Ichitan Group Public Company Limited

ICHI.BK

Beverages - Non-Alcoholic · Consumer Defensive

Price

14.70 THB

-0.10 (-0.68%)

Market Cap

19.11B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Operating both within Thailand and across global markets, Ichitan Group Public Company Limited specializes in the production and distribution of various beverages. Its extensive product portfolio includes Ichitan Green Tea, a popular ready-to-drink green tea, alongside the Yen Yen by Ichitan herbal beverage. Consumers can also find Ichitan Chew Chew, a unique green tea featuring chewy coconut cubes, and a range of fruit juices and jellies marketed under the Bireley's brand. Additionally, the company offers its own ready-to-drink black tea. Previously operating as Mai Tan Company Limited, the firm was established in 2010 and maintains its primary corporate offices in Bangkok, Thailand.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+15.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Cash Position

Cash flow positive

$1.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Ichitan Group Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.30B (2021) → 1.30B (2025)

Score breakdown

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Quality

Gross Margin

24.1%

Thin — 24.1% gross margin

Operating Margin

16.5%

Healthy — 16.5% operating margin

ROCE

5.4%

Weak — 5.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+0.8%

Nearly flat sales (0.8% YoY)

EPS YoY

+15.4%

Earnings growing fast (15.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

121%

Turns 121% of profit into real cash

FCF Margin

18.1%

Converts sales into free cash efficiently (18.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

944.10x

Comfortably covers interest (944.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

14.0x

Attractive valuation — P/E 14.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-1.3

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

7.48%

Healthy income — 7.48% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+4.8%

Dividend growing modestly (4.8% YoY)

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