Company Coverage
i-Tail Corporation: (ITC TB) 2Q26: Management Raises Sales Guidance
BUY (Maintained)
Current price:
Target price:
Upside:
Bt17.30
Bt20.50
17.50%
Analyst
Highlights
- ITC reported a 2Q26 core profit of Bt856m, (+20% yoy and flat qoq). The results exceeded both our and market expectations.
- Excluding the impact of tariff refunds, the normalised core profit came in at Bt725m (+2% yoy, -16% qoq), in line with expectations.
- Management revised up its 2026 sales growth guidance, reflecting strong demand in the pet food industry. As a result, we expect 2H26 sales to increase hoh and yoy.
- Maintain BUY with a target price of Bt20.50.
Analysis
- Earnings beat expectations from the tariff refund. i-Tail Corporation (ITC) reported a 2Q26 net profit of Bt843m (+22% yoy, -3% qoq). Excluding one-off items, core profit came in at Bt856m, (+20% yoy and flat qoq). The results exceeded both our and market expectations by 18% and 11%, respectively, driven by stronger-than-expected gross profit margin from the impact of tariff refunds. Excluding the impact of tariff refunds, the normalised core profit came in at Bt725m (+2% yoy, -16% qoq). The results were in line with both our and market expectations.
- Robust pet treat demand. Total sales for 2Q26 were reported at Bt4.5b (flat yoy, -12% qoq). Excluding the impact of tariff refunds, the normalised sales reached Bt4.9b (+9% yoy, -6% qoq). The yoy increase is attributable to higher demand from US and EU market sales and new product launches. By product segment, pet treat sales showed a significant increase (+62% yoy, -14% qoq), reflecting strong demand. In addition, cat food sales continued to grow (+4% yoy, +3% qoq).
Highlights
- ITC reported a 2Q26 core profit of Bt856m, (+20% yoy and flat qoq). The results exceeded both our and market expectations.
- Excluding the impact of tariff refunds, the normalised core profit came in at Bt725m (+2% yoy, -16% qoq), in line with expectations.
- Management revised up its 2026 sales growth guidance, reflecting strong demand in the pet food industry. As a result, we expect 2H26 sales to increase hoh and yoy.
- Maintain BUY with a target price of Bt20.50.
Analysis
- Earnings beat expectations from the tariff refund. i-Tail Corporation (ITC) reported a 2Q26 net profit of Bt843m (+22% yoy, -3% qoq). Excluding one-off items, core profit came in at Bt856m, (+20% yoy and flat qoq). The results exceeded both our and market expectations by 18% and 11%, respectively, driven by stronger-than-expected gross profit margin from the impact of tariff refunds. Excluding the impact of tariff refunds, the normalised core profit came in at Bt725m (+2% yoy, -16% qoq). The results were in line with both our and market expectations.
- Robust pet treat demand. Total sales for 2Q26 were reported at Bt4.5b (flat yoy, -12% qoq). Excluding the impact of tariff refunds, the normalised sales reached Bt4.9b (+9% yoy, -6% qoq). The yoy increase is attributable to higher demand from US and EU market sales and new product launches. By product segment, pet treat sales showed a significant increase (+62% yoy, -14% qoq), reflecting strong demand. In addition, cat food sales continued to grow (+4% yoy, +3% qoq).
BUY (Maintained)
Current price:
Target price:
Upside:
Bt17.30
Bt20.50
17.50%
Analyst
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