PLANB Jumps 6%, Tisco Raises Target to 8 Baht on 860 Million Baht iCare Investment Deal

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

Shares of Plan B Media Public Company Limited, or PLANB, rose 6.47% to 7.40 baht on trading value of 128.00 million baht after Tisco Securities stated in an analysis that the PLANB board approved subscribing to newly issued shares of iCare Insurance totaling 1,126.3 million shares, or 46.28% of the shares after the capital increase, at 0.7636 baht per share, for a total investment value of 860 million baht. The transaction is expected to be completed by the end of 2026. After the capital increase, iCare will become a joint venture of both PLANB and Com Seven Public Company Limited, or COM7, with each holding an equal direct stake of 46.28% in iCare, while PLANB holds 11.01% of COM7. Tisco views the deal as a long-term positive, noting that iCare's profit rose from 62 million baht in 2024 to 148 million baht in 2025 and 219 million baht in the first half of 2026, which included an extraordinary item of about 61 million baht, leaving normalized profit at approximately 158 million baht, or about 316 million baht on an annualized basis, equivalent to a 2026 price-to-earnings ratio of about 5.9 times, below the roughly 9 times at which insurance businesses trade. Tisco also raised its 2026-2027 profit forecasts by 8% and 32% respectively, excluding the iCare business, and maintained its buy recommendation with a 2027 target price of 8.00 baht per share based on the sum-of-the-parts method, applying a price-to-earnings ratio of 25 times for PLANB and 17 times for COM7.

Impact on assets 3

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

PLANB board approved an 860 million baht investment in iCare and Tisco raised its target price to 8 baht with higher profit forecasts.

Consumer Discretionary▲ · 1 stocks
Com7 PCL
COM7
± MixedCapitalrelevance

COM7 is a joint-venture partner in the iCare deal and referenced in Tisco's sum-of-the-parts valuation, but the news is not about COM7 itself.

Financials▲ · 1 stocks
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