Company Coverage
i-Tail Corporation (ITC TB) - 3Q26: Earnings In Line; Positive On Industry Growth
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt16.90
Bt23.00
+36.09%
Bt22.00
Analyst
Highlights
- ITC reported a 3Q26 core profit at Bt805m, (+2% yoy, +11% qoq). The results were in line with both our expectations and market consensus.
- We remain positive on ITC due to continued industry growth and further expansion in the premium segment.
- We expect 4Q26 earnings to increase both yoy and qoq on the back of the seasonal peak.
- Maintain BUY with a higher target price of Bt23.00.
Analysis
- Earnings in line. i-Tail Corporation (ITC) reported a 3Q26 net profit of Bt756m (-7% yoy, -10.5% qoq). Excluding one-off items, normalised core profit came in at Bt805m, (+2% yoy, +11% qoq). The results were in line with both our expectations and market consensus.
- Robust pet food demand from the US and EU markets. Total sales for 3Q26 was reported at Bt5.2b (+9.7% yoy, +14.3% qoq). Excluding the impact of tariff refunds in 2Q26, normalised sales reached Bt5.2b (+9.7% yoy, +6.3% qoq). The growth was attributable to higher sales and volume in the US and EU markets. Sales in US and EU markets were reported at Bt3.1b (+19.9% yoy, +6% qoq) and Bt861m (+9% yoy, +32% qoq), respectively.
- Sales growth in all segments. Sales increased across all product segments, both yoy and qoq. Pet treat sales grew significantly to Bt967m (+19.8% yoy, +4.6% qoq), while dog food sales continued to gain momentum, reaching Bt919m (+10.3% yoy, +24.2% qoq). Cat food sales were reported at Bt3.2b (+7.9% yoy, 1.7% qoq).
Highlights
- ITC reported a 3Q26 core profit at Bt805m, (+2% yoy, +11% qoq). The results were in line with both our expectations and market consensus.
- We remain positive on ITC due to continued industry growth and further expansion in the premium segment.
- We expect 4Q26 earnings to increase both yoy and qoq on the back of the seasonal peak.
- Maintain BUY with a higher target price of Bt23.00.
Analysis
- Earnings in line. i-Tail Corporation (ITC) reported a 3Q26 net profit of Bt756m (-7% yoy, -10.5% qoq). Excluding one-off items, normalised core profit came in at Bt805m, (+2% yoy, +11% qoq). The results were in line with both our expectations and market consensus.
- Robust pet food demand from the US and EU markets. Total sales for 3Q26 was reported at Bt5.2b (+9.7% yoy, +14.3% qoq). Excluding the impact of tariff refunds in 2Q26, normalised sales reached Bt5.2b (+9.7% yoy, +6.3% qoq). The growth was attributable to higher sales and volume in the US and EU markets. Sales in US and EU markets were reported at Bt3.1b (+19.9% yoy, +6% qoq) and Bt861m (+9% yoy, +32% qoq), respectively.
- Sales growth in all segments. Sales increased across all product segments, both yoy and qoq. Pet treat sales grew significantly to Bt967m (+19.8% yoy, +4.6% qoq), while dog food sales continued to gain momentum, reaching Bt919m (+10.3% yoy, +24.2% qoq). Cat food sales were reported at Bt3.2b (+7.9% yoy, 1.7% qoq).
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt16.90
Bt23.00
+36.09%
Bt22.00
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
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.
