PLANB makes strategic investment in iCare, Krungsri Securities sets target price at 8.10 baht

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Summary · why it matters

Shares of Plan B Media Public Company Limited, or PLANB, rose 3.15% after the company disclosed a plan to make a strategic investment in iCare, a company within the COM7 group that specialises in mobile phone insurance and electronic device protection products, with PLANB taking a 46% stake. Krungsri Securities Public Company Limited said it holds a positive view on the deal, expecting PLANB to recognise a share of profit of about 200 million baht per year, an upside of roughly 13% to its 2027 profit forecast, based on iCare's first-half 2026 results, when it posted a profit of 219 million baht. Even assuming PLANB funds the entire investment with debt at an interest rate of 3.87%, implying interest costs of about 33 million baht per year, there would still be incremental profit of roughly 170 million baht per year, or an upside of about 11%. The purchase price of the iCare shares represents a P/E of about 6 times, below the insurance sector's trading level of roughly 9 times. Krungsri Securities maintains its buy recommendation on PLANB with a target price of 8.10 baht, based on a DCF method and a WACC of 8.1%, and continues to pick PLANB as its top stock in the sector, expecting net profit to grow 14% in 2026 and 25% in 2027, which does not yet include the impact of the iCare investment deal.

Impact on assets 3

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

PLANB will take a 46% stake in iCare, expected to add ~200 million baht annual profit, with Krungsri maintaining buy and an 8.10 baht target price

Consumer Discretionary▲ · 1 stocks
Com7 PCL
COM7
▲ PositiveCapitalrelevance

PLANB takes a 46% stake in iCare, a COM7-group company, valuing iCare at a P/E of about 6x and implying a strategic investment into COM7's insurance unit

Financials▲ · 1 stocks
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