On Friday, the share price of Plan B Media Public Company Limited (SET: PLANB) at the time of 3:36 p.m. was at THB 7.90, a THB 0.70 or 9.72% increase with a total trading value of THB 343 million.
Globlex Securities noted that PLANB’s subscription to newly issued shares of iCare—an insurance business and subsidiary of COM7 Public Company Limited (SET: COM7)—worth THB 860 million, will give PLANB a 46.28% stake in iCare, with the investment fully funded through borrowings.
The investment remains subject to approval by COM7’s shareholders on November 6, 2026, iCare’s shareholders on November 9, 2026, and the Office of Insurance Commission (OIC), with the transaction expected to close by the end of 2026.
PLANB aims to generate long-term investment returns by capitalizing on growth opportunities in mobile phone insurance and electronic device protection products. The investment is expected to enhance return potential through both operating performance and dividends, while diversifying the company’s revenue streams.
Additionally, PLANB sees opportunities to develop commercial synergies with iCare by leveraging its strengths in advertising media, consumer reach, and partner networks alongside iCare’s capabilities to support product development, customer access channels, and future business opportunities.
Globlex views the transaction primarily as a return-driven investment, forecasting PLANB to recognize a profit share of approximately THB 211 million from iCare in 2027. This represents an estimated return of about 25% relative to the THB 860 million investment, compared with borrowing costs of around 3.5% annually.
Business synergies are expected to involve advertising media utilization, with PLANB set to disclose further details after the transaction closes, presenting potential upside to research estimates.
Consequently, Globlex Securities raised its net profit forecast for PLANB by 7.2% to THB 1,836 million in 2027 and by 7.5% to THB 2,027 million in 2028, while maintaining a “BUY” rating with a target price at THB 7.50 per share.
