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Consumer Non-Durables

Ichitan Group Public Co., Ltd.

Company Background

Ichitan Group is Thailand's largest bottled tea producer, with a market share of more than 40%. Its two major brands are Ichitan Green Tea and Yen Yen. Founder and CEO Tan Passakornatee is an ethnic Chinese tycoon known for some rather entertaining performances, appearing in TV commercials wearing his trademark captain's hat. He also founded the Oishi Group, Ichitan's largest rival by market share, in 1999, sparking a sweet-tea boom in Thailand.

Tan set up Ichitan in 2010 after selling Oishi to Thai Beverage, the Singapore-listed, Thailand-based beverage maker that produces Chang beer.

As its first step outside Thailand, Ichitan is entering the Indonesian market through a joint venture with Japanese trading house Mitsubishi Corp. and Indonesian retailer Sigmantra Alfindo. Sales are set to start in 2015, and in-country production in 2016.

The company also acquired the trademark and production technologies of fruity beverage brand Bireley's for distribution in Thailand and 15 other countries and regions, such as the U.S., China and neighboring Southeast Asian nations.

Business Summary

Ichitan Group Public Co., Ltd. is engaged in manufacture and distribution of beverages. Its products include ready-to-drink green tea, functional drink, ready-to-drink black tea, herbal green tea drink, and low-sugar green tea under the following brands: Ichitan, Yen Yen, and Dragon. The company was founded by Tan Passakornnatee on September 3, 2010 and is headquartered in Bangkok, Thailand.

Financial Highlights

Dec 2019 THBUSD
Revenue5,334.21M171.82M
Gross Profit978.11M31.50M
Operating income424.67M13.67M
Income before tax391.28M12.60M
Net income407.45M13.12M
EBITDA998.93M32.17M
Diluted EPS0.310.01
Dividends Per Share0.350.01
Total Assets7,686.94M256.62M
Total liabilities1,466.58M48.96M
Total equity6,220.35M207.66M
Operating cash flow895.35M28.84M
Currency in THBCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 6,339.57M 5,338.26M 5,687.51M 5,203.98M 5,334.21M
Gross Profit 2,110.87M 1,380.05M 1,341.45M 763.72M 978.11M
Operating income 965.27M 526.31M 496.56M 123.14M 424.67M
Income before tax 905.30M 424.89M 434.12M 71.61M 391.28M
Net income 812.74M 368.48M 315.09M 43.84M 407.45M
EBITDA 1,453.44M 1,039.78M 1,019.75M 692.73M 998.93M
Diluted EPS 0.63 0.28 0.24 0.03 0.31
Dividends Per Share 0.50 0.25 0.15 0.05 0.35
Total Assets 8,854.28M 8,626.86M 8,626.30M 8,176.77M 7,686.94M
Total liabilities 2,821.83M 2,875.61M 2,570.12M 2,291.29M 1,466.58M
Total equity 6,032.44M 5,751.25M 6,056.17M 5,885.48M 6,220.35M
Operating cash flow 1,281.63M 1,214.22M 1,178.37M 611.62M 895.35M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 184.97M 151.30M 167.60M 160.97M 171.82M
Gross Profit 61.59M 39.11M 39.53M 23.62M 31.50M
Operating income 28.16M 14.91M 14.63M 3.80M 13.67M
Income before tax 26.41M 12.04M 12.79M 2.21M 12.60M
Net income 23.71M 10.44M 9.28M 1.35M 13.12M
EBITDA 42.40M 29.47M 30.05M 21.42M 32.17M
Diluted EPS 0.01 0.00 0.00 0.00 0.01
Dividends Per Share 0.01 0.00 0.00 0.00 0.01
Total Assets 246.05M 240.90M 264.69M 251.12M 256.62M
Total liabilities 78.41M 80.30M 78.86M 70.37M 48.96M
Total equity 167.63M 160.60M 185.82M 180.75M 207.66M
Operating cash flow 37.39M 34.41M 34.72M 18.91M 28.84M

Valuation Measures

Dec 2019
PER16.11
ROA5.13%
ROE6.73%
Operating margin7.96%
Profit margin7.63%

Key executives

  • Chairman, President & Chief Executive Officer: Tan Passakornnatee
  • Executive Vice President-Accounting & Finance: Apichat Sukachirawat
  • Director & Executive VP-Beverage Business: Thanapan Kongnanta
  • Director & Deputy Financial Director: Araya Panichayunont
  • Associate Director-Accounting: Wimolwan Saelao

Shareholders

  • PASSAKORNNATEE TAN (27.7%)
  • SUKKHAPHANTHAWON JARUWORN (6.6%)
  • PHATKRONTHI ING (4.6%)
  • PHATSAKRONTHI KLAINATHI (4.6%)
  • PHATSAKRONTHI PHATSAKON (4.6%)
  • PHATSAKRONTHI WARISA (3.6%)
  • SUKKHAPHANTHAWON CHARUWAT (3.0%)
  • JIRANONKAN THITI (2.6%)
  • SUKKHAPHANTHAWON SUPHANI (2.0%)
  • CHEN MEI FANG /ICHITAN/ (1.9%)

Contact Details

  • Website:http://www.ichitangroup.com
  • Address: T-One Building, 8 Soi Sukhumvit 40, Phra Khanong, Bangkok, 10110, Thailand
  • Phone: +66.2.023.1111

Related Companies

  • I am Green Tea Co. Ltd.

Competitors

  • SermSuk Public Co. Ltd.
  • Oishi Group Public Co. Ltd.
  • ITO EN,Ltd.
  • Sapporo Holdings Limited
Last Updated on 7 Aug, 2020

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