Following developments after outdoor advertising giant PLANB decided to invest over 7.2 billion baht to acquire shares in the leading IT retail business COM7.
This deal has attracted significant investor interest, as it may offer an opportunity to expand business that could transform both the advertising and technology retail sectors in the future.
Securities analysts maintain a cautious view on COM7 shares, noting that short-term positive effects from this deal are not yet evident and that the share price has already reacted considerably to the news.
Meanwhile, PLANB is regarded as a standout stock, with this deal seen as a golden opportunity to boost profits, expand business, and potentially increase its board representation.
However, at market open this morning (1 July 2026) at 10:11 AM, PLANB shares stood at 4.94 baht, up 6.47%, while COM7 shares closed at 27.50 baht, down 0.90% from the previous day.
Plan B Media Public Company Limited (PLANB) reported a major investment in COM7 Public Company Limited (COM7), with PLANB's board approving the acquisition of up to 263 million COM7 common shares, representing 11.01% of all issued and paid-up shares.
The transaction is expected to total no more than 7.219 billion baht, with shares purchased gradually through the stock exchange system—first phase approved on 14 May 2026 for 93 million shares, and second phase approved on 30 June 2026 to reach the target ownership.
PLANB is an existing unrelated shareholder of COM7, with no connected parties involved. The funding for this major share purchase comes from institutional loans.
The company assessed that this would not affect liquidity or normal operations. However, PLANB must use dividends received from COM7 to partly repay the loan and has pledged some acquired COM7 shares as collateral to secure better financial terms.
Regarding the investment rationale, PLANB views COM7 as a market leader in IT retail with strong networks via brands like BaNANA and Studio7, promising long-term returns through dividends and potential business synergy opportunities in the future.
At COM7, Surat Kanittaveekul, CEO, issued a statement to the stock exchange affirming that he remains the largest shareholder and that neither he nor the company's board members have sold shares in this transaction.
He also emphasized that the change in major shareholders does not affect control, management structure, or company policies.
Furthermore, the 11.01% stake acquired by PLANB does not reach the threshold requiring a Mandatory Tender Offer under the Securities and Exchange Commission's regulations.
Research from Asia Plus Securities takes a cautious stance on this deal, downgrading COM7 shares to “sell” from a speculative buy, with a target price of 25.50 baht.
The rationale is that short-term fundamental benefits from PLANB’s stake are not yet visible due to lack of clear business cooperation details.
COM7’s existing growth strategy focuses on its own supplementary businesses such as uFund loans, iCare Insurance, and electric vehicle sales; any collaboration with PLANB would likely take time to generate significant profits.
Asia Plus Securities is concerned that COM7 shares have already risen 18% since PLANB began buying, suggesting that momentum may fade.
Additionally, profit prospects are entering a low season from Q2 to Q3, with risks from rising electronics prices due to global chip shortages that could pressure second-half sales.
Krungsri Securities maintains a positive view on PLANB, recommending “buy” and naming it a top stock in the advertising sector, with a target price of 6.50 baht.
PLANB’s 7.2 billion baht investment in COM7 was fully funded by institutional loans, making PLANB the second or third largest shareholder in COM7.
Though borrowing increases PLANB’s interest-bearing debt-to-equity ratio from 0.26 to 0.82 times, this remains below 1, indicating the company’s financial strength.
On earnings, PLANB is expected initially to receive returns as dividend income estimated at no less than 300 million baht annually, roughly matching increased interest costs of 290 to 360 million baht.
Importantly, Krungsri believes PLANB may convene a COM7 shareholder meeting to seek more board seats, allowing PLANB to shift from dividend recognition to equity method profit-sharing.
This would positively impact PLANB’s profit growth by 11-17% and increase its intrinsic share value by 0.72 to 1.11 baht per share.
Beyond financials, PLANB can leverage COM7’s nationwide retail and online channels to further grow its business.
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