Core Viewpoint - The company maintains an "overweight" rating for IFBH (06603) while revising down its EPS forecasts for 2026 and 2027 to $0.12 and $0.15 respectively, with a new forecast of $0.19 for 2028. The target price is set at HKD 16.85 per share based on a PE of 18 times for 2026E [1] Revenue and Profitability - In 2025, the company reported revenue of $176 million, representing a year-over-year increase of 11.89%. However, profit margins were significantly pressured due to the appreciation of the Thai Baht against the US dollar and negative impacts from product mix, leading to a gross margin decline of 3.82 percentage points. The net profit margin decreased by 8.23 percentage points to 12.91%, resulting in a net profit of $22.77 million, down 31.66% year-over-year [1] Brand Performance - The IF brand showed strong performance in 2025, benefiting from ongoing investments in brand building, offline activation, and consumer education, with revenue growth of 26.95% to $167 million, significantly outpacing the industry average. The company expects continued growth potential for the IF brand in the coconut water segment [2] - Conversely, the Innococo brand faced substantial challenges, with revenue declining by 63.15% to $9.67 million due to internal distributor issues and delays in launching new sports drinks. However, corrective measures have been implemented, and the company anticipates a return to growth for Innococo [2] International Market Expansion - The company experienced remarkable performance in international markets in 2025, with revenue growth exceeding 150% in Australia and approximately twofold growth in the Philippines and Laos. The company plans to focus on mature markets with high per capita consumption of coconut water, such as Australia and Indonesia. Additionally, the distribution network in mainland China has expanded from three to seven partners, with strategic collaborations established with COFCO and Watsons, marking a significant milestone for IFB's local business in China [3]