Company Coverage
i-Tail Corporation (ITC TB): 3Q26 Results Preview: Sustained Strong Sales Growth Momentum
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt16.70
Bt22.00
31.73%
Bt20.50
Analyst
Highlights
- We expect ITC to report a net profit of Bt790m, (-3% yoy and -6% qoq). Excluding one-off items, we estimate 3Q26 core profit at Bt805m (+2.3% yoy, but -6% qoq).
- However, adjusting for the tariff refund recognised in 2Q26, core profit would rise 2.3% yoy and 11% qoq. We expect 4Q26 earnings to grow yoy and qoq.
- Maintain BUY with a higher target price: Bt22.00.
Analysis
- Expect core earnings to rise qoq and yoy. We expect i-Tail Corporation’s (ITC) net profit to be Bt790m, (-3% yoy and -6% qoq). Excluding one-off items, we foresee 3Q26 core profit at Bt805m (+2.3% yoy, but -6% qoq). However, adjusting for the tariff refund recognised in 2Q26, core profit would grow 2.3% yoy and 11% qoq.
- Pet food sales momentum remains strong. ITC’s top-line is expected to increase to Bt5.4b in 3Q26 (+14% yoy, +19% qoq), driven mainly by higher sales volume in the US market. The premium segment is likely to remain strong, accounting for more than 52.4% of sales.
Highlights
- We expect ITC to report a net profit of Bt790m, (-3% yoy and -6% qoq). Excluding one-off items, we estimate 3Q26 core profit at Bt805m (+2.3% yoy, but -6% qoq).
- However, adjusting for the tariff refund recognised in 2Q26, core profit would rise 2.3% yoy and 11% qoq. We expect 4Q26 earnings to grow yoy and qoq.
- Maintain BUY with a higher target price: Bt22.00.
Analysis
- Expect core earnings to rise qoq and yoy. We expect i-Tail Corporation’s (ITC) net profit to be Bt790m, (-3% yoy and -6% qoq). Excluding one-off items, we foresee 3Q26 core profit at Bt805m (+2.3% yoy, but -6% qoq). However, adjusting for the tariff refund recognised in 2Q26, core profit would grow 2.3% yoy and 11% qoq.
- Pet food sales momentum remains strong. ITC’s top-line is expected to increase to Bt5.4b in 3Q26 (+14% yoy, +19% qoq), driven mainly by higher sales volume in the US market. The premium segment is likely to remain strong, accounting for more than 52.4% of sales.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt16.70
Bt22.00
31.73%
Bt20.50
Analyst
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
