บทวิเคราะห์ (Research)

ICHI : Neutral tone at the analyst briefing The tone at the analyst meeting was neutral with management reiterating the 2025 guidance of: 1) 10.6% sales growth (to THB9.5b) driven by the growth in all product categories, 2) potential gross margin improvement from strong sales growth. We estimate that the EPS in 2025F could grow 14% and with a payout ratio of 100%, the dividend yield could be 8.5% in 2025F, making the stock attractive. It is trading at an undemanding valuation of 11.8x 2025F P/E. We maintain BUY, TP THB17.