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Plan B Media Pcl: 1Q21 net profit in line with estimate

  • 1Q21 bottom-line was in line with our estimate
  • PLANB posted a bottom-line of Bt31m for 1Q21
  • The top-line was Bt1bn, up 6% YoY but down 17% QoQ

The new COVID-19 outbreak may affect OOH media in 2Q21. However, we don’t believe that COVID-19 will irrevocably dissuade people from going outside, so OOH media will remain a major component of future ad budgets when conditions normalize. BUY!

1Q21 bottom-line was in line with our estimate

PLANB posted a bottom-line of Bt31m for 1Q21, down by 56% YoY and 74% QoQ. Excluding an extra item—a Bt26m extra expense related to the new TFRS16 accounting standard—core earnings would be Bt63m, down by 33% YoY and 60% QoQ. PLANB’s core profit was in line with our estimate and the street.


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