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Current Position:Home » News » Frozen & Deli Food » Topic

Thai Union Frozen Products shares up after acquiring shrimp exporter Pakfood

Zoom in font  Zoom out font Published: 2013-03-27  Origin: Reuters  Views: 46
Core Tip: Shares in canned tuna producer Thai Union Frozen Products Pcl rose to a more than one-week high on expectations of strong earnings contributions from recently-acquired frozen shrimp exporter Pakfood Pcl.
At the midday break of 0530 GMT, Thai Union Frozen shares were up 4.5 percent at 64.25 baht, climbing at one point to 65 baht, the highest since March 13. The benchmark SET index was up 0.5 percent.

TUF told the exchange it had acquired an additional 11.25 percent stake in Pakfood, bringing its total holdings in Pakfood to 74.64 percent of paid up capital.

"The acquisition will expand the company's frozen seafood exports ... TUF will fully book PPC revenues from the second quarter," Broker Trinity Securities said in a research note. It reiterated a 'buy' rating, with a share price target of 84 baht.

Eighteen out of 20 analysts tracking the company rated the stock a 'buy' or 'strong buy', one had a 'hold' and one put a 'strong sell', according to Thomson Reuters StarMine.

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