Kasikorn Securities noted that The One Enterprise Public Company Limited (ONEE) is in the process of building new growth drivers. After the analyst meeting on August 28, the atmosphere was slightly negative due to weaker revenue from the Content Marketing business and lower-than-expected gross profit margin. The company targets 2026 revenue growth of 10-20% and a GPM range of 30% ±1-2%, which is lower than Kasikorn Securities' previous estimate of 35%. The Idol Marketing business is expected to continue growing in the second half of 2026, driven by increasing artist popularity and the expansion of merchandise stores in Tokyo and Taipei. However, Content Marketing revenue remains under pressure despite two major series scheduled to air. Kasikorn Securities has cut its normal profit estimates for 2026-2028 by 16%, 21%, and 20%, respectively, and maintains a "Hold" recommendation while lowering its end-2027 target price by 10% to 3.15 baht. The brokerage expects normal profit to decline continuously throughout 2026 before hitting a trough, and will be supported by rising SVOD revenue and growth in the Idol Marketing business.
The ONE Enterprise Public Company LimitedLower-than-expected GPM and cut profit estimates for 2026-2028, with target price reduced to 3.15 baht.
