Bualuang Securities views that TU is entering a new profit cycle, with 2027 likely to be a key turning point. This follows the completion of TU's restructuring program in 1Q26, while ITC's is expected to conclude in 1H27. The brokerage estimates that 2030 earnings have an upside of around 30%, from 6.1 billion baht to 7.9 billion baht, with ROE recovering to near 15%. The first half of the upside comes from cost reductions within the company's control, such as lowering SG&A to revenue ratio, debt refinancing, and capital management. The other half comes from revenue growth and margin expansion, driven by increasing the proportion of branded products in the Ambient seafood business, which accounted for 58% of that segment's sales in 1H26 and carries gross margins roughly 5 percentage points higher than OEM. The company targets annual sales growth of 4% and aims to push gross margins to 20–21%. Meanwhile, debt of approximately 20 billion baht maturing during 2H26–1H27 presents an opportunity to further reduce financial costs. The brokerage maintains a Buy recommendation with a target price of 15.60 baht.
Thai Union Group PCLBualuang Securities maintains Buy with target price 15.60 baht, citing new profit cycle and 30% earnings upside by 2030.
i-Tail Corp. PCL