ICHI Soars 10% after 26% Growth in 2020 Earnings, Analyst Recomm. “BUY” at Bt14.80
ICHI Soars 10% after 26% Growth in 2020 Earnings, Analyst Recomm. “BUY” at a Target Price of Bt14.80/Share.
The share price of Ichitan Group Public Company Limited (ICHI) jumped ฿1.20/share or 9.76% to trade at ฿13.50/share with a trading value of 1,223 million baht. The highest trading price was ฿13.70/share and the lowest was ฿12.70/share as of 11:43 local time in Thailand.
The surge in ICHI’s share price came after the company reported profit growth of 26% in 2020 from 407 million baht in 2019 to 515 million baht in 2020, while net profit margin rose to 10.1%, compared to 7.6% in 2019.
Furthermore, the Board of Directors of ICHI approved a dividend payment of ฿0.50/share to be paid on May 21, 2021. The ex-dividend date is May 6, 2021.
Maybank Kim Eng has given a “BUY” recommendation on ICHI with a strategic target price of ฿14.80/share, expecting core earnings to grow 30% this year from (1) full-year vitamin water revenue recognition (2) new product launches and expansion of sales channels to traditional trade to boost revenue (3) accept OEMs with new customers at least 2-4, and (4) CLMV market recovered.