Plan B Media PCL

Krungsri Securities has maintained its buy recommendation on Plan B Media Public Company Limited, or PLANB, with a target price of 8.10 baht based on a DCF method and a WACC of 8.1%. It assesses that the investment in iCare, a subsidiary of COM7, has the potential to generate incremental profit of approximately 170 million baht per year after deducting financial costs, representing an upside of about 11% to profit in 2027. If profit share before financial costs is considered, it is expected at approximately 200 million baht per year, or an upside of 11-13%. PLANB subscribed to 1,126 million newly issued iCare shares worth 860 million baht at 0.764 baht per share, giving it a 46.28% stake after the capital increase, with COM7 holding an equal proportion. Krungsri stated that the purchase price of the iCare shares represents a P/E of only 6 times, below the insurance business group average of 9 times, and it expects PLANB's net profit in 2026 and 2027 to grow 14% and 25% respectively from recognition of its profit share from COM7. These projections do not yet include the positive effects of the iCare deal, which therefore represents upside to the previous profit forecast for 2027. However, the share purchase still requires approval from the shareholders' meetings of COM7 and iCare, as well as consent from the Office of the Insurance Commission, or OIC. The process is expected to be completed by the end of 2026, and iCare will not have the status of a subsidiary of PLANB.

Analysts at Daiwa Securities (Thailand) Public Company Limited assess the direction of the stock market for October 2026, setting an index range of 1,500-1,630 points and expecting the market to return to focusing more on fundamentals during the mid-month earnings announcements, led by banking stocks, especially the views from the executives of large banks. External factors to watch include the BOT, Fed, and BOJ meetings, as well as the US midterm elections, with statistics indicating that Thai stocks often respond positively ahead of elections. Meanwhile, risks still stem from the Iran war situation, which has yet to find a resolution, and progress on government policies, including the Thai Helps Thai Plus Phase 2 tourism stimulus measures, the announcement of the 2027 Budget Act, the PDP2026 plan, and the momentum of a no-confidence debate motion. On investment strategy, long-term themes through AI and Data Centers remain favored, with five stocks recommended: ADVICE, BGRIM, CK, PLANB, and SCGP.

Plan B Media Public Company Limited, or PLANB, reported second-quarter 2026 results with a net profit of 297 million baht, up 10.0% year on year, on total revenue of 2,582 million baht, up 14.3% year on year, driven by growth in both its out-of-home media business and its engagement marketing business. For the first half of 2026, total revenue reached 5,076 million baht, up 12.3% year on year, and net profit was 504 million baht, up 9.0% year on year. In the quarter, the company invested in Com Seven Public Company Limited, or COM7, to build a long-term partnership base between the two companies, while continuing to expand cooperation with VGI and Hello Bangkok LED and launching the Exchange Tower Iconic Wrap, a building wrap media format covering more than 1,600 square meters at the Asok-Sukhumvit intersection. On its financial position, the company generated free cash flow of 1,844 million baht in the first half, even as its debt-to-equity ratio rose to 1.13 times due to borrowing to support the strategic investment in COM7, remaining within the financial covenant limit of no more than 1.50 times.

Securities analysts at Asia Plus Securities, or ASPS, said Thailand's capital market in the third quarter faced pressure from slowing foreign capital flows, with foreign investors selling Thai bonds worth as much as 37 billion baht, flipping the cumulative net position since the start of the year back to a negative 7.952 billion baht. The Thai stock market saw net selling of nearly 20 billion baht in just six trading days. However, foreign investors continued to rotate into large-cap stocks whose prices have risen slowly, led by SCB with net buying of 2.974 billion baht, PTT at 1.361 billion baht, TOP at 882 million baht, IRPC at 627 million baht and BBL at 517 million baht. Another domestic positive factor is that the National Semiconductor Committee approved the Thai chip strategy, or Chip Made in Thailand, to attract investment of 2.5 trillion baht, with a short-term target of 500 billion baht within five years, focusing on three technology groups where Thailand has potential: photonics, power system chips and sensors. These are expected to generate revenue for the industry exceeding 5 trillion baht per year and create more than 230,000 jobs. The research department recommends an investment strategy in stocks with specific positive factors, highlighting five standouts: DR: BE03 on demand for electricity for data centers in the United States; DR: LITE80, a leader in high-performance laser business, a key component in the tightening photonic supply chain; TRUE, whose third-quarter 2026 profit outlook is growing strongly with an expected dividend yield of about 1.2%; GULF, which benefits from the downward trend in crude oil prices and support from the PDP plan as well as data center growth; and PLANB, which is likely to see upward revisions to its 2027 profit forecast from its investment stake in iCare and is entering the high season for the outdoor advertising business in the second half.

Today's standout stocks span several key themes. Thai Airways is racing to clear more than 5,600 pieces of unclaimed baggage within 72 hours after 100% of its flights were delayed and it had to cancel a combined 60 flights per day. The airline has brought Airports of Thailand, or AOT, onto its team, while mobilising military personnel and hiring outside contractors at full capacity. Meanwhile, PLANB shares jumped nearly 7% after its board approved subscribing to 46.28% of iCare's capital increase, worth 860 million baht, extending its mobile insurance business in partnership with COM7. Analysts expect the deal to add 200 million baht in recognised profit per year, creating 11-13% upside. They recommend buying with a target price of 8.10 baht, calling it a Top Pick in the sector. MMM has launched mortgage, sale-with-right-of-redemption, and housing loans through its subsidiary Keha Songkhro Capital, aiming to grow its loan portfolio to 700 million baht by 2028 under its Jump+ plan. TASCO confirmed it holds 1.52 million barrels of Venezuelan crude oil inventory, enough to last through the first quarter of 2027, helping lift asphalt output by 10-15%. Brokers recommend buying with a target price of 18.50 baht and expect a 5.9% dividend yield. STECON expects 2026 revenue to exceed its target of 35 billion baht, with brokers forecasting 2027 revenue could reach 50-60 billion baht, driven by data centres, state megaprojects, and its infrastructure investment business.

COM7 has established a new subsidiary named UFun Money Company Limited with registered capital of 50 million baht, divided into 500,000 ordinary shares at a par value of 100 baht each. UFun Capital Company Limited will hold 99.9996% of the shares, using cash flow from operations, and the registration is expected to be completed within the first quarter of 2027. The new company will engage in leasing, hire-purchase, and installment sales of products covering mobile phones, smartphones, tablets, accessories, computers, IT systems, and various types of technology equipment, in order to strengthen the IT product distribution business of the COM7 group with more comprehensive services. At the same time, the COM7 board has resolved to propose to the extraordinary general meeting of shareholders, the second of 2026, the approval of a capital increase for iCare Insurance Public Company Limited, or iCare, which is currently a subsidiary of COM7 through the 86.17% holding of Comseven Holding Company Limited. iCare will increase its registered capital by 281.58 million baht through the issuance of 1,126.30 million new ordinary shares at a par value of 0.25 baht each, offered through a private placement to Plan B Media Public Company Limited, or PLANB, for a total value of 860 million baht. The goal is to add a strategic partner to support the expansion of iCare's business after continued growth from non-motor insurance products, especially all-risks electronic equipment protection insurance and extended warranty insurance for electronic equipment, which are currently sold mainly through the COM7 group's channels. After the capital increase, COM7's shareholding in iCare will fall from 86.17% to 46.28%, causing iCare to cease being a subsidiary of COM7. This transaction qualifies as a disposal of assets with a maximum size of 3.14% based on the net profit criterion. Because PLANB is a major shareholder of COM7 with an 11.01% stake, the offering of new shares also qualifies as a connected transaction with a maximum size of 7.95% of COM7's net asset value, which exceeds the 3% threshold. COM7 must therefore seek approval from the shareholders' meeting with a vote of not less than three-quarters of the total votes of shareholders attending the meeting and entitled to vote, excluding shareholders with an interest in the matter. It has appointed Silverlining Advisory Company Limited as an independent financial adviser to give shareholders an opinion on the appropriateness of the price and conditions of the transaction. COM7 has scheduled the extraordinary general meeting of shareholders, the second of 2026, for 6 November 2026 at 10:00 a.m. through electronic means, and has set 14 October 2026 as the record date for shareholders entitled to attend the meeting. The iCare capital increase transaction still requires approval from iCare's shareholders' meeting and the Office of the Insurance Commission, and is expected to be completed within the fourth quarter of 2026.

Plan B Media Public Company Limited, or PLANB, has disclosed a plan to make a strategic investment in iCare, a company within the COM7 group that specialises in mobile phone insurance and electronic device protection products. PLANB sees smartphones as increasingly valuable and central to daily life, from work and finance to a wide range of activities, leading consumers to place greater importance on caring for and protecting their devices, especially premium smartphones priced in the tens of thousands of baht, where damage or repair costs can become a financial burden for consumers. Another key factor is the growth in purchasing smartphones through credit and instalment plans. A major strength of iCare is its position within the COM7 ecosystem, which has a large distribution network for smartphones and IT devices, along with a customer base and sales channels that can link insurance products directly to device purchases. PLANB believes that the strength of iCare, combined with the COM7 ecosystem, will serve as an important foundation for capturing the long-term growth opportunities in the mobile phone insurance business.

Yuanta Securities issued an analysis of the advertising sector, recommending a selective investment strategy focused on stocks that grow faster than the industry. It rates MAJOR a "buy" with a target price of 9.75 baht and names it a top pick on second-half 2026 earnings expected to recover on film and advertising revenue as well as cost control, and rates PLANB a "buy" with a target price of 7.80 baht on growth in out-of-home media and its share of COM7's profit. The target price does not yet include the potential from synergies between the two companies. The research team expects third-quarter 2026 advertising to recover slightly both quarter on quarter and year on year, led by online media, OOH/Transit and cinemas, supporting a recovery in MAJOR on film and advertising revenue. PLANB, although expected to slow year on year in the third quarter of 2026, will grow strongly both quarter on quarter and year on year in the fourth quarter of 2026 on the high season and a full quarter's recognition of its share of COM7's profit. For the full year 2026, advertising spending is expected to total 83,869 million baht, down 1.3% year on year, as the economy and purchasing power recover slowly. In 2027, digital and OOH/Transit are expected to lead the market on measurement and a recovery in out-of-home activity, while traditional media step up efforts to find revenue beyond the screen. The research team maintains an "equal weight" rating on the sector, expecting earnings in 2026-2027 to keep growing but only modestly, in line with overall advertising spending that is still recovering weakly, while near-term upside remains limited by the lack of new catalysts and economic uncertainty.

Yuanta Securities said Comseven Public Company Limited, or PLANB, will begin recognising its share of profit from COM7 starting 17 September 2026, based on its 11.01% shareholding, after COM7 shareholders approved the appointment of two PLANB representatives as directors. This gives PLANB significant influence and allows it to record the investment under the equity method. It will not consolidate COM7's revenue, assets and liabilities in full, but will show the share of profit in the income statement and the investment in an associate on the balance sheet. Yuanta expects third-quarter 2026 earnings may slow year on year due to higher financial costs and because it will recognise only 13 days of COM7's profit share, but it expects fourth-quarter 2026 profit to recover strongly on a full quarter of COM7 profit contribution and the arrival of the high season for the out-of-home business. It has revised its net profit forecasts for PLANB in 2026 and 2027 to 1.248 billion baht, up 13% year on year, and 1.527 billion baht, up 22% year on year, respectively, after including a share of profit from COM7 of about 151 million baht and 585 million baht, against interest expenses on borrowings of about 112 million baht and 225 million baht. It has switched its valuation method to sum of the parts, valuing the core business with a discounted cash flow approach at 7.16 baht per share after raising its long-term growth rate from 2.0% to 2.5%. For the 262.9 million COM7 shares, it uses a fair value of 35 baht, deducts a 5% holding discount and 5.8 billion baht of share-purchase debt, giving net added value of 0.64 baht per share. This puts the new fair value at 7.80 baht, implying roughly 28% upside, so it maintains its Buy recommendation. The forecasts and fair value do not yet include the upside from synergies between PLANB and COM7, which could extend from out-of-home into retail and commerce media through a network of more than 1,400 stores and COM7's technology customer base, as well as opportunities to expand its government customer base and develop EV7 Transit Media through in-car screens and wrap advertising on EV taxis.

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.

Several brokers have upgraded shares of Plan B Media, or PLANB, to Top Pick in the media sector after the shareholders' meeting of Comseven, or COM7, approved the appointment of Mr. Parin Lojanagosin and Mr. Pinijsorn Luechaikajonphan, representatives from PLANB, as directors of COM7 out of a total of nine, a proportion of more than 20%. As a result, PLANB will change how it recognises returns from its 11.01% stake in COM7 as of July 2026, switching immediately from the dividend income method to the equity method of recognising its share of profit or loss from the associate. It will begin recognising its share of profit from COM7 of about 20 million baht in the third quarter of 2026, and expects to recognise a full quarter of about 30 million baht in the fourth quarter of 2026 after deducting interest, which will push quarterly profit to a record high. Meanwhile, second-half 2026 results will be supported by the Asian Games and by the first-time recognition of its share of profit from COM7. Third-quarter 2026 revenue is expected at 2.7 billion baht, up 15% year on year and 3% quarter on quarter, with core profit for the third quarter of 2026 expected at 300 million baht, up 5% year on year and 3% quarter on quarter. Bualuang Securities said PLANB is transforming from a stock tied to the recovery of the out-of-home media business into a broader Attention platform, with sports, advertising media through COM7's retail business, and Mobility adding new revenue sources. It set a target price for PLANB shares for 2027 at 6.80 baht, based on a PER of minus one standard deviation of PLANB at 20 times. Krungsri Securities raised its 2026 profit forecast for PLANB by 10% and its 2027-2028 forecasts by 17%, saying it had lifted its 2027 target price by 14% to 8.10 baht from 7.10 baht, reflecting a higher share of profit from its investment in COM7, and expects net profit to grow 14% year on year in 2026 and 25% year on year in 2027. Dao Securities (Thailand) kept its 2026 net profit estimate at 1.258 billion baht, up 14% year on year, excluding the COM7 deal from its estimates, maintained its buy recommendation and kept its target price at 7.10 baht based on 2026 estimated PER of 26 times. It also estimated a new target price of 7.40 baht for 2026 and 10.5 baht for 2027 based on a PE of 26 times, expecting net carry under the equity method to be 53 million baht in 2026 before turning into 422 million baht in 2027. PLANB also has the opportunity to work with COM7 to develop in-store media across more than 1,400 branches nationwide, as well as media in EV7 taxis, which are expected to reach 5,000 vehicles in 2026.

DAOL Securities stated that COM7 has notified the resolution of its shareholders' meeting approving two board seats for PLANB, expanding COM7's board structure from seven seats to nine seats, with PLANB receiving two seats, representing a 22% proportion, which is considered to carry control influence. As a result, PLANB will change its recognition of returns from dividends only to the equity method immediately, driving significant profit growth. The research team holds a positive view on the COM7 deal, in which PLANB currently holds an 11.01% stake, because it helps increase media capacity and expand the customer base, extending the growth of OOH revenue in the long term. Net carry under the equity method is expected at 53 million baht in 2026E before turning to 422 million baht in 2027E. However, the research team's assumptions still exclude upside from synergies. The new target price for 2026E is 7.40 baht and for 2027E is 10.5 baht, based on 26x PE. The research team maintains its net profit estimate for 2026E at 1,258 million baht, up 14% YoY, but still excludes the COM7 deal from its estimates. It also maintains a buy recommendation and keeps the target price at 7.10 baht, based on 2026E PER of 26x. Currently PLANB trades at 2026E PER of 22.7x. The research team continues to favor PLANB for its leadership in the OOH media business and expects it to be one of the biggest beneficiaries of the economic recovery and advertising spending.

Asia Plus Securities has assessed COM7 shares after yesterday's shareholders' meeting approved the appointment of two additional directors, expanding the board from seven to nine members. Both are executives from Plan B Media Public Company Limited, or PLANB: Mr. Parin Lojanagosin, a major shareholder and Chief Executive Officer, and Mr. Phinijsorn Luechaikhajornphan, Chief Marketing Officer. PLANB previously invested in COM7 shares and currently holds 11.01% of the company's paid-up registered capital. Today COM7 begins selling the iPhone 18 on its first day, following strong reception and pre-orders. Starting prices for the iPhone 18 Pro and iPhone 18 Pro Max are about 8% to 11% higher than the launch prices of the iPhone 17 Pro and iPhone 17 Pro Max, and the company will begin recognizing revenue from September. The foldable-screen iPhone Duo, the most expensive model, starts at 79,900 baht and will go on sale in October. The research team views the addition of two PLANB directors as positive for both COM7 and PLANB, expecting synergies in the fourth quarter of 2026 through management of advertising space at COM7's nearly 1,400 branches, as well as advertising media on roughly 5,000 EV7 taxis this year. However, this upside is not yet included in estimates. For third-quarter 2026 earnings trends, the research team expects a slight decline quarter-on-quarter due to the low season and the fact that not all iPhone 18 models have launched, with the Standard model likely to debut in late first-quarter 2027. Still, profit is expected to grow strongly year-on-year, driven by the UFUND business, lending, and iCare electronic device insurance, which benefit from iPhone sales. The research team maintains its conservative net profit forecast for 2026 at 4.8 billion baht, up 18% year-on-year, and keeps its Trading recommendation with a 2027 target price of 33.00 baht, based on a PER of 14.9 times, the long-term average. It also expects strong year-on-year profit growth in the third quarter of 2026, accelerating in the fourth quarter of 2026 during the high season.

Asia Plus Securities, or ASPS, recommends a Selective Buy strategy focusing on 4 industry groups: beverages and commerce, which benefit from lower oil costs and the Thai Chai Thai Plus measures; construction and construction materials, which gain from the passage of the annual budget expenditure act for 2570; media and advertising, which are set to receive money from the Asian Games sporting event late in the year; and international technology and cybersecurity, which benefit from the expansion of AI infrastructure. It also selects 5 standout stocks for speculation: NVDA80, CRWD80, Carabao Group Public Company Limited, or CBG, CH. Karnchang Public Company Limited, or CK, and Plan B Media Public Company Limited, or PLANB. CK is supported by the approval of the 2570 budget and expectations of growing backlog, while PLANB is entering the high season for late-year advertising spending, with short-term speculation from sending two representatives to sit as directors at Com Seven Public Company Limited, or COM7. ASPS assesses that global capital markets and the Thai stock market are likely to face volatility from the strict monetary policy of the US Federal Reserve. Most recently, the FOMC committee resolved to raise interest rates by 0.25% to a range of 3.75%-4.00%, and signaled through the Dot Plot a stricter path than the market expected. Sixteen committee members indicated they may raise rates at least one more time this year, and another four members saw a 0.50% increase before holding rates steady throughout 2570, then gradually cutting only once a year to a level of 3.6% in 2572.

Dao Securities (Thailand) expects the SET index to swing Sideway UP today after the Fed meeting came in as expected, assessing support at 1,568-1,573 points and resistance at 1,585-1,590 points. It sees this as a chance to accumulate fundamentally strong stocks that are still laggards. Today's top picks are PLANB and BEM, while the technical-signal picks are BH and PLANB. For PLANB, COM7 will hold an EGM this morning to finalise a deal; PLANB holds 11% of COM7 and has requested two board seats. If approved, this could allow equity-method recognition, helping lift PLANB's earnings above previous forecasts in 2026E and 2027E by 4% and 30% respectively, with a buy recommendation at a target price of 7.10 baht. As for BEM, net profit in 3Q26E is expected to expand both year-on-year and quarter-on-quarter on lower interest and maintenance costs, with a catalyst from progress on the common-ticket policy, which is expected to help rail passengers grow more than 10% in 2027E and save about 100 million baht per year in costs, with a buy recommendation at a target price of 9.00 baht. Meanwhile, US stocks declined even though the Fed voted unanimously 12-0 to raise its policy rate by 0.25% to 3.75-4.00%, the first hike in more than three years after holding rates steady for five consecutive meetings. Domestically, the Cabinet approved a budget of 95 billion baht to improve irrigation systems on the eastern side of the Chao Phraya basin across eight provinces, and the Thai Tiew Thai Plus programme has been postponed to start in the low season in April 2027, with the government set to extend Thai Chuay Thai Plus in the meantime until the end of the year.

Asia Plus Securities noted that COM7's shareholder meeting on September 17, 2026 is a key catalyst for PLANB, as the agenda to appoint two directors nominated by PLANB has a high chance of passing, given that COM7's top two shareholders, holding a combined stake of around 41%, are likely to support the deal. If approved, PLANB will immediately begin recognizing its share of profits from COM7 using the equity method, which will enhance its profit structure and create upside for future earnings. In the third quarter of 2026, it is expected to recognize only 13 days of earnings, compared to an increase in interest expenses of around 56 million baht, but from the fourth quarter of 2026 onward, it will recognize a full quarter of around 120-140 million baht. Meanwhile, PLANB plans to further its collaboration with COM7 through the development of in-store media and EV7 taxi media. The Asian Games 2026, held from September 19 to October 4, 2026, is expected to support the engagement marketing business, although higher licensing costs will keep profit margins at low-to-moderate levels. The research department maintains its 2026 earnings forecast but raises its 2027 forecast by 18%, reflecting the recognition of profit share from COM7 and potential synergies, resulting in an increase in fair value from 6.25 baht to 7.00 baht, while maintaining a "Buy" recommendation.

Mr. Prin Lojanakosin, director and chief executive officer of Plan B Media Public Company Limited (PLANB), purchased 54.3 million ordinary shares of the company through a block trade at an average price of 6.70 baht, totaling 363.81 million baht, on August 24, 2026. This increased his shareholding to 1,149,911,347 shares, representing 24.99% of the paid-up capital, up from his previous holding of 1,095,611,347 shares. As a result, he has become the company's largest shareholder. The holding information was disclosed via Form 59 to the Securities and Exchange Commission (SEC).

Kasikorn Securities analysts expect PLANB to begin recognising its share of profit from COM7 from 17 September, after approval of the directors nominated by PLANB. It will recognise the share of profit for the period after approval in the third quarter of 2026, estimated at 17 million baht, which will partly offset related financing costs. The broker has therefore raised its normalised profit forecasts for 2026, 2027 and 2028 by 15.3%, 21.9% and 21.6% respectively, while maintaining a buy recommendation and raising its target price by 11% to 6.68 baht, reflecting a higher P/E multiple and the incremental value from COM7's profit share.

Kasikorn Securities has raised its profit forecasts for VGI Public Company Limited, or VGI, for fiscal years 2026/27, 2027/28 and 2028/29 by 12.6%, 33.2% and 26.6% respectively, mainly due to higher profit contribution from PLANB after PLANB began recognising its share of profit from COM7. However, the broker maintains a hold rating and raises its target price by 3% to 1.25 baht to reflect the higher investment value in PLANB and JMART. Operating results remain loss-making, and uncertainty over capital allocation remains a key overhang because VGI has yet to announce a clear investment plan for excess liquidity of nearly 20 billion baht, which is a significant component of the research team's valuation. VGI plans to announce its investment plan by the end of 2026. From the analyst meeting, VGI targets fiscal 2026/27 revenue growth of 8 to 18% from its distribution business, compared with the research team's forecast of 4% revenue growth, and targets a gross margin of 35 to 40%, compared with the forecast of 34%. In afternoon trading, VGI shares moved at 1.14 baht, up 0.12 baht or 11.76%, with turnover of 715.75 million baht.

PLANB shares closed up 13.04% at 6.50 baht, with turnover of 489.15 million baht, after DAOL Securities Thailand maintained a buy rating and a target price of 7.10 baht. It sees a strong third quarter of 2026, driven by out-of-home advertising entering the high season, rate card increases, and revenue recognition from the Asian Games. Third-quarter revenue is expected to exceed 2.73 billion baht, up 18% year-on-year and 6% quarter-on-quarter. The deal with COM7, to be considered at an extraordinary general meeting on 17 September 2026, is a key upside. If approved, the company will begin recognising profit share through the equity method and synergies, with initial benefits expected by late 2026. The company also targets boxing business revenue of 1 billion baht in 2026, up from 600 million baht in the first half, and maintains its 2026 net profit forecast of 1.258 billion baht, up 14% year-on-year.

Bualuang Securities noted in its analysis today that 12 listed companies reported financial results, split into 6 companies with better-than-expected earnings: PTT, AOT, ERW, PLANB, GFPT, and AMATA, and 6 companies with in-line earnings: TOP, BEM, BGRIM, BDMS, TIDLOR, and OSP, with no company reporting earnings below expectations. PTT reported 2Q26 net profit of 52.5 billion baht, up 144% year on year and 104% quarter on quarter, beating analyst and market expectations, driven by better-than-expected gas business profits. AOT reported 3Q26 net profit of 4.44 billion baht, 6% above analyst expectations and 17% above market expectations, due to lower-than-expected staff expenses. ERW reported 2Q26 core profit of 72 million baht, up 16% year on year but down 81% quarter on quarter on seasonal factors, beating analyst expectations. GFPT reported 2Q26 core profit of 582 million baht, down 12% year on year but up 20% quarter on quarter, beating analyst and market expectations on better-than-expected gross margin. PLANB reported 2Q26 core profit of 297 million baht, up 10% year on year but down 43% quarter on quarter, 4 to 6 percent above analyst and market expectations on better-than-expected gross margin. AMATA reported 2Q26 net profit of 1.58 billion baht, up 1,032% year on year and 15% quarter on quarter, 13% above analyst expectations and 16% above market expectations, and announced an interim dividend of 0.60 baht per share. For the in-line earnings group, TOP reported 2Q26 core profit of 16 billion baht, up 378% year on year and 74% quarter on quarter, in line with analyst expectations but 11% above market expectations, driven by higher refining margins and lube base margins. BGRIM reported 2Q26 core profit of 478 million baht, up 1% year on year but down 6% quarter on quarter, in line with analyst and market expectations, and announced an interim dividend of 0.18 baht per share. BEM reported 2Q26 core profit of 1.01 billion baht, up 2% year on year and 16% quarter on quarter, in line with analyst and market expectations. BDMS reported 2Q26 core profit of 3.25 billion baht, down 7% year on year and 20% quarter on quarter, in line with analyst expectations but 7% below market expectations. TIDLOR reported 2Q26 net profit of 1.53 billion baht, up 18% year on year but down 5% quarter on quarter, in line with analyst and market expectations. OSP reported 2Q26 core profit of 1.10 billion baht, up 9% year on year but down 5% quarter on quarter, in line with analyst and market expectations. AAV reported a 2Q26 net loss of 2.33 billion baht, swinging from a net profit both year on year and quarter on quarter, with results in line with analyst expectations but the loss 17% smaller than market expectations.

VGI Public Company Limited, or VGI, reported net profit for the first quarter of fiscal year 2026/27 at 261 million baht, swinging from a net loss of 1.271 billion baht in the previous quarter and rising 484% from a year earlier. The result included an extraordinary item from a reversal of expected credit loss allowance of 86 million baht. Excluding that item, normalised profit was 175 million baht, compared with a normalised loss of 107 million baht in the previous quarter and normalised profit of 45 million baht a year earlier. The strong growth was driven mainly by higher share of profit from investments in PLANB and JMART, as well as a gain on disposal of an investment in an associate, which was a non-recurring item. Revenue from services and sales was 1.14 billion baht, up 1.5% from the previous quarter and 2.3% from a year earlier. Digital Services revenue was 433 million baht, up 7.6% from a year earlier, supported by insurance commission and lead generation revenue at Rabbit Care, as well as higher Rabbit Cash revenue following loan portfolio expansion. Media advertising revenue was 444 million baht, down 2.3% from a year earlier, with media utilisation at 49.1%, down from 51.0% a year earlier. Distribution revenue was 263 million baht, up 2.0% from a year earlier, helped by high-margin product sales at Rabbit Bytes, despite softer retail revenue at Turtle. Gross margin rose to 36.3% from 31.4% in the previous quarter but was stable from a year earlier. Selling, general and administrative expenses were 478 million baht, down 7.2% from a year earlier, due to the 86 million baht reversal of expected credit loss allowance. Excluding that item, selling, general and administrative expenses would have been 564 million baht, up 9.5% from a year earlier, and core operating results before other income would have shown a loss of 151 million baht, wider than the loss of 114 million baht a year earlier. Share of profit from joint ventures and associates rose to 173 million baht, up 523% from a year earlier, reflecting a full quarter of profit recognition from PLANB after it became an associate on 24 July 2025, as well as higher share of profit from JMART and a gain on disposal of an investment in an associate, which was a non-recurring item. The shareholders' meeting approved the elimination of accumulated losses of 2.327 billion baht on 17 July 2026 by transferring capital reserves and share premium to offset the deficit. This is expected to be reflected in the second quarter of fiscal year 2026/27 ending September 2026. It does not affect total shareholders' equity, but it clears the way for the company to consider paying dividends in the future. At the end of the first quarter, the company had cash, cash equivalents and other current financial assets totalling 20.843 billion baht, or about 1.0 baht per share. In addition, its 24.13% stake in PLANB was worth about 0.23 baht per share.

Boy Tha Phra Chan, also known as Atthawit Sirisitthidongchai, is set to receive interim dividends totaling 16.69 million baht before tax from his major holdings in JMT Network Services Public Company Limited, or JMT, and Plan B Media Public Company Limited, or PLANB. JMT announced an interim dividend of 0.27 baht per share, giving Boy Tha Phra Chan, who holds 46,050,000 shares, a pre-tax dividend of approximately 12,433,500 baht. Meanwhile, PLANB approved an interim dividend for the first six months of 2026 at 0.0435 baht per share, resulting in a pre-tax dividend of 4,262,130 baht for Boy Tha Phra Chan, who holds 97,980,000 shares.

Plan B Media reported first-half 2026 net profit of 504 million baht, up 9.0% from the same period last year, with total revenue of 5.076 billion baht, up 12.3%. Second-quarter 2026 net profit was 297 million baht, up 10.0%, and total revenue was 2.582 billion baht, up 14.3%, driven by growth in out-of-home media and engagement marketing. The company made a strategic investment in Com Seven, or COM7, to build long-term collaboration, and the board approved an interim dividend of 0.0435 baht per share, totaling about 200 million baht, representing a payout ratio of 67.9%. First-half free cash flow was 1.844 billion baht, while the debt-to-equity ratio rose to 1.13 times due to borrowings to support the investment in COM7.

Bualuang Securities says PLANB is transforming from an out-of-home media business into On-the-Go Media through its investment in COM7. Second-quarter 2026 revenue is forecast at 2.5 billion baht, up 13% year-on-year, with media utilisation recovering to 75% from 70% in the previous quarter. Core profit for the second quarter of 2026 is projected at 280 million baht, a 4% increase from a year earlier and 35% higher than the prior quarter, with gross margin improving to 32.3%. Profit momentum is expected to accelerate in the second half, driven by the Asian Games and the start of profit-sharing from COM7 from September. Net profit contribution is estimated at around 10 million baht in the third quarter of 2026, rising to approximately 30 million baht in the fourth quarter, giving fourth-quarter profit a chance to hit a new record. For 2027, profit-sharing from COM7 is forecast at about 500 million baht. Despite interest costs of around 200 million baht, core profit would grow 30% year-on-year. Key drivers include synergies from advertising sales on the EV7 network, where a fleet of 10,000 vehicles would generate over 200,000 passengers per day, and the expansion of retail media through more than 1,400 COM7 stores. Bualuang Securities maintains a buy rating and lifts its end-2027 target price to 6.80 baht, based on a 20-times price-to-earnings ratio, viewing the COM7 investment as a pivotal move that extends PLANB into a full-funnel media and marketing platform linking consumer travel and spending.

Yuanta Securities Thailand recommends buying PLANB shares with a fair price of 6.10 baht, forecasting a net profit of 281 million baht for the second quarter of 2026, up 35 percent from the previous quarter and 4 percent from the same period last year. This is driven by the Engagement Marketing business, which is expected to grow 65 percent year-on-year, supported by the recovery of foreign tourist arrivals. Meanwhile, the out-of-home media business is still growing 2 percent. The research team expects second-half 2026 performance to be better than the first half, thanks to revenue recognition from new media, advertising package sales with VGI, and events, as well as the opportunity to handle public relations work for the Asian Games. As a result, full-year 2026 revenue growth is maintained at 6 to 7 percent. In addition, PLANB holds an 11.01 percent stake in COM7, which opens up opportunities to expand into Retail Media and advertising on EV taxis. The company is expected to start recognizing share of profit through the equity method as early as September 2026, which will contribute around 260 million baht to share of profit in 2027. There is also a chance to increase the investment proportion next year. Although the overall media industry still faces pressure from advertising spending, which is expected to contract slightly by 0.5 percent, PLANB still has a tendency to grow above the industry, supported by its strong out-of-home and Engagement Marketing businesses.

Kiatnakin Phatra Securities, or KKPS, forecasts that Plan B Media Public Company Limited, or PLANB, will post a pre-exceptional profit of 280 million baht in the second quarter of 2026, up 4% from the same period last year and up 35% from the previous quarter. First-half 2026 profit would account for 38% of KKPS's full-year estimate and 41% of the market consensus, compared with 43% in the first half of 2025. KKPS maintains a buy recommendation on PLANB, seeing sustainable growth in its core out-of-home media business. Revenue from this segment is expected to grow at a mid-single-digit rate, with utilization at around 74%, up from 73% in the second quarter of 2025. Meanwhile, the engagement marketing business is expected to see revenue rise 65% year-on-year. Although revenue from Muay Thai activities is expected to slow by 89% from the previous quarter, this is offset by concert and event revenue, which is forecast to jump 117% year-on-year and 285% quarter-on-quarter to around 50 million baht in the second quarter of 2026, from 13 million baht in the first quarter of 2026. KKPS expects gross margin to remain stable at around 33% and the selling and administrative expense-to-sales ratio to hold steady at about 14%. Non-controlling interests are expected to decline to around 70 million baht from 99 million baht in the previous quarter, in line with seasonal factors in the Muay Thai business.

Dao Securities Thailand expects the SET index to move sideways today, with resistance at 1,658 to 1,663 points and support at 1,642 to 1,648 points. Although foreign fund flows may slow after 13 consecutive trading days of net buying, the positive mood from a global tech stock recovery and rising crude oil prices will support the energy sector and cushion the index. Second-quarter 2026 earnings for the banking sector were strong, with combined profit reaching 55 billion baht, led by Kiatnakin Phatra Bank which posted standout profit growth, while Kasikornbank and TMBThanachart Bank delivered stable results and attractive dividend policies. The investment strategy focuses on selective buying in bank stocks, upstream energy, and construction and industrial estate plays, with PLANB and SMT highlighted as top technical picks.