Krungsri Patanasin Securities Public Company Limited Noted in today’s analysis (26 January 2024) Ichitan Group Public Company Limited or ICHI that the profit in the short term 4Q22 is expected to be 257 million baht (33% growth compared to the same period last year, a decrease of 22% compared to the previous quarter) from weaker income and gross margin compared to the previous quarter and there is a chance of a small positive surprise of a margin that could be better than expected And 1Q24 profit is expected to return to a good level of 300 million baht (35% growth from to compare with the previous quarter and 17% growth compared to the previous quarter) coming into the season.
The trading price on PE24F at 20.4 times is still 23-30 times cheaper than the group trading and it also receives positive factors in the summer of 2024, which is more likely than last year, supporting’ on the other hand. In addition, tourism is beginning to show signs of accelerating recovery. In the medium term, there are many supporting factors including free visa signing. Permanent Thai-Chinese relations are clear at the beginning of February and further cooperation with other major countries such as India (increased flights) and Europe (Prime Minister pushing for free Schengen visas for Thai people).
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