Tanaporn Teachaviwat, Vice President of Investor Relations and Company Secretary of Plan B Media Public Company Limited (SET: PLANB), told “Kaohoon” that the company remains assured in the growth potential of its core out-of-home (OOH) advertising business. For 2026, PLANB is confident that it will achieve double-digit revenue growth, or at least 10%, from the previous year’s total revenue of THB 9,610 million.
This year, PLANB will recognize a full year’s revenue from its partner companies—VGI Public Company Limited (SET: VGI) and Hello Bangkok LED Company Limited (Hello LED)—which are key positive factors. At the same time, PLANB aims to maintain a gross profit margin above 30% and keep selling, general, and administrative expenses (SG&A) to sales ratio within the 14% limit to support overall profitability.
PLANB’s performance in 1Q26 surpassed estimates, generating THB 2,493 million in total revenue, up 10.3% year-on-year, and a net profit of THB 207.11 million, an increase of 7.6%. This growth was driven by expansion in core business and lower financial costs compared to the previous year, reflecting effective cost management and sustained profitability over the long term.
Momentum for growth continues into 2Q26, both year-on-year and quarter-on-quarter, propelled mainly by the fast-moving consumer goods (FMCG) and automotive sectors, the latter benefiting from the Motor Show held in Q2.
For the second half of 2026, business performance is expected to improve further over the first half. Aside from the typical peak season, better economic factors such as a recovering GDP will directly boost advertising spend among private sector clients.
Tanaporn added that Q1 is usually the softest period for PLANB, with gradual improvement into Q2 and Q3, and peaking in Q4, as brands invest in advertising campaigns to drive year-end sales, leading to the highest media bookings and ad spending of the year.
Yuanta Securities (Thailand) maintains a “Buy” recommendation for PLANB shares, with a 2026 intrinsic value of THB 6.10 per share. The analyst sees PLANB’s investment in Com7 Public Company Limited (SET: COM7)—an 11.01% stake, or about 263 million shares worth THB 7.22 billion—as a strategic positive in the mid-to-long term because it broadens PLANB’s scope from OOH to retail media and enhances its technological brand client base through the COM7 ecosystem.
With PLANB acquiring a 22.2% board representation, the company will be able to do accounting with the equity method, allowing it to recognize profit sharing from COM7, rather than only dividend income.
Based on COM7’s 2026 analyst consensus net profit of THB 4.5 billion and PLANB’s current 11.01% stake (excluding any additional share purchases), PLANB will recognize approximately THB 500 million in profit sharing per year.
After deducting about THB 279 million in interest expenses, net profit will increase by around THB 220 million—or roughly THB 108 million for a half-year period—representing 9% of PLANB’s forecasted 2026 net profit of THB 1,166 million. This will help PLANB achieve earnings growth of 17% in 2027, up from a projected 5%, not including further synergies from additional share acquisition.
