Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
Poised for Above-Market Growth: i-Tail is strategically positioned to capture growth exceeding the global pet food market, driven by its focus on the resilient premium and wellness segments, and a clear strategy for market share gains in key export regions like the Americas and Europe.</li>
 <li>
Margin Recovery and Efficiency Gains: While near-term margins face pressure from raw material costs and transformation expenses, a recovery is anticipated from 3Q26 onwards. This will be supported by strategic price adjustments, lower input costs, and long-term efficiency benefits from its 'Project Tailwind' initiative, which is expected to be completed by April 2027.</li>
 <li>
Strategic Growth Initiatives Underway: Long-term growth is underpinned by a multi-pronged strategy encompassing new premium product launches, geographic expansion, and potential M&amp;A. The company's strong innovation pipeline and co-creation model with leading global brands provide a solid foundation for future expansion.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Poised for Above-Market Growth: i-Tail is strategically positioned to capture growth exceeding the global pet food market, driven by its focus on the resilient premium and wellness segments, and a clear strategy for market share gains in key export regions like the Americas and Europe.
  
Margin Recovery and Efficiency Gains: While near-term margins face pressure from raw material costs and transformation expenses, a recovery is anticipated from 3Q26 onwards. This will be supported by strategic price adjustments, lower input costs, and long-term efficiency benefits from its 'Project Tailwind' initiative, which is expected to be completed by April 2027.
  
Strategic Growth Initiatives Underway: Long-term growth is underpinned by a multi-pronged strategy encompassing new premium product launches, geographic expansion, and potential M&amp;A. The company's strong innovation pipeline and co-creation model with leading global brands provide a solid foundation for future expansion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: i-Tail Corporation (ITC TB) - Aug 2026

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). </li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.</li>
<li>There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). 
In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.


Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Two thirds of the way through the review period, we see one change for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET 50 Index</a> in December with <a href="https://www.smartkarma.com/entities/kce-electronics-pcl" target="_blank" data-smartkarma-citation="entities:1892:1" rel="noopener">KCE Electronics (KCE TB)</a> replacing <a href="https://www.smartkarma.com/entities/ngern-tid-lor-pcl" target="_blank" data-smartkarma-citation="entities:31103:1" rel="noopener">Ngern Tid Lor (TIDLOR TB)</a>. </li>
<li>There is one close change where <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-TAIL (ITC TB)</a> could replace <a href="https://www.smartkarma.com/entities/srisawad-corp-pcl" target="_blank" data-smartkarma-citation="entities:9480:1" rel="noopener">Srisawad Power 1979 (SAWAD TB)</a> in the index.</li>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> is unlikely to be deleted while <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> fails liquidity and is unlikely to be added.</li>
</ul>


Two thirds of the way through the review period, we see one change for the SET 50 Index in December with KCE Electronics (KCE TB) replacing Ngern Tid Lor (TIDLOR TB). 
There is one close change where I-TAIL (ITC TB) could replace Srisawad Power 1979 (SAWAD TB) in the index.

Delta Electronics Thailand (DELTA TB) is unlikely to be deleted while Berli Jucker (BJC TB) fails liquidity and is unlikely to be added.


SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>KTX maintains an Outperform rating with a 12-month forward fair value of Bt19.10, based on the earnings yield approach using a required return of 5.9%, implying a target PER of 15.1x. Our valuation suggests 26% upside from the current share price.</li><li>We expect ITC to report 2Q26E net profit of Bt747mn (+7% YoY, -14% QoQ) and core profit of Bt755mn (+6% YoY, -13% QoQ).</li><li>The YoY growth is expected to be driven by higher revenue, while the QoQ decline mainly reflects seasonal factors and higher costs.</li></ul>

KTX maintains an Outperform rating with a 12-month forward fair value of Bt19.10, based on the earnings yield approach using a required return of 5.9%, implying a target PER of 15.1x. Our valuation suggests 26% upside from the current share price.We expect ITC to report 2Q26E net profit of Bt747mn (+7% YoY, -14% QoQ) and core profit of Bt755mn (+6% YoY, -13% QoQ).The YoY growth is expected to be driven by higher revenue, while the QoQ decline mainly reflects seasonal factors and higher costs.

I-TAIL CORPORATION Plc. (ITC): Earnings Expected To Soften Slightly QoQ But Remain Strong YoY

Thailand

i-Tail Corporation Public Company Limited manufactures, imports, and distributes pet food products, including wet and dry food for cats and dogs, treats, and kidney-friendly options. The company sells its products under brands such as Bellotta, Marvo, ChangeTer, Calico Bay, and Paramount. It was founded in 1981 and is headquartered in Bangkok, Thailand.

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i-Tail Corporation (ITC TB)

Primer: i-Tail Corporation (ITC TB) - Aug 2026

Poised for Above-Market Growth: i-Tail is strategically positioned to capture growth exceeding the global pet food market, driven by its focus...

αSK Primers

Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Ngern Tid Lor, I-TAIL, and Bangkok Chain Hospital could be added and Com7, Srisawad Corp , and KCE Electronics could be deleted according to the...

Janaghan Jeyakumar, CFA

SET50 Index Rebalance Preview: One High Probability Change; Another One Is Close

KCE could replace TIDLOR in the SET50 in Dec. ITC is a close add and could replace SAWAD. The impact on the stocks is big given the index is...

Brian Freitas

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

I-TAIL CORPORATION Plc. (ITC): Earnings Expected To Soften Slightly QoQ But Remain Strong YoY

We forecast 2Q26E revenue of Bt4,967mn (+11% YoY, -4% QoQ). The YoY growth is expected to be supported by higher sales volume, while average...

Krungthai XSpring

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