The share price of Asian Sea Corporation Public Company Limited (ASIAN) rose ฿1.50/share or 14.40% to ฿11.90/share with a trading value of 895 million baht as of 15:36 local time in Thailand.
KTB Securities (KTBST) stated that ASIAN has good fundamentals after the company diversified to the pet foods business instead of only the cold storage room business. Meanwhile, the exports of pet food are also growing, resulting in a better momentum for ASIAN’s new business.
KTBST also stated that the coronavirus outbreak in Thailand has small impact on ASIAN, thus, recommended “BUY” on ASIAN with a target price at ฿14.70/share.
In the meantime, Kasikorn Securities (KS) also recommended “BUY” on ASIAN with a target price at ฿16.00/share, expecting the domestic demand for animal feed demand will continue to rise even amid the fresh outbreak, while a potential acquisition could boost capacity.