i-Tail Corp PCL (ITC TB): Buy: 2Q26 momentum holds; FY26 sales guidance raised

研报英文原文证据摘录

i-Tail Corp PCL (ITC TB): Buy: 2Q26 momentum holds; FY26 sales guidance raised

3 August 2026

i-Tail Corp PCL (ITC TB) EquitiesFood Products

Buy: 2Q26 momentum holds; FY26 sales guidance

raised Thailand

◆ 2Q26 kept the growth engine humming: America/Europe

MAINTAIN BUY

strong, private label scaling, treats still flying

◆ ITC is beneficiary of THB weakness (vs USD), distribution TARGET PRICE (THB) PREVIOUS TARGET (THB)

expansion 19.50 19.00

◆ Maintain Buy with a higher TP of THB19.50 (from THB19.00) SHARE PRICE (THB) UPSIDE/DOWNSIDE

17.50 +11.4%

Continued growth momentum and capacity expansion plans: i-Tail’s 2Q26 results (as of 31 Jul 2026)

reflect sustained momentum in its core America and Europe markets, supported by

MARKET DATAhealthy demand, favourable mix, and new customer wins (+7 new clients in Europe Market cap (THBm) 52,500 Free float 22%

and +6 new clients in AOA in 1H26). Reflecting this, management raised FY26 sales Market cap (USDm) 1,571 BBG ITC TB

3m ADTV (USDm) 4 RIC ITC.BK

growth guidance to 14-17% in THB terms (17-20% in USD) while maintaining gross

margin guidance at 23-25%, signalling confidence that volume/mix and internal cost FINANCIALS AND RATIOS (THB)

initiatives can offset ongoing input and freight inflation (with the 12.5% US tariff Year to 12/2025a 12/2026e 12/2027e 12/2028e

HSBC EPS 0.99 1.19 1.26 1.34

assumption already embedded). Management also highlighted ongoing M&A HSBC EPS (prev) 0.99 1.24 1.29 1.37

discussions for: (1) a minority manufacturing investment in China and (2) a US Change (%) 0.0 -3.9 -2.5 -2.1

Consensus EPS 1.00 1.14 1.29 1.42

manufacturing target – both aimed at strengthening capabilities and, in the US case, PE (x) 17.6 14.7 13.9 13.1

potentially reducing longer-term tariff exposure. Dividend yield (%) 6.6 5.7 6.4 6.8