ICHI invests 76.5 million baht for 51% stake in granulated chemical fertilizer business, targeting 1.5 billion baht in revenue within 3 years

HoonVision··TH·Read original
2▲1 ▼0Impact / 5
Summary · why it matters

Krungsri Securities Public Company Limited stated that ICHI will begin investing in Ton Fertilizer, a business importing, producing, and distributing granulated chemical fertilizer for field crops and horticultural crops, as well as other chemicals and agricultural equipment. The company has registered capital of 150 million baht, with ICHI holding 51% and the remaining 49% held by a partner group with expertise in the fertilizer business. This investment plan amounts to 76.5 million baht for the 51% stake in the granulated chemical fertilizer, or NPK, business. The company will take over the premium fertilizer brand Rampatech, which has sales of about 70 million baht, into the new company, expected to begin in May 2027F, and targets revenue from this investment to increase significantly to 1.5 billion baht within 3 years, accounting for 12% of total revenue. Meanwhile, partner Ek Yong Wong has more than 10 years of expertise in the fertilizer business and owns the fertilizer brand Nok Pak Hang, which had revenue of 3 to 4 billion baht per year in 2021-25. The chemical fertilizer market is larger than 80 billion baht, with the granulated chemical fertilizer market at 32 billion baht. The company will consolidate this company into its financial statements, expected to begin in 2H27F, and this is not expected to affect dividend payments, which remain at a 100% payout. The analyst maintains 2026F normal profit at 1.26 billion baht, up 5% year-on-year, and expects 2027F profit at 1.47 billion baht, up 17% year-on-year, while maintaining a Buy recommendation with a 2027F target price of 18.1 baht based on a PER of 16x and an expected dividend yield of 7%, without yet including this investment in the estimates.

Impact on assets 2

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

ICHI invests 76.5 million baht for a 51% stake in Ton Fertilizer, adding a new business expected to reach 1.5 billion baht revenue within 3 years

Financials▲ · 1 stocks

Off-coverage companies 2

Tan Fertilizer Company LimitedPrivate▲ Positive
Capitalrelevance

ICHI acquires a 51% stake in Ton Fertilizer, injecting 76.5 million baht and consolidating it into financial statements

Ek Yong Wong Company LimitedPrivate± Mixed
relevance

© 2026 MarketIVNews