Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>PLANB delivered a lower-than-expected net loss in 2Q20 owing mainly to cost control.</li><li>We believe net profit in 2H20E will improve HoH thanks to the better COVID-19 situation, the easing of the Bangkok lockdown, and realization of new media management revenue from 7-Eleven and bus shelters.</li><li>We maintain our Hold rating, with the DCF-based 20Е ТР of Bt5.85.</li></ul>

PLANB delivered a lower-than-expected net loss in 2Q20 owing mainly to cost control.We believe net profit in 2H20E will improve HoH thanks to the better COVID-19 situation, the easing of the Bangkok lockdown, and realization of new media management revenue from 7-Eleven and bus shelters.We maintain our Hold rating, with the DCF-based 20Е ТР of Bt5.85.

<ul><li>Although the sector's earnings in 2Q20E (1QFY20/21E for VGI) are likely to be weak, we believe the worst has passed.</li><li>The improvement in the COVID-19 situation should act as a positive catalyst going forward.</li><li>We maintain our Hold rating for both PLANB (20E DCF-based TP of Bt5.85) and VGI (FY20/21E SOTP-based TP of Bt8.00).</li></ul>

Although the sector's earnings in 2Q20E (1QFY20/21E for VGI) are likely to be weak, we believe the worst has passed.The improvement in the COVID-19 situation should act as a positive catalyst going forward.We maintain our Hold rating for both PLANB (20E DCF-based TP of Bt5.85) and VGI (FY20/21E SOTP-based TP of Bt8.00).

<ul><li>Although the long-term growth prospects look promising, ad spending will be negatively impacted by the COVID-19 pandemic in the short term.</li><li>As the situation remains uncertain, we maintain our Hold rating for PLANB.</li><li>There is potential for huge growth in the future thanks to three major new media management contracts, i.e., 7-Eleven POS media, Bangkok bus shelters, and serving as the sales agent for MACO's outdoor media.</li></ul>

Although the long-term growth prospects look promising, ad spending will be negatively impacted by the COVID-19 pandemic in the short term.As the situation remains uncertain, we maintain our Hold rating for PLANB.There is potential for huge growth in the future thanks to three major new media management contracts, i.e., 7-Eleven POS media, Bangkok bus shelters, and serving as the sales agent for MACO's outdoor media.

<ul><li>After attending PLANB's analyst meeting, we lower its earnings in 2020-22E, resulting in a slight cut to the DCF-based TP to Bt5.85 (vs. Bt6.00 previously).</li><li>Although the long-term earnings look bright, the potential net loss in 2Q20E and lingering uncertainty over the virus situation should continue to create risk.</li><li>We thus maintain our Hold rating for PLANB.</li></ul>

After attending PLANB's analyst meeting, we lower its earnings in 2020-22E, resulting in a slight cut to the DCF-based TP to Bt5.85 (vs. Bt6.00 previously).Although the long-term earnings look bright, the potential net loss in 2Q20E and lingering uncertainty over the virus situation should continue to create risk.We thus maintain our Hold rating for PLANB.

Company Update: Plan B Media Plc. (PLANB) Media & Publishing

<ul><li>PLANB's earnings in 1Q20 started to be hit by COVID-19, and we believe the impact will increase significantly in 2Q20E.</li><li>As the share price has moved close to our DCF-based TP of Bt6.00, we maintain our Hold rating.</li><li>PLANB delivered net profit of Bt84mn in 1Q20, -46% YoY and -63% QoQ, below the street estimate by 7%.</li></ul>

PLANB's earnings in 1Q20 started to be hit by COVID-19, and we believe the impact will increase significantly in 2Q20E.As the share price has moved close to our DCF-based TP of Bt6.00, we maintain our Hold rating.PLANB delivered net profit of Bt84mn in 1Q20, -46% YoY and -63% QoQ, below the street estimate by 7%.

Thailand

Plan B Media is a leading provider of out-of-home advertising services in Thailand and the ASEAN region, offering diverse platforms including transit, digital, retail, and airport media. The company also operates in engagement marketing, encompassing sports marketing and artist management. Headquartered in Bangkok, Thailand, the company was founded in 2005.

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Plan B Media (PLANB-R TB)

Plan B Media Plc. (PLANB)

PLANB delivered a lower-than-expected net loss in 2Q20 owing mainly to cost control. We believe net profit in 2H20E will improve HoH thanks to the...

Krungthai XSpring

Forecast a Net Loss in 2Q20E

Although the sector's earnings in 2Q20E (1QFY20/21E for VGI) are likely to be weak, we believe the worst has passed. The improvement in the...

Krungthai XSpring

Conference with US Investors

Although the long-term growth prospects look promising, ad spending will be negatively impacted by the COVID-19 pandemic in the short term. As the...

Krungthai XSpring

Company Update: Plan B Media Plc. (PLANB) Media & Publishing

After attending PLANB's analyst meeting, we lower its earnings in 2020-22E, resulting in a slight cut to the DCF-based TP to Bt5.85 (vs. Bt6.00...

Krungthai XSpring

Weak Results Owing to COVID-19

PLANB's earnings in 1Q20 started to be hit by COVID-19, and we believe the impact will increase significantly in 2Q20E. As the share price has...

Krungthai XSpring

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