Ichitan Group Public Company Limited

SET:ICHI Stock Report

Market Cap: ฿19.9b

Ichitan Group Valuation

Is ICHI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ICHI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ICHI (THB15.3) is trading below our estimate of fair value (THB30.69)

Significantly Below Fair Value: ICHI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ICHI?

Key metric: As ICHI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ICHI. This is calculated by dividing ICHI's market cap by their current earnings.
What is ICHI's PE Ratio?
PE Ratio14.3x
Earnings฿1.40b
Market Cap฿19.89b

Price to Earnings Ratio vs Peers

How does ICHI's PE Ratio compare to its peers?

The above table shows the PE ratio for ICHI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.7x
SAPPE Sappe
19.7x12.8%฿24.3b
COCOCO Thai Coconut
20.4x21.6%฿16.2b
TKN Taokaenoi Food & Marketing
13.7x1.8%฿11.8b
TVO Thai Vegetable Oil
13x6.3%฿21.0b
ICHI Ichitan Group
14.3x7.2%฿19.9b

Price-To-Earnings vs Peers: ICHI is good value based on its Price-To-Earnings Ratio (14.3x) compared to the peer average (16.7x).

Price to Earnings Ratio vs Industry

How does ICHI's PE Ratio compare vs other companies in the TH Food Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
ICHI 14.3xIndustry Avg. 13.8xNo. of Companies8PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ICHI is expensive based on its Price-To-Earnings Ratio (14.3x) compared to the TH Food industry average (13.8x).

Price to Earnings Ratio vs Fair Ratio

What is ICHI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ICHI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.3x
Fair PE Ratio15.4x

Price-To-Earnings vs Fair Ratio: ICHI is good value based on its Price-To-Earnings Ratio (14.3x) compared to the estimated Fair Price-To-Earnings Ratio (15.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ICHI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿15.30
฿20.42
+33.4%
11.5%฿22.00฿15.30n/a6
Nov ’25฿15.60
฿20.38
+30.6%
12.6%฿22.00฿15.30n/a5
Oct ’25฿16.70
฿19.98
+19.6%
13.0%฿22.00฿15.30n/a5
Sep ’25฿15.20
฿19.98
+31.4%
13.0%฿22.00฿15.30n/a5
Aug ’25฿15.70
฿21.10
+34.4%
5.2%฿22.00฿19.00n/a5
Jul ’25฿16.80
฿21.50
+28.0%
2.0%฿22.00฿21.00n/a5
Jun ’25฿17.00
฿21.74
+27.9%
3.7%฿23.20฿21.00n/a5
May ’25฿18.10
฿20.65
+14.1%
4.8%฿21.60฿19.00n/a4
Apr ’25฿16.70
฿20.65
+23.7%
4.8%฿21.60฿19.00n/a4
Mar ’25฿18.60
฿20.65
+11.0%
4.8%฿21.60฿19.00n/a4
Feb ’25฿17.20
฿19.60
+14.0%
7.2%฿22.00฿18.40n/a4
Jan ’25฿15.70
฿19.60
+24.8%
7.2%฿22.00฿18.40n/a4
Dec ’24฿14.90
฿19.43
+30.4%
7.8%฿22.00฿18.30n/a4
Nov ’24฿15.30
฿19.33
+26.3%
8.4%฿21.50฿17.00฿15.604
Oct ’24฿16.80
฿18.35
+9.2%
4.5%฿19.00฿17.00฿16.704
Sep ’24฿16.50
฿17.53
+6.2%
7.3%฿19.00฿15.70฿15.204
Aug ’24฿14.70
฿16.68
+13.4%
6.5%฿18.40฿15.70฿15.704
Jul ’24฿13.80
฿15.98
+15.8%
3.0%฿16.80฿15.60฿16.804
Jun ’24฿14.70
฿15.98
+8.7%
3.0%฿16.80฿15.60฿17.004
May ’24฿12.70
฿14.58
+14.8%
2.6%฿15.00฿14.00฿18.104
Apr ’24฿13.30
฿14.58
+9.6%
2.6%฿15.00฿14.00฿16.704
Mar ’24฿12.60
฿14.77
+17.2%
1.4%฿15.00฿14.50฿18.603
Feb ’24฿12.50
฿14.17
+13.3%
3.3%฿14.50฿13.50฿17.203
Jan ’24฿11.30
฿14.17
+25.4%
3.3%฿14.50฿13.50฿15.703
Dec ’23฿11.90
฿14.17
+19.0%
3.3%฿14.50฿13.50฿14.903
Nov ’23฿10.60
฿11.80
+11.3%
1.8%฿12.00฿11.50฿15.304

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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