KS expects media stocks to recover in the second half, with sector profit up 20%, led by PLANB and VGI

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Kasikorn Securities, or KS, expects media stocks to enter a significant recovery phase in the second half of 2026, forecasting that the sector's normal profit will grow about 20% from the same period a year earlier. This follows combined normal profit of 633 million baht in the second quarter of 2026 for the four media companies KS tracks, namely PLANB, VGI, MAJOR and ONEE, up 18% from the same period a year earlier and up 159% from the previous quarter, exceeding the research house's estimate by 42%. KS expects Thailand's economy to expand 2.5-3.5% year on year in the third quarter of 2026 before slowing to about 1.5% in the fourth quarter of 2026. Total advertising spending in the first half of 2026 fell 5% from a year earlier, compared with the full-year target of the Media Agency Association of Thailand, or MAAT, which expects a decline of 1.3%. KS, however, maintains its forecast that full-year advertising spending in 2026 will fall only 0.8%, expecting a return to growth of about 4-5% in the third quarter before slowing to about 2% in the fourth quarter. By company, KS expects PLANB's second-half normal profit to grow 32% from a year earlier and VGI's to grow as much as 96%, while MAJOR is expected to rise slightly by 1% and ONEE to fall 30%. On investment recommendations, KS maintains a buy rating on MAJOR with a target price of 9.20 baht and a buy rating on PLANB with a target price of 6.68 baht. ONEE is rated hold with a target price of 3.15 baht, and VGI is rated hold with a target price of 1.25 baht.

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Communication Services± Mixed · 3 stocks
Plan B Media PCL
PLANB
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KS maintains buy rating on PLANB with 6.68 baht target and expects 32% H2 profit growth.

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