VGI Public Company Limited, together with its subsidiaries, provides advertising services in Thailand. It operates through four segments: Transportation System, Digital Services, Distribution, and Other. The company offers offline advertising in BTS trains, stations, and junctions, as well as on LCD screens, in office buildings and condominium residences, and at events. It also provides online advertising services including data targeting and network, media planning, artwork adaptation, optimization and reporting, data management, and electronic payment and other financial services such as stored value cards, insurance brokerage, and digital lending. In addition, it manages and distributes technology equipment under the Fanslink and Jaymart brand names, and is involved in securities investing, management consulting, public relations, retail, leasing of retail and commercial spaces, and production and distribution of printed materials. The company was formerly known as VGI Global Media Public Company Limited and changed its name to VGI Public Company Limited in July 2019. Founded in 1995, it is based in Bangkok, Thailand.
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.
VGI first-quarter profit surges 484% on associates
VGI reported net profit for the first quarter of fiscal 2026/27 at 261 million baht, up 484% from 45 million baht in the same period last year. The sharp increase came mainly from share of profit from investments in joint ventures and associates, which rose to 173 million baht from 28 million baht in the first quarter of fiscal 2025/26. Service and sales revenue was 1.14 billion baht, up only 2.3%, comprising 444 million baht from advertising media, down 2.3%, 433 million baht from digital services, up 7.6%, and 263 million baht from distribution, up 2%. VGI booked no investment impairment this quarter because it has already sold its stake in Kerry Express Thailand. Jaymart Group Holdings, in which VGI holds a 13.53% stake, saw improved performance, with second-quarter 2026 net profit of 213 million baht, up 91.9% from 111 million baht a year earlier. As of 30 June 2026, VGI had cash and cash equivalents and other current financial assets totalling more than 20.84 billion baht and no interest-bearing debt.
BTS Group Q1 2027 Earnings: Revenue Up 5%, Net Loss Persists
BTS Group Holdings reported first-quarter fiscal 2027 operating revenue of THB6.1 billion, up 5% year-on-year, while a net loss of THB388 million attributable to shareholders persisted. Recurring EBITDA rose 3% to THB2.8 billion, and the balance sheet strengthened with adjusted net debt-to-equity improving to 1.3 times from 1.4 times. The MIX business saw net profit excluding nonrecurring items jump 92% year-on-year, driven by digital services and distribution, while ROCTEC achieved 11% revenue growth and a 12.4% net profit margin. However, MOVE operating revenue fell 12% due to the absence of construction revenue from the completed Pink Line extension, and BTSGIF share of profit dropped 47% on fund investment amortization. Management highlighted the government's common ticketing scheme targeting January 1, 2027, and VGI's confidence in achieving its THB5 billion to THB5.5 billion revenue target.
Krungsri Securities raises profit forecast and target price for VGI on higher share of profit from associates
Krungsri Securities has raised its profit forecasts for VGI Public Company Limited, or VGI, for 2027 to 2029 after first-quarter results for fiscal 2026 recovered with net profit of more than 261 million baht, beating expectations. The broker increased its estimate of share of profit from associates by 50 to 60 percent to 500 to 600 million baht per year, mainly driven by the recovery at JMART, and slightly raised gross profit for the core business by 11 to 13 percent, reflecting better-than-expected trends at RCare, RCash and RBytes. The research team lifted normalized profit forecasts for 2027 to 2029 to 460 million baht, 437 million baht and 445 million baht respectively, from 173 million baht, 174 million baht and 191 million baht previously. It maintained a Neutral rating but raised the 2027 target price to 1.19 baht from 1.00 baht, noting that the core business is still not strong, but is supported by share of profit from associates and has net cash of more than 20 billion baht ready for investment, with management expecting clarity by the end of this year.
Krungsri Securities maintains buy rating on BTS, cuts target price to 3.57 baht
Krungsri Securities maintains a buy recommendation on BTS but has lowered its 2027 target price under the sum-of-the-parts method to 3.57 baht from 4.00 baht, after trimming its 2027-2028 operating forecasts due to higher selling and administrative expenses. It now expects BTS to post a net loss of 2.9 billion baht in 2027 and 1.84 billion baht in 2028, compared with previous forecasts of losses of 2 billion baht and 853 million baht respectively. The main reason is that selling and administrative expenses in the first quarter of 2027 rose 31 percent year on year to 1.9 billion baht, driven by marketing expenses at VGI, costs from transferring the European hotel business back to RABBIT, and costs from closing the Verso international school. Meanwhile, the government policy to cut electric train fares to 17 to 45 baht took effect on 1 January 2027. BTS has confirmed it will join the programme, but still faces limitations from incomplete EMV system coverage and the issue of sharing excess passenger revenue. It expects to take about one and a half years to install the EMV system. BTS also believes the Pink Line will benefit more from the fare policy than the Yellow Line, expecting Pink Line ridership to rise 15 to 20 percent from the current 80,000 trips per day, while the Yellow Line carries 30,000 to 40,000 trips per day. It has also pushed back the break-even point from 2033 to 2038. The new target price implies upside of about 72 percent from the closing price of 2.08 baht.
VGI first-quarter profit rebounds strongly on share of profit from PLANB and JMART
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.
VGI.BK · Capital · Positive VGI reported a strong profit rebound driven by higher share of profit from investments and a gain on disposal, with normalized profit swinging to positive.
JMART.BK · Capital · Positive VGI's profit rebound was driven by higher share of profit from JMART, indicating improved performance at JMART.
PLANB.BK · Capital · Positive VGI's profit rebound was driven by higher share of profit from PLANB, indicating improved performance at PLANB.
TURTLE.BK · Demand · Neutral VGI noted softer retail revenue at Turtle, but the overall impact on Super Turtle is unclear from this article.
Thailand