i-Tail (ITC.BK) 2Q26 Tariff Refund Drives Earnings Beat; FY26 Sales Guidance Raised

Research evidence excerpt

i-Tail (ITC.BK) 2Q26 Tariff Refund Drives Earnings Beat; FY26 Sales Guidance Raised

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30 Jul 2026 09:30:36 ET │ 15 pages

i-Tail (ITC.BK)

2Q26 Tariff Refund Drives Earnings Beat; FY26 Sales Guidance Raised

CITI'S TAKE

Buy ITC reported 2Q26 net profit of Bt844mn (+21% YoY, -3% QoQ) 12% ahead

Bloomberg consensus on one-time tariff refund. Excluding the tariff Price (30 Jul 26 17:00) Bt17.30

refund impact, core earnings were broadly in line with expectations. Sales Target price Bt22.00↑

were slightly below forecast due to shipment timing and customer order from Bt21.00

patterns but this was offset by better-than-expected GPM supported by Expected share price return 27.2%

cost management, improved fixed-cost utilization, and transformation- Expected dividend yield 6.1%

related savings. Management raised its 2026 sales growth guidance to 14-

Expected total return 33.3% 17% from 8-11% reflecting strong demand momentum in the U.S. and an

Market Cap Bt51,900M expected acceleration in 2H26 driven by new product launches. While

margin recovery is likely to remain gradual given oil price volatility and the US$1,549M

phased implementation of price adjustments. We believe 2Q26 marks the

bottom in profitability with margins improving from 3Q26 onward. We

maintain our Buy rating and raise our target price to Bt22 from Bt21.

Preenapa DetchsriAC

+66-2-079-3609

2Q26 result highlights (Excluding tariff refund impact) — ITC 2Q26 normalized preenapa.detchsri@citi.com

sales (excluding tariff refund impact) registered at Bt4.9bn (+9% YoY and -6% QoQ)

and USD 152mn (+13% YoY and -7% QoQ) slightly lower than we expected from

change in shipment timing and customer order patterns. US region continues to be

key sales driver (2Q26 sales by region in Btm: US +14% YoY, Europe +8% YoY and