Yuanta Securities has upgraded ITC to a buy recommendation with a new target price of 21.50 baht, based on a 2027 price-to-earnings ratio of 17 times. The upgrade follows a 5 percent increase in normalized profit forecasts for 2026 and 2027 to 3.45 billion baht and 3.80 billion baht, respectively. The company has significantly raised its 2026 revenue growth target from 8 to 11 percent to 14 to 17 percent, while maintaining a gross profit margin range of 23 to 25 percent. Normalized profit for the second quarter of 2026 came in at 725 million baht, broadly in line with expectations. Although this represents a 16.2 percent decline from the previous quarter, it marks a 1.8 percent increase from the same period last year. The gross profit margin stood at 24.0 percent, slightly above forecasts, while total revenue of 4.87 billion baht fell 6 percent quarter-on-quarter and 9 percent year-on-year. Looking ahead to the second half of the year through 2027, normalized profit is expected to accelerate, potentially reaching 1 billion baht per quarter in the fourth quarter of 2026. In addition, ITC has declared an interim dividend of 0.55 baht per share, exceeding expectations, and has raised its full-year 2026 dividend estimate to 1.10 baht per share, representing a yield of 6.4 percent.
i-Tail Corp. PCLYuanta upgrades to buy with higher target price and raised profit forecasts, plus strong dividend yield.