Asia Plus Securities has assessed COM7 shares after yesterday's shareholders' meeting approved the appointment of two additional directors, expanding the board from seven to nine members. Both are executives from Plan B Media Public Company Limited, or PLANB: Mr. Parin Lojanagosin, a major shareholder and Chief Executive Officer, and Mr. Phinijsorn Luechaikhajornphan, Chief Marketing Officer. PLANB previously invested in COM7 shares and currently holds 11.01% of the company's paid-up registered capital. Today COM7 begins selling the iPhone 18 on its first day, following strong reception and pre-orders. Starting prices for the iPhone 18 Pro and iPhone 18 Pro Max are about 8% to 11% higher than the launch prices of the iPhone 17 Pro and iPhone 17 Pro Max, and the company will begin recognizing revenue from September. The foldable-screen iPhone Duo, the most expensive model, starts at 79,900 baht and will go on sale in October. The research team views the addition of two PLANB directors as positive for both COM7 and PLANB, expecting synergies in the fourth quarter of 2026 through management of advertising space at COM7's nearly 1,400 branches, as well as advertising media on roughly 5,000 EV7 taxis this year. However, this upside is not yet included in estimates. For third-quarter 2026 earnings trends, the research team expects a slight decline quarter-on-quarter due to the low season and the fact that not all iPhone 18 models have launched, with the Standard model likely to debut in late first-quarter 2027. Still, profit is expected to grow strongly year-on-year, driven by the UFUND business, lending, and iCare electronic device insurance, which benefit from iPhone sales. The research team maintains its conservative net profit forecast for 2026 at 4.8 billion baht, up 18% year-on-year, and keeps its Trading recommendation with a 2027 target price of 33.00 baht, based on a PER of 14.9 times, the long-term average. It also expects strong year-on-year profit growth in the third quarter of 2026, accelerating in the fourth quarter of 2026 during the high season.
Com7 PCLCOM7 begins selling the iPhone 18 with strong pre-orders and reception, driving revenue from September.
Plan B Media PCLPLANB's two executives join COM7's board, expected to create synergies via advertising at COM7 branches and EV7 taxis.
