Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

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<p>Earnings Review</p>
<h2>Thai Union Group Plc. (TU)</h2>
<p>Food &amp; Beverage</p>
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<h3>Upbeat 1Q21 earnings on solid margin</h3>
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<p> <br>TU’s 1Q21 core profit came out better than expected thanks to continued improvement in the gross profit margin. The earnings momentum in 2Q21E is expected to remain stable YoY and QoQ due to the anticipated recovery of the frozen and chilled seafood business and shared income from investment in an associate (Red Lobster). The current share price implies 6% upside to our target price of…</p>
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<p>Company update</p>
<h2>Thai Union Group Plc. (TU)</h2>
<p>Food &amp; Beverage</p>
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<h3>Rating revised down</h3>
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<p>We expect TU’s 1Q21E core profit to grow by 10% YoY but decline by 12% QoQ, and account for 22% of our 2021E forecast. Meanwhile, the 2021E core profit is anticipated to remain flat YoY. During the rest of the year, earnings are at risk of falling YoY due to the high base. We have reduced our rating to Hold (from Buy), with the target price at Bt17.80/share (13x PER).</p>
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<p><strong>1Q21 average tuna price fell by 11% YoY</strong>…</p>
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<p>Earnings Review</p>
<h2>Thai Union Group Plc. (TU)</h2>
<p>Food &amp; Beverage</p>
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<h3>4Q20 and 2020 earnings beat forecast: 2H20 DPS of Bt0.40</h3>
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<p>TU’s 4Q20 and 2020 earnings came out better than expected thanks to continued growth in the profit margin. The company announced a DPS of Bt0.40 for its 2H20 performance, implying a yield of 5.8% p.a. The current share price implies some upside to the target price of Bt17.80/share (13x PER). We maintain a Buy.</p>
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<p><strong>4Q20 NP increased by 38% YoY and 29% QoQ, better than</strong>…</p>
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<p>Company update</p>
<h2>Thai Union Group Plc. (TU)</h2>
<p>Food &amp; Beverage</p>
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<h3>4Q20E core profit to grow 18% YoY; dividend yield of 5%</h3>
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<p>We have revised up our 2020-21E core profit forecasts by 18% and 17% to reflect the prospects for better-than-expected ambient seafood sales and gross profit margins. The 4Q20E core profit is expected to have grown YoY but declined QoQ on seasonality. We anticipate a dividend of Bt0.33/share for 2H20E, implying a yield of 4.6%. The 1H21E earnings are forecast to grow YoY…</p>
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<p>Company update</p>
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<h2>Thai Union Group Plc. (TU)</h2>
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<p>Food &amp; Beverage</p>
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<h3>3Q20E core profit to grow by 30% YoY and 14% QoQ</h3>
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<p>The 3Q20E core profit is expected to grow YoY and QoQ, propelled by the continued growth in the sales of ambient seafood. Meanwhile, the sales of frozen seafood are projected to recover QoQ following the easing of the lockdowns. The profit margin is anticipated to gain YoY but fall QoQ. Red Lobster is expected to contribute some losses QoQ. We maintain our earnings…</p>
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Thailand

Thai Union Group Public Company Limited produces and exports frozen and canned seafood products including frozen tuna loin, shrimp and cephalopod. The Company also produces canned pet foods from by products of its seafood process.  Additionally, the Company produces fish snack and canned tuna which are marketed locally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00