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.
Plan B Media PCLBualuang Securities raises PLANB's target price to 9.70 baht, citing iCare's incremental profit contribution of ~120 million baht/year.
Com7 PCLCOM7's smartphone sales base is the platform for iCare's expanded insurance attach, driving incremental insurance revenue shared among PLANB, iCare and COM7.
