We reiterate our BUY recommendation on PLANB with a target price of Bt8.80, based on a 2025E PER of 33.0x. Recent guidance provided at the analyst meeting on February 14th reinforces our positive earnings outlook. PLANB projects annual synergies valued at Bt450-600mn from the recently announced acquisition of “Hello LED” and partnership with VGI. These moves are forecast to increase net revenue by Bt400-500mn, save operating costs by Bt25-50mn, and reduce working capital by Bt25-50mn. Collectively, these synergies are estimated to contribute Bt0.07-0.09 per share. The transactions are expected to be finalized within 2Q25E. Including Hello LED, VGI, and Roctec, PLANB’s media capacity is projected to increase by +45% to Bt14.07bn in 2025E and by an additional +15% to Bt16.2bn in 2026E. Total revenue is projected to reach Bt9.5bn in 2025E and Bt11bn in 2026E.

Our net profit estimates for 2024E and 2025E remains unchanged at Bt1.03bn (+13% YoY) and Bt1.14bn (+11%). These projections do not yet incorporate the recent Hello LED acquisition and VGI partnership, as they are pending shareholder approval at the upcoming meeting in April.

PLANB’s share price has outperformed the SET Index by +12% over the past month and is currently trading at 26.5x 2025E PER. While PLANB is our top pick in the media sector, the company is well-positioned to capitalize on growth in the OOH advertising market, given its leading market share. Furthermore, we project the company’s earnings to reach all-time highs in 2024-25E