Asia Plus Securities estimates that TU's net profit for the third quarter of 2026 will be 1.3 billion baht, and excluding foreign exchange losses, normal profit will be 1.4 billion baht, up 16% year-on-year and 3% quarter-on-quarter. The result is supported by sales that continue to grow in line with targets and margins that remain at a high level, which helps offset pressure from rising selling and administrative expenses. The research team expects sales this quarter of 36 billion baht, up 4.3% year-on-year and 6.4% quarter-on-quarter, driven by growth in branded products and OEM business in the Ambient group, especially in the US and French markets. The PetCare business is supported by global brand customers in the US, while the Frozen business is expected to decline slightly year-on-year on weaker demand for frozen products, as is the Feed business. Gross margin is expected at 20.3%, improving from 19.0% in the third quarter of 2025 but down from 21.4% in the second quarter of 2026, as tuna costs begin to rise. If third-quarter 2026 profit meets expectations, net profit and normal profit for the first nine months of 2026 will represent 79% and 77% of full-year profit. The research team maintains its Buy recommendation with a 2027 target price of 13.90 baht, based on a PER of 12 times.
Thai Union Group PCLAsia Plus maintains Buy on TU with 13.90 baht target, forecasting 3Q26 net profit of 1.3bn baht, up 16% y/y on sales growth and high margins.
