Bualuang Securities estimates that JAS will remain deeply in the red in the second quarter of 2026 even as revenue rises to 1.4 billion baht, up 106% year on year and flat quarter on quarter. Media and content revenue came in at 811 million baht, up 876% year on year but down 11% quarter on quarter, supported by steady revenue of about 250 million baht per quarter from EPL Vietnam and JAS TV, and roughly 560 million baht from EPL Thailand. The digital asset and technology business contributed 597 million baht, up 5% year on year and 19% quarter on quarter. However, Club World Cup costs dragged gross margin down to minus 44%, and SG&A as a share of sales rose to 18.7%, resulting in an operating loss of 697 million baht. For the 2026/27 EPL season, ARPU is expected to rise to 290 to 321 baht per month from 198 baht per month in the previous season, after price adjustments and the introduction of two-screen access, with an initial user base of roughly 700,000 to 800,000, close to last year. But subscriber growth may be slower than in the prior season because of higher prices and competition from illegal channels. Currently about 25% of subscribers are on long-term packages, and based on the Club World Cup package priced at 6,420 baht per year, this locks in roughly 100 million baht in revenue per month, against a break-even point of about 400 million baht per month, or 1.3 to 1.4 million subscribers. Beyond the EPL, the company is expanding its sports content base, with volleyball adding about 170,000 subscribers, and it has begun using original series to boost engagement time and drive cross-segment content sales over the longer term. The third quarter of 2026 is expected to remain loss-making but improve from the previous quarter, once the EPL returns to full-quarter revenue recognition. The broker sees a return to profit as more likely in the first quarter of 2027 than in the fourth quarter of 2026, driven by momentum from key matches in the second half of the season. Nevertheless, the target of 2 million subscribers remains challenging, with the key variable being the pace of subscriber growth after the price increase.
Jasmine International Public Company LimitedBroker expects JAS to remain deeply in the red in 2Q26 with an operating loss of 697 million baht as Club World Cup costs crushed gross margin to minus 44%.
