Plan B Media PCL

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.