Trade Desk Trades at 7.8 Times Operating Income Versus Alphabet's 27.8
The Trade Desk's enterprise value stood at approximately 7.8 times trailing operating income at the October 2 close, against 27.8 times for Alphabet, a discount the article argues is too large to dismiss as an accounting footnote. Those are consolidated-company multiples rather than valuations assigned separately to advertising: Alphabet's figure includes Google Cloud and other assets, plus approximately $19 billion of preferred equity added to the standard enterprise value, divided by $147.6 billion of trailing operating income. The Trade Desk's case weakened in its August 6 report for the June quarter, when revenue rose just 3% to $715 million and operating income fell to $101.6 million from $116.8 million, with management acknowledging execution problems. Alphabet's advertising revenue grew approximately 14% in the June quarter, with Search up 17% and YouTube ads up 13%. Insider Monkey's hedge fund database showed 42 Trade Desk holders in Q2 2026, down from 45 in Q1 2026, versus 275 Alphabet holders, up from 265, while the September 15 snapshot showed approximately 88.53 million Trade Desk shares sold short, or 21.3% of float, against 87.39 million Alphabet Class A shares, about 1.5% of the corresponding float.
TTD · Capital · Negative Article argues its 7.8x operating income multiple reflects a weakened case after Q2 revenue rose just 3% and operating income fell to $101.6M with acknowledged execution problems.
GOOG · Capital · Positive Trades at 27.8x operating income with advertising revenue up ~14% in the June quarter, framed as the premium-valued comparison to Trade Desk's discount.
Broker flags KGEN turnaround as revenue set to surge to 25 billion baht after EV plant stake rises to 60%
Global Securities, or GBS, says King Gen Public Company Limited, or KGEN, is entering a turnaround phase, raising its stake in Omoda & Jaecoo Manufacturing (Thailand) Company Limited, which operates the electric vehicle plants for the OMODA JAECOO and CHERY brands, from the current 43.7% to 51% in early July, and then to 60% in late July to early August. This will shift revenue recognition from the share of profit of an associate to full consolidation of both revenue and profit. Management expects that after the stake increase, revenue will grow significantly year on year to 25 billion baht, with a net profit margin of 2.5-3.0%, or roughly 600-700 million baht. Previously, KGEN reported second-quarter 2026 profit of 37 million baht, up 171% quarter on quarter and 152% year on year, after losses in the first quarter of 2026 and the second quarter of 2025. The main driver was the share of profit from its investment in that associate, whose production line began operating on 20 April 2026, while revenue from sales and services grew to 227 million baht, up 8% quarter on quarter and 36% year on year. Bookings for JAECOO and OMODA electric vehicles at the Big Motor Sale 2026, held from 21-30 August 2026, totaled 5,028 units, with deliveries scheduled for September to October 2026, an additional factor supporting revenue and profit growth. The current share price still cannot be assigned a P/E ratio because the company has posted continuous losses from 2022 through the first six months of 2026, though earnings are expected to turn around from 2026 onward. The stock trades at a P/BV ratio of 2.58 times, above its one-year, two-year and three-year averages of 2.56, 2.30 and 2.10 times respectively.
KGEN.BK · Capital · Positive Broker flags KGEN turnaround as raising its stake in the EV plant to 60% shifts to full consolidation, lifting revenue to 25 billion baht and turning earnings positive.
Omoda & Jaecoo Manufacturing (Thailand) · Capital · Positive KGEN is raising its stake in Omoda & Jaecoo Manufacturing (Thailand) from 43.7% to 60%, shifting to full consolidation of the EV plant's revenue and profit.
Jaecoo (Chery Jaecoo Automobile) · Demand · Positive JAECOO and OMODA EV bookings at the Big Motor Sale 2026 totaled 5,028 units with deliveries in September-October 2026, supporting revenue growth.
Scholastic Posts $71.2 Million Quarterly Loss as Full-Year Targets Hold
Scholastic reported a first-quarter net loss of $71.2 million, or $3.77 per share, on revenue that slipped 4% to $216.8 million, while management left its full-year targets untouched. The quarter is the quietest stretch of Scholastic's year, making up only 14% of full-year revenue last year, so the real test is the fall, where Book Fairs bookings and fair counts are both running ahead of last year and the company is reaching new school communities including Christian schools. Content catalysts are stacking up: an HBO adaptation of Harry Potter arrives this Christmas, a new Dog Man title lands in November alongside a Hunger Games film, and entertainment revenue rose 48% to $20.1 million on heavier production activity. The balance sheet improved as net debt fell to $86.8 million from $242.8 million a year earlier, largely on sale-leaseback deals completed in December 2025, and the company bought back $25.8 million of its own stock during the quarter. Still, education revenue fell $9.7 million to $30.4 million amid higher district staffing costs and the end of ESSER pandemic relief funding in March, overhead climbed $5 million to $23.3 million, and free cash use for the quarter was $110.8 million, worse than last year's $100.2 million, leaving full-year adjusted EBITDA targets of $135 million to $145 million and free cash flow of $35 million to $40 million to be built on top of a first-quarter adjusted EBITDA loss of $63.6 million.
SCHL · Capital · Neutral Scholastic posted a $71.2M Q1 loss with revenue down 4%, but kept full-year targets and cited stronger fall Book Fairs bookings.
SCHL · Demand · Positive Book Fairs bookings and fair counts are running ahead of last year and it is reaching new school communities including Christian schools.
Zhejiang Publishing Media to invest 100 million yuan in digital subsidiary and 125 million yuan in research fund
Zhejiang Publishing Media announced on September 30 that it plans to invest 100 million yuan to establish a wholly owned subsidiary, Zhejiang Wending Digital Intelligence Technology, to promote deep integration between its core publishing business and digital intelligence technologies. The new subsidiary has registered capital of 100 million yuan, with the company holding 60 percent directly, wholly owned subsidiary Zhejiang Xinhua Bookstore Group holding 20 percent, Zhejiang Education Publishing Group holding 10 percent, and Zhejiang Electronic Audio and Video Publishing House holding 10 percent. Funding comes from its own resources, and the subsidiary will be consolidated into the company's financial statements upon completion. On the same day, the company also announced a partnership with Dunhong Asset to launch the Zhejiang Publishing Future Venture Capital Fund Partnership. The fund has a planned size of 126 million yuan, and the company, as a limited partner, will subscribe 125 million yuan from its own funds, accounting for 99.21 percent of the fund's total committed capital. The fund will focus mainly on core technology research and development and industrial application in frontier technologies. Dunhong Asset was founded in 2015, with directly managed and co-managed funds totaling over 14 billion yuan in paid-in capital. Its core management includes CEO Yuan Guoliang and partners Xiong Jia and Yu Wenchao. In terms of performance, in the first half of 2026, Zhejiang Publishing Media achieved revenue of 4.607 billion yuan, down 9.5 percent year on year, and net profit attributable to the parent of 646 million yuan, down 4.4 percent year on year.
601921.CG · Capital · Positive Company invests 100M yuan in a wholly owned digital-intelligence subsidiary and 125M yuan as LP in a 126M yuan venture fund, both funded from its own resources.
Ellison's Oracle and Paramount Debt Binge Links Two Credits
Larry Ellison's dual role as backer of Paramount Skydance Corp. and controlling shareholder of Oracle Corp. is stirring concern on Wall Street as both companies pile on debt. Paramount took on $52 billion of additional debt this week to help pay for its acquisition of Warner Bros. Discovery Inc., while Oracle has nearly doubled its long-term debt to more than $160 billion over the past two years as it builds out AI computing capacity, making it the fifth-largest borrower in the US corporate bond market. The cost to insure the debt of both companies against default has converged and is increasingly moving in lock-step, a sign investors are beginning to treat the two credits as intertwined. Ellison, 82, is backstopping Paramount's takeover of Warner Bros., spearheaded by his son David, via a family trust that guaranteed a significant portion of the roughly $47 billion of equity financing for the deal, and the family pledged to take all necessary steps to bring leverage down in the coming years. His fortune has plummeted by almost $200 billion over the past year, though he is still worth roughly $192 billion, and he recently canceled a plan to sell billions of dollars worth of Oracle stock and disclosed he had increased the number of shares pledged as collateral for personal loans. S&P cut Oracle to BBB- in July and lowered Paramount's issuer credit rating to BB last month, and Oracle shares have fallen more than 50% over the past year.
ORCL · Capital · Negative Oracle's long-term debt nearly doubled to over $160B for AI capacity, S&P cut it to BBB-, and its credit risk is now intertwined with Paramount's, with shares down over 50%.
PSKY · Capital · Negative Paramount took on $52B of additional debt to fund the Warner Bros. acquisition, S&P cut its issuer credit rating to BB, and its default-insurance cost is converging with Oracle's.
WBD · Capital · Neutral Warner Bros. Discovery is the acquisition target being bought by Paramount, but the article focuses on the buyer's debt burden rather than WBD's own credit impact.
Paramount Skydance has appointed longtime media executive Ynon Kreiz as Co-Chief Executive Officer and board member, with David Ellison remaining the principal executive officer and Chairman. The move lands days before the planned closing of the Warner Bros. Discovery acquisition and follows a multi billion dollar secured debt raise, setting up Kreiz to run day to day operations while Ellison concentrates on creative direction and capital allocation. The leadership shift comes as the stock has posted a 30 day share price return of down 13.4% and a 1 year total shareholder return of down 49.3%, with a roughly US$52b debt package reshaping the risk profile ahead of the Warner Bros. Discovery deal closing. Paramount Skydance now trades near US$9.50, and on the most followed narrative it screens modestly cheap with a fair value estimate of about $9.81. The company is pursuing global scaling of Paramount+ through premium content, sports such as UFC and Zuffa Boxing and South Park, and year round programming, alongside consolidation of Paramount+, Pluto and BET+ onto a single tech platform and an Oracle Fusion enterprise rollout aimed at reducing run rate costs toward the US$3b efficiency target.
PSKY · Capital · Neutral Appoints Ynon Kreiz as Co-CEO ahead of the Warner Bros. Discovery deal close and after a multi-billion-dollar debt raise, reshaping leadership and risk profile.
WBD · Capital · Neutral Its acquisition by Paramount Skydance is set to close days after the leadership change, but no new terms are given.
Magnite Fair Value Raised to US$29.67 on Google AdTech Remedy Optimism
Magnite's fair value estimate has been lifted to US$29.67 from US$27.67, a roughly 7% increase, as analysts rework price targets around the Google AdTech ruling and the company's role among independent supply side platforms. The revised model assumes revenue growth of 7.66%, down slightly from 7.72%, a profit margin of 14.74% versus 14.53% previously, and a future P/E multiple of 40.94x compared with 38.44x, while the discount rate stays at 9.67%. Several firms, including BofA, StoneX, Craig Hallum, B. Riley, BTIG, Benchmark, Evercore ISI, Wells Fargo and Scotiabank, have raised their Magnite price targets through August and September 2026. Craig Hallum and B. Riley tie their higher targets to the Google AdTech ruling and remedies, viewing the outcome as supportive for independent supply side platforms, while StoneX highlights the court decision requiring Google tools to interoperate with rivals through Prebid. B. Riley cautions that any financial impact from the remedies could be gradual because of appeals and phased implementation.
MGNI · Capital · Positive Analysts raised Magnite's fair value and price targets (BofA, Craig Hallum, B. Riley, etc.) on optimism around the Google AdTech ruling and remedies.
M6 Group Restructures Finance and Technology Divisions as CFO Jérôme Lefébure Departs
Groupe M6 is simplifying the organisation of its cross-functional departments to accelerate its strategic priorities, creating a new Finance, Technologies and Transformation division led by Henri de Fontaines. The new division brings together the Finance Department, led by Emmanuelle Marti following a transition period with Jérôme Lefébure; a new Technologies, Innovation and Streaming Department formed by merging M6+ with the Technologies and Innovation Department and co-led by Valéry Gerfaud and Constance Fouquet; the Legal Department under Nathalie-Camille Martin; the Transformation Department under Claire Michaux; the Strategy Department under Baptiste Capdevielle; and the General Services Department under Jean-Christophe Ricou. Jérôme Lefébure will leave the Group at the end of November 2026 after 23 years, 12 of them as a member of the Executive Board, having served as Group CFO and then Managing Director of Finance and Support Functions. Emmanuelle Marti joins on 5 October 2026 as Group Chief Financial Officer and a member of the Executive Committee, most recently serving as Chief Financial Officer of the RMC-BFM Group. Christophe Foglio leaves at the end of the year after 18 years as Director of Technological Resources, Human Resources Director and then Transformation Director, with Claire Michaux, Deputy Transformation Director since December 2025, succeeding him as head of the Transformation Department.
Cable One in Advanced Talks on Financing With GTCR and Lenders
Cable One, Inc. announced it is in advanced discussions with GTCR LLC, certain of its existing lenders and a consortium of leading private lending institutions regarding financing transactions to address certain of the Company's forthcoming capital needs. Cable One said it is working towards enhancing its capital structure to position the company to drive growth in shareholder value. Chief Executive Officer Jim Holanda said the contemplated financings are intended to strengthen Cable One's overall financial position, while GTCR Managing Director Stephen J. Jeschke said GTCR has been working closely with Cable One to facilitate a potential transaction that would bring new capital into the business. No definitive agreements have been entered into, and there can be no guarantee that any transaction will materialize. Separately, Cable One and GTCR agreed to extend the deadline for completion of Cable One's purchase of the 55% remaining stake it does not already own in Mega Broadband Investments Holdings LLC to October 9, 2026.
CABO · Capital · Neutral Cable One is in advanced talks with GTCR and lenders on financing to address forthcoming capital needs and strengthen its capital structure, but no definitive agreements exist.
GTCR · Capital · Positive GTCR is working closely with Cable One to facilitate a potential transaction bringing new capital into the business.
Mega Broadband Investments Holdings LLC · Capital · Neutral The deadline for Cable One's purchase of the remaining 55% stake in Mega Broadband was extended to October 9, 2026.
Paramount-Warner Bros. $110 Billion Merger to Create Skydance
The combined company formed by the $110 billion merger of Paramount and Warner Bros. will be named Skydance, Paramount CEO David Ellison announced. Ellison said the name was chosen to preserve the distinct identities and legacies of both Paramount and Warner Bros. while giving the combined company an identity of its own. Skydance is the production company Ellison founded in 2006 and merged with Paramount in 2025. On Wednesday, Paramount named Mattel CEO Ynon Kreiz as co-CEO of the new company alongside Ellison, and Bloomberg reported the merger is expected to be finalized next week. The press release announcing Kreiz said the combined company will be guided by four strategic priorities: winning in content, becoming the most technologically capable media company, maximizing operational efficiencies, and earning trust.
PSKY · Capital · Positive Paramount's $110 billion merger with Warner Bros. is expected to be finalized next week, creating the combined Skydance entity.
WBD · Capital · Positive Warner Bros. Discovery is being merged into the $110 billion combined company with Paramount, expected to close next week.
MAT · · Neutral Mattel CEO Ynon Kreiz named co-CEO of the merged Paramount-Warner Bros. company, but no impact on Mattel's own business is described.
Versant Renews Multi-Year Distribution Deal With Verizon
Versant has reached a multi-year renewal of its distribution agreement with Verizon, keeping its portfolio of brands available to Verizon customers. The long-term deal covers USA Network, MS NOW, CNBC, Oxygen True Crime, Golf Channel, E!, and SYFY. With the Verizon agreement complete, Versant said it has now successfully renewed all distribution partnerships expiring in 2026. Chief Revenue and Business Officer Dave Pietrycha called Verizon a valued distribution partner and said the renewal reflects the value the portfolio delivers to distributors and audiences. Verizon SVP of Consumer Growth Matt Coakley said the company looks forward to continuing the partnership alongside a diverse array of premium programming available to Fios customers. Terms of the agreement were not disclosed.
VSNT · Demand · Positive Versant renewed its multi-year distribution deal with Verizon, keeping its brands available to Verizon customers and completing all 2026 renewals.
VZ · Demand · Positive Verizon renewed distribution of Versant's brand portfolio, maintaining premium programming for its Fios customers.
Golf Channel · Demand · Positive Golf Channel is among the Versant brands covered by the renewed Verizon distribution agreement.
MSNBC · Demand · Positive MS NOW is among the Versant brands covered by the renewed Verizon distribution agreement.
Paramount-Warner Bros. Merger to Take Skydance Name, Ellison Says
The combined company formed by the merger of Paramount and Warner Bros. will be named Skydance, Skydance chief executive David Ellison said in a post on X. Ellison said the new name was chosen to preserve the identities and legacies of both studios while giving the combined company its own corporate identity. "Both have distinct identities, extraordinary legacies, and brands that have resonated with audiences for generations," Ellison said. "We never wanted a new corporate identity to diminish, alter, or overshadow either one." He said Paramount and Warner Bros. have together shaped more than a century of entertainment and culture, and that the combined company would seek to build on the strengths of both studios, with Skydance focusing on "bold, quality storytelling" as a "creative-first home" for filmmaking and other content. The combined company intends to give Paramount and Warner Bros. the opportunity to expand their audiences globally while benefiting from Skydance's scale and capabilities, Ellison added.
TNL Mediagene to Sell Japanese Business for $5.5M in CEO-Led Buyout
TNL Mediagene agreed to sell its Japanese business for $5.5M to an investor group led by CEO Motoko Imada as the company continues to evaluate strategic alternatives. Under the agreement, the company will sell all shares of TNL Mediagene, the holding company for Mediagene and Infobahn, to MI Company, an acquisition vehicle formed by the investor group. The deal includes at least $2.5M in cash at closing, with the remaining consideration subject to specified adjustments and a secured promissory note due December 31, 2026, and is expected to close by October 30, 2026. Following the deal, TNL Mediagene will retain its Taiwan business and continue evaluating strategic alternatives involving its capital structure and ownership. TNMG's stock price jumped about 30% on Friday pre-market hours.
TNMG · Capital · Positive TNL Mediagene agreed to sell its Japanese business for $5.5M in a CEO-led buyout as it evaluates strategic alternatives, a divestiture/M&A event.
TNMWF · Capital · Positive TNMWF is the same company selling its Japanese business for $5.5M in a CEO-led buyout, a divestiture/M&A event.
Krungsri recommends buying PLANB with a target of 8.10 baht, expecting profit to jump
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.
PLANB.BK · Capital · Positive Krungsri maintains buy with 8.10 baht target, citing the iCare stake adding ~170M baht annual profit and lifting 2027 profit forecasts
COM7.BK · Capital · Positive PLANB's 860M baht subscription for 46.28% of COM7's subsidiary iCare at a low P/E, pending COM7 shareholder and OIC approval, is a valuation/financing event for COM7
PLANB jumps 6% as Globlex recommends buying after 860 million baht iCare investment
PLANB shares rose 5.56% to 7.60 baht on trading value of 249.79 million baht after Globlex Securities issued a "buy" recommendation following a deal to subscribe to new shares in iCare, an insurance business under the COM7 umbrella, worth 860 million baht. The transaction will give PLANB a 46.28% stake in iCare, funded entirely with borrowed money. The deal still requires approval from the COM7 shareholders' meeting on November 6, 2026, the iCare shareholders' meeting on November 9, 2026, and the Office of the Insurance Commission, with completion expected by the end of 2026. Globlex expects PLANB to recognize a profit share from iCare of about 211 million baht in 2027, or a return of roughly 25% against the 860 million baht investment, while borrowing costs stand at about 3.5% per year. Globlex also raised its 2027 net profit forecast by 7.2% to 1.836 billion baht and its 2028 forecast by 7.5% to 2.027 billion baht.
PLANB.BK · Capital · Positive PLANB will subscribe to 860 million baht of new iCare shares for a 46.28% stake, with Globlex expecting ~211 million baht profit share in 2027.
GBX.BK · Capital · Positive Globlex issued a buy recommendation on PLANB and raised its 2027/2028 net profit forecasts after the iCare deal.
COM7.BK · Regulation · Neutral iCare deal requires approval from COM7 shareholders' meeting; COM7 is only the umbrella parent of iCare, not the deal's subject.
Comcast's NBCUniversal to Cut Jobs in Global Streaming Tech Unit
Comcast's NBCUniversal is cutting jobs in its global streaming technology organization, with most of the reductions falling at Sky, Comcast's European media arm, though some US-based NBCUniversal employees will also be affected. The number of employees affected would depend on the outcome of consultations with employees, according to Reuters. NBCUniversal said it is proposing changes to its Global Streaming Technology organization to ensure it has the right structure and resources in place for future growth.
CMCSA · Capital · Negative Comcast's NBCUniversal is cutting jobs in its global streaming technology organization, including US-based employees.
Sky Group Limited · Capital · Negative Most of the job reductions in NBCUniversal's global streaming tech unit fall at Sky, Comcast's European media arm.
Global bond markets stumble as credit spreads hit widest in six months after flood of large deals
Global credit markets are starting to show signs of slowing, with the yield premium, or credit spread, on corporate bonds worldwide widening by about 5 basis points this week, the biggest increase since March, pushing spreads to their widest level in six months amid concerns over inflation and high interest rates. Data from Bloomberg indices showed early trading in Asian markets on Friday also signalled that selling pressure could continue, with traders saying yield premiums on investment-grade bonds rose by about 2 to 4 basis points. The weakness in credit markets contrasts with a better tone in US Treasuries after most Federal Reserve officials struck a more dovish stance. A surge in new bond supply is starting to weigh on the market, with large companies from Paramount Skydance to SoftBank Group raising funds through massive debt issuance. Paramount Skydance in particular issued 52 billion dollars of debt this week to fund the biggest acquisition in Hollywood history, and its junk-rated bonds were among the heaviest sold in early trading. Just days earlier, SoftBank raised 11.1 billion dollars through high-yield bonds to support a large AI investment plan, forcing the company to offer historically high yields, including 9.75% on 7.5-year notes, to attract investors. Sheldon Chan, a portfolio manager for Asian and emerging-market debt at T. Rowe Price Group, said rising volatility was a key factor prompting some investors to avoid the market for now, and that the market's direction from here would depend mainly on macroeconomic factors and economic conditions. Meanwhile, in the riskier part of the US bond market, credit spreads jumped above 1,000 basis points relative to US Treasuries for the first time since the regional banking crisis in 2023, after spreads rose steadily from April as investors began positioning for the Fed's next rate hike.
9984.JP · Capital · Negative SoftBank raised $11.1 billion in high-yield bonds, having to offer historically high yields including 9.75% to attract investors.
PSKY · Capital · Negative Paramount Skydance issued $52 billion of debt to fund its acquisition, and its junk-rated bonds were among the heaviest sold, signaling financing strain.
Bualuang says PLANB to invest 860 million baht for 46.28% stake in iCare, raises target to 9.30 baht
Bualuang Securities said PLANB is preparing to invest 860 million baht to acquire a 46.28% stake in iCare, with the deal expected to close in the fourth quarter of 2026. The key point is not merely adding advertising revenue in COM7 stores or generating revenue from EV7, but expanding its role from selling media space alone to participating in profit generation from services related to post-purchase insurance. iCare is expected to post net profit of 390 million baht in 2027, allowing PLANB to recognize a profit share of about 180 million baht, or roughly 150 million baht in additional net profit after deducting financial costs of 30 million baht, equivalent to a value of about 5x PER in 2027. iCare generated revenue of 487 million baht and net profit of 215 million baht in the first half of 2026. From this deal, Bualuang Securities raised its 2027 profit forecast for PLANB by 9% to 1.71 billion baht, up 41.9% year on year, driven by the added iCare profit share. Profit in 2026 is expected at 1.20 billion baht, up 8.8% year on year. It maintained its Buy recommendation and raised its target price to 9.30 baht, based on a 2027 PER of 25x.
PLANB.BK · Capital · Positive Bualuang raised PLANB's 2027 profit forecast and target price to 9.30 baht on the 860-million-baht iCare stake and added profit share.
Paramount CEO asks CNN chief to stay on after acquisition
Paramount Chief Executive David Ellison has asked CNN CEO Mark Thompson to remain at the helm of CNN after the completion of the Warner Bros. Discovery acquisition. A person familiar with the matter confirmed this to Reuters on the first of the month. The two have discussed a new contract over the past few weeks aimed at keeping Thompson on, but they have not yet reached agreement on terms. Thompson places great importance on editorial independence and is said to be seeking guarantees that he can retain broad authority over CNN's news coverage. The acquisition will bring CNN and CBS News under the same corporate umbrella, and Paramount executives are continuing to examine how the two outlets will work together after the merger. CBS News editor-in-chief Bari Weiss is expected not to be involved with CNN after the deal closes. On September 30, a U.S. federal district court approved a settlement between Paramount and 12 states led by California that had sued to block the acquisition, issuing an order allowing the deal to proceed. Under the settlement, the combined company must establish a "news editorial independence committee" to protect the editorial autonomy and fact-based reporting standards of CBS News and CNN.
PSKY · Capital · Positive Paramount's acquisition of Warner Bros. Discovery cleared a federal court settlement, allowing the deal to proceed and bringing CNN and CBS News under one umbrella.
WBD · Capital · Positive The court-approved settlement lets Paramount complete its acquisition of Warner Bros. Discovery.
CNN · Regulation · Neutral Paramount CEO asks CNN chief Mark Thompson to stay, with editorial-independence guarantees and a new editorial independence committee required under the settlement.
Fox Falls 17% After Announcing $22 Billion Roku Acquisition
Fox Corporation announced an agreement to acquire Roku for $22 billion in a mix of cash and stock, sending its shares down 17% in the next trading session. The TCW Relative Value Mid Cap Fund disclosed the reaction in its second-quarter 2026 investor letter, noting that investors were concerned about the large size of the deal, debt financing, and potential for equity dilution. Fox, Primoris, and Venture Global were the weakest performers in the fund's portfolio during the quarter. Fox closed at $62.65 on September 30, 2026, with a $26.42 billion market capitalization, and has posted a roughly 14.26% year-to-date pullback within a 52-week range of $48.34 to $76.39. The company is also facing regulatory scrutiny as the Department of Justice deepens its review of the proposed Roku acquisition.
FOXA · Capital · Negative Fox announced a $22B cash-and-stock Roku acquisition, raising concerns over deal size, debt financing, and equity dilution that drove shares down 17%.
FOXA · Regulation · Negative The DOJ is deepening its review of the proposed Roku acquisition, adding regulatory scrutiny to the deal.
ROKU · Capital · Neutral Roku is the acquisition target in Fox's $22B deal, but the article gives no clear directional read on Roku itself.
Townsquare Media and Lakes Media Network Announce Digital Advertising Partnership
Townsquare Media, Inc. announced a strategic digital advertising partnership with Lakes Media Network, a radio and digital advertising platform with six radio brands serving Southside Virginia and Northern North Carolina. Under the agreement, Lakes Media Network's sellers will gain access to Townsquare Ignite's proprietary programmatic platform, advanced audience targeting and transparent performance reporting, allowing clients to run one coordinated campaign across radio, digital and every device. Townsquare launched its Media Partnerships division within Townsquare Ignite in 2024 to bring its digital advertising solutions to other local media companies through a white-label service, with digital now contributing more than half of the Company's total revenue and profit. Shaun Collignon, CRO of Townsquare Ignite, said the partnership lets Lakes Media grow its business without having to build that infrastructure itself. Tom Birch, Owner and President of Lakes Media Network, said the collaboration gives its local and regional clients access to data and comprehensive multi-channel strategies for lead generation, acquisition and engagement.
TSQ · Demand · Positive Townsquare Ignite signs a digital advertising partnership with Lakes Media Network, expanding its programmatic ad platform to new clients.
Lakes Media Network · Demand · Positive Lakes Media Network gains access to Townsquare Ignite's programmatic platform, letting its sellers offer coordinated multi-channel campaigns to clients.
Paramount Skydance Prices $41.4B Notes, €885M Euro Notes
Paramount Skydance said Wednesday it agreed to sell $41.4 billion of senior secured notes, along with €885 million of euro-denominated notes, as part of a debt offering spanning maturities through 2066. The offering includes $30 billion of first-lien notes and $11.4 billion of second-lien dollar notes, with interest rates ranging from 6.30% to 9.125%, and the sale is expected to close Oct. 5, subject to customary closing conditions. The company also priced an incremental term loan facility comprising an $8.5 billion U.S. dollar tranche and a €850 million euro tranche, both maturing in 2033, with the dollar tranche increased from $7.5 billion and a corresponding reduction in the aggregate principal amount of the first-lien notes. Separately, a California federal judge approved Paramount Skydance's settlement with 12 state attorneys general, allowing its $110 purchase of Warner Bros. Discovery to be completed. US District Judge Araceli Martínez-Olguín in Oakland approved the settlement in an order Wednesday.
PSKY · Capital · Neutral Paramount Skydance priced $41.4B of senior secured notes plus €885M euro notes and an $8.5B term loan, a major debt financing event.
PSKY · Regulation · Positive A California federal judge approved the settlement with 12 state attorneys general, clearing the way for its $110 purchase of Warner Bros. Discovery.
WBD · Regulation · Positive The court approval of the settlement allows Paramount Skydance's acquisition of Warner Bros. Discovery to be completed.
PLANB Jumps 6%, Tisco Raises Target to 8 Baht on 860 Million Baht iCare Investment Deal
Shares of Plan B Media Public Company Limited, or PLANB, rose 6.47% to 7.40 baht on trading value of 128.00 million baht after Tisco Securities stated in an analysis that the PLANB board approved subscribing to newly issued shares of iCare Insurance totaling 1,126.3 million shares, or 46.28% of the shares after the capital increase, at 0.7636 baht per share, for a total investment value of 860 million baht. The transaction is expected to be completed by the end of 2026. After the capital increase, iCare will become a joint venture of both PLANB and Com Seven Public Company Limited, or COM7, with each holding an equal direct stake of 46.28% in iCare, while PLANB holds 11.01% of COM7. Tisco views the deal as a long-term positive, noting that iCare's profit rose from 62 million baht in 2024 to 148 million baht in 2025 and 219 million baht in the first half of 2026, which included an extraordinary item of about 61 million baht, leaving normalized profit at approximately 158 million baht, or about 316 million baht on an annualized basis, equivalent to a 2026 price-to-earnings ratio of about 5.9 times, below the roughly 9 times at which insurance businesses trade. Tisco also raised its 2026-2027 profit forecasts by 8% and 32% respectively, excluding the iCare business, and maintained its buy recommendation with a 2027 target price of 8.00 baht per share based on the sum-of-the-parts method, applying a price-to-earnings ratio of 25 times for PLANB and 17 times for COM7.
PLANB.BK · Capital · Positive PLANB board approved an 860 million baht investment in iCare and Tisco raised its target price to 8 baht with higher profit forecasts.
COM7.BK · Capital · Neutral COM7 is a joint-venture partner in the iCare deal and referenced in Tisco's sum-of-the-parts valuation, but the news is not about COM7 itself.
TISCO.BK · Capital · Neutral Tisco Securities is the analyst issuing the report and target price, not a subject of the news.
US court approves Paramount's Warner acquisition; Mattel's Kreiz to become co-CEO
A US federal court on the 30th issued an order approving the completion of US media giant Paramount's acquisition of Warner Bros., moving forward a deal that had been stalled for months. US District Judge Martinez-Orguin approved a settlement reached on September 21 with 12 states led by California. Under the settlement, the combined company must release at least 30 films in US theaters each year for five years and add 300 million dollars a year to its US production spending; if it fails to meet the release threshold, it could be forced to sell the distributor Miramax. The two companies also settled an antitrust lawsuit brought by the Writers Guild of America, agreeing to pay 17.5 million dollars into the union's health fund and to maintain union member employment levels at CBS News for five years. Paramount announced that Ynon Kreiz, CEO of US toy giant Mattel, will serve as co-CEO to lead the combined company; Kreiz will join on the 5th and become co-CEO alongside Chairman and CEO David Ellison when the acquisition closes, overseeing day-to-day operations and integration. The two companies said the acquisition is expected to be completed on the 6th.
PSKY · Regulation · Positive US federal court approves Paramount's acquisition of Warner Bros., clearing the regulatory/antitrust hurdle that had stalled the deal.
WBD · Regulation · Positive Court approval of the settlement clears the antitrust obstacles, allowing Warner Bros. Discovery to be acquired by Paramount.
Miramax · Regulation · Negative Under the settlement, the combined company could be forced to sell distributor Miramax if it fails to meet the 30-films-per-year theatrical release threshold.
MAT · · Neutral Mattel CEO Ynon Kreiz named co-CEO of the combined Paramount-Warner company, a leadership change but no stated impact on Mattel's own business.
Paramount Skydance and Warner Bros. Discovery expect to close merger on Oct. 6
Paramount Skydance and Warner Bros. Discovery said on Wednesday, Sept. 30, that they expect their merger to be completed on Oct. 6, combining the entertainment and streaming businesses of the two U.S. media companies. The merger agreement announced in February calls for Warner Bros. Discovery shareholders to receive $31 per share in cash, and if the deal closes after Sept. 30, shareholders will receive an additional $0.00277778 per share for each day of delay until the transaction is completed. If the deal closes on Oct. 6 as scheduled, Warner Bros. Discovery shareholders will receive a total of $31.01666668 per share. Both companies also said the closing remains subject to customary conditions. After the merger, Warner Bros. Discovery's businesses, which include HBO Max, Warner Bros., CNN and Discovery, will be combined with Paramount Skydance's assets, which include Paramount Pictures, CBS, Nickelodeon, Paramount+ and Pluto TV. The transaction marks a major consolidation in the global media industry as companies seek greater scale in the film, television and streaming sectors.
PSKY · Capital · Positive Paramount Skydance expects to close its merger with Warner Bros. Discovery on Oct. 6, combining the two media companies.
WBD · Capital · Positive Warner Bros. Discovery shareholders will receive $31 per share cash plus a delay premium, with the merger expected to close Oct. 6.
Mattel CEO to step down, Condé Nast's Lynch named successor; Kreiz to become Paramount co-CEO
U.S. toy giant Mattel announced on the 30th that Chief Executive Officer Ynon Kreiz is stepping down and that Roger Lynch, CEO of publishing giant Condé Nast, will be promoted to succeed him. Lynch has served on Mattel's board since 2018 and is expected to take over as CEO by November 2. U.S. media giant Paramount Skydance announced the same day that it will bring in Kreiz as co-CEO effective October 5, with him also serving on the board. The company has signed a deal to acquire Warner Bros. Discovery for about 110 billion dollars. Meanwhile, Condé Nast, where Lynch has served as CEO for about seven years, has named board member Mike Parisi as interim CEO. Kreiz pushed forward Mattel's transformation into an entertainment company and expanded the business, including the blockbuster film "Barbie" in 2023, but now faces higher tariffs on imported goods under the Trump administration and pressure from activist investors.
Paramount Skydance Prices $41.4 Billion and €885 Million Notes, $8.5 Billion and €850 Million Term Loan B
Paramount Skydance Corporation has agreed to sell $41.4 billion and €885 million in senior secured notes and priced an $8.5 billion and €850 million incremental Term Loan B facility, with the proceeds earmarked for its acquisition of Warner Bros. Discovery. The notes offering comprises $30 billion of first lien senior secured notes across eight tranches, from $3.5 billion of 6.30% notes due 2028 to $1.25 billion of 8.90% notes due 2066, alongside $11.4 billion and €885 million of second lien senior secured notes, including $6 billion aggregate principal amount of 8.250% Senior Secured Second Lien Notes due 2031, €885 million of 7.000% second lien notes due 2031, $4 billion of 8.875% notes due 2034 and $1.4 billion of 9.125% notes due 2036. The Incremental Term B Facility consists of an $8.5 billion U.S. dollar tranche, increased from $7.5 billion as previously announced with a corresponding reduction in the first lien notes, and a €850 million euro tranche; the dollar tranche is issued at 99.75% of face value and bears interest at Term SOFR plus 2.75% per annum, while the euro tranche is issued at 100% of face value and bears interest at EURIBOR plus 2.75% per annum, with the facility maturing in 2033. The notes sale is expected to close on October 5, 2026, subject to customary closing conditions. Paramount Skydance intends to use the net proceeds, together with cash on hand, borrowings under previously announced term loan financings and the net proceeds of its previously announced equity financing, to finance the purchase price for its acquisition of Warner Bros. Discovery and repay certain existing debt, and it noted that consummation of the notes offerings is not a condition to the acquisition.
PSKY · Capital · Neutral Paramount Skydance prices $41.4B and €885M in notes plus $8.5B/€850M Term Loan B to fund its Warner Bros. Discovery acquisition, a major debt-financing event.
WBD · Capital · Neutral Warner Bros. Discovery is the acquisition target being financed by Paramount Skydance's notes and term loan proceeds.
Paramount and Warner Bros. Discovery Expect Merger to Close Oct 6
Paramount Skydance and Warner Bros. Discovery said on Wednesday they expect their merger to close on Oct. 6, bringing the two U.S. media companies closer to combining their entertainment and streaming businesses. The companies said the closing remains subject to customary conditions. The merger agreement, announced in February, provides for WBD shareholders to receive $31 in cash per share, with an additional payment of $0.00277778 for each calendar day after Sept. 30 until the deal closes. If the transaction closes on Oct. 6 as expected, WBD shareholders will receive $31.01666668 per share, the companies said. The deal would combine WBD's portfolio, which includes HBO Max, Warner Bros., CNN and Discovery, with Paramount's assets including Paramount Pictures, CBS, Nickelodeon, Paramount+ and Pluto TV, marking a major consolidation in the global media industry as companies seek greater scale in film, television and streaming.
PLANB subscribes to iCare's capital increase worth 860 million baht, holding a 46.28% stake
Plan B Media Public Company Limited, or PLANB, owned by Praphan Lochankosin, has announced the subscription of 1,126.30 million newly issued shares of iCare Insurance Public Company Limited, or iCare, a subsidiary of COM7, representing a 46.28% stake at 0.7635604 baht per share, for a total value of 860 million baht. The purpose is to generate returns from long-term investment, capitalizing on growth opportunities in the mobile phone insurance and electronic device protection business. This deal follows PLANB's recent additional investment of no more than 263 million shares in Com Seven Public Company Limited, or COM7, representing an 11.01% stake, with a total value of no more than 7,219 million baht. As for iCare's performance, it has recovered from losses in the hundreds of millions of baht three years ago. In 2023, it had total revenue of 107.19 million baht and net profit of 16.78 million baht. In 2024, it had total revenue of 440.38 million baht and net profit of 47.19 million baht. In 2025, it had total revenue of 248.09 million baht and net profit of 148.30 million baht. Meanwhile, its net profit margin rose from 15.66% in 2023 to 59.78% in 2025. Krungsri Securities expects this deal to potentially generate an additional 200 million baht in profit per year for PLANB, or an upside of around 11-13% to 2027 profit, and has named it a Top Pick in the sector.
PLANB.BK · Capital · Positive PLANB subscribes to iCare's 860M baht capital increase for a 46.28% stake, expected to add ~200M baht profit/year and named a Top Pick.
iCare Insurance Public Company Limited · Capital · Positive iCare receives an 860M baht capital injection from PLANB via newly issued shares, funding growth in device-protection insurance.
COM7.BK · Capital · Neutral iCare, a subsidiary of COM7, is issuing new shares to PLANB; COM7 is only context as the parent, no direct COM7 action.
PLANB posts 297 million baht profit in Q2 2026, up 10%
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.
Judge Approves Settlement Clearing Paramount's $111-Billion Warner Bros. Discovery Deal
A federal judge in Oakland has approved a settlement allowing Paramount Skydance Chief Executive David Ellison to finalize his $111-billion acquisition of Warner Bros. Discovery, a deal that could close by early next month. The five-year consent decree requires the combined Paramount-Warner Bros. to release 30 films in theaters each year, commit an additional $1.5 billion to domestic film production and set aside $47.5 million for workers who may be adversely affected by the merger. It also creates a five-member panel to monitor editorial independence at CBS News and CNN, though critics note the Ellisons control the board appointments, and bars Paramount from selling or closing its Melrose Avenue campus in Hollywood or the larger Warner Bros. lot in Burbank, which must be operated in a manner consistent with past practices for at least five years. An independent monitor is expected to oversee implementation, and Paramount will face restrictions on how it wields clout in negotiations over distribution of its basic cable TV channels. The merger has been unpopular in Hollywood, with opponents accusing California Atty. Gen. Rob Bonta, who led negotiations with Paramount, of caving to political pressure from Gov. Gavin Newsom and Los Angeles Mayor Karen Bass, who publicly urged him to abandon his court fight in favor of settlement talks.
PSKY · Capital · Positive Judge approves settlement clearing Paramount Skydance's $111-billion acquisition of Warner Bros. Discovery, allowing the deal to close.
WBD · Capital · Positive Settlement approval clears the way for Warner Bros. Discovery to be acquired by Paramount Skydance in the $111-billion deal.
CNN · Regulation · Neutral Settlement creates a five-member panel to monitor editorial independence at CNN, though critics note the Ellisons control board appointments.
Omnicom Q3 2026 Earnings Expected to Rise 19.6% on Interpublic Synergies
Omnicom is projected to post a 19.6% year-over-year increase in third-quarter 2026 earnings, with full-year 2026 earnings expected to rise 21.4% and revenues anticipated to grow 49.6%, according to Zacks Investment Research. The company is leveraging post-Interpublic acquisition capabilities to deepen client relationships, expanding services in the second quarter of 2026 for clients including American Express, General Mills and Uber, and securing integrated media wins with Adidas, IBM and Subway. Omnicom repurchased about $3 billion of shares in the first half of 2026, declared an 80-cent quarterly dividend in July, and plans roughly $500 million of additional buybacks in 2026, with shares outstanding at 274.3 million as of July 22. Advertising organic revenues declined by high single digits in the second quarter of 2026 and accounted for 15.7% of Core Operations revenues, while Integrated Media and Experiential & Other each grew more than 10%. The Interpublic acquisition pushed gross long-term debt to $10.2 billion at quarter-end, with net interest expense rising to $93 million from $41 million a year earlier, and management expects 2026 net interest expense to increase by about $200 million from the $167 million reported in 2025. Omnicom currently carries a Zacks Rank #3 (Hold).
OMC · Capital · Positive Projected 19.6% Q3 earnings growth, 21.4% FY growth, $3B buybacks plus $500M more planned, and 80-cent dividend.
OMC · Demand · Positive Post-Interpublic integrated media wins with Adidas, IBM and Subway and expanded services for American Express, General Mills and Uber.
Future PLC Pauses £30 Million Buyback, Shares Fall 7.4%
Future PLC shares fell 7.4% after the company said it will pause its share buyback program to focus on reducing debt in fiscal 2027. The global specialist media platform said trading trends in the second half have been largely as expected and that it will deliver results in line with market expectations for fiscal 2026, with the company-compiled consensus for the year ending September 30, 2026, consisting of revenue of £707 million, adjusted EBITDA of £180 million, and adjusted EPS of 101 pence, with leverage at 1.7x. The Board decided to pause the current share buyback, of which approximately £24 million of the £30 million program has been executed, to focus on deleveraging in fiscal 2027. The company confirmed it will continue with its current dividend policy and said it is executing against its strategy as part of its continuous review of capital allocation priorities. Future will announce its full-year results on December 3, 2026.
SES and Sky Extend Satellite Capacity Deal Into Next Decade
SES and Sky have signed a new multi-year agreement extending their long-standing partnership for direct-to-home satellite services across the United Kingdom and Republic of Ireland, running into the next decade. Under the deal, Sky will continue to use SES satellite capacity at the 28.2 degrees East orbital position to deliver television services to millions of households in the region. The renewal extends a partnership that dates to 1988 and reinforces satellite's ongoing role in delivering premium television experiences at scale. Sky Group Chief Operating Officer Nick Herm said satellite continues to play an important role in how the company delivers services to customers across the UK and Ireland, while SES President Media Vertical Deepak Mathur called the significant multi-year renewal a demonstration of the confidence leading broadcasters continue to place in satellite. SES is headquartered in Luxembourg and listed on the Paris and Luxembourg stock exchanges under the ticker SESG.
SESG.PA · Demand · Positive SES signed a multi-year renewal with Sky to continue providing satellite capacity at 28.2°E for DTH TV across UK and Ireland.
Sky Group Limited · Supply · Positive Sky secured continued SES satellite capacity at 28.2°E to deliver TV services to millions of households into the next decade.
Stocks to Watch Today: Thai Airways Races to Clear 5,600 Bags, PLANB to Subscribe to iCare Capital Increase
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.
PLANB.BK · Capital · Positive PLANB board approved subscribing to 46.28% of iCare's 860 million baht capital increase, expected to add 200 million baht annual profit with analyst buy rating and 8.10 baht target.
THAI.BK · Supply · Negative Thai Airways is racing to clear 5,600+ unclaimed bags after all flights were delayed and 60 flights per day cancelled, a major operational/supply disruption.
MMM.BK · Demand · Positive MMM launched mortgage, sale-with-redemption and housing loans via Keha Songkhro Capital, targeting a 700 million baht loan portfolio by 2028.
STECON.BK · Demand · Positive STECON expects 2026 revenue above its 35 billion baht target, with 2027 seen at 50-60 billion baht driven by data centres and state megaprojects.
TASCO.BK · Supply · Positive TASCO confirmed 1.52 million barrels of Venezuelan crude inventory lasting through Q1 2027, lifting asphalt output 10-15%, a supply-side positive for the asphalt producer.
AOT.BK · Supply · Neutral AOT brought onto Thai Airways' team to help clear 5,600 unclaimed bags after mass flight delays and cancellations; impact on AOT itself unclear.
DBS Vickers maintains Buy on PLANB with target price of 7.10 baht after 46.28% investment in iCare
DBS Vickers has a positive view on PLANB's investment in iCare, a subsidiary of COM7 that provides non-life insurance services. PLANB acquired 1,126 million newly issued shares, representing a 46.28% stake, for 860 million baht, or a PBV of 2.8x, using 100% debt financing. PLANB will recognize this as equity income, and the brokerage views the investment value as inexpensive at a PE of 4.1x. It expects equity income recognition in December 2026, with an initial interest rate assumption of 3%. It estimates iCare's earnings for 2026E and 2027E at 415 million baht and 450 million baht, respectively, and expects PLANB's net carry to be 14 million baht in 2026E and 188 million baht in 2027E. As for the plan to take a stake in iCare, it sees this as an extension into a business with clear growth potential, expecting synergies from using PLANB's OOH media to advertise and expand iCare's customer base. It maintains its 2026E net profit forecast of 1,258 million baht, up 14% YoY, which does not yet include the COM7 and iCare deals, and maintains its Buy recommendation with a target price of 7.10 baht, based on a 2026E PER of 26x.
PLANB.BK · Capital · Positive PLANB acquires a 46.28% stake in iCare for 860 million baht, which DBS Vickers views as inexpensive and maintains Buy with a 7.10 baht target price.
Xinhua Media hits 7th consecutive daily limit-up with short-term gain over 100%; company flags risks and plans major asset restructuring
A-share publishing stock Xinhua Media opened limit-up on September 30, sealing its 7th consecutive daily limit-up. As of press time, the stock traded at 10.35 yuan per share, with limit-up orders exceeding 6.01 million lots, intraday turnover of only 0.81%, and a latest total market value of 10.8 billion yuan. Since September, the stock has surged 100.19%, with a cumulative gain of 94.92% over the past seven trading days, repeatedly triggering abnormal trading volatility. On September 30, Xinhua Media issued another risk warning announcement, stating that after self-inspection, the company's production and operations remain normal, with no major changes in its internal or external operating environment, no change in its main business, and no involvement in hot market concepts. Xinhua Media said it is planning a major asset restructuring, and whether the transaction can obtain approval from relevant authorities, as well as the timing of final approval, remains uncertain. On the financial data front, for the full year 2025, the company's net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was negative 16.2975 million yuan, and its main business gross margin for 2025 was 24.76%, down 0.74 percentage points year-on-year.
600825.CG · · Neutral Stock hit 7th consecutive limit-up on speculative trading with no company-specific driver; company flagged risks, no change in main business, and no involvement in hot market concepts.
600825.CG · Capital · Neutral Company is planning a major asset restructuring whose approval and timing remain uncertain.
Xinhua Media hits 7th consecutive daily limit up, plans to acquire 100% of Shanghai Interface Cailianshe Technology
Xinhua Media hit the daily limit up again on September 30, recording its seventh consecutive limit-up. On the evening of September 29, Xinhua Media issued an announcement on abnormal stock trading fluctuations and a risk warning, stating that since resuming trading, its cumulative gain had reached 77.21%, with relatively large short-term volatility. As of September 28, the latest rolling price-to-earnings ratio for the company's industry, news and publishing, was only 17.47, while the company's latest rolling price-to-earnings ratio was 209.34, significantly higher than the industry average, and there may be irrational speculation. Previously, on September 19, Xinhua Media issued a preliminary plan announcement for a share issuance to purchase assets and a related-party transaction, proposing to buy 100% equity in Shanghai Interface Cailianshe Technology from 13 counterparties including Shanghai United Media Group Culture New Media Investment Management. The transaction is expected to constitute a major asset restructuring. According to the announcement on the evening of September 29, as of September 29, the audit and evaluation work involved in this major asset restructuring had not yet been completed, and the necessary internal decision-making procedures still needed to be fulfilled. It can only be formally implemented after approval by the competent regulatory authorities, and there is uncertainty as to whether the transaction can obtain approval from the relevant authorities and the timing of final approval.
600825.CG · Capital · Neutral Xinhua Media plans a major asset restructuring to acquire 100% of Shanghai Interface Cailianshe Technology, but audit/valuation is incomplete and regulatory approval is uncertain.
KGEN hints at strong Q3 as OJMT plant output tops 20,000 vehicles
Kanit Srivachiraprapha, Chairman of the Advisory Board of King Gen Public Company Limited, or KGEN, disclosed that the company's third-quarter 2026 operating results are clearly improving over the second quarter of 2026, driven by higher car sales and by the Omoda & Jaecoo Manufacturing (Thailand) Company Limited, or OJMT, vehicle assembly plant, which has continued to expand production capacity, pushing profit margins higher. Cumulative output at the plant has now passed the 20,000-vehicle mark, and it is currently producing more than 4,000 vehicles a month. The company plans to hold a shareholders' meeting to raise 252 million baht in capital for Rayong Wire Industries Public Company Limited, or RWI, on 22 October, with the funds expected between 26 October 2026, and will use the money to increase its stake in the OJMT plant from 51% to 60%. As a result, in the fourth quarter of 2026 KGEN will fully consolidate the plant's sales and operating results into its financial statements, driving total revenue growth to jump sharply. This year output is expected at around 40,000 vehicles, while for 2027 the target is to run at full capacity of 80,000 vehicles a year. Most recently, the company launched the iCAUR V27 REEV, a hybrid model with a maximum driving range of 1,000 kilometres, starting at just 999,900 baht, with deliveries beginning on 1 October. It has drawn more than 3,000 bookings at the Big Motor Sale event.
KGEN.BK · Capital · Positive KGEN's Q3 2026 results are clearly improving on higher car sales and expanded OJMT output, with full consolidation of the plant from Q4 set to sharply lift revenue.
KGEN.BK · Demand · Positive The newly launched iCAUR V27 REEV drew over 3,000 bookings at the Big Motor Sale event, signaling strong end-customer demand.
RWI.BK · Capital · Positive RWI shareholders will meet on 22 October to raise 252 million baht in capital, with funds expected from 26 October 2026.
Omoda & Jaecoo Manufacturing (Thailand) · Supply · Positive OJMT's assembly plant has expanded capacity past 20,000 cumulative vehicles and now produces over 4,000 vehicles a month, with output targeted at 40,000 this year and 80,000 in 2027.
Thryv Hires Robin Brenner as SVP of Ecosystems and Partnerships
Thryv has named Robin Brenner as its senior vice president of Ecosystems and Partnerships, a newly created role in which she will lead the company's partner ecosystem strategy and expand channel and technology partnerships supporting its growth. Brenner brings more than 15 years of experience bridging technology, partnerships and business outcomes at Cisco, Fujitsu, Hewlett Packard and Microsoft, and most recently served as head of technology partnerships at Paylocity, where she launched and scaled that company's first partnership program and marketplace. Thryv President Grant Freeman said partners represent a significant opportunity to accelerate customer acquisition, expand market reach and create new value for its small business customers, and that Brenner's expertise in building partner programs and technology alliances will be instrumental in accelerating partner-led customer acquisition. Brenner said she is excited to build a partner ecosystem that expands Thryv's revenue channels and creates new opportunities for AI innovation. Thryv, which trades on Nasdaq under the ticker THRY, provides an AI-powered growth platform used by approximately 100,000 businesses globally.
THRY · Demand · Positive Thryv created an SVP of Ecosystems and Partnerships role to build partner-led customer acquisition and expand revenue channels, a concrete channel/end-demand growth initiative.
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