ICHI Rises 2%, Analyst Upgrades TP to ฿12.50 in Hopes of 4Q Profit to Hit New High

The share price of Ichitan Group Public Company Limited (ICHI) as of 12:14 local time in Thailand rose to ฿11.60/share, increased ฿0.20/share or 1.75% with a trading value of 163 million baht.

 

Finansia Syrus Securities (FSS) stated that according to the Board of Directors’ Meeting of ICHI, it still sounds aggressive as the Board was confident toward Vitamin Water success, together with recent additional signings of OEM, expecting to begin the manufacturing and distributing next year. Meanwhile anticipating a new high of profit in 4Q20, driving up a full-year growth of 29% when compared to a year earlier. FSS revised up its forecast on ICHI’s growth rate in 2021 to 32% from 15% a year ago and upgraded a target price from ฿11.00/share to ฿12.50/share with a “Speculative” recommendation.