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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. engages 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 2021 THBUSD
Gross Profit986.05M30.79M
Operating income562.01M17.55M
Income before tax581.88M18.17M
Net income546.77M17.07M
Diluted EPS0.420.01
Dividends Per Share0.500.01
Total Assets7,106.26M212.73M
Total liabilities915.29M27.39M
Total equity6,190.97M185.33M
Operating cash flow1,054.43M32.93M
Currency in THBCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 5,687.51M 5,203.98M 5,334.21M 5,099.29M 5,228.25M
Gross Profit 1,341.45M 763.72M 978.11M 977.39M 986.05M
Operating income 496.56M 123.14M 424.67M 547.51M 562.01M
Income before tax 434.12M 71.61M 391.28M 542.25M 581.88M
Net income 315.09M 43.84M 407.45M 515.53M 546.77M
EBITDA 1,019.75M 692.73M 998.93M 1,139.98M 1,145.83M
Diluted EPS 0.24 0.03 0.31 0.39 0.42
Dividends Per Share 0.15 0.05 0.35 0.50 0.50
Total Assets 8,626.30M 8,176.77M 7,686.94M 7,404.55M 7,106.26M
Total liabilities 2,570.12M 2,291.29M 1,466.58M 1,125.87M 915.29M
Total equity 6,056.17M 5,885.48M 6,220.35M 6,278.67M 6,190.97M
Operating cash flow 1,178.37M 611.62M 895.35M 1,182.02M 1,054.43M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 167.60M 160.97M 171.82M 162.94M 163.30M
Gross Profit 39.53M 23.62M 31.50M 31.23M 30.79M
Operating income 14.63M 3.80M 13.67M 17.49M 17.55M
Income before tax 12.79M 2.21M 12.60M 17.32M 18.17M
Net income 9.28M 1.35M 13.12M 16.47M 17.07M
EBITDA 30.05M 21.42M 32.17M 36.42M 35.78M
Diluted EPS 0.00 0.00 0.01 0.01 0.01
Dividends Per Share 0.00 0.00 0.01 0.01 0.01
Total Assets 264.69M 251.12M 256.62M 247.14M 212.73M
Total liabilities 78.86M 70.37M 48.96M 37.57M 27.39M
Total equity 185.82M 180.75M 207.66M 209.56M 185.33M
Operating cash flow 34.72M 18.91M 28.84M 37.77M 32.93M

Valuation Measures

Dec 2021
Operating margin10.74%
Profit margin10.45%

Key executives

  • Chairman, President & Chief Executive Officer: Tan Passakornnatee
  • CFO, Chief Accountant & Director-Accounting: Wimolwan Saelao
  • Director & Executive VP-Beverage Business: Thanapan Kongnanta
  • Director & Deputy Financial Director: Araya Panichayunont
  • Manager-Internal Audit: Sumol Hobumphen


  • Dimensional Fund Advisors LP (0.5%)

Contact Details

  • Website:
  • Address: T-One Building, 8 Soi Sukhumvit 40, Phra Khanong, Bangkok, 10110, Thailand
  • Phone: +

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