DAOL Securities (Thailand) wrote that the outlook for Plan B Media Public Company Limited (SET: PLANB) remains robust, while maintaining its 2026 net profit forecast at THB 1.27 billion —a 15% increase from the previous year.
The main drivers of growth are expected to be a 3% year-on-year increase in total revenue, supported by ongoing expansion in the out-of-home (OOH) media segment. This growth is underpinned by both the company’s increasing media capacity and full-year revenue recognition from VGI.
Meanwhile, the Engagement Marketing segment continues to benefit from strong contributions by its sports marketing division, particularly standout growth in the boxing business.
Additionally, the company’s gross profit margin is projected to remain stable, despite an uptick in depreciation expenses resulting from investments in media expansion and PPA recognition for Hello LED. A reduction in interest expenses further underpins PLANB’s profitability.
Following these, DAOL maintains a ‘Buy’ recommendation for PLANB, with a 2026 target price of THB 5.50 per share, pegged to a price-to-earnings ratio of 20x. The brokerage states that, as a leader in the Thai out-of-home media sector, PLANB is well-positioned to benefit notably from the ongoing economic recovery.
