DBS Vickers has a positive view on PLANB's investment in iCare, a subsidiary of COM7 that provides non-life insurance services. PLANB acquired 1,126 million newly issued shares, representing a 46.28% stake, for 860 million baht, or a PBV of 2.8x, using 100% debt financing. PLANB will recognize this as equity income, and the brokerage views the investment value as inexpensive at a PE of 4.1x. It expects equity income recognition in December 2026, with an initial interest rate assumption of 3%. It estimates iCare's earnings for 2026E and 2027E at 415 million baht and 450 million baht, respectively, and expects PLANB's net carry to be 14 million baht in 2026E and 188 million baht in 2027E. As for the plan to take a stake in iCare, it sees this as an extension into a business with clear growth potential, expecting synergies from using PLANB's OOH media to advertise and expand iCare's customer base. It maintains its 2026E net profit forecast of 1,258 million baht, up 14% YoY, which does not yet include the COM7 and iCare deals, and maintains its Buy recommendation with a target price of 7.10 baht, based on a 2026E PER of 26x.
Plan B Media PCLPLANB acquires a 46.28% stake in iCare for 860 million baht, which DBS Vickers views as inexpensive and maintains Buy with a 7.10 baht target price.
Com7 PCL