I-Tail Corporation, or ITC, reported second-quarter 2026 net profit of 844 million baht, up 21 percent from the same period last year but down 3 percent from the previous quarter. The profit exceeded Asia Plus Securities' forecast by 13 percent, thanks to a net US import tax refund of 131 million baht. This lifted the gross margin to 29.7 percent, compared with 24.3 percent in the prior quarter and 25 percent a year earlier. Excluding the tax refund, the gross margin would have been 24 percent, down due to higher costs. The research team expects a stronger second half than the first half, driven by seasonal factors, robust demand, innovative product launches, a higher revenue share from premium products, and selling price adjustments that will take effect in the third quarter of 2026. The team raised its 2026 profit forecast by 7.5 percent to 3.48 billion baht, after a better-than-expected first half and the company's upward revision of its revenue growth target to 14 to 17 percent from 8 to 11 percent. On the M&A front, the first deal with a Chinese pet food manufacturing partner is in price negotiations, with clarity expected in the second half of 2026, while a second deal with a US manufacturer is under initial study to expand market reach and mitigate US tariff impacts. The research team recommends a buy rating and raised its target price to 20.30 baht. The company also announced a first-half dividend of 0.55 baht per share, representing a dividend yield of 3.2 percent, with the XD date set for August 11, 2026.
i-Tail Corp. PCLITC's Q2 profit beat forecasts due to a US tax refund, and the company raised its revenue growth target, leading to an increased profit forecast and target price.
Asia Plus Group Holdings PCLAsia Plus raised its 2026 profit target for ITC and maintains a buy rating, reflecting positive analyst sentiment.