Thai Union Frozen Products
Play
Above water Outperform, maintained Share price: Bt53.75; target price Bt72.00
Thai Union Frozen Products Plc (TUF)
Thai Union Frozen Products Plc (TUF) is on course to deliver another record set of earnings in
Q3 2011 and the company is just beginning to reap benefits from the consolidation of MW Brands.
We are also cautiously optimistic that the floods will not have a negative impact on TUF.
Despite 5-6 pct cuts to our CY 2012-2014 earnings estimates, our target price, still based on 13x P/E, is raised as we roll over valuations to CY13. We maintain our OUTPERFORM call.
