The ONE Enterprise Public Company Limited operates in Thailand's media and entertainment industry. It produces dramas, sitcoms, series, variety shows, and news, and manages licensed content distributed via television, online channels, and international platforms. The company also owns copyrights for producing programs for TV and online platforms, acts as a direct marketer for digital television channels, and provides public relations materials for events. Additional activities include radio, television, and dramatic program production for broadcast and online channels, artist and event management, merchandising, an academic school for dance, vocal, and music training, and rental services for filming and events. It is also involved in digital TV, radio, advertising space rental, streaming, subleasing of television stations, studio rental, content and advertising media production, goods sales, and investments. Founded in 1991, it is based in Bangkok, Thailand.
TTB Wealth cuts ONEE to sell, target 2.5 baht, trims 2026-2028 profit by 30-35%
Analysts at TTB Wealth Securities have downgraded ONEE to "sell" from "buy" and cut their target price to 2.5 baht from 3.2 baht, as ONEE goes through a business model transition in content, shifting to produce content mainly for the oneD platform, a subscription-based application, instead of feeding content to third-party platforms. But so far there has been no example of success among other Thai operators in running this kind of business, so there is not much confidence that this model will succeed. During the transition, as ONEE reduces content supplied to third-party platforms and increases content for oneD while the subscriber base still needs time to grow, the analysts cut their profit forecasts by 30-35% for 2026-2028. Although the idol marketing business remains the main growth driver, EPS is expected to grow only 8% per year in 2027-2029 after falling 22% in 2026. With growth at that level, ONEE looks fairly expensive at a P/E of 18 times.
KS expects media stocks to recover in the second half, with sector profit up 20%, led by PLANB and VGI
Kasikorn Securities, or KS, expects media stocks to enter a significant recovery phase in the second half of 2026, forecasting that the sector's normal profit will grow about 20% from the same period a year earlier. This follows combined normal profit of 633 million baht in the second quarter of 2026 for the four media companies KS tracks, namely PLANB, VGI, MAJOR and ONEE, up 18% from the same period a year earlier and up 159% from the previous quarter, exceeding the research house's estimate by 42%. KS expects Thailand's economy to expand 2.5-3.5% year on year in the third quarter of 2026 before slowing to about 1.5% in the fourth quarter of 2026. Total advertising spending in the first half of 2026 fell 5% from a year earlier, compared with the full-year target of the Media Agency Association of Thailand, or MAAT, which expects a decline of 1.3%. KS, however, maintains its forecast that full-year advertising spending in 2026 will fall only 0.8%, expecting a return to growth of about 4-5% in the third quarter before slowing to about 2% in the fourth quarter. By company, KS expects PLANB's second-half normal profit to grow 32% from a year earlier and VGI's to grow as much as 96%, while MAJOR is expected to rise slightly by 1% and ONEE to fall 30%. On investment recommendations, KS maintains a buy rating on MAJOR with a target price of 9.20 baht and a buy rating on PLANB with a target price of 6.68 baht. ONEE is rated hold with a target price of 3.15 baht, and VGI is rated hold with a target price of 1.25 baht.
ONEE sets up subsidiary Studio Wabi Sabi with 7 million baht capital, expanding into content and artist management
The One Enterprise Public Company Limited, or ONEE, informed the Stock Exchange of Thailand that its board meeting No. 2/2569 on 11 May 2569 approved the establishment of a new subsidiary, investing through GMMTV Company Limited, an indirect subsidiary wholly owned by the company via GMM Channel Holding Company Limited at 100%. The new company is named Studio Wabi Sabi Company Limited, registered on 14 September 2569, with the objective of producing and developing content as well as providing full-service artist management. The company has registered capital of 7 million baht, divided into 70,000 ordinary shares with a par value of 100 baht each, of which GMMTV holds 35,699 shares, or 51%, Mr. Siwat Sawasmaneekul holds 34,300 shares, or 49%, and Mr. Sathaporn Panichraksapong holds 1 share, or 0%, totalling 70,000 shares, or 100%. The funds used to establish the new company come from the working capital of GMMTV Company Limited.
ONEE.BK · Capital · Positive ONEE's board approved establishing a new subsidiary, Studio Wabi Sabi, expanding its content and artist-management business.
Studio Wabi Sabi · Capital · Positive Studio Wabi Sabi is the newly established subsidiary with 7 million baht registered capital, 51% held by GMMTV.
GMM TV · Capital · Positive GMMTV funds and holds 51% of the new Studio Wabi Sabi subsidiary, expanding its content and artist-management operations.
GMM Channel Holding · Capital · Positive GMM Channel Holding is the wholly owned intermediary through which ONEE invests in the new Studio Wabi Sabi subsidiary.
ONEE Q2/2026 Revenue Grows 26.27%, Net Profit 67.88 Million Baht
The One Enterprise Public Company Limited, or ONEE, revealed its Q2/2026 operating results during an earnings call, with total revenue of 2,259.36 million baht, up 26.27% from the same period last year, and net profit of 67.88 million baht, growing 40.77% from the previous quarter. The Idol Marketing business group was the main engine, generating revenue of 1,416.83 million baht, up 75.83% from the previous year, from managing over 300 artists. Revenue from concerts and events was 507.43 million baht, up 73.35%, and licensed merchandise business brought in 433.05 million baht, up 139.49%. As of June 30, 2026, the company had cash and cash equivalents of 1,606.88 million baht, a net increase of 536.03 million baht from the end of 2025. For 2026, the company is advancing its four-pillar strategy, which includes elevating Thai content to an international level, expanding into niche target markets, further developing the Idol Marketing Ecosystem, and promoting the oneD application as a Digital Entertainment Hub.
Broker cuts ONEE to 'Sell' with target price of 2.40 baht after H2 profit shows signs of stumbling
Dao Securities (Thailand) Public Company Limited has downgraded its recommendation on ONEE to 'Sell' from 'Hold' and cut its target price to 2.40 baht from 3 baht, based on a P/E of 16 times. This is due to expectations that second-half 2026 profit will slow from the same period last year, following a decline in the gross margin of the content marketing business from higher production costs. Meanwhile, the broker has cut its net profit forecasts for 2026-2027 by 42% and 29%, respectively, expecting 2026 net profit of 259 million baht, down 42%, and 2027 net profit of 351 million baht, up 35%. It views the share price as lacking short-term catalysts from TV advertising spending, which remains on a downward trend.
ONEE Sets 2026 Revenue Growth Target of 10-20%, but GPM Below Expectations
Kasikorn Securities noted that The One Enterprise Public Company Limited (ONEE) is in the process of building new growth drivers. After the analyst meeting on August 28, the atmosphere was slightly negative due to weaker revenue from the Content Marketing business and lower-than-expected gross profit margin. The company targets 2026 revenue growth of 10-20% and a GPM range of 30% ±1-2%, which is lower than Kasikorn Securities' previous estimate of 35%. The Idol Marketing business is expected to continue growing in the second half of 2026, driven by increasing artist popularity and the expansion of merchandise stores in Tokyo and Taipei. However, Content Marketing revenue remains under pressure despite two major series scheduled to air. Kasikorn Securities has cut its normal profit estimates for 2026-2028 by 16%, 21%, and 20%, respectively, and maintains a "Hold" recommendation while lowering its end-2027 target price by 10% to 3.15 baht. The brokerage expects normal profit to decline continuously throughout 2026 before hitting a trough, and will be supported by rising SVOD revenue and growth in the Idol Marketing business.
ONEE targets double-digit revenue growth in 2026, banks on Idol Marketing to offset ad slowdown
The One Enterprise Public Company Limited, or ONEE, has announced its revenue target for 2026, aiming for double-digit growth. The company is highlighting its Idol Marketing Ecosystem business as a key mechanism to generate profits and compensate for the slowdown in advertising spending. It is also investing approximately 100 million baht to develop the OneD application to drive long-term growth. Mr. Naranj Pumsiri, Group Chief Financial Officer, stated that the second half of the year is expected to see better growth than the first half, driven by seasonal factors and the strong momentum of the Idol Marketing business. Recently, the company launched GEMM House, a character café, to create a meeting point for fans. Meanwhile, the Content Marketing business continues to face pressure from economic conditions that have kept advertising spending flat or slowing down, necessitating cost control and revenue generation from other businesses to compensate. The gross profit margin for the Content Marketing group is trending down from its previous high of 40-50%, but the Idol Marketing business has a strong gross profit margin and is beginning to significantly offset the lost advertising revenue. Regarding digital television licenses that will gradually expire in 2028-2029, the company is preparing to become a full-fledged content provider and build an ecosystem on OneD to retain its viewer base. In the second quarter of 2026, the company reported total operating revenue of 2,247.51 million baht, up 26.27% year-on-year, with Idol Marketing revenue accounting for 63% of total revenue. Net profit stood at 67.88 million baht, down 21.62% due to higher cost of sales and SG&A expenses.
Q2 earnings recap for three digital TV stocks: ONEE posts 72 million baht profit, BEC and WORK report losses
Second quarter 2025 results for three digital TV stocks show only ONEE remained profitable, with net profit of 72 million baht, down 15 percent from the same period last year. BEC posted a net loss of 14 million baht, while WORK reported a net loss of 11 million baht. ONEE booked total revenue of 2.26 billion baht, up 26.27 percent year on year, driven by standout growth in its Idol Marketing business, which generated 1.42 billion baht, a 75.83 percent increase and 63.0 percent of total operating revenue. BEC recorded operating revenue of 877 million baht, down 154.5 million baht, or 15 percent, from the same period last year, as advertising airtime revenue contracted 21.9 percent amid geopolitical tensions that raised energy and production costs, prompting advertisers to curb spending. WORK posted total revenue of 465.76 million baht, down from the same period last year, mainly due to lower television program revenue as advertising spending slowed, even though revenue from concerts, stage plays, event organizing, and merchandise sales increased.
ONEE.BK · Demand · Positive Idol Marketing business revenue surged 75.83%, driving total revenue up 26.27% and maintaining profitability.
BEC.BK · Demand · Negative Advertising airtime revenue contracted 21.9% due to geopolitical tensions and higher costs, leading to a net loss.
WORK.BK · Demand · Negative Lower television program revenue due to slowed advertising spending, despite gains in other segments, resulted in a net loss.
ONEE Q2 profit beats expectations, boosted by Idol Marketing
The One Enterprise Public Company Limited, or ONEE, reported a normalised profit for the second quarter of 2026 of 73 million baht, up 36 percent from the previous quarter but down 15 percent from a year earlier. This was above the 56 million baht forecast by Yuanta Securities, as revenue and EBITDA margin came in better than expected. Total operating revenue was 2.248 billion baht, growing 23 percent quarter-on-quarter and 26 percent year-on-year. The Idol Marketing business, one of the company's segments, stood out with revenue of 1.417 billion baht, up 31 percent from the previous quarter and 76 percent from a year ago. This comprised Artist Management at 507 million baht, Concert and Event at 476 million baht, and Merchandising at 433 million baht. Meanwhile, the Content Marketing business posted revenue of 792 million baht, down 16 percent year-on-year. Gross profit margin declined to 30.9 percent from 33.8 percent a year earlier, and EBITDA margin fell to 20.8 percent from 26.5 percent, due to a higher proportion of lower-margin businesses. Yuanta Securities upgraded its recommendation from Sell to Trading, maintaining a 2026 target price of 3.15 baht.
Thailand