One month after Jasmine International Public Company Limited (SET: JAS) and Mono Next Public Company Limited (SET: MONO) broadcast the first match of England Premier League (EPL) 2025/2026 season on August 16, subscription through MONOMAX has increased by about one million.
Following this development, Dr. Soraj Asavaprapha, Chief Executive Officer of JAS, held an analyst meeting on 12 September to provide further information about the company’s performance and outlook.
Analysts from Bualuang Securities stated that the break-even point of JAS from broadcasting rights acquisition for live EPL is to about 1.7 million subscribers. So far, the company has about one million subscribers. The securities company estimated that the company is likely to gain another 150,000 – 200,000 subscribers per week, primarily due to EPL’s popular matches, and reach a total number of two million subscribers within two months. As for MONOMAX, its minimum break-even point is around 600,000 – 700,000 subscribers.
JAS is urgently addressing the piracy issue and expanding its marketing. So far, the company acquired the broadcasting rights for the volleyball world championship after submitting a bid worth THB 200 million. Its existing 100,000 subscribers will be transferred to this platform, while the company marks a large number of women as the target group. Additionally, JAS also acquired the broadcast rights for French football league’s Ligue 1 and boxing matches, expanding its customer bases in other sports besides football.
Furthermore, JAS is considering expanding its marketing to Vietnam as its current broadcaster is leaving the market. The company has an opportunity to replace it and gain access to millions of Vietnam’s football fans, an amount that is similar to Thailand’s. As for the market expansion in other countries, JAS’ operation in Laos is continuing uninterrupted, while in Cambodia, the company has suspended the plan despite having the broadcasting rights, citing the need to assess the situation with Thailand.
Regarding Plan B Media PCL (SET: PLANB)’s support, by collaborating with JAS, the live broadcast right holder of Premier League, and MONOMAX’s OTT platform, PLANB would have access to the revenue sharing and the right to manage benefit from the league’s marketing for three seasons (2025/2026 – 2028/2029). Additionally, JAS currently receives sponsorship’s support payment of about THB 650 million per year.
Advanced Info Service PCL (SET: ADVANC or AIS) also collaborated with MONOMAX selling package deals to their one million customer bases, with 60 % of them coming from AIS, while the rest came from MONOMAX, which includes those who subscribe through Toyota.
Regarding the legal victory over National Telecom Public Company Limited (NT), there is an estimation that JAS would record a one-time gain worth THB 5 billion, benefiting the company’s 4Q25 performance. Yuanta Securities expected that the number of installment should be finalized within the early of October, boosting JAS’ valuation by THB 0.6 per share.
Meanwhile, MONOMAX reported that in September, its EPL total subscriber was about 1 million, significantly different from its target of 2 – 3 million subscribers. Nonetheless, the company continues to maintain that goal.
Mr. Pisut Ngamvijitvong, Senior Equity Research Analyst at Kasikorn Securities, maintains JAS’ target price of THB 1.97 per share with a THB 0.78 premium from EPL broadcast.
