BEC World Public Company Limited

Major investor Hatairat Chulangkul is set to receive interim dividends for the first half of 2026 from six companies in her portfolio, totaling 39,966,492 baht, with payments scheduled during the first half of September 2026. The breakdown is as follows: BEC at 10,684,664 baht, payable on September 10; GRAMMY at 10,119,185 baht, payable on September 11; NNCL at 10,123,393 baht, payable on September 10; ONEE at 4,742,832 baht, payable on September 4; SAMART at 2,461,326 baht, payable on September 11; and TKN at 1,835,092 baht, payable on September 11. A portfolio review in August 2026 showed that Hatairat adjusted her holdings in two companies, increasing her stake in BEC to 267,116,600 shares, or 13.36%, from 266,452,000 shares, or 13.32%, and raising her stake in TKN to 13,107,800 shares, or 0.95%, from 11,481,700 shares, or 0.83%. Meanwhile, in September 2026, BEC's share price fell 0.51% and TKN's dropped 0.96%. Krungsri Securities recommends Reduce on BEC with a target price of 1.38 baht, noting that shrinking television media spending continues to pressure earnings. Although the company's financial position remains strong with net cash of about 1.92 baht per share, revenue from new businesses has not been able to offset the decline in advertising revenue significantly. The brokerage expects second-half 2026 results to recover as pressure from the war eases and revenue from events and artist management increases, though the effective tax rate remains high and the future of digital TV concessions is still unclear.

Yuanta Securities has lowered its fundamental value for BEC World Public Company Limited, or BEC, from 2.34 baht to 1.70 baht and changed its recommendation to sell, citing a continued slowdown in television advertising revenue. Although the second half of 2026 will be supported by artist events, concerts, foreign licensing, and films, these are expected to offset the decline in advertising revenue only partially. Yuanta Securities has cut its normalized profit estimates for 2026 and 2027 by 30% and 32% to 147 million baht, down 20% year on year, and 170 million baht, up 16% year on year, respectively, after reducing revenue estimates by 20% and 18% to 3.428 billion baht and 3.638 billion baht to reflect weaker-than-expected television advertising revenue and lower gross margin assumptions. BEC is accelerating revenue generation from content and its fan base through a Single Content, Multiple Platforms model, including a partnership with M Studio to release the films Thee Yod: Sing Khao Bok in September and Suk Sutthai in November 2026 as new revenue sources late in the year. However, these new revenue streams remain small relative to television advertising revenue, so the company's ability to generate profit and expand its non-TV revenue share will need to be monitored.

Second quarter 2025 results for three digital TV stocks show only ONEE remained profitable, with net profit of 72 million baht, down 15 percent from the same period last year. BEC posted a net loss of 14 million baht, while WORK reported a net loss of 11 million baht. ONEE booked total revenue of 2.26 billion baht, up 26.27 percent year on year, driven by standout growth in its Idol Marketing business, which generated 1.42 billion baht, a 75.83 percent increase and 63.0 percent of total operating revenue. BEC recorded operating revenue of 877 million baht, down 154.5 million baht, or 15 percent, from the same period last year, as advertising airtime revenue contracted 21.9 percent amid geopolitical tensions that raised energy and production costs, prompting advertisers to curb spending. WORK posted total revenue of 465.76 million baht, down from the same period last year, mainly due to lower television program revenue as advertising spending slowed, even though revenue from concerts, stage plays, event organizing, and merchandise sales increased.