Government stimulus and Vietnam growth lift demand Thailand's Thai Help Thai Plus Phase 2 gives 1,000 baht of co-payment spending in October-November, and SNNP earns about 70-79% of revenue at home, so it benefits. Vietnam's economy grew 9.95% in Q3, and SNNP's Vietnam revenue is expected to rise 17% this year.
These are the demand-side forces expected to drive the second-half recovery.
Factory fire adds supply risk A fire hit SNNP's Bento snack building on 9 October. No one was hurt and insurance should cover the damage, but output is disrupted. The company has about one month of inventory and can use its Vietnam plant, so the revenue hit is seen as limited.
This is the main counterweight to the positive recovery story and a real risk to near-term supply.

Latest20 Jul – 9 Oct 2026

▲3▼1

SNNP's profit has bottomed out; recovery, stimulus and new products drive gains

Profit trough passed, brokers raise targets Brokers say SNNP's profit bottomed in early 2026 and is now recovering. Q2 profit of 69.8 million baht rose 23% from the prior quarter, helped by Vietnam sales and steady 26% gross margin. Several houses upgraded to buy with targets of 8-9 baht, lifting the shares.
This is the core reason the stock is moving: earnings have stopped falling and analysts have turned positive.
New products and brand tie-ups broaden sales SNNP launched Jele Chewy fruit-tea jelly with Kamu Kamu, a sports jelly with Alpine, and a new Bento ad campaign. These push into younger and health-focused buyers, and the Jele tie-up got a better-than-expected response, prompting restocking and supporting sales into the high season.
New products and partnerships are a main growth engine behind the expected revenue recovery.
Government stimulus and Vietnam growth lift demand Thailand's Thai Help Thai Plus Phase 2 gives 1,000 baht of co-payment spending in October-November, and SNNP earns about 70-79% of revenue at home, so it benefits. Vietnam's economy grew 9.95% in Q3, and SNNP's Vietnam revenue is expected to rise 17% this year.
These are the demand-side forces expected to drive the second-half recovery.
Factory fire adds supply risk A fire hit SNNP's Bento snack building on 9 October. No one was hurt and insurance should cover the damage, but output is disrupted. The company has about one month of inventory and can use its Vietnam plant, so the revenue hit is seen as limited.
This is the main counterweight to the positive recovery story and a real risk to near-term supply.