TISCO Securities has reaffirmed its positive outlook on Plan B Media Public Company Limited (SET: PLANB), emphasizing the company’s robust growth prospects amid a resilient out-of-home (OOH) advertising sector. The brokerage notes that, while the overall advertising industry is forecast to expand by just 0.6% in 2026, the OOH segment—where PLANB is a leading player—is projected to deliver a healthy 9% growth, according to industry estimates.
PLANB’s performance recovery trajectory continues to gain traction, underpinned by sustained momentum in both its OOH advertising and engagement marketing businesses. TISCO highlights the stock’s current valuation as compelling; with the company trading at a 2026 forward price-to-earnings ratio (PER) of approximately 14x—below its historical -2 standard deviation PER—and offering around 5% dividend yield for 2026. The firm’s strong financial position, with net D/E expected at only 0.1x for 2025, positions PLANB well to withstand economic volatility and pursue business expansion.
TISCO expects PLANB to report a 4Q25 net profit of THB 340 million, representing an increase of 5% year-on-year and 17% quarter-on-quarter. This positive surprise is attributed to an anticipated revenue rise of 9% YoY and 14% QoQ, driven by expanded OOH media networks—reaching THB 2.59 billion with a 77% media utilization rate during the sector’s high season—and recognition of THB 20 million in management fees from VGI.
Meanwhile, the engagement marketing segment is set to benefit from robust growth in its Muay Thai business amid increased tourist traffic and higher ticket prices, and media rights management for the English Premier League (EPL), which is expected to contribute around THB 50 million. Revenue from BNK48 group activities is estimated to rise QoQ to THB 90 million, fueled by a greater number of events.
While ongoing media network expansion and the integration of Hello Bangkok (with amortization of the price purchase allocation) may nudge fixed costs higher, TISCO expects these to be offset by rising revenues, keeping administrative and selling expenses largely stable.
For 2025, TISCO revises up its net profit forecast for PLANB by 9% to THB 1.09 billion (+4% YoY), anticipating a 73% media usage rate and full-capacity OOH assets of THB 10.23 billion (+6% YoY). Annual margin is projected at 32%, up from 30% the previous year, thanks to growth across both OOH advertising and engagement marketing, while selling and administrative costs decrease slightly in proportion to revenue gains. The net profit margin is projected at 11.6%, inching up from 11.5% in 2024.
Looking forward to 1Q26, PLANB’s bottom line is expected to improve YoY thanks to new media launches, although low seasonality may result in a QoQ decline. For all of 2026, TISCO has lifted its net profit forecast by 4% to THB 1.2 billion (+10% YoY), with OOH advertising revenue rising 5% and new media expansion adding 3%. VGI management fees are forecast at THB 100 million, with a net margin of 5%.
The engagement marketing segment is set to climb 14%, primarily propelled by Muay Thai and broader management of EPL and FA Cup marketing rights in Thailand across the 2025-2028 seasons—expected to generate THB 200-300 million per season, subject to a stepped revenue sharing scheme. Margin improvement is further bolstered by a 50% stake in Hello Bangkok, while careful spending control should keep SG&A below 13% of revenue.
Overall, TISCO maintains its bullish stance on PLANB, citing clear short-term earnings recovery and sustained growth prospects into 2026. The target price is raised to THB 5.50 per share, based on a 21x historical forward PE (3-year -1 SD), adjusted downward from a previous 23x to reflect softened domestic and international economic conditions impacting ad spend. With current valuation factoring in most downside risks, TISCO finds PLANB shares appealing amid a solid financial base, diversified income streams, and attractive dividend yield. The primary risk to this positive outlook remains a potential economic slowdown that could curb advertising expenditures.
