COM7 greenlights iCare capital increase for PLANB; broker recommends Buy with target of 35-37.25 baht

Thunhoon··TH·Read original
3▲2 ▼0Impact / 5
Summary · why it matters

Comseven Public Company Limited, or COM7, informed the Stock Exchange of Thailand that its board of directors approved a registered capital increase by iCare Insurance Public Company Limited, or iCare, a subsidiary 86.17% held by COM7, through the issuance of 1.1 billion new ordinary shares, representing 46.28% of the registered capital after the increase, to Plan B Media Public Company Limited, or PLANB, at an offering price of 860 million baht. As a result, COM7's stake in iCare will fall to 46.28% after the capital increase. Research from Asia Plus Securities views this as positive for COM7, given the added liquidity for iCare to support future business expansion and synergies with PLANB, which specializes in media and marketing and will help strengthen the iCare brand. It estimates the dilution effect will reduce net profit in 2027 by about 3%-4%, but this is not significant, and maintains a Buy recommendation with a 2027 target price of 37.25 baht. It expects net profit of 5.3 billion baht in 2026, up 31% from the previous year, and 5.9 billion baht in 2027, up 12%. Krungsri Securities has a neutral view on the deal, expecting COM7's D/E to fall to about 2.3 times from nearly 2.5 times in the second quarter of 2026 after iCare ceases to be a subsidiary, meaning iCare's liabilities of about 1.0 billion baht will no longer be consolidated in COM7's statements. It also expects an after-tax gain of about 444 million baht from revaluing the iCare investment, while the capital injection will boost iCare's asset base by about 50% from 1.72 billion baht at the end of the second quarter of 2026. However, the lower shareholding will cut COM7's 2027 normalized profit forecast by about 3%, excluding synergies. It maintains a Buy on COM7 with a target price of 35 baht and a dividend yield of about 3.9-4.3% per year.

Impact on assets 4

Financials▲ · 2 stocks
Consumer Discretionary▲ · 1 stocks
Com7 PCL
COM7
▲ PositiveCapitalrelevance

COM7's board approved iCare's capital increase to PLANB, and analysts see added liquidity/synergies plus a 444M baht revaluation gain and lower D/E, maintaining Buy ratings.

Communication Services▲ · 1 stocks
Plan B Media PCL
PLANB
▲ PositiveCapitalrelevance

PLANB is subscribing to 1.1 billion new iCare shares for 860 million baht, gaining a 46.28% stake and media/marketing synergies with the iCare brand.

Off-coverage companies 1

iCare Insurance Public Company LimitedPrivate▲ Positive
Capitalrelevance

iCare receives an 860 million baht capital injection from PLANB, boosting its asset base by about 50% to support future business expansion.

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