Bualuang Securities said PLANB is preparing to invest 860 million baht to acquire a 46.28% stake in iCare, with the deal expected to close in the fourth quarter of 2026. The key point is not merely adding advertising revenue in COM7 stores or generating revenue from EV7, but expanding its role from selling media space alone to participating in profit generation from services related to post-purchase insurance. iCare is expected to post net profit of 390 million baht in 2027, allowing PLANB to recognize a profit share of about 180 million baht, or roughly 150 million baht in additional net profit after deducting financial costs of 30 million baht, equivalent to a value of about 5x PER in 2027. iCare generated revenue of 487 million baht and net profit of 215 million baht in the first half of 2026. From this deal, Bualuang Securities raised its 2027 profit forecast for PLANB by 9% to 1.71 billion baht, up 41.9% year on year, driven by the added iCare profit share. Profit in 2026 is expected at 1.20 billion baht, up 8.8% year on year. It maintained its Buy recommendation and raised its target price to 9.30 baht, based on a 2027 PER of 25x.
Plan B Media PCLBualuang raised PLANB's 2027 profit forecast and target price to 9.30 baht on the 860-million-baht iCare stake and added profit share.
Com7 PCL