PLANB approves purchase of 46.28% stake in iCare for 860 million baht

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3▲1 ▼0Impact / 5
Summary · why it matters

The board of Plan B Media, or PLANB, has resolved to approve the subscription for newly issued ordinary shares of iCare Insurance, or iCare, a subsidiary of Com Seven, or COM7, totaling 1,126,302,583 shares at a par value of 0.25 baht per share, representing 46.28% of iCare's total shares after the private placement issuance and offering of new shares, at a total price of 860 million baht, or a subscription price of 0.7635604 baht per share. The transaction remains subject to several conditions precedent, including consent from iCare's relevant counterparties, approval from the shareholders' meetings of COM7 and iCare, and approval from the Office of the Insurance Commission. The process is expected to be completed by the end of 2026, and after the transaction is completed, PLANB will hold 46.28% of iCare, while iCare will not have the status of a subsidiary of PLANB. The company sees growth opportunities in the mobile phone insurance business and electronic device protection products, driven by the trend toward high-value smartphones and expanding purchases through credit and installment plans. Krungsri Securities, or KSS, views the investment positively, expecting PLANB to recognize profit of about 200 million baht per year, representing 13% upside to 2027F earnings, even with 100% debt financing at an interest rate of 3.87%, which carries a cost of only 33 million baht per year, leaving incremental profit of 170 million baht per year, or 11% upside. The purchase price represents a P/E of only 6 times, below the insurance sector's 9 times, and it maintains a Buy recommendation with a target price of 8.10 baht, while selecting PLANB as a Top Pick.

Impact on assets 2

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

PLANB board approved a 860 million baht investment in iCare at a low 6x P/E, expected to add ~200 million baht annual profit and 13% upside to 2027F earnings.

Consumer Discretionary▲ · 1 stocks
Com7 PCL
COM7
± MixedCapitalrelevance

COM7's subsidiary iCare will issue new shares to PLANB, diluting COM7's stake; COM7 shareholder approval required, but no clear value impact stated for COM7.

Off-coverage companies 2

iCare Insurance Public Company LimitedPrivate± Mixed
Capitalrelevance

iCare will issue 1.126 billion new shares to PLANB for 860 million baht, pending shareholder and insurance regulator approvals; impact on iCare itself is unclear.

Krungsri Securities Public Company LimitedPrivate▲ Positive
Capitalrelevance

Krungsri Securities views the PLANB-iCare deal positively, maintains Buy with 8.10 baht target and names PLANB a Top Pick.

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