Thai Union Frozen Products

Thai Union Frozen Products Plc (TUF)

TUF is bullish on the future as it leverages on MW Brands’s strong brand equity and synergies as well as more M&As to deliver superior earnings growth. Our numbers are more conservative compared to management’s guidance, but our Outperform rating is maintained. With management’s more concrete execution plan and our greater confidence in its delivery, we revise up our forecasts higher and raise our target price (that is still based on 13x CY13 P/E) by 10%. 
==