DAOL Securities stated that COM7 has notified the resolution of its shareholders' meeting approving two board seats for PLANB, expanding COM7's board structure from seven seats to nine seats, with PLANB receiving two seats, representing a 22% proportion, which is considered to carry control influence. As a result, PLANB will change its recognition of returns from dividends only to the equity method immediately, driving significant profit growth. The research team holds a positive view on the COM7 deal, in which PLANB currently holds an 11.01% stake, because it helps increase media capacity and expand the customer base, extending the growth of OOH revenue in the long term. Net carry under the equity method is expected at 53 million baht in 2026E before turning to 422 million baht in 2027E. However, the research team's assumptions still exclude upside from synergies. The new target price for 2026E is 7.40 baht and for 2027E is 10.5 baht, based on 26x PE. The research team maintains its net profit estimate for 2026E at 1,258 million baht, up 14% YoY, but still excludes the COM7 deal from its estimates. It also maintains a buy recommendation and keeps the target price at 7.10 baht, based on 2026E PER of 26x. Currently PLANB trades at 2026E PER of 22.7x. The research team continues to favor PLANB for its leadership in the OOH media business and expects it to be one of the biggest beneficiaries of the economic recovery and advertising spending.
Plan B Media PCLPLANB gains two COM7 board seats and switches to equity-method recognition, driving significant profit growth and a higher target price.
Com7 PCLCOM7 shareholders approved expanding its board to nine seats with two for PLANB, a governance change; no clear positive or negative for COM7 itself.
