Analysts at Asia Plus Securities said PLANB has invested in iCare, a subsidiary of COM7, through the subscription of 1,126.3 million newly issued shares, representing a 46.28% stake worth 860 million baht, or a PBV of about 2.8 times. iCare is a non-life insurance provider specialising in mobile phone insurance, electronic device insurance and extended warranties. iCare reported net profit of 219 million baht in the first half of 2026, but this included investment gains and fair value gains on financial assets totalling about 61 million baht, or nearly 28% of net profit. As a result, normalised profit reflecting the core performance of the insurance business stood at about 158 million baht in the first half of 2026. The research team views the deal as attractive because PLANB is investing in a high-growth business. Based on iCare's normalised profit of about 316 million baht per year, the deal implies a P/E of about 5.9 times and a PBV of about 2.8 times. Although that is higher than the non-life insurance sector average of about 0.77 times, it is justified by outstanding profit growth, with net profit rising from 62 million baht in 2024 to 148 million baht in 2025 and 219 million baht in the first half of 2026. The added value of this deal lies not only in the share of profit but also in the opportunity to accelerate iCare's growth through PLANB's media network and marketing expertise, which will help raise brand awareness, expand distribution channels and reach customers beyond COM7's existing base. Based on iCare's normalised profit of about 316 million baht per year, PLANB would recognise a share of profit of about 140-150 million baht per year, or roughly 10-15% of PLANB's current normalised profit base, making it significant for future profit growth. The key issue to monitor is the ability to expand the new customer base while maintaining underwriting quality and keeping the claims ratio at an appropriate level. The research team sees the investment in iCare potentially leading to an upward revision of PLANB's 2027 earnings forecasts going forward, driven by a more meaningful share of profit from the investment. Initially, the 2027 profit forecast is maintained at 1,479 million baht, up 31% from the previous year, with a fair value of 7.00 baht. Although upside to the target price is becoming limited, the stock is still supported by positive sentiment from both this investment deal and the start of the high season for the out-of-home media business in the second half of the year. The recommendation remains Buy.
Plan B Media PCLPLANB invests 860 million baht for a 46.28% stake in iCare, expected to add 140-150 million baht annual profit share.
Com7 PCLiCare is a COM7 subsidiary; PLANB buys a 46.28% stake via new shares, but no direct COM7 impact is stated.
