1. Thailand Stocks

  2. •

    Consumer Defensive

  3. •

    Beverages - Non-Alcoholic
Ichitan Group Public Company Limited

Ichitan Group Public Company Limited

ICHI-R.BK
Ichitan Group Public Company LimitedTH flagStock Exchange of Thailand
14.40
THB
+0.20
- -
18.72BMarket Cap
Ichitan Group Public Company Limited
ICHI-R.BK
(Stock Exchange of Thailand)

Recent

price

14.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
3.01
4.99
5.09
4.88
4.11
4.38
4
4.1
3.92
4.02
4.88
6.19
6.61
6.22
6.37
Revenue per Share
- -
0.54
0.68
0.89
0.63
0.28
0.24
0.03
0.31
0.4
0.42
0.49
0.85
1
1.02
1.05
Basic EPS, GAAP
- -
-1.93
-0.49
-0.8
0.7
0.42
0.69
0.48
0.64
0.89
0.79
0.81
1.05
0.97
0.55
1.15
Free Cash Flow per Basic Share
- -
- -
- -
0.54
0.75
0.5
- -
0.15
0.05
0.35
0.5
0.5
1.1
1.1
1.05
1.05
Dividend per Share
- -
0.79
1.44
2.07
1.8
1.59
1.83
1.71
1.98
2.03
1.95
1.94
1.69
1.6
1.56
1.78
Book Value per Share
- -
0.82
1.51
5.04
4.57
4.39
4.64
4.51
4.78
4.82
4.75
4.74
4.49
4.39
4.34
4.57
Tangible Book Value per Share
- -
1,300
1,300
1,213
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,300
1,298
Basic Weighted Avg Shares
- -
3,907
6,484
6,179
6,340
5,338
5,688
5,204
5,334
5,099
5,228
6,340
8,050
8,594
8,086
8,269
Sales/Revenue/Turnover
- -
9.58
15.39
19.59
15.23
9.86
9.27
2.59
10.09
13.18
11.4
11.67
16.95
19.58
18.22
18.24
Operating Margin (%)
- -
159
267
370
488
513
523
570
574
592
584
570
570
573
600
605
Depreciation Expense
- -
698
884
1,079
813
368
315
44
407
516
547
642
1,100
1,306
1,328
1,369
Net Income, GAAP
- -
16.03
- -
- -
5.12
- -
- -
- -
- -
9.59
14.68
21.86
19.97
23.54
11.54
10.71
Effective Tax Rate (%)
- -
17.86
13.63
17.46
12.82
6.9
5.54
0.84
7.64
10.11
10.46
10.12
13.67
15.2
16.42
16.55
Profit Margin (%)
-48
-401
220
894
603
-346
-200
-155
350
793
1,127
1,516
1,982
2,166
2,525
2,898
Working Capital
1,896
2,530
3,351
1,780
1,492
1,043
767
541
325
214
73
65
55
39
70
70
LT Debt
-67
1,074
1,968
6,195
6,032
5,751
6,056
5,885
6,220
6,279
6,191
6,170
5,842
5,711
5,653
5,932
Total Equity
- -
9.81
19.64
- -
11.27
- -
- -
- -
- -
8.92
7.87
9.14
17.7
21.57
22.32
21.88
Return on Invested Capital (%)
- -
25.16
20.87
- -
20.13
- -
- -
- -
- -
16.68
19.7
24.62
45.2
59.43
62.61
57.43
Return on Capital (%)
- -
- -
60.99
49.27
33.48
16.73
14.2
1.9
16.97
19.81
21.19
25.38
46.58
61.16
64.73
59.09
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
15
17
18
LT Borrowings
- -
- -
- -
LT Finance Leases
71
70
70
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,300
1,300
1,300
Market Capitalization
17,089
17,348
15,962

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
3,321
3,531
4,034
Cash, Cash Equivalents & STI
899
598
1,566
Accounts Receivable, Net
1,555
2,087
1,624
Inventories
714
727
659
Total Current Liabilities
1,226
1,006
1,136
Payables & Accruals
1,211
989
1,118
ST Debt
15
17
18
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-0.59%
-2.06%
-1.02%
Free Cash Flow
3.48%
-5.98%
-43.28%
Net Income, GAAP
81.59%
23.05%
1.64%
Sales/Revenue/Turnover
3.2%
10.32%
-5.91%
Total Cash Common Dividend
- -
- -
-4.55%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,140
2,304
2,142
2,008
8,594
2025
1,746
2,264
2,135
1,942
8,086
2026
1,929
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.28
0.29
0.27
- -
1
2025
0.19
0.31
0.28
- -
1.02
2026
0.22
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.5
- -
- -
1.1
2025
- -
0.49
0.56
- -
1.05
2026
- -
- -
- -
- -
- -
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Business
Ichitan Group Public Company Limited manufactures and sells ready-to-drink beverages in Thailand and select international markets; its core products encompass Ichitan Green Tea drinks in various flavors including Shizuoka and organic variants, herbal drinks under the Yen Yen by Ichitan brand, ready-to-drink oolong tea, Ichitan Chew Chew green tea with coconut cubes, fruit juices and jellies under the Bireley's by Ichitan brand, low-sugar tea beverages, vitamin water drinks such as pH Plus 8.5 with vitamin B complex and CBD variants, Korean soda drinks including Tan Sansu flavors like Soju Bomb and Honey Lemon, and energy drinks led by the Tan Power brand. The company operates from its ICHITAN Green Factory in Rojana Industrial Park, Ayutthaya, equipped with seven bottle production lines and two UHT carton lines utilizing aseptic cold-filling technology for a capacity exceeding 1.4 billion bottles and 200 million cartons annually; production supports diverse categories like tea, coffee, milk, juices, and functional drinks distributed primarily through partners such as DKSH Thailand, which accounts for over 80% of revenue. Founded in 2010 and headquartered at No. 8 T-One Building, Soi Sukhumvit 40, Phra Khanong, Khlong Toei, Bangkok, the company generates the bulk of its sales domestically at 94% with exports comprising 6%, targeting health-conscious consumers via modern retail, traditional trade, and OEM services. Recent developments include the 2024 launch of the Tan Power energy drink in partnership with DKSH to expand non-tea categories into traditional trade channels; the November 2024 approval for dissolution of subsidiary Ichitan Power Co., Ltd. following a 2023 capital increase to Baht 76 million, streamlining operations with liquidation targeted for 2025; and ongoing joint venture activities with PT Ichi Tan Indonesia (50% owned) marked by 2023-2024 capital reductions totaling over IDR 125 billion for working capital adjustments. In 2024, Ichitan reports total sales of Baht 8.59 billion, secures No.1 Brand Thailand recognition for ready-to-drink tea for the fifth year, achieves SET ESG Ratings at A level for the third year, and maintains a five-star corporate governance rating from the Thai Institute of Directors for eight years.