Krungsri recommends buying PLANB with a target of 8.10 baht on the 860 million baht iCare investment deal

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Summary · why it matters

Krungsri Securities maintains a buy rating on Plan B Media Public Company Limited, or PLANB, with a target price of 8.10 baht based on a DCF method at a WACC of 8.1%, compared with a closing price of 6.35 baht, implying an upside of 27.6%, and has selected PLANB as its top pick in the media sector after PLANB invested in iCare Insurance Public Company Limited, or iCare, a subsidiary of COM7, by subscribing to 1,126 million newly issued shares at approximately 0.764 baht per share, for a total value of 860 million baht. The transaction leaves PLANB and COM7 each holding 46.28% of iCare after the capital increase. Krungsri assesses that the deal could generate incremental profit of approximately 200 million baht per year, or an upside of about 11 to 13% to its 2027 earnings forecast, and even assuming PLANB borrows the entire 860 million baht at an interest rate of 3.87%, interest costs would be about 33 million baht per year, leaving incremental profit of approximately 170 million baht per year, or about 11%, while interest-bearing debt to equity would stand at approximately 0.76 times. The transaction still requires approval from the COM7 shareholders' meeting, the iCare shareholders' meeting, and the Office of the Insurance Commission, and is expected to be completed by the end of 2026. Krungsri has not yet included this upside in its 2027 earnings forecast.

Impact on assets 3

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

Krungsri maintains buy with 8.10 baht target after PLANB's 860M baht iCare investment, seen adding ~200M baht annual profit

Consumer Discretionary▲ · 1 stocks
Com7 PCL
COM7
± MixedCapitalrelevance

COM7's iCare stake is diluted to 46.28% via PLANB's 860M baht capital increase, pending shareholder and OIC approval

Financials▲ · 1 stocks

Off-coverage companies 1

iCare Insurance Public Company LimitedPrivate± Mixed
Capitalrelevance

iCare issues 1,126M new shares to PLANB at 0.764 baht, leaving PLANB and COM7 each at 46.28% pending approvals

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