Thai Union’s CEO Expects Surge in Purchasing Orders and Red Lobster Performance in 2H23

Thai Union Public Company Limited (SET: TU) expected a better performance in the second half of the year as the business will resume its normal transportation season, which will decrease inventories, according to Mr. Thiraphong Chansiri, President and Chief Executive Directors of TU at a conference held by Kaohoon last week.

The CEO noted that the U.S. economy is performing well even after a series of Fed’s rate hikes as well as a signal for two more hikes. Still, it remains to be seen the impact of the central bank’s tightening policy for the next 6-12 months.

Red Lobster shows signs of better results after the restructure within the company, believing that the positive momentum will continue and should be able to perform according to projections.

Meanwhile, the Indian market is performing well and has returned to the spot of one of the world’s leading shrimp producers and is the main exporter as TU has a strong shrimp business there.

The share price of Thai Union Pcl. underperformed the Thai stock market so far this year due to the negative sentiment over higher skipjack tuna costs and lower orders due to customer’s high inventory.