Kiatnakin Phatra Securities (KKPS) projects that Plan B Media Public Company Limited (SET: PLANB) will report a pre-exceptional profit of THB 280 million for 2Q26, marking a 4% year-on-year increase and a significant 35% gain from the previous quarter. For the first half of 2026, earnings are expected to reach 38% and 41% of the broker’s and consensus full-year forecasts, respectively, compared to 43% in the same period last year.
The company’s out-of-home (OOH) advertising segment is anticipated to sustain mid-single-digit revenue growth YoY, with utilization rates improving to 74%, up from 73% in 2Q25. This performance is supported by heightened advertising demand from consumer product and food & beverage clients, spurred in part by recent government stimulus measures boosting consumer spending since June.
Engagement business revenue is forecasted to surge 65% YoY, even as it experiences an 8% sequential decline due to seasonally softer Muay Thai activity. The dip is expected to be offset by a sharp increase in concert and event revenue, rising from THB 13 million in 1Q26 to around THB 50 million in 2Q26.
Profitability metrics remain healthy, with gross margin steady at 33% and selling, general, and administrative costs comprising approximately 14% of sales. Minority interest is expected to normalize to about THB 70 million in 2Q26—down from THB 99 million in 1Q26 but still higher than the same period last year, prior to the consolidation of PLANB’s 50% stake in Hello LED.
KKPS maintains its “Buy” rating on PLANB with a target price of THB 7.30, citing sustainable growth prospects in its core OOH business and potential upside from its investment in COM7.
