Phillip Securities (Thailand) Public Company Limited estimates that ITC's normalized profit in the third quarter of 2026 will be 817 million baht, up 3.8% year on year, reflecting core operations that continue to grow well. Net profit is expected at 797 million baht, down 1.8% year on year and 5.6% quarter on quarter, due to higher SG&A expenses, mainly from consulting fees for studying M&A deals in the United States and China, capped at no more than 50 million baht, as well as higher freight and shipping costs in line with oil prices and geopolitical conditions. Third-quarter 2026 sales are expected to set the highest level of 2026 since the start of the year, driven by sales volumes in key markets, especially the United States, from new Sachet line projects and the Pet Treats group, which grew more than 20% year on year. Gross margin is still maintained within the target range of 23-25% through price adjustments with customers and management of conversion costs. The research house has revised down its 2026 net profit forecast to 3.35 billion baht, but it still represents strong growth of 12.64% year on year, and has switched to a 2027 base price of 21.00 baht per share, with a Buy recommendation. It expects fourth-quarter 2026 operating results to continue growing both quarter on quarter and year on year, supported by strong sales and new products in the pipeline, as well as the arrival of the high season, with upside from M&A in the United States and China that will strengthen its production base and enhance long-term competitiveness.
i-Tail Corp. PCLPhillip Securities estimates ITC's Q3 2026 normalized profit up 3.8% YoY and maintains a Buy with a 21.00 baht target, an analyst valuation/earnings call.
