Bualuang Securities sees TU returning as a short-term standout after pressure from US import tariffs begins to ease and the fundamentals of its core business start to recover. The Ambient Seafood and Frozen Seafood segments, which account for 77% of first-half 2026 revenue, returned to growth of 2% and 5% year-on-year respectively, driven by recovering sales volumes. Meanwhile, the proportion of own-brand products rose to 59% of sales, lifting the first-half 2026 gross margin to 19.8% from 19.3% a year earlier. For the second half of 2026, TU is expected to be supported by still-strong US tuna demand, the exemption of tuna import duties in the UK from 26 June 2026, and a weaker baht. The research team has raised its 2026 earnings forecast for TU by 6%, projecting profit growth of 17%, with a dividend yield of around 6%. The stock trades at a 2027 price-to-earnings ratio of just 10.2 times. It therefore recommends rotating into the stock and has raised the target price to 15.60 baht from 13.60 baht. As for ITC, it remains a long-term growth stock, with earnings expected to grow 13% in 2026 and 12% in 2027, along with a dividend yield of around 6%. Although it trades at a 2027 price-to-earnings ratio of 14.2 times, which is considered a premium due to its superior structural business growth, the recommendation stays at buy, and the target price has been raised to 22.00 baht from 19.00 baht.
Thai Union Group PCLBualuang raises target price to 15.60 baht from 13.60 baht, citing easing tariffs, recovering fundamentals, and raised 2026 earnings forecast.
i-Tail Corp. PCLBualuang raises target price to 22.00 baht from 19.00 baht, reiterating buy on long-term growth.
