บทวิเคราะห์ (Research)

Downgrade to HOLD as upside seems limited Although we still like ICHI for its attractive 10% dividend yield (based on a 110% payout ratio, which we believe can be sustained over the next two years) in FY25E, we downgrade our rating to HOLD from BUY given its limited upside to our unchanged TP of THB10.8. We expect ICHI to pay an interim dividend of THB0.5/sh (5% yield) in Sep’25. Osotspa (OSP, CP THB17.60, BUY, TP THB19.20) remains our top beverage pick for its positive outlook on margin expansion and 7% yield.