ITC is poised for strong growth in 2026 after management raised its baht revenue growth target to 14-17% from 8-11%, and its dollar revenue target to 17-20% from 9-12%, in line with its first-half 2026 results and continued growth in orders from the United States and Europe, particularly for pet snacks, which carry high margins. The company aims to maintain its gross profit margin at 23-25% through gradual price increases to offset raw material costs, and is in talks to acquire a production base in the United States while expanding its business in China. Analysts have raised their 2026 net profit forecast by 5% to 3.5 billion baht, up 17.7% year on year, on total revenue expected to rise 14.4% year on year to 20.8 billion baht, with a gross profit margin forecast at 26.5% and SG&A to revenue expected to rise to 10.9% from 10.5% a year earlier. Nestlé's investment in a pet food plant in Thailand is expected to have a limited impact. The recommendation is "buy" with a 2027 target price of 24.10 baht, based on a price-to-earnings ratio of 17.5 times, compared with the current share price at a price-to-earnings ratio of 15.2 times, and a forecast full-year 2026 dividend yield of 6.2%.
i-Tail Corp. PCLAnalysts lifted 2026 net profit forecast 5% to 3.5 billion baht and recommend buy with a 24.10 baht target price.
Nestle S.A.
