The ONE Enterprise Public Company Limited

The One Enterprise Public Company Limited, or ONEE, informed the Stock Exchange of Thailand that its board meeting No. 2/2569 on 11 May 2569 approved the establishment of a new subsidiary, investing through GMMTV Company Limited, an indirect subsidiary wholly owned by the company via GMM Channel Holding Company Limited at 100%. The new company is named Studio Wabi Sabi Company Limited, registered on 14 September 2569, with the objective of producing and developing content as well as providing full-service artist management. The company has registered capital of 7 million baht, divided into 70,000 ordinary shares with a par value of 100 baht each, of which GMMTV holds 35,699 shares, or 51%, Mr. Siwat Sawasmaneekul holds 34,300 shares, or 49%, and Mr. Sathaporn Panichraksapong holds 1 share, or 0%, totalling 70,000 shares, or 100%. The funds used to establish the new company come from the working capital of GMMTV Company Limited.

The One Enterprise Public Company Limited, or ONEE, revealed its Q2/2026 operating results during an earnings call, with total revenue of 2,259.36 million baht, up 26.27% from the same period last year, and net profit of 67.88 million baht, growing 40.77% from the previous quarter. The Idol Marketing business group was the main engine, generating revenue of 1,416.83 million baht, up 75.83% from the previous year, from managing over 300 artists. Revenue from concerts and events was 507.43 million baht, up 73.35%, and licensed merchandise business brought in 433.05 million baht, up 139.49%. As of June 30, 2026, the company had cash and cash equivalents of 1,606.88 million baht, a net increase of 536.03 million baht from the end of 2025. For 2026, the company is advancing its four-pillar strategy, which includes elevating Thai content to an international level, expanding into niche target markets, further developing the Idol Marketing Ecosystem, and promoting the oneD application as a Digital Entertainment Hub.

The One Enterprise Public Company Limited, or ONEE, has announced its revenue target for 2026, aiming for double-digit growth. The company is highlighting its Idol Marketing Ecosystem business as a key mechanism to generate profits and compensate for the slowdown in advertising spending. It is also investing approximately 100 million baht to develop the OneD application to drive long-term growth. Mr. Naranj Pumsiri, Group Chief Financial Officer, stated that the second half of the year is expected to see better growth than the first half, driven by seasonal factors and the strong momentum of the Idol Marketing business. Recently, the company launched GEMM House, a character café, to create a meeting point for fans. Meanwhile, the Content Marketing business continues to face pressure from economic conditions that have kept advertising spending flat or slowing down, necessitating cost control and revenue generation from other businesses to compensate. The gross profit margin for the Content Marketing group is trending down from its previous high of 40-50%, but the Idol Marketing business has a strong gross profit margin and is beginning to significantly offset the lost advertising revenue. Regarding digital television licenses that will gradually expire in 2028-2029, the company is preparing to become a full-fledged content provider and build an ecosystem on OneD to retain its viewer base. In the second quarter of 2026, the company reported total operating revenue of 2,247.51 million baht, up 26.27% year-on-year, with Idol Marketing revenue accounting for 63% of total revenue. Net profit stood at 67.88 million baht, down 21.62% due to higher cost of sales and SG&A expenses.

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.

The One Enterprise Public Company Limited, or ONEE, reported a normalised profit for the second quarter of 2026 of 73 million baht, up 36 percent from the previous quarter but down 15 percent from a year earlier. This was above the 56 million baht forecast by Yuanta Securities, as revenue and EBITDA margin came in better than expected. Total operating revenue was 2.248 billion baht, growing 23 percent quarter-on-quarter and 26 percent year-on-year. The Idol Marketing business, one of the company's segments, stood out with revenue of 1.417 billion baht, up 31 percent from the previous quarter and 76 percent from a year ago. This comprised Artist Management at 507 million baht, Concert and Event at 476 million baht, and Merchandising at 433 million baht. Meanwhile, the Content Marketing business posted revenue of 792 million baht, down 16 percent year-on-year. Gross profit margin declined to 30.9 percent from 33.8 percent a year earlier, and EBITDA margin fell to 20.8 percent from 26.5 percent, due to a higher proportion of lower-margin businesses. Yuanta Securities upgraded its recommendation from Sell to Trading, maintaining a 2026 target price of 3.15 baht.