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Bualuang Securities said that although PLANB shares have already risen 15% within five days of its recommendation change on October 2, the iCare story still has room to run, because it has begun quantifying the upside from expanding sales channels and raising the attach rate for insurance. The mobile device insurance business in particular is the first area where the benefits shared among PLANB, iCare and COM7 are clearest. Based on COM7's smartphone sales base, it estimates that if PLANB helps iCare reach an additional customer base equivalent to COM7's existing base, the addressable market could rise to about 50% of the iPhone market and 40% of the Android market. iCare is expected to generate about 450 million baht in mobile insurance revenue in 2026. If the customer base grows as assumed, that would add roughly another 450 million baht in revenue, and if PLANB helps lift the attach rate by another 5%, that would add about 130 million baht more, bringing the total revenue opportunity to roughly 580 million baht a year once fully recognised. With iCare's net profit margin of about 40%, that incremental revenue would generate about 230 million baht in profit for iCare, and combining PLANB's direct stake with its holding through COM7, its economic interest would be about 51%, equivalent to roughly 120 million baht a year in additional profit for PLANB once fully recognised. If 50% is recognised in 2027 and the full amount in 2028, that would add about 3.5% and 6.4% respectively to profit forecasts. Using the same 2027 PER of 25 times, the target price could move from 9.30 baht to about 9.70 baht, representing roughly 4-5% additional upside. This assessment also covers only mobile insurance, excluding auto insurance, lending, corporate channels, the public and private sectors, or other products, so there is still further upside if these materialise. However, the target price in this report remains unchanged at 9.30 baht for now, with a Buy recommendation.

Guangzhou Ruoyuchen Technology Co., Ltd. announced on October 7 that it recently received the overseas issuance and listing filing notice issued by the China Securities Regulatory Commission. The company plans to issue up to 63.1267 million ordinary shares overseas and list on the Main Board of the Hong Kong Stock Exchange. The filing is valid for 12 months from the date the notice was issued. Ruoyuchen was founded in Guangzhou in May 2011, starting with e-commerce agency operations, and listed on the Main Board of the Shenzhen Stock Exchange on September 25, 2020. It previously submitted prospectuses to the Hong Kong Stock Exchange on September 19, 2025 and April 27, 2026. Completing this filing means the company has achieved a key regulatory milestone in its push toward a dual A-share and H-share capital platform. Over the past two years, the company has shifted its business structure from operating on behalf of brands to building its own brands. In 2025, it achieved operating revenue of 3.432 billion yuan, up 94.35 percent year on year, net profit attributable to shareholders of the listed company of 194 million yuan, up 84.03 percent, and non-GAAP net profit of 189 million yuan, up 78.43 percent. Among these, its own brands achieved operating revenue of 1.813 billion yuan in 2025, up 261.94 percent year on year, accounting for 52.83 percent of the company's total revenue and becoming the largest source of income. Zhanjia achieved operating revenue of 1.069 billion yuan, up 120.8 percent, and Feicui revenue reached 696 million yuan. From 2023 to 2025, own-brand revenue rose from 263 million yuan to 1.813 billion yuan, and its share of total revenue increased from 19.28 percent to 52.83 percent, exceeding half for the first time. Its average gross margin was about 70 percent, significantly higher than the 36.7 percent for agency operations and 46.2 percent for brand management.

Fengyuzhu disclosed in an announcement on the evening of October 7 that the company, as creditor, has reached debt restructuring arrangements with relevant debtors regarding certain historical receivables. This debt restructuring involves a total of 14 projects, all of which are historical receivables for which the company has completed its performance obligations. As of the end of 2025, the original value of accounts receivable and contract assets for the above projects totaled 56.7603 million yuan, with cumulative bad debt provisions of 41.662 million yuan and a net book value of 15.0983 million yuan. Following consultation with the relevant debtors, the total amount expected to be recoverable is 43.2078 million yuan, of which 39.7147 million yuan has already been received as of the announcement disclosure date, and the remaining amount will be advanced in accordance with the agreement. The recovery amount, timing of receipt, and impact on the profit or loss of this debt restructuring for the unrecovered portion are all subject to uncertainty. According to preliminary calculations by the company's finance department, this debt restructuring is expected to increase the company's total profit by 28.0485 million yuan. The specific impact amount and the year of recognition will be subject to the actual receipt of funds and the results confirmed by the annual audit. The announcement shows that the counterparties to this debt restructuring have no related-party relationship with the company and do not constitute a related-party transaction, and this debt restructuring matter does not require submission to the company's shareholders' meeting for review.

Clear Channel Outdoor Holdings has received clearance from the Committee on Foreign Investment in the United States for its pending acquisition by Mubadala Capital, clearing the last regulatory hurdle for the deal. With CFIUS approval in hand, the company said all regulatory requirements to complete the merger have been obtained and it expects the transaction to close on or about October 14, 2026, subject to the satisfaction or waiver of remaining customary closing conditions. Under the terms of the previously announced definitive agreement, Clear Channel Outdoor stockholders will receive $2.43 per share in cash upon completion of the merger. Following the closing, the company's common stock will cease trading and will no longer be listed on the New York Stock Exchange. Mubadala Capital is a global alternative asset management platform that manages, advises and administers over $755 billion in assets, with its core alternatives businesses managing and investing over $60 billion.

Ruoyuchen announced on October 7 that the company is applying to issue overseas-listed shares, H shares, and to list on the Main Board of the Hong Kong Stock Exchange. The company recently received a filing notice from the China Securities Regulatory Commission, planning to issue up to 63.13 million overseas-listed ordinary shares. In the first half of 2026, Ruoyuchen achieved revenue of 2.286 billion yuan and net profit attributable to the parent of 167 million yuan.

Kyndryl and WPP have expanded their strategic partnership to accelerate enterprise transformation, marketing growth and joint go-to-market initiatives. Under the expanded agreement, Kyndryl will help modernize WPP's business platforms and support model, while WPP will become Kyndryl's preferred global marketing partner. WPP will consolidate workplace, cloud, infrastructure and enterprise services under a common automated operating model, targeting cost savings and efficiencies. Kyndryl Consult and WPP Enterprise Solutions will continue joint go-to-market efforts focused on AI, data and business modernization.

Kyndryl and WPP announced an expanded strategic agreement that redefines their traditional customer-supplier relationship, spanning three key areas: transformation of WPP's business platforms and support model, an expanded marketing partnership, and joint go-to-market initiatives. Under the deal, WPP will apply Kyndryl's Agentic AI Framework across its operations to modernize its application estate with intelligent support operations, faster issue resolution and reduced technical complexity, supporting its Elevate28 strategy to become a simpler, more integrated, AI-powered company. Kyndryl named WPP its preferred global marketing partner, expanding the relationship beyond Media, Brand and Creative Strategy to cover digital, experiential and integrated marketing capabilities, alongside an AI-powered Marketing Operating System built on WPP Open. Kyndryl Consult and WPP Enterprise Solutions, previously VML Enterprise Solutions, will continue to strengthen joint go-to-market efforts first announced in 2025. WPP expects to realize cost savings and efficiencies over time from retiring legacy applications and accelerating adoption of strategic enterprise platforms, with a portion of those savings reinvested into further IT simplification and productivity projects, enhanced by Kyndryl Bridge.

Informa announced Tuesday it will acquire events organizer Clarion from Blackstone for an enterprise value of £2.24 billion, or about $3 billion, and separate its Taylor & Francis academic publishing arm to focus on business-to-business events. The deal values Clarion at 11.1 times expected 2027 EBITDA, falling to about 9 times when £50 million of annual run-rate cost savings are included, and Informa expects it to lift adjusted diluted earnings per share by a mid-single-digit percentage in 2027, with a post-tax return on invested capital above 10% by 2029. Clarion owns more than 100 B2B event brands, including Germany's IFA consumer electronics show, the DSEI defense exhibition and the ICE gaming event in Barcelona, and is expected to generate revenue of more than £575 million in 2027 with adjusted operating margins above 30%. Informa said the combination would create the leading U.K.-listed B2B events operator, with group revenue above $6 billion and underlying growth of around 7%, and identified £25 million in additional operating profit from revenue synergies by 2029. The purchase will be funded with acquisition financing and a roughly £940 million equity raise, equal to about 9% of its share capital, consisting of an institutional placing and a retail offer, while the company pauses its share buyback; net debt to EBITDA is expected to stay below 3 times at year-end and fall below 2.5 times by the end of 2027, with completion expected late in the fourth quarter subject to regulatory approvals. Taylor & Francis, which has revenue approaching $1 billion and is growing about 4% a year, will go through a formal separation review, with the outcome reported alongside full-year results in March 2027; Informa did not say whether it favors a sale or a spin-off. Blackstone bought Clarion in 2017 from Providence Equity Partners for £600 million.

Grand Prix International Public Company Limited, or GPI, expects its automotive marketing event business to be brisk in the final months of this year, as carmakers from Europe and Asia step up activities to boost sales in the last three to four months of the year. Jaturon Komolmis, Chief Operating Officer of the Special Events Division, said the company has continuously signed contracts to organize marketing promotion events from September to December 2026 for carmakers from Europe, Japan, and China, almost every week, with a backlog of no fewer than seven to eight jobs, such as vehicle testing and long-distance test-drive activities. Meanwhile, the company also continues to receive printing orders from government agencies and the private sector, including document printing, leaflets, and brochures to promote tourist destinations and provide educational information, supported by the start of Thailand's tourism season in the final months of the year and continuing into the first quarter of next year. Given these trends, the company is expected to generate revenue from its marketing event business and contract printing business above target. At present, the two businesses have already generated more than 40 million baht in revenue, equal to the full-year target, and the company can still take on additional work during the remainder of this year, which will help support overall revenue growth compared with last year.

Magnite has secured a fresh role with HP TV+, becoming the primary video ad server and programmatic tech provider for HP's free, PC-focused streaming environment. The win comes as Magnite's shares have gained 6.67% over 7 days, 21.64% over 90 days and 55.42% year to date, with a 3 year total shareholder return of 238.21%. The stock last closed at $24.96, while the most followed Magnite narrative pegs fair value near $29.67, framing the shares as 16% undervalued. Magnite is positioned to benefit from the shift of ad spend from traditional TV to digital and connected TV, evidenced by deepened partnerships with Roku, Netflix, LG, Warner Bros. Discovery and Paramount. Risks include reliance on a handful of large CTV and agency clients and uncertainty around the timing of Google AdTech remedies.

Grand Prix International Public Company Limited, or GPI, expects marketing events for automotive operators to be brisk in the final months of this year, driven by the gradual recovery of the automotive industry. Jaturun Komonmish, Chief Operating Officer of the Special Events Division, said European and Asian carmakers are stepping up sales-boosting events in the last three to four months. The company has already signed contracts to organise marketing events between September and December 2026 for European, Japanese and Chinese carmakers almost every week, with a backlog of no fewer than seven to eight jobs, such as vehicle testing and long-distance test-drive events, and expects to win more work in the remainder of this year. At the same time, the company continues to take printing orders from government agencies and the private sector, including document printing, leaflets and brochures promoting destinations and tourist attractions, supported by Thailand's tourism season running from late this year through the first quarter of next year. Given these trends, the company expects revenue from its marketing event business and its contract printing business to exceed target. The two businesses have already generated more than 40 million baht in revenue, equal to the full-year target, and the company can still take on more work in the remainder of this year, which will help support overall revenue growth compared with last year.

Grand Prix International Public Company Limited, or GPI, expects its automotive marketing event business and its contract printing business to generate revenue above target. Mr. Jaturun Komonmis, Chief Operating Officer for Special Events, disclosed that the company has continuously signed contracts to organise marketing promotion events from September to December 2026 for automotive brands from Europe, Japan and China, at a pace of almost every week, with a backlog of no fewer than seven to eight jobs, such as vehicle testing activities and long-distance test drives. At the same time, the company has continued to receive contract printing orders from government agencies and the private sector, such as printing of documents, leaflets and brochures to introduce places, tourist attractions or provide educational information, supported by Thailand's entry into the tourism season late this year and continuing into the first quarter of next year. At present, the two businesses together have already generated more than 40 million baht in revenue, equal to the full-year target, and the company can still take on additional work during the remainder of this year, which will help support overall revenue growth compared with the previous year.

Magnite's fair value estimate has been lifted to US$29.67 from US$27.67, a roughly 7% increase, as analysts rework price targets around the Google AdTech ruling and the company's role among independent supply side platforms. The revised model assumes revenue growth of 7.66%, down slightly from 7.72%, a profit margin of 14.74% versus 14.53% previously, and a future P/E multiple of 40.94x compared with 38.44x, while the discount rate stays at 9.67%. Several firms, including BofA, StoneX, Craig Hallum, B. Riley, BTIG, Benchmark, Evercore ISI, Wells Fargo and Scotiabank, have raised their Magnite price targets through August and September 2026. Craig Hallum and B. Riley tie their higher targets to the Google AdTech ruling and remedies, viewing the outcome as supportive for independent supply side platforms, while StoneX highlights the court decision requiring Google tools to interoperate with rivals through Prebid. B. Riley cautions that any financial impact from the remedies could be gradual because of appeals and phased implementation.

TNL Mediagene agreed to sell its Japanese business for $5.5M to an investor group led by CEO Motoko Imada as the company continues to evaluate strategic alternatives. Under the agreement, the company will sell all shares of TNL Mediagene, the holding company for Mediagene and Infobahn, to MI Company, an acquisition vehicle formed by the investor group. The deal includes at least $2.5M in cash at closing, with the remaining consideration subject to specified adjustments and a secured promissory note due December 31, 2026, and is expected to close by October 30, 2026. Following the deal, TNL Mediagene will retain its Taiwan business and continue evaluating strategic alternatives involving its capital structure and ownership. TNMG's stock price jumped about 30% on Friday pre-market hours.

Krungsri Securities has maintained its buy recommendation on Plan B Media Public Company Limited, or PLANB, with a target price of 8.10 baht based on a DCF method and a WACC of 8.1%. It assesses that the investment in iCare, a subsidiary of COM7, has the potential to generate incremental profit of approximately 170 million baht per year after deducting financial costs, representing an upside of about 11% to profit in 2027. If profit share before financial costs is considered, it is expected at approximately 200 million baht per year, or an upside of 11-13%. PLANB subscribed to 1,126 million newly issued iCare shares worth 860 million baht at 0.764 baht per share, giving it a 46.28% stake after the capital increase, with COM7 holding an equal proportion. Krungsri stated that the purchase price of the iCare shares represents a P/E of only 6 times, below the insurance business group average of 9 times, and it expects PLANB's net profit in 2026 and 2027 to grow 14% and 25% respectively from recognition of its profit share from COM7. These projections do not yet include the positive effects of the iCare deal, which therefore represents upside to the previous profit forecast for 2027. However, the share purchase still requires approval from the shareholders' meetings of COM7 and iCare, as well as consent from the Office of the Insurance Commission, or OIC. The process is expected to be completed by the end of 2026, and iCare will not have the status of a subsidiary of PLANB.

PLANB shares rose 5.56% to 7.60 baht on trading value of 249.79 million baht after Globlex Securities issued a "buy" recommendation following a deal to subscribe to new shares in iCare, an insurance business under the COM7 umbrella, worth 860 million baht. The transaction will give PLANB a 46.28% stake in iCare, funded entirely with borrowed money. The deal still requires approval from the COM7 shareholders' meeting on November 6, 2026, the iCare shareholders' meeting on November 9, 2026, and the Office of the Insurance Commission, with completion expected by the end of 2026. Globlex expects PLANB to recognize a profit share from iCare of about 211 million baht in 2027, or a return of roughly 25% against the 860 million baht investment, while borrowing costs stand at about 3.5% per year. Globlex also raised its 2027 net profit forecast by 7.2% to 1.836 billion baht and its 2028 forecast by 7.5% to 2.027 billion baht.

Bualuang Securities said PLANB is preparing to invest 860 million baht to acquire a 46.28% stake in iCare, with the deal expected to close in the fourth quarter of 2026. The key point is not merely adding advertising revenue in COM7 stores or generating revenue from EV7, but expanding its role from selling media space alone to participating in profit generation from services related to post-purchase insurance. iCare is expected to post net profit of 390 million baht in 2027, allowing PLANB to recognize a profit share of about 180 million baht, or roughly 150 million baht in additional net profit after deducting financial costs of 30 million baht, equivalent to a value of about 5x PER in 2027. iCare generated revenue of 487 million baht and net profit of 215 million baht in the first half of 2026. From this deal, Bualuang Securities raised its 2027 profit forecast for PLANB by 9% to 1.71 billion baht, up 41.9% year on year, driven by the added iCare profit share. Profit in 2026 is expected at 1.20 billion baht, up 8.8% year on year. It maintained its Buy recommendation and raised its target price to 9.30 baht, based on a 2027 PER of 25x.

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.

Plan B Media Public Company Limited, or PLANB, owned by Praphan Lochankosin, has announced the subscription of 1,126.30 million newly issued shares of iCare Insurance Public Company Limited, or iCare, a subsidiary of COM7, representing a 46.28% stake at 0.7635604 baht per share, for a total value of 860 million baht. The purpose is to generate returns from long-term investment, capitalizing on growth opportunities in the mobile phone insurance and electronic device protection business. This deal follows PLANB's recent additional investment of no more than 263 million shares in Com Seven Public Company Limited, or COM7, representing an 11.01% stake, with a total value of no more than 7,219 million baht. As for iCare's performance, it has recovered from losses in the hundreds of millions of baht three years ago. In 2023, it had total revenue of 107.19 million baht and net profit of 16.78 million baht. In 2024, it had total revenue of 440.38 million baht and net profit of 47.19 million baht. In 2025, it had total revenue of 248.09 million baht and net profit of 148.30 million baht. Meanwhile, its net profit margin rose from 15.66% in 2023 to 59.78% in 2025. Krungsri Securities expects this deal to potentially generate an additional 200 million baht in profit per year for PLANB, or an upside of around 11-13% to 2027 profit, and has named it a Top Pick in the sector.

Plan B Media Public Company Limited, or PLANB, reported second-quarter 2026 results with a net profit of 297 million baht, up 10.0% year on year, on total revenue of 2,582 million baht, up 14.3% year on year, driven by growth in both its out-of-home media business and its engagement marketing business. For the first half of 2026, total revenue reached 5,076 million baht, up 12.3% year on year, and net profit was 504 million baht, up 9.0% year on year. In the quarter, the company invested in Com Seven Public Company Limited, or COM7, to build a long-term partnership base between the two companies, while continuing to expand cooperation with VGI and Hello Bangkok LED and launching the Exchange Tower Iconic Wrap, a building wrap media format covering more than 1,600 square meters at the Asok-Sukhumvit intersection. On its financial position, the company generated free cash flow of 1,844 million baht in the first half, even as its debt-to-equity ratio rose to 1.13 times due to borrowing to support the strategic investment in COM7, remaining within the financial covenant limit of no more than 1.50 times.

Omnicom is projected to post a 19.6% year-over-year increase in third-quarter 2026 earnings, with full-year 2026 earnings expected to rise 21.4% and revenues anticipated to grow 49.6%, according to Zacks Investment Research. The company is leveraging post-Interpublic acquisition capabilities to deepen client relationships, expanding services in the second quarter of 2026 for clients including American Express, General Mills and Uber, and securing integrated media wins with Adidas, IBM and Subway. Omnicom repurchased about $3 billion of shares in the first half of 2026, declared an 80-cent quarterly dividend in July, and plans roughly $500 million of additional buybacks in 2026, with shares outstanding at 274.3 million as of July 22. Advertising organic revenues declined by high single digits in the second quarter of 2026 and accounted for 15.7% of Core Operations revenues, while Integrated Media and Experiential & Other each grew more than 10%. The Interpublic acquisition pushed gross long-term debt to $10.2 billion at quarter-end, with net interest expense rising to $93 million from $41 million a year earlier, and management expects 2026 net interest expense to increase by about $200 million from the $167 million reported in 2025. Omnicom currently carries a Zacks Rank #3 (Hold).

Today's standout stocks span several key themes. Thai Airways is racing to clear more than 5,600 pieces of unclaimed baggage within 72 hours after 100% of its flights were delayed and it had to cancel a combined 60 flights per day. The airline has brought Airports of Thailand, or AOT, onto its team, while mobilising military personnel and hiring outside contractors at full capacity. Meanwhile, PLANB shares jumped nearly 7% after its board approved subscribing to 46.28% of iCare's capital increase, worth 860 million baht, extending its mobile insurance business in partnership with COM7. Analysts expect the deal to add 200 million baht in recognised profit per year, creating 11-13% upside. They recommend buying with a target price of 8.10 baht, calling it a Top Pick in the sector. MMM has launched mortgage, sale-with-right-of-redemption, and housing loans through its subsidiary Keha Songkhro Capital, aiming to grow its loan portfolio to 700 million baht by 2028 under its Jump+ plan. TASCO confirmed it holds 1.52 million barrels of Venezuelan crude oil inventory, enough to last through the first quarter of 2027, helping lift asphalt output by 10-15%. Brokers recommend buying with a target price of 18.50 baht and expect a 5.9% dividend yield. STECON expects 2026 revenue to exceed its target of 35 billion baht, with brokers forecasting 2027 revenue could reach 50-60 billion baht, driven by data centres, state megaprojects, and its infrastructure investment business.

DBS Vickers has a positive view on PLANB's investment in iCare, a subsidiary of COM7 that provides non-life insurance services. PLANB acquired 1,126 million newly issued shares, representing a 46.28% stake, for 860 million baht, or a PBV of 2.8x, using 100% debt financing. PLANB will recognize this as equity income, and the brokerage views the investment value as inexpensive at a PE of 4.1x. It expects equity income recognition in December 2026, with an initial interest rate assumption of 3%. It estimates iCare's earnings for 2026E and 2027E at 415 million baht and 450 million baht, respectively, and expects PLANB's net carry to be 14 million baht in 2026E and 188 million baht in 2027E. As for the plan to take a stake in iCare, it sees this as an extension into a business with clear growth potential, expecting synergies from using PLANB's OOH media to advertise and expand iCare's customer base. It maintains its 2026E net profit forecast of 1,258 million baht, up 14% YoY, which does not yet include the COM7 and iCare deals, and maintains its Buy recommendation with a target price of 7.10 baht, based on a 2026E PER of 26x.

Thryv has named Robin Brenner as its senior vice president of Ecosystems and Partnerships, a newly created role in which she will lead the company's partner ecosystem strategy and expand channel and technology partnerships supporting its growth. Brenner brings more than 15 years of experience bridging technology, partnerships and business outcomes at Cisco, Fujitsu, Hewlett Packard and Microsoft, and most recently served as head of technology partnerships at Paylocity, where she launched and scaled that company's first partnership program and marketplace. Thryv President Grant Freeman said partners represent a significant opportunity to accelerate customer acquisition, expand market reach and create new value for its small business customers, and that Brenner's expertise in building partner programs and technology alliances will be instrumental in accelerating partner-led customer acquisition. Brenner said she is excited to build a partner ecosystem that expands Thryv's revenue channels and creates new opportunities for AI innovation. Thryv, which trades on Nasdaq under the ticker THRY, provides an AI-powered growth platform used by approximately 100,000 businesses globally.

Krungsri Securities maintains a buy rating on Plan B Media Public Company Limited, or PLANB, with a target price of 8.10 baht based on a DCF method at a WACC of 8.1%, compared with a closing price of 6.35 baht, implying an upside of 27.6%, and has selected PLANB as its top pick in the media sector after PLANB invested in iCare Insurance Public Company Limited, or iCare, a subsidiary of COM7, by subscribing to 1,126 million newly issued shares at approximately 0.764 baht per share, for a total value of 860 million baht. The transaction leaves PLANB and COM7 each holding 46.28% of iCare after the capital increase. Krungsri assesses that the deal could generate incremental profit of approximately 200 million baht per year, or an upside of about 11 to 13% to its 2027 earnings forecast, and even assuming PLANB borrows the entire 860 million baht at an interest rate of 3.87%, interest costs would be about 33 million baht per year, leaving incremental profit of approximately 170 million baht per year, or about 11%, while interest-bearing debt to equity would stand at approximately 0.76 times. The transaction still requires approval from the COM7 shareholders' meeting, the iCare shareholders' meeting, and the Office of the Insurance Commission, and is expected to be completed by the end of 2026. Krungsri has not yet included this upside in its 2027 earnings forecast.

COM7 has established a new subsidiary named UFun Money Company Limited with registered capital of 50 million baht, divided into 500,000 ordinary shares at a par value of 100 baht each. UFun Capital Company Limited will hold 99.9996% of the shares, using cash flow from operations, and the registration is expected to be completed within the first quarter of 2027. The new company will engage in leasing, hire-purchase, and installment sales of products covering mobile phones, smartphones, tablets, accessories, computers, IT systems, and various types of technology equipment, in order to strengthen the IT product distribution business of the COM7 group with more comprehensive services. At the same time, the COM7 board has resolved to propose to the extraordinary general meeting of shareholders, the second of 2026, the approval of a capital increase for iCare Insurance Public Company Limited, or iCare, which is currently a subsidiary of COM7 through the 86.17% holding of Comseven Holding Company Limited. iCare will increase its registered capital by 281.58 million baht through the issuance of 1,126.30 million new ordinary shares at a par value of 0.25 baht each, offered through a private placement to Plan B Media Public Company Limited, or PLANB, for a total value of 860 million baht. The goal is to add a strategic partner to support the expansion of iCare's business after continued growth from non-motor insurance products, especially all-risks electronic equipment protection insurance and extended warranty insurance for electronic equipment, which are currently sold mainly through the COM7 group's channels. After the capital increase, COM7's shareholding in iCare will fall from 86.17% to 46.28%, causing iCare to cease being a subsidiary of COM7. This transaction qualifies as a disposal of assets with a maximum size of 3.14% based on the net profit criterion. Because PLANB is a major shareholder of COM7 with an 11.01% stake, the offering of new shares also qualifies as a connected transaction with a maximum size of 7.95% of COM7's net asset value, which exceeds the 3% threshold. COM7 must therefore seek approval from the shareholders' meeting with a vote of not less than three-quarters of the total votes of shareholders attending the meeting and entitled to vote, excluding shareholders with an interest in the matter. It has appointed Silverlining Advisory Company Limited as an independent financial adviser to give shareholders an opinion on the appropriateness of the price and conditions of the transaction. COM7 has scheduled the extraordinary general meeting of shareholders, the second of 2026, for 6 November 2026 at 10:00 a.m. through electronic means, and has set 14 October 2026 as the record date for shareholders entitled to attend the meeting. The iCare capital increase transaction still requires approval from iCare's shareholders' meeting and the Office of the Insurance Commission, and is expected to be completed within the fourth quarter of 2026.

The board of Plan B Media, or PLANB, has resolved to approve the subscription for newly issued ordinary shares of iCare Insurance, or iCare, a subsidiary of Com Seven, or COM7, totaling 1,126,302,583 shares at a par value of 0.25 baht per share, representing 46.28% of iCare's total shares after the private placement issuance and offering of new shares, at a total price of 860 million baht, or a subscription price of 0.7635604 baht per share. The transaction remains subject to several conditions precedent, including consent from iCare's relevant counterparties, approval from the shareholders' meetings of COM7 and iCare, and approval from the Office of the Insurance Commission. The process is expected to be completed by the end of 2026, and after the transaction is completed, PLANB will hold 46.28% of iCare, while iCare will not have the status of a subsidiary of PLANB. The company sees growth opportunities in the mobile phone insurance business and electronic device protection products, driven by the trend toward high-value smartphones and expanding purchases through credit and installment plans. Krungsri Securities, or KSS, views the investment positively, expecting PLANB to recognize profit of about 200 million baht per year, representing 13% upside to 2027F earnings, even with 100% debt financing at an interest rate of 3.87%, which carries a cost of only 33 million baht per year, leaving incremental profit of 170 million baht per year, or 11% upside. The purchase price represents a P/E of only 6 times, below the insurance sector's 9 times, and it maintains a Buy recommendation with a target price of 8.10 baht, while selecting PLANB as a Top Pick.

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.

PLANB shares rose 7.09%, or 0.45 baht, to 6.80 baht at 10:00 a.m., with trading value of 85.26 million baht, after Krungsri Securities reported that Plan B Media, or PLANB, has acquired 1,126 million newly issued iCare shares worth 860 million baht at 0.764 baht per share, representing a 46.28% stake after the capital increase. COM7 will also hold a 46.28% stake, aiming to generate long-term returns from the mobile phone and electronic device insurance business through both operating results and dividends, as well as to extend synergies by leveraging PLANB's advertising media strengths to expand the customer base and sales channels. The share purchase requires approval from the shareholder meetings of COM7 and iCare and from the Office of the Insurance Commission, or OIC, with the process expected to be completed by the end of 2026. Krungsri Securities views the investment positively, estimating it will recognize profit of about 200 million baht per year, representing upside of roughly 13% to 2027 earnings. Even with 100% debt financing at an interest rate of 3.87%, based on the COM7 deal, the cost would be only 33 million baht per year, leaving incremental profit of about 170 million baht per year, or upside of roughly 11%. The purchase price implies a P/E of only 6x, below the insurance sector's 9x, and if full debt financing is used, the interest-bearing D/E ratio would be about 0.76x, still reflecting a strong financial position. Krungsri Securities maintained its "Buy" rating on PLANB with a target price of 8.10 baht and expects net profit in 2026-2027 to grow 14% YoY and 25% YoY, driven by recognition of its share of profit from COM7 and not yet including the iCare deal.

Plan B Media Public Company Limited, or PLANB, announced that its board of directors at meeting No. 8/2569 on 28 September 2569 resolved to approve the company's subscription to newly issued ordinary shares of iCare Insurance Public Company Limited, or iCare, a subsidiary of Com Seven Public Company Limited, or COM7, totaling 1,126,302,583 shares with a par value of 0.25 baht each, representing 46.28% of the total shares of iCare after the issuance and offering of new ordinary shares to specific investors, at a total price of 860 million baht, or a subscription price of 0.7635604 baht per share. This subscription will be carried out subject to conditions precedent under the share subscription agreement, including obtaining consent from iCare's relevant counterparties, approval from the shareholders' meetings of COM7 and iCare, and approval from the Office of the Insurance Commission. The company expects the process to be completed by the end of 2569. After the transaction is completed, PLANB will hold 46.28% of iCare's total shares, and iCare will no longer be a subsidiary of PLANB. This investment aims to generate long-term returns, with the company seeing growth opportunities in the mobile phone insurance business and electronic device protection products, driven by the trend of higher-value smartphones and expanding purchases through credit and installment plans. It also sees potential in iCare from its expertise and distribution network, customer base, and sales channels within COM7's ecosystem.

Plan B Media Public Company Limited, or PLANB, has 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. PLANB sees smartphones as increasingly valuable and central to daily life, from work and finance to a wide range of activities, leading consumers to place greater importance on caring for and protecting their devices, especially premium smartphones priced in the tens of thousands of baht, where damage or repair costs can become a financial burden for consumers. Another key factor is the growth in purchasing smartphones through credit and instalment plans. A major strength of iCare is its position within the COM7 ecosystem, which has a large distribution network for smartphones and IT devices, along with a customer base and sales channels that can link insurance products directly to device purchases. PLANB believes that the strength of iCare, combined with the COM7 ecosystem, will serve as an important foundation for capturing the long-term growth opportunities in the mobile phone insurance business.

Plan B Media Public Company Limited, or PLANB, informed the Stock Exchange of Thailand that its board of directors has approved the subscription for newly issued ordinary shares of iCare Insurance Public Company Limited, or iCare, a subsidiary of Comseven Public Company Limited, or COM7, totaling 1,126,302,583 shares, representing 46.28% of iCare's total shares, at a total price of 860 million baht, or a subscription price of 0.7635604 baht per share. The subscription process is expected to be completed by the end of 2026, and after the transaction PLANB will hold 46.28% of iCare's total shares, with iCare not becoming a subsidiary of PLANB. The company stated that this strategic investment plan aims to enter the mobile phone insurance and electronic device protection business, which has growth potential driven by the rising value of smartphones, the role of smartphones in daily life, and the expansion of consumer credit and installment payment systems. iCare's strength lies in its position within COM7's ecosystem, which has a large distribution network for smartphones and IT devices. Kasikorn Securities views the deal positively, noting that iCare's price-to-earnings ratio of 5.9 times at which PLANB is buying in should help increase PLANB's fair value, which currently trades at a price-to-earnings ratio of 23.06 times, and maintains a Buy recommendation on PLANB while raising its mid-2027 target price to 6.87 baht.

Plan B Media Public Company Limited, or PLANB, has 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. PLANB sees smartphones as increasingly valuable and central to daily life, spanning work, finance and various activities, leading consumers to place greater importance on caring for and protecting their devices, especially premium smartphones priced in the tens of thousands of baht, where damage or repair costs can create a financial burden. In addition, growing behaviour of buying smartphones through credit and instalment plans is helping to support demand for protection products. PLANB stated that a key strength of iCare is its position within the COM7 ecosystem, which has a large distribution network for smartphones and IT devices, along with a customer base and sales channels that directly link insurance products to device purchases. This investment is therefore an investment in the mobile phone protection business, which has room to expand on the back of rising device values, the role of smartphones in daily life, and the growth of credit and instalment plans. PLANB believes that the strength of iCare, together with the COM7 ecosystem, will be an important foundation for extending the growth opportunities of the mobile phone insurance business over the long term.

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.

Comseven Public Company Limited, or COM7, informed the Stock Exchange of Thailand that its board meeting No. 6/2569 on 28 September 2569 approved the establishment of a new subsidiary named Ufun Money Company Limited to operate a leasing, hire-purchase, and instalment-sale business for IT products, including mobile phones, smartphones, tablets, computers, and various types of IT equipment. The company is expected to be registered within the first quarter of 2570 with registered capital of 50 million baht, divided into 500,000 ordinary shares at a par value of 100 baht each. Ufun Capital Company Limited will hold 499,998 shares, or 99.9996%, and the company will use cash flow from its operations as the funding source for the establishment. In addition, the board resolved to propose to the extraordinary shareholders' meeting No. 2/2569 the approval of a registered capital increase at iCare Insurance Public Company Limited, or iCare, of 281.58 million baht, from 326.78 million baht to 608.36 million baht, through the issuance of 1,126.30 million new ordinary shares at a par value of 0.25 baht each, to be offered on a private placement basis to Plan B Media Public Company Limited, or PLANB, which is a major shareholder of iCare with an 11.01% stake of all issued and outstanding shares. The new shares represent 46.28% of iCare's total issued and outstanding shares after the capital increase, with total offering value of 860 million baht. As a result, after the transaction, COM7, which holds iCare through Comseven Holding Company Limited, will see its shareholding fall from 86.17% to 46.28%, equal to PLANB's stake. COM7 stated that bringing PLANB in as a strategic partner is intended to support iCare's business expansion in the next phase, after growth driven by non-motor general insurance products, particularly all-risks electronic device protection insurance and extended warranty insurance, which are currently sold mainly through COM7 group channels, and to reduce revenue concentration risk. The company therefore wants to expand its customer base to a broader group of consumers, seeing PLANB as having expertise in media, marketing, and brand building, especially its out-of-home advertising network spanning digital media, mass transit systems, airports, and shopping malls. After the transaction, COM7, iCare, and PLANB plan to jointly develop marketing and build awareness of the iCare brand through PLANB's media network, as well as expand new distribution channels outside the COM7 group and develop information technology systems to support additional products. COM7 has scheduled its extraordinary shareholders' meeting No. 2/2569 for 6 November 2569 at 10.00 a.m. via electronic means, with a record date of 14 October 2569. The transaction still requires approval from iCare shareholders and the Office of the Insurance Commission, and is expected to be completed within the fourth quarter of 2569.

Dekuple Group reported first-half 2026 net income (Group share) of €6.1m, up 58.9% from the prior-year period, on revenue of €121.9m, up 3.9%, and net revenue of €90.3m, up 2.2%. Restated EBITDA rose 11.7% to €11.9m, equal to 13.2% of net revenue, an improvement of 111 basis points, while EBIT increased 25.3% to €8.1m. Digital Marketing activities accounted for 72.7% of consolidated revenue, up from 69.6% a year earlier, with net revenue up 8.4%, including 6.0% on a like-for-like basis, and international operations lifted their share of Group net revenue to 15.3% from 11.4%. The Magazines business posted a 7.0% decline in net revenue, and the Group said its strategic review of the Insurance business continues under the Ambition 2030 plan. At June 30, 2026, shareholders' equity stood at €55.6m, cash at €45.3m and financial debt at €58.0m, leaving net debt of €12.7m.

Magnite has been selected as the primary video ad server and programmatic technology provider for HP TV+, HP's free ad-supported streaming TV experience on PCs. The mandate aligns Magnite with HP Media Network's new media offering and places its infrastructure at the center of HP TV+'s audience targeting and programmatic demand enablement. HP TV+ is adopting SpringServe ad serving, programmatic activation, and ClearLine Curation together, a full-stack, device-linked streaming environment rather than a single app integration. The win supports the bullish view that Magnite can secure meaningful roles with large distribution partners, though it also reinforces existing concerns about customer concentration and the risk that big platforms such as Google, Amazon, Roku, or Netflix could eventually internalize more programmatic functions. Simply Wall St cites a $27.67 fair value for Magnite in its analysis.

Yuanta Securities issued an analysis of the advertising sector, recommending a selective investment strategy focused on stocks that grow faster than the industry. It rates MAJOR a "buy" with a target price of 9.75 baht and names it a top pick on second-half 2026 earnings expected to recover on film and advertising revenue as well as cost control, and rates PLANB a "buy" with a target price of 7.80 baht on growth in out-of-home media and its share of COM7's profit. The target price does not yet include the potential from synergies between the two companies. The research team expects third-quarter 2026 advertising to recover slightly both quarter on quarter and year on year, led by online media, OOH/Transit and cinemas, supporting a recovery in MAJOR on film and advertising revenue. PLANB, although expected to slow year on year in the third quarter of 2026, will grow strongly both quarter on quarter and year on year in the fourth quarter of 2026 on the high season and a full quarter's recognition of its share of COM7's profit. For the full year 2026, advertising spending is expected to total 83,869 million baht, down 1.3% year on year, as the economy and purchasing power recover slowly. In 2027, digital and OOH/Transit are expected to lead the market on measurement and a recovery in out-of-home activity, while traditional media step up efforts to find revenue beyond the screen. The research team maintains an "equal weight" rating on the sector, expecting earnings in 2026-2027 to keep growing but only modestly, in line with overall advertising spending that is still recovering weakly, while near-term upside remains limited by the lack of new catalysts and economic uncertainty.