Kiatnakin Phatra Securities (KKPS) has assessed the near-term impact of Thailand’s official mourning period following the passing of Her Majesty Queen Sirikit, the Queen Mother, on October 24, on the Media & Entertainment sector—particularly for key companies Plan B Media (SET: PLANB), The ONE Enterprise (SET: ONEE), and Major Cineplex Group (SET: MAJOR).
PLANB: Temporary Setback Presents Buying Opportunity
KKPS expects out-of-home (OOH) advertising activities to see a temporary slowdown for approximately one quarter. Citing historical precedent from the mourning period of King Bhumibol Adulyadej, when PLANB replaced LED screen ads with tribute messages, the firm has revised its 2025 profit estimates for PLANB down by 6%. This would result in flat year-on-year growth for 2025, but no impact on 2026 earnings is anticipated.
Importantly, despite the near-term softness, KKPS notes that share prices have typically bottomed at the official announcement, suggesting a potential buying opportunity. The brokerage firm maintains its ‘Buy’ rating on PLANB and its 2026 forecast and target price.
ONEE: Sharp Earnings Downgrade amid Advertising Pullback
For TV operator ONEE, the National Broadcasting and Telecommunications Commission (NBTC) has required programming and advertising to reflect the national mood for 90 days, until January 25, 2026. Drawing lessons from 2016 and 2017, KKPS anticipates a substantial reduction in TV advertising and concert/event revenues for ONEE.
The analyst has sharply cut its 2025 and 2026 profit estimates for ONEE by 94% and 11%, respectively, and reduced the target price to THB 1.6 per share from THB 2.0, maintaining an ‘Underperform’ rating due to expected continued earnings weakness.
MAJOR: No Significant Impact, Upside in 2H25
MAJOR is expected to be largely unaffected, as cinemas previously operated as normal and advertising revenues remained steady during national periods of mourning. KKPS keeps both its profit forecast and ‘Buy’ rating for MAJOR, noting an anticipated improvement in the second half of 2025, powered by a strong film line-up.
Overall, while the mourning period temporarily weighs on advertising-linked businesses, historical patterns suggest resilience—and in some cases, potential opportunity—in the sector.
