บทวิเคราะห์ (Research)

ICHI : Earnings preview - 2Q25F: Soft quarter from cool summer In 2Q25F, we project ICHI’s core profit to be THB321m, down 7% yoy because of the cool summer that hurt beverage sales. In this quarter, ICHI sold a piece of land and recorded gain on sale of THB120m (BV360m), which led the net profit to total THB441m, up 16% yoy and 80% qoq. Despite the cool summer that hurt its own brand beverage sales, sales did not decline much (only -2% yoy) as ICHI increased its OEM sales from THB33m in 1Q25 to THB160m in 2Q25F. We maintain BUY, TP THB12 on relatively good earnings visibility from its OEM sales as well as its 8.3% dividend yield. 2Q25 results will be released on 14 August 2025.