PLANB : “Expect Solid Earnings Growth to Remain Throughout 2023’’

PLANB: Solid Performance for OOH Business Throughout 2022

PLANB : Expect Earnings to Hit 10-Quarter High in 2Q22

PLANB : Earnings Hit 10-Quarter High in 2Q22, Above Market and Our

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for PLANB, and target price of Bt7.80. Out-of-home media (80% of the company’s revenue) has been outperforming the media industry in terms of budget spending</li>
<li>Expect earnings to drop QoQ before hit 2022 high in 4Q22 Media revenue is expected to touch all-time high at Bt1.3bn(+101%YoY +1%QoQ) in 3Q22 supported by utilization rate that expected</li>
<li>YoY improvement in net profit will be due to solid revenue recovery in media business.  QoQ contraction should be pressured by heavy expenses incurred from major maintenance and aforementioned factors</li>
</ul>


Maintain BUY recommendation for PLANB, and target price of Bt7.80. Out-of-home media (80% of the company’s revenue) has been outperforming the media industry in terms of budget spending
Expect earnings to drop QoQ before hit 2022 high in 4Q22 Media revenue is expected to touch all-time high at Bt1.3bn(+101%YoY +1%QoQ) in 3Q22 supported by utilization rate that expected
YoY improvement in net profit will be due to solid revenue recovery in media business.  QoQ contraction should be pressured by heavy expenses incurred from major maintenance and aforementioned factors


PLANB : Expect Solid Earnings to Persist Throughout 2023’’

Plan B Media

PLANB : Expect Solid Earnings to Persist Throughout 2023’’