Growing economies in these regions have boosted the purchasing power of their citizens. Thai Union Frozen Products' canned tuna is currently exported to the US (50 per cent), Japan (35 per cent) and the EU (15 per cent), while there is no significant trade volume in the Middle East and Eastern Europe. However, the brokerage believes the companies' existing customer base in these regions will help promote the company's canned tuna.

Factors likely to reduce the company's 2006 net-profit growth are the baht appreciation and higher tuna prices, as well as higher oil and commodity prices, which lead to higher packaging costs.

However, demand for canned tuna is healthy, as evidenced by the company's sales having grown an average of 17 per cent per annum over the past seven years. The broker expects sales of canned tuna in 2006, 2007 and 2008 to grow 9 per cent, 12 per cent and 13 per cent, respectively.