KGI Securities (Thailand) expects ITC to report 3Q26F net profit of 790 million baht, down 3% YoY and 6% QoQ. Excluding a one-time item from an import tax refund recorded in 2Q26, normalized 3Q26F profit is expected to be flat YoY and up 9% QoQ. Revenue from adjusted sales in 3Q26F is expected to hit a new record high of 5.3 billion baht, up 12% YoY and 9% QoQ, driven by higher sales volumes from global pet food companies and private-label customers in the United States. Normalized gross margin is expected to improve to 24.3%, even though tuna prices in 3QTD stood at 1,975 dollars per ton, up 27% YoY and 12% QoQ. Preliminary core profit for 4Q26F is expected to rise both YoY and QoQ on continued sales growth and a favorable product mix, even though tuna prices will likely remain high at around 1,800 to 1,900 dollars per ton. KGI maintained its buy recommendation on ITC with a 2027F target price of 21.00 baht, based on a PE of 17.0x, and expects an attractive dividend yield of around 6% per year.
i-Tail Corp. PCLKGI expects ITC to post 3Q26F net profit of 790 million baht on record adjusted sales of 5.3 billion baht and maintains a buy rating with a 21.00 baht target price.
