Kiatnakin Phatra Securities, or KKPS, forecasts that Plan B Media Public Company Limited, or PLANB, will post a pre-exceptional profit of 280 million baht in the second quarter of 2026, up 4% from the same period last year and up 35% from the previous quarter. First-half 2026 profit would account for 38% of KKPS's full-year estimate and 41% of the market consensus, compared with 43% in the first half of 2025. KKPS maintains a buy recommendation on PLANB, seeing sustainable growth in its core out-of-home media business. Revenue from this segment is expected to grow at a mid-single-digit rate, with utilization at around 74%, up from 73% in the second quarter of 2025. Meanwhile, the engagement marketing business is expected to see revenue rise 65% year-on-year. Although revenue from Muay Thai activities is expected to slow by 89% from the previous quarter, this is offset by concert and event revenue, which is forecast to jump 117% year-on-year and 285% quarter-on-quarter to around 50 million baht in the second quarter of 2026, from 13 million baht in the first quarter of 2026. KKPS expects gross margin to remain stable at around 33% and the selling and administrative expense-to-sales ratio to hold steady at about 14%. Non-controlling interests are expected to decline to around 70 million baht from 99 million baht in the previous quarter, in line with seasonal factors in the Muay Thai business.
Plan B Media PCLKKPS forecasts PLANB's Q2 profit up 4% YoY and 35% QoQ, driven by out-of-home media recovery and strong concert/event revenue growth.
