reports
- Tanapon Cholkadidamrongkul
Plan B Media (PLANB TB) - Out-Of-Home Leader Expected To Deliver Growt...
We expect a gradual hoh earnings improvement in 2H25, supported by the seasonality of out-of-home media and the synergy from Hello LED and VGI, which should enhance bundled media asset sales. We continue to favour PLANB as the leading out-of-home media operator in Thailand due to its resilient growth despite the challenging economic environment. Maintain BUY. Target price: Bt7.70.
- Arsit Pamaranont
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, August 28, 2025
KEY HIGHLIGHTS Update Electricity Generating (EGCO TB/BUY/Bt115.00/Target: Bt125.00) Earnings recovery, overseas upside and attractive yield. Plan B Media (PLANB TB/BUY/Bt4.98/Target: Bt7.70) Out-of-home leader expected to deliver growth despite economic challenges.
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Gigi Cheuk
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Thursday, August 28, 2025
GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$101.60/Target: HK$114.20) 1H25: Results in line; lowers Anta brand target slightly, but maintains group-level target. CR Land (1109 HK/BUY/HK$30.40/Target: HK$34.10) 1H25: Results in line; positive 2H25 sales outlook & regular REIT expansion vision. Horizon Robotics (9660 HK/BUY/HK$7.94/Target: HK$8.88) 1H25: Hardware shipments more than double; eyeing mass pro...
01109 CHINA RESOURCES LAND LIMITED
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
PLANB PLAN B MEDIA
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
03690 MEITUAN CLASS B
IJM IJM CORP BHD
HLBK HONG LEONG BANK BERHAD
SWB SUNWAY BHD
01801 INNOVENT BIOLOGICS INC.
TDC TIME DOTCOM BHD
PGEO PERTAMINA GEOTHERMAL ENERGY
STM SEATRIUM LTD
9660 HK HORIZON ROBOTICS INC (9660 HK)
Plan B Media Public Company Limited: 1 director
A director at Plan B Media Public Company Limited bought 99,000,000 shares at 4.739THB and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over t...
- Tanapon Cholkadidamrongkul
Plan B Media (PLANB TB) - Neutral View On 2Q25 Earnings
PLANB is expected to report 2Q25 earnings of Bt274m (+3.7% yoy, +42.1% qoq), with a utilisation rate of 73%. The qoq improvement is from seasonality of the out-of-home media business. We maintain an optimistic outlook for 2H25, as the OOH media segment is expected to continue growing, while the deals with VGI and Hello LED should enhance PLANB’s earnings visibility. Maintain BUY. Target price: Bt7.70.
- Adrian Loh Tzum Yung
- Audrey Celia
- Benjaphol Suthwanish
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jieqi Liu
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Philip Wong
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, July 29, 2025
GREATER CHINA Strategy China & Hong Kong Property & Property Management Mainland market continues to weaken, while the Hong Kong residential market progresses with destocking; we highlight CR Land and CR Mixc as top picks. INDONESIA Initiate Coverage Archi Indonesia (ARCI IJ/BUY/Rp770/Target: Rp1,280) Well-timed turnaround with true potential waiting to be unlocked. Results Cisarua Mountain Dairy (CMRY IJ/BUY/Rp4,750/Target: Rp6,000) 1H25: ...
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
01109 CHINA RESOURCES LAND LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AIY IFAST
PLANB PLAN B MEDIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
ROTH BRITISH AMERICAN TOBACCO BHD
RFMD RAFFLES MEDICAL GROUP LTD
06098 COUNTRY GARDEN SERVICES HOLDINGS CO. LTD.
6049 POLY PROPERTY SERVICES CO LTD
MPM MARCO POLO MARINE LTD
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
00017 NEW WORLD DEVELOPMENT CO. LTD.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
CMRY PT CISARUA MOUNTAIN DAIRY TBK
STM SEATRIUM LTD
DELTA DELTA ELECTRONICS
0303 ALPHA IVF GROUP
ECOSHOP MK ECO-SHOP MARKETING BHD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
OXB MK OXFORD INNOTECH BHD (OXB MK)
- Benjaphol Suthwanish
- Kitpon Praipaisarnkit
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
Thailand Daily - Tuesday, July 29, 2025
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt142.50/Target: Bt65.00) 2Q25: Earnings drop yoy and qoq, missing expectations. PTT Exploration & Production (PTTEP TB/BUY/Bt116.00/Target: Bt155.00) 2Q25: Net profit is better than expected and in line with consensus expectations. Update Plan B Media (PLANB TB/BUY/Bt5.65/Target: Bt7.70) Neutral view on 2Q25 earnings. PTT Oil & Retail Business (OR TB/SELL/Bt13.00/Target: Bt12.80) ...
- Kampon Akaravarinchai
- Tanapon Cholkadidamrongkul
Plan B Media (PLANB TB) - Moderate Growth Outlook Amid Economic Headwi...
Despite 1Q typically being a low season and with economic uncertainties looming, PLANB experienced revenue growth from its engagement business, while out-of-home business growth remained flat yoy. We expect to see qoq earnings growth in 2Q25 driven by seasonality in the out-of-home business. However, yoy earnings are expected to remain flat due to GDP slowdown. Maintain BUY. Target price: Bt7.70.
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, May 19, 2025
GREATER CHINA Update Foxconn Industrial Internet (601138 CH/BUY/Rmb19.22/Target: Rmb25.30) 2Q25 guidance in line; GB200/GB300 smooth production ramp as the key driver for 2025-26. Maintain BUY. INDONESIA Strategy JCI rallies from global tailwinds Market rebound gains momentum amid global tailwinds and rate cut hopes. MALAYSIA Results Maxis (MAXIS MK/BUY/RM3.76/Target: RM4.20) 1Q25: Strong set of results; earnings d...
ERW ERAWAN GROUP
TOP THAI OIL PUBLIC CO. LTD.
PLANB PLAN B MEDIA
BMRI PT BANK MANDIRI (PERSERO) TBK
C6L SINGAPORE AIRLINES LTD.
BBCA PT BANK CENTRAL ASIA TBK
BCH BANGKOK CHAIN HOSPITAL PCL
MAXIS MAXIS BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BRIS BANK BRISYARIAH TBK
CMRY PT CISARUA MOUNTAIN DAIRY TBK
MDKA MERDEKA COPPER GOLD TBK PT
- Kampon Akaravarinchai
Plan B Media (PLANB TB) - Neutral View On 1Q25 Results; Positive View ...
PLANB’s 1Q25 earnings are expected to be flat yoy but lower qoq, primarily due to the seasonality of the out-of-home business. Revenue is anticipated to grow yoy, supported by the engagement marketing business, particularly the boxing business. We maintain a positive view for 2025 on the back of the upcoming deals. However, we adopt a more cautious stance due to the macroeconomic outlook. Maintain BUY. Target price: Bt7.70.
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
Thailand Daily- Monday, April 28, 2025
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt82.00/Target: Bt50.00) 1Q25: Earnings beat on better gross margin and lower SG&A-to-sales. Update Plan B Media (PLANB TB/BUY/Bt5.20/Target: Bt7.70) Neutral view on 1Q25 results; positive view on upcoming deals. Supalai (SPALI TB/HOLD/Bt16.40/Target: Bt18.20) Weak results expected in 1Q25.
- Anas Fitri Bin Ahmad
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Lester Siew
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Wei Xiang Ku
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, April 28, 2025
GREATER CHINA Sector Automobile: Weekly: Takeaways from Shanghai Auto Show 2025. 1Q25 results review for BYD, GWM and GAC. Maintain MARKET WEIGHT. Top BUYs: BYD, Geely and Desay SV. Consumer: Politburo meeting: Emphasising income improvement and service consumption; prefer consumer companies with strong cost control and domestic focus. Results BYD Company (1211 HK/BUY/HK$397.00/Target: HK$510.00): 1Q25: Earnings double yoy, in line. Maintain BUY. Target price: HK$510.00. EVE Energy (300014 HK/BU...
XGH ENN ENERGY HOLDINGS LIMITED
AKRA PT AKR CORPORINDO TBK
000858 WULIANGYE YIBIN CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
PLANB PLAN B MEDIA
SPALI SUPALAI PCL
ASII PT ASTRA INTERNATIONAL TBK
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
CTOS CTOS DIGITAL BHD
DELTA DELTA ELECTRONICS
- Kampon Akaravarinchai
Plan B Media (PLANB TB) - Leading Out-of-home Media Company; To Contin...
PLANB reported a new high net profit of Bt323m in 4Q24 (+11% yoy, +14.3% qoq), driven by strong performance in its out-of-home advertising business. We maintain a positive outlook on its earnings momentum for 2025, driven by the organic growth of the OOH business, the acquisition of Hello LED, and strategic collaborations with VGI, which are expected to strengthen its market position. Maintain BUY. Target price: Bt9.00
- Arsit Pamaranont
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Tanaporn Visaruthaphong
Thailand Daily - Monday, March 03 , 2025
KEY HIGHLIGHTS Results Bangkok Chain Hospital (BCH TB/BUY/Bt15.70/Target: Bt20.00) 4Q24: Weaker-than-expected earnings. Central Pattana (CPN TB/BUY/Bt49.25/Target: Bt79.30) 4Q24: Earnings exceeded estimates; record dividend announced. Electricity Generating PCL (EGCO TB/BUY/Bt96.25/Target: Bt120.00) 4Q24: Results in line with good outlook. Update LPN Development (LPN TB/SELL/Bt2.18/Target: Bt1.60) Unexciting business plan for...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Lester Siew
- Llelleythan Tan Tan
- Philip Wong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, March 03, 2025
GREATER CHINA Economics PMI: Uptick in February. Sector Macau Gaming: Feb 25 GGR beat thanks to tail-end effect post CNY; switch top pick to Galaxy. Results New World Development (17 HK/HOLD/HK$4.82/Target: HK$4.45): 1HFY25: Net loss in line with profit warning and primarily caused by inventory impairment; refinancing progress to be the key. Xinyi Solar Holdings (968 HK/HOLD/HK$3.29/Target: HK$3.60): 2024: Below expectations; industry coordination and production discipline crucial to restore mar...
1023 CIMB GROUP HOLDINGS BHD
0968 XINYI SOLAR HOLDINGS LTD.
PLANB PLAN B MEDIA
AWX AEM HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
5347 TENAGA NASIONAL BHD
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
KLK KUALA LUMPUR KEPONG BHD
0763 ZTE CORPORATION CLASS H
FRKN FRENCKEN GROUP LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
9CI CAPITALAND INVESTMENT LTD
FFB FARM FRESH BHD
- Kampon Akaravarinchai
Plan B Media (PLANB TB) - Enhancing Long-term Growth By Acquiring Hell...
PLANB announced two transactions: a) the acquisition of Hello LED, and b) the right to manage VGI’s OOH assets. PLANB plans to finance the acquisition of Hello LED through a bank loan and capital raised via a private placement. We have a positive outlook on these transactions, as they will strengthen the company's market position by expanding media capacity. Maintain BUY. Target price: Bt9.00.
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Tanaporn Visaruthaphong
Thailand Daily - Monday, February 17, 2025
KEY HIGHLIGHTS Results Delta Electronics (DELTA TB/SELL/Bt113.00/Target: Bt99.00) 4Q24: Huge earnings miss on lower GPM and higher SG&A-to-sales. Downgrade to SELL. I-TAIL Corporation (ITC TB/BUY/Bt18.00/Target: Bt23.00) 4Q24: Undemanding valuation with high dividend yield. Upgrade to BUY. Thai Oil (TOP TB/HOLD/Bt24.60/Target: Bt27.00) 4Q24: Net profit rebounds qoq. Update Airports of Thailand (AOT TB/HOLD/Bt47.00/Target: Bt52.00) Uncertainty aris...
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Jonathan Koh
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Monday, February 17, 2025
GREATER CHINA Economics Money Supply: Liquidity growth edges lower. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,860/Target: Rp4,500): 15.0% net profit cut in 2025 on higher credit cost and lower loan growth. MALAYSIA Update Gas Malaysia (GMB MK/HOLD/RM4.23/Target: RM4.40): Expect a strong 4Q24 finish. Share price is close to our fair value; downgrade to HOLD. The stock offers a 6% dividend yield. SINGAPORE Results Civmec (CIVMEC SP/HOLD/S$0.895/Target:S$0.98): 1HFY25: Results belo...
- Kampon Akaravarinchai
Plan B Media (PLANB TB) - 4Q24 Results Preview: Expect Earnings To Be ...
PLANB’s 4Q24 earnings are expected to be flat yoy but increase qoq on lower minorities interest. Revenue is expected to drop yoy and qoq. However, gross margin for 4Q24 is expected to improve qoq as OOH revenue accounted for a higher proportion of total revenue. We maintain an optimistic outlook for 2025 due to the growth of media capacity and the recovery in Thailand’s economy. Maintain BUY. Target price: Bt9.00.
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