ONEE's idol marketing booms, but ad slump and costly platform shift weigh
Idol Marketing powers Q2 beat and 2026 growth target ONEE's Q2 profit beat forecasts as Idol Marketing revenue jumped 76% to 1.42 billion baht, now 63% of total revenue. Management targets double-digit 2026 growth, banking on concerts, merchandise and artist management to offset weak advertising.
This is the core growth engine driving ONEE's earnings and investor optimism.
Content Marketing slump and margin pressure drag profit ONEE's traditional Content Marketing revenue fell 16% year-on-year and gross margin dropped to 30.9% from 33.8%, as advertising spending stays flat. Analysts cut 2026-2028 profit forecasts by 16-21% and expect H2 normal profit to fall 30%.
This is the main counterweight explaining why profit is still down year-on-year despite revenue growth.
Risky shift to oneD platform triggers sell downgrade TTB Wealth cut ONEE to sell with a 2.5 baht target, slashing 2026-2028 profit forecasts by 30-35%. It doubts ONEE's move to keep content for its own oneD subscription app instead of selling to third parties, noting no Thai operator has succeeded with this model.
This is the most recent and severe negative catalyst, directly hitting the stock's valuation.
New Studio Wabi Sabi subsidiary expands content and artist management ONEE's board approved setting up Studio Wabi Sabi, a 7 million baht subsidiary under GMMTV, to produce content and manage artists. This adds to ONEE's content pipeline and talent pool, supporting its long-term ecosystem strategy.
This is a concrete new investment showing ONEE is actively building its content and talent base.