Plan B Media Public Company Limited (SET: PLANB) has gained 43% in three months as investors anticipate strong earnings growth during the second half of 2026. Krungsri Securities increased its price objective from THB 7.10 to THB 8.10, incorporating a larger earnings contribution from COM7 Public Company Limited (SET: COM7), while retaining its buy recommendation.
Krungsri continues to select PLANB as its “Top Pick” in the sector, citing three key drivers: 1) the sustained growth trajectory of out-of-home (OOH) media, which remains largely insulated from direct shifts in consumer behavior; 2) ongoing growth momentum in Rajadamnern World Series (RWS) boxing—a global tournament-style Muay Thai competition hosted at Rajadamnern Stadium—expected to serve as a major future catalyst; and 3) strategic synergy opportunities with COM7 that provide profit upside.
The research firm projects net profit growth of 14% and 25% year-on-year for 2026 and 2027, respectively, and has upgraded PLANB’s net profit forecasts by 10% for 2026 and by 17% for 2027–2028. The revisions reflect an accounting change in recognizing investment returns from COM7 to the equity method (share of profit/loss from associates). This allows PLANB to recognize profit sharing immediately—estimated at approximately THB 20 million in 3Q26—rather than waiting for dividend income previously anticipated in 2027.
Early recognition helps offset quarterly interest expenses of around THB 50 million tied to the COM7 investment, indicating 3Q26 performance may prove better than market concerns.
Meanwhile, current earnings estimates do not yet incorporate potential collaborative opportunities between PLANB and COM7, which are expected to gain clarity once PLANB appoints a representative to COM7’s board of directors. PLANB preliminarily disclosed plans to jointly develop in-store media across more than 1,400 COM7 retail locations nationwide and advertising media within COM7’s EV7 taxi fleet, which is targeted to reach 5,000 vehicles in 2026.
Separately, Daol Securities (Thailand) maintained its “Buy” rating on PLANB with a target price of THB 7.10 per share, based on a 2026 price-to-earnings ratio of 26x, compared with its current trading valuation of 22.7x P/E. Daol favors PLANB for its market leadership in OOH media, positioning it as a primary beneficiary of economic recovery and rebounding advertising expenditure.
Additionally, Daol also echoed Krungsri’s projection by maintaining PLANB’s net profit estimate at THB 1,258 million, a 14% YoY increase. While the analysis has yet to account for the COM7 deal, the company’s move to expand the board of directors with two additional seats for PLANB allowed for greater contribution to the media giant’s bottom line.
Regarding the COM7 transaction, in which PLANB currently holds an 11.01% stake, Daol viewed the deal favorably as it expands media capacity and customer reach to support long-term OOH revenue expansion. Net profit contribution (net carry) under the equity method is estimated at THB 53 million in 2026 before climbing to THB 422 million in 2027. However, these baseline assumptions exclude potential synergy upsides, with revised target prices set at THB 7.40 for 2026 and THB 10.50 for 2027, benchmarked against a 26x P/E ratio.
