Yuanta Securities said Comseven Public Company Limited, or PLANB, will begin recognising its share of profit from COM7 starting 17 September 2026, based on its 11.01% shareholding, after COM7 shareholders approved the appointment of two PLANB representatives as directors. This gives PLANB significant influence and allows it to record the investment under the equity method. It will not consolidate COM7's revenue, assets and liabilities in full, but will show the share of profit in the income statement and the investment in an associate on the balance sheet. Yuanta expects third-quarter 2026 earnings may slow year on year due to higher financial costs and because it will recognise only 13 days of COM7's profit share, but it expects fourth-quarter 2026 profit to recover strongly on a full quarter of COM7 profit contribution and the arrival of the high season for the out-of-home business. It has revised its net profit forecasts for PLANB in 2026 and 2027 to 1.248 billion baht, up 13% year on year, and 1.527 billion baht, up 22% year on year, respectively, after including a share of profit from COM7 of about 151 million baht and 585 million baht, against interest expenses on borrowings of about 112 million baht and 225 million baht. It has switched its valuation method to sum of the parts, valuing the core business with a discounted cash flow approach at 7.16 baht per share after raising its long-term growth rate from 2.0% to 2.5%. For the 262.9 million COM7 shares, it uses a fair value of 35 baht, deducts a 5% holding discount and 5.8 billion baht of share-purchase debt, giving net added value of 0.64 baht per share. This puts the new fair value at 7.80 baht, implying roughly 28% upside, so it maintains its Buy recommendation. The forecasts and fair value do not yet include the upside from synergies between PLANB and COM7, which could extend from out-of-home into retail and commerce media through a network of more than 1,400 stores and COM7's technology customer base, as well as opportunities to expand its government customer base and develop EV7 Transit Media through in-car screens and wrap advertising on EV taxis.
Plan B Media PCLYuanta rates PLANB Buy with a 7.80 baht target after switching to sum-of-the-parts and raising 2026-27 profit forecasts on COM7 equity income.
Com7 PCLCOM7 is the associate whose profit PLANB will equity-account; no COM7-specific development beyond the board appointment and fair-value assumption.
