3QFY17 profit seen down 3% y-y to Bt1,549mn
We forecast TU to post a net profit of Bt1,549mn in 3QFY17, down 3% y‐y but up 10% q-q. The quarterly profit rise is due to higher sales volumes led by exports of shrimp and tuna from Thailand on the back of strong seasonality. Business operations in the US is likely to continue to grow after TU did not get into a price war by lowering selling prices but operations in Europe are likely to be unfavorable owing to rising raw material prices and the strength in the British pound. We estimate TU’s sales will come in at Bt35,708mn, up 2% y-y and 3% q-q.