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.
Plan B Media PCLBualuang Securities maintains buy rating and raises target price to 6.80 baht, citing COM7 investment and profit growth.
Com7 PCLPLANB's investment in COM7 is highlighted as pivotal, with profit-sharing expected to boost earnings.