Analysts at TTB Wealth Securities have downgraded ONEE to "sell" from "buy" and cut their target price to 2.5 baht from 3.2 baht, as ONEE goes through a business model transition in content, shifting to produce content mainly for the oneD platform, a subscription-based application, instead of feeding content to third-party platforms. But so far there has been no example of success among other Thai operators in running this kind of business, so there is not much confidence that this model will succeed. During the transition, as ONEE reduces content supplied to third-party platforms and increases content for oneD while the subscriber base still needs time to grow, the analysts cut their profit forecasts by 30-35% for 2026-2028. Although the idol marketing business remains the main growth driver, EPS is expected to grow only 8% per year in 2027-2029 after falling 22% in 2026. With growth at that level, ONEE looks fairly expensive at a P/E of 18 times.
The ONE Enterprise Public Company LimitedTTB Wealth downgraded ONEE to sell and cut its target price to 2.5 baht, slashing 2026-2028 profit forecasts by 30-35%.
