Equity Analysis /
Thailand

Plan B Media Pcl: Beyond recovery

  • Eyeball is ready for ad spending

  • 2Q22 earnings to rise YoY and QoQ

  • 2022 vs. pre-COVID level

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
27 June 2022

We will host a Thai Corporate Day on Jul 1, with the core theme of the event being “beyond recovery”. Executives from PLANB will join our event. PLANB expanded its business very fast during the COVID-19 era so if the environment returns to normal, PLANB’s performance will be better than its pre-COVID results. BUY!

Eyeball is ready for ad spending

Eyeball counts for OOH media rebounded in Apr-May. BTSGIF posted ridership on the BTS skytrain of 10.4m trips (or 335k/day) for May, up 31% YoY and 148% MoM. According to BTS, ridership on the BTS skytrain has risen to an average of 450k/day early Jun, after schools reopened nationwide for new term (onsite learning). BEM reported mean ridership/day on the MRT of 230k trips in May up 156% YoY (up YoY for a two consecutive months) and 29% MoM. On expressways, average traffic volume/day jumped 56% YoY and 7% MoM to 1,040k trips.  PLANB’s media utilization rate averaged 55-56% in Apr-May, against 43% in 2Q21 and 52% in 1Q22. Total ad spending recovered in Apr but slowed down in May, as some advertisers spent cautiously, led by the uncertain economic situation (a cost push inflation).