On Friday at 11:02 AM (Bangkok time), the share price of VGI Public Company Limited (SET: VGI) gained 13.51% or THB 0.15 to THB 1.26, with a trading value of THB 406.21 million.
Plan B Media Public Company Limited (SET: PLANB) increased by 3.74% or THB 0.16 to THB 4.44, with a trading value of THB 177.68 million.
BTS Group Holdings Public Company Limited (SET: BTS) rose by 3.97% or THB 0.10 to THB 2.62, with a trading value of THB 296.09 million.
Krungsri Securities (KSS) wrote that VGI posted a net profit of 83 million baht for the third quarter of the 2025/26 fiscal year (October–December 2025), slightly below expectations due to a weaker share of profit from joint ventures, despite core business performance remaining broadly on target.
Net profit plummeted 73% year-on-year, largely attributed to an 11% year-on-year contraction in revenue affecting all business units, with the advertising segment particularly hard-hit by the expiration of the Street Furniture contract.
Meanwhile, SG&A expenses rose due to increased marketing for the Rabbit Group and higher media management costs. Additionally, other income and profits from associates also decreased, primarily due to losses posted by Jaymart Group Holdings (JMART) and the absence of contributions from Roctec Global (ROCTEC), unlike the previous year.
Despite these challenges, VGI’s net profit improved 6% quarter-on-quarter, following seasonal trends in the industry, pushing total revenue up 14% quarter-on-quarter, though this was partially offset by continued weak profit contributions from associates.
For the nine months ended December 2025, VGI’s net profit stood at 207 million baht, down 54% year-on-year, reflecting both declining income and mounting costs. Krungsri maintains its net profit forecast for FY2025/26 (April 2025–March 2026) at 225 million baht, a 55% year-on-year decrease, and expects a dividend of 0.01 baht per share, equating to a 1% yield—underscoring the limited recovery at present.
VGI’s revenue prospects remain subdued, given that its new businesses in Digital Services and Distribution have yet to attain breakeven, and continued economic headwinds are pressuring results. Krungsri forecasts only marginal net profit growth in FY2026/27 (April 2026–March 2027), projecting earnings of 226 million baht, up just 1% year-on-year.
However, the company’s financial strength—bolstered by prior capital increases and the divestment of investment holdings—remains a key positive. As of 3Q25/26, VGI held cash and current financial assets of 21.3 billion baht against interest-bearing debts of only 838 million baht, enabling the company to pursue new investments effectively.
Krungsri sees the main growth catalyst for VGI as its investment in new projects, which will determine the trajectory of future expansion. The brokerage reiterates its ‘Buy’ recommendation and a target price of 1.28 baht for FY2025/26 (March 2026 year-end), based on SOTP valuation equating to a price-to-book ratio of 0.77x. Further upside exists thanks to VGI’s stake in PLANB, offering growth potential worth 0.24 baht per share.
In a separate note, DAOL Securities (Thailand) is bullish on the outlook for PLANB, highlighting a record net profit of 352 million baht for 4Q25/26 (+9% year-on-year, +21% quarter-on-quarter), in line with expectations.
This result was driven by a 12% year-on-year increase in total revenue, with out-of-home (OOH) media revenue up 5% year-on-year (media occupancy rate at 80%) and engagement marketing surging 41% year-on-year, particularly in sports marketing led by boxing events.
Meanwhile, gross profit margin declined year-on-year, attributed to higher depreciation and PPA costs associated with Hello Bangkok LED, though quarterly profit rose sequentially due to seasonal factors.
For the full-year 2025, PLANB posted a net profit of 1,105 million baht, representing 5% year-on-year growth. DAOL maintains its net profit forecast for 2026 at 1,268 million baht (+15% year-on-year), supported by continued expansion in OOH and engagement marketing revenues and lower interest expenses.
The analyst maintains a ‘Buy’ rating on PLANB with an unchanged target price of 5.50 baht, citing PLANB’s leading position in Thai OOH media and its strong leverage to economic recovery.
