Asia Plus Securities noted that COM7's shareholder meeting on September 17, 2026 is a key catalyst for PLANB, as the agenda to appoint two directors nominated by PLANB has a high chance of passing, given that COM7's top two shareholders, holding a combined stake of around 41%, are likely to support the deal. If approved, PLANB will immediately begin recognizing its share of profits from COM7 using the equity method, which will enhance its profit structure and create upside for future earnings. In the third quarter of 2026, it is expected to recognize only 13 days of earnings, compared to an increase in interest expenses of around 56 million baht, but from the fourth quarter of 2026 onward, it will recognize a full quarter of around 120-140 million baht. Meanwhile, PLANB plans to further its collaboration with COM7 through the development of in-store media and EV7 taxi media. The Asian Games 2026, held from September 19 to October 4, 2026, is expected to support the engagement marketing business, although higher licensing costs will keep profit margins at low-to-moderate levels. The research department maintains its 2026 earnings forecast but raises its 2027 forecast by 18%, reflecting the recognition of profit share from COM7 and potential synergies, resulting in an increase in fair value from 6.25 baht to 7.00 baht, while maintaining a "Buy" recommendation.
Plan B Media PCLPLANB will recognize COM7 profit share, raising 2027 forecast and fair value to 7.00 baht.
Com7 PCLPLANB's appointment of directors and equity-method recognition of COM7 profits enhances COM7's value and prospects.
