The current media and advertising industry is undergoing significant adaptation. Although Thailand's economy in 2026 is expected to grow slowly, leading businesses to be cautious with spending, Out-of-Home (OOH) advertising still remains in strong demand.
Data from MI Group estimates the overall advertising industry may grow only 0.6%, but OOH media is expected to expand impressively by 9% compared to the previous year, reflecting that brands continue to prioritize media that effectively reach consumers' lifestyles outside their homes.
Starting with Plan B Media Public Company Limited (PLANB). Its Q1 2026 performance shows robust growth, reporting sales and service revenue of 2,484 million baht, a 10.3% increase compared to the same period last year.
Net profit attributable to shareholders reached 207 million baht, up 7.6%, marking the first time since the company's establishment that Q1—a seasonally weakest quarter—has surpassed 200 million baht in profit.
The main driver came from the Out-of-Home (OOH) advertising business, which generated revenue of 1,830 million baht, growing 8.6%, accounting for over 73.7% of total revenue. This was supported by ongoing campaigns from clients in food and beverage, automotive, and financial sectors, resulting in a high and stable utilization rate of 69.9%.
Additionally, PLANB maintains a solid financial position, efficiently managing working capital; in this quarter, the company generated free cash flow of 1,063 million baht.
It also held cash and cash equivalents of 2,399 million baht, up 33.8% from the end of 2025, while its current ratio remained at 1.42 times, reflecting strong capability to support business expansion and long-term investments.
In contrast, VGI Public Company Limited (VGI) is facing a major crisis, reporting a heavy net loss of 1,064 million baht for the latest quarter, January to March 2026 (VGI's Q4 2025/26), compared to a profit in the same period the previous year.
The main pressure came from a special item for asset impairment, particularly a 1,200 million baht write-down on its investment in JMART.
Even excluding this special item, normal operating loss remained at 72 million baht, with total revenue down 9% to 1,123 million baht.
Focusing on VGI's core OOH business, revenue declined sharply to only 435 million baht in the latest quarter, down 22% year-on-year, leading to an overall OOH media revenue decrease of 19.3% to 1,949 million baht.
The utilization rate (excluding BTS pillar ads) stood at just 51.7%, indicating that brands are reallocating advertising budgets, directly impacting VGI’s core business, which bears high fixed costs.
However, VGI still holds substantial financial resources, with cash, cash equivalents, and other current financial assets totaling 21,111 million baht, representing 53% of total assets, and a high liquidity ratio of 10.7 times.
Although operating cash flow was negative 287 million baht, VGI raised a large amount from exercising warrants (VGI-W4) of 1,644 million baht, providing sufficient capital to restructure the business or invest in new revenue streams.
Looking at recent stock price movements as of 25 May 2026, share price trends clearly mirror the contrasting financial results.
PLANB’s latest share price stood at 4.16 baht, showing a positive return of 8.72% or an increase of 0.34 baht since the start of 2026.
This price rise aligns with its strong fundamentals; according to the Investment Analysts Association (IAA Consensus), among 11 brokers, 9 recommend "buy" and 2 recommend "hold," with an average target price of 5.68 baht and a high target of 6.50 baht.
Conversely, VGI’s share price last traded at 0.91 baht, reflecting a decline of 8.42% or 0.08 baht since the start of the year, indicating investors' concerns over losses and business restructuring.
Most analysts advise "hold" or "sell," with an average target price of only 1.06 baht and a low estimate of 0.90 baht.
The most industry-shaking development is the strategic alliance between the two companies, with VGI appointing PLANB to manage all of VGI's advertising media sales and marketing since May 2025.
Additionally, VGI has become a shareholder in PLANB through a private placement, holding 24.13% of shares, enabling VGI to start recognizing more profit shares from PLANB.
This collaboration has clearly borne fruit with the launch of bundled advertising packages such as "BTS MAX" and innovations like "BTS & City Sync," connecting large screens on Siam Paragon with seamless advertising across BTS trains and platform gates.
In the latest quarter, PLANB began fully recognizing 20 million baht in revenue from managing VGI's advertising media.
With PLANB managing VGI's media sales, VGI has shifted focus to growing its digital service business through Rabbit Card, Rabbit Care, and Rabbit Cash, as well as distribution via Rabbit Bytes and Super Turtle stores.
From the perspective of Yuanta Securities (Thailand) Limited, PLANB is expected to have better profit growth in 2026 than the industry, forecasting a net profit of 1,166 million baht, up 6%.
This is due to its strong OOH advertising business maintaining utilization above 75%, combined with synergy benefits from VGI that enhance sales efficiency.
Continuous growth in engagement marketing businesses, including boxing, sports, concerts, and events, also supports a "buy" recommendation with a target price of 6.10 baht.
Meanwhile, Krungsri Securities Public Company Limited is "reviewing its recommendation" on VGI from "hold," also revising its target price from 1.29 baht.
Analysts remain cautious about VGI due to a lack of clear signs of recovery, weak core advertising business, and risks from the BTS concession contract ending in 2029, while new businesses have yet to reach breakeven.
Although VGI’s stock price has fallen below its net cash value per share of 0.96 baht, it is still not considered attractive for short-term investment due to uncertainty about how the large cash reserve of over 21 billion baht will be deployed amid unclear recovery prospects.
Sources: Krungsri Securities, Yuanta Securities (Thailand), Plan B Media Public Company Limited (PLANB), VGI Public Company Limited (VGI).
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