Panic buying of canned tuna turns Thai Union into Asian leader

The company has rallied 17% in the past week thanks coronavirus-induced hoarding. FMTNews

BANGKOK: A surge in demand for canned tuna and other seafood has turned Bangkok-based Thai Union Pcl into one of Asia’s top-performing consumer stocks.

That gain made the seafood processor and wholesaler one of the best performers among consumer stocks in Asia excluding Japan with a market value of at least US$1 billion, according to data compiled by Bloomberg. “The hoarding of canned foods in Europe and the US will continue to boost Thai Union’s sales and earnings,” Benjaphol Suthwanish, an analyst at Asia Wealth Securities Co in Bangkok, wrote in a note this week.

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