Yuanta Securities (Thailand) expects Plan B Media Public Company Limited (SET: PLANB) to report first-quarter 2026 net profit of THB 198 million, down 44% from the previous quarter but up 3% from a year earlier. The quarter-on-quarter decline is attributed to seasonal weakness during the low season, while modest year-on-year growth is supported by steady expansion across core businesses.
Total revenue for the quarter is projected at THB 2.31 billion. Out-of-home media revenue is estimated at THB 1.71 billion, up 2% year-on-year, with utilization remaining stable at 68%. Media capacity is expected to increase to THB 2.59 billion from THB 2.48 billion a year earlier, while partial contribution from VGI also supports growth.
Revenue from engagement marketing is forecast to rise 6% year-on-year to THB 600 million, driven mainly by the boxing business. Yuanta expects boxing-related revenue of around THB 300 million, supported by stronger demand from foreign tourists, particularly from Europe and the United States. Higher penetration rates and increased spending per visitor are also expected to contribute.
Gross margin is projected at 31.0%, broadly stable from the previous quarter but down from 33.6% in the first quarter of 2025. The decline reflects a lower contribution from BNK-related revenue and higher costs in the boxing segment. Selling and administrative expenses are expected to remain near 14% of revenue, pressured by purchase price allocation expenses related to Hello LED, which are expected to weigh on margins in the short term.
Yuanta views sports marketing as a key growth driver going forward, particularly through the continued expansion of the boxing business, which remains popular and generates strong consumer engagement amid sustained foreign tourism demand. The brokerage also sees long-term upside from PLANB’s seven-year rights to manage sponsorship and advertising for Volleyball World events across several countries in the region. This is expected to broaden the revenue base and create recurring income opportunities.
In addition, full-year recognition of revenue from management rights related to the English Premier League in 2026 is expected to strengthen growth in the engagement marketing business and improve earnings visibility. PLANB also has an opportunity to secure commercial rights management for the Asian Games, expected to be held from late third quarter to early fourth quarter of 2026. If awarded, the project would serve as a key catalyst for second-half revenue.
For full-year 2026, the company targets revenue growth of 6%-7% from the previous year, driven mainly by out-of-home media, which continues to outperform the broader advertising industry. Citing MI Group data, Yuanta noted that out-of-home advertising is expected to grow 9% in 2026, compared with only 0.6% growth for the overall advertising market.
Out-of-home revenue is projected at THB 7.8 billion to THB 8.0 billion, accounting for around 78% of total revenue, with utilization expected to remain above 75%. Engagement marketing revenue is targeted at THB 2.0 billion to THB 2.2 billion, supported by sports marketing, concerts, and live events, particularly boxing. Synergies with VGI are also expected to help expand the customer base and enhance advertising packages. PLANB may also raise advertising rates in the second half of the year if economic conditions improve, which would support profitability.
Yuanta forecasts PLANB’s 2026 net profit at THB 1.17 billion, representing 6% growth from the previous year. A ‘Buy’ recommendation is maintained, citing earnings growth that continues to outpace the industry.
The company is currently trading at 17.7 times projected 2026 earnings, below its three-year historical average of 28 times, suggesting an attractive valuation. Yuanta sets a target price of THB 6.10 per share based on a discounted cash flow valuation using a weighted average cost of capital of 8.9%.
