Equity Analysis /
Thailand

Thai Union Group PCL: Unlocking TU’s valuation through TFM and i-Tail IPOs

  • New valuation through sum-of-its-parts methodology

  • TFM’s solid long-term net profit growth via overseas co-investment

  • TFM’s 51% profit contribution to TU’s profit of 3-4%, 2022-25

Prasit Sujiravorakul
Prasit Sujiravorakul

Equity Research Analyst

Bualuang Securities
28 October 2021