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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 2020 THBUSD
Revenue5,099.29M162.94M
Gross Profit977.39M31.23M
Operating income547.51M17.49M
Income before tax542.25M17.32M
Net income515.53M16.47M
EBITDA1,139.98M36.42M
Diluted EPS0.390.01
Dividends Per Share0.500.01
Total Assets7,404.55M247.14M
Total liabilities1,125.87M37.57M
Total equity6,278.67M209.56M
Operating cash flow1,182.02M37.77M
Currency in THBCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 5,338.26M 5,687.51M 5,203.98M 5,334.21M 5,099.29M
Gross Profit 1,380.05M 1,341.45M 763.72M 978.11M 977.39M
Operating income 526.31M 496.56M 123.14M 424.67M 547.51M
Income before tax 424.89M 434.12M 71.61M 391.28M 542.25M
Net income 368.48M 315.09M 43.84M 407.45M 515.53M
EBITDA 1,039.78M 1,019.75M 692.73M 998.93M 1,139.98M
Diluted EPS 0.28 0.24 0.03 0.31 0.39
Dividends Per Share 0.25 0.15 0.05 0.35 0.50
Total Assets 8,626.86M 8,626.30M 8,176.77M 7,686.94M 7,404.55M
Total liabilities 2,875.61M 2,570.12M 2,291.29M 1,466.58M 1,125.87M
Total equity 5,751.25M 6,056.17M 5,885.48M 6,220.35M 6,278.67M
Operating cash flow 1,214.22M 1,178.37M 611.62M 895.35M 1,182.02M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 151.30M 167.60M 160.97M 171.82M 162.94M
Gross Profit 39.11M 39.53M 23.62M 31.50M 31.23M
Operating income 14.91M 14.63M 3.80M 13.67M 17.49M
Income before tax 12.04M 12.79M 2.21M 12.60M 17.32M
Net income 10.44M 9.28M 1.35M 13.12M 16.47M
EBITDA 29.47M 30.05M 21.42M 32.17M 36.42M
Diluted EPS 0.00 0.00 0.00 0.01 0.01
Dividends Per Share 0.00 0.00 0.00 0.01 0.01
Total Assets 240.90M 264.69M 251.12M 256.62M 247.14M
Total liabilities 80.30M 78.86M 70.37M 48.96M 37.57M
Total equity 160.60M 185.82M 180.75M 207.66M 209.56M
Operating cash flow 34.41M 34.72M 18.91M 28.84M 37.77M

Valuation Measures

Dec 2020
PER23.32
ROA6.83%
ROE8.24%
Operating margin10.73%
Profit margin10.10%

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

Shareholders

  • PASSAKORNNATEE TAN (27.7%)
  • SUKKHAPHANTHAWON JARUWORN (5.1%)
  • PHATKRONTHI ING (4.6%)
  • PHATSAKRONTHI KLAINATHI (4.6%)
  • PHATSAKRONTHI PHATSAKON (4.6%)
  • JIRANONKAN THITI (2.6%)
  • SUKKHAPHANTHAWON SUPHANI (2.0%)
  • CHEN MEI FANG /ICHITAN/ (1.9%)
  • BIOGRAPHYDAMRONG PERPONG (0.1%)
  • Bangkok Capital Asset Management Co. Ltd. (0.0%)

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

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