Kiatnakin Phatra Securities (KKPS) has reaffirmed its positive stance on Plan B Media Public Company Limited (SET: PLANB), maintaining a ‘Buy’ rating on the stock and keeping the target price unchanged at THB 7.30 per share.
This comes after a fine-tuning of earnings forecasts following PLANB’s 2025 financial results, with pre-exceptional profit estimates for 2026 and 2027 being raised by 1-2%. The upward revision reflects higher anticipated engagement revenue, especially from PLANB’s expanding Muay Thai segment.
According to KKPS, Plan B’s first quarter 2026 revenue is expected to post a 7% year-on-year increase, aligning with the company’s own guidance and demonstrating continued momentum.
Out-of-Home (OOH) advertising is forecasted to grow by 6.9% in 2026, in line with the company’s typically conservative forecast. This projection is slightly below industry estimates from MI Group, a leading Thai media agency, which anticipates a 9% increase in OOH spending for the sector. KKPS notes that there is further upside potential for PLANB should industry-wide OOH spending align more with broader market projections.
The company’s engagement revenue, particularly from Muay Thai, remains a key growth driver. This segment has benefited from rising attendance, strong ticket pricing power, and expanded revenue from merchandising, contributing to ongoing upward momentum.
PLANB’s financial robustness is also reflected in its generous dividend policy. Supported by consistent cash flow and a debt-free balance sheet, the company has notably increased its payout ratio from around 50% to 86% in 2025. This yields a dividend profile that remains highly competitive with global peers, and KKPS expects PLANB to sustain its high payout approach into 2026.
