Thai Union Group, a SET-listed company, saw its share price rise sharply on Wednesday as the baht fell further against the US dollar.
The share price of Thai Union Group Pcl. (TU) rose THB0.80/share, or 4.57%, to THB18.30/share in early trading, with a trading value of THB1,120 million.
According to Capital Nomura Securities (CNS), TU is a company that stands to gain from the weakening baht. TU is expected to recover in 3Q22, and CNS believes its performance will exceed expectations.
CNS forecasts THB1.8 billion in profit for TU in 3Q22 (+18% YoY, +5% QoQ) as sales improve due to rising demand and prices. Target price of TU is given at THB19.90.