Brokers see ICHI profit recovering in Q4 2026 after output unlock and 76.5 million baht fertilizer investment

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Summary · why it matters

Two brokers remain buyers of Ichitan Group Public Company Limited, or ICHI, expecting profit to begin recovering from the fourth quarter of 2026 after production capacity constraints ease. Bualuang Securities said the company expects machinery problems to gradually clear in September and production lines to return to normal from October, which will allow alkaline water to return to full production, supported by new products, the start of production for a new OEM customer, and capacity from a partner factory expected to begin in November. It expects the gross margin in the third quarter of 2026 at around 23.5% before recovering in the following quarter. Meanwhile, the joint venture in the NPK granular chemical fertilizer business through Tan Fertilizer, in which ICHI holds 51%, with an investment of no more than 76.5 million baht, is expected to start operations in May 2027, targeting revenue of 1.5 billion baht and net profit of 135 million baht in 2029, an upside of about 9% to market profit estimates for 2029. Krungsri Securities takes a neutral view, noting that the investment will transfer the premium fertilizer brand Rampatech, which has sales of about 70 million baht, and targets revenue of 1.5 billion baht in three years, or 12% of total revenue. Both brokers also highlight dividends, expecting a dividend yield of about 6.8-7.0% in 2026.

Impact on assets 2

Consumer Staples▲ · 1 stocks
Ichitan Group Public Company Limited
ICHI
▲ PositiveCapitalDemandrelevance

Brokers remain buyers expecting profit recovery from Q4 2026 as machinery problems clear and production normalizes, plus a 6.8-7.0% dividend yield

Financials▲ · 1 stocks

Off-coverage companies 2

Tan Fertilizer Company LimitedPrivate▲ Positive
Capitalrelevance

ICHI's 51%-held Tan Fertilizer JV invests up to 76.5 million baht in NPK granular fertilizer, targeting 1.5 billion baht revenue and 135 million baht net profit by 2029

BBL Asset Management Company Limited (Bualuang Asset Management)Private± Mixed
relevance

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