Equity Analysis /
Thailand

TH : Ichitan Group - Better-than-expected cost control

    CGS-CIMB
    10 August 2022
    Published byCGS-CIMB

    ICHI’s 2Q22 net profit beat our forecast by 4% due to higher-than-expected GPM, reflecting better-than-expected cost control. We expect 3Q22F GPM to remain under pressure from rising PET raw material price in 2Q22. Upgrade to Hold with a higher TP of THB8.90 as GPM outlook does not seem as weak as we previously thought.