We remain on the side-lines despite the resetting of valuation levels. Our hesitation derives from growing risks on the macro front. Most TV operators remain in the defensive mode. Out-of-home and cinema players seem the best play for now. Our top pick is PLANB.
Ad spending rose YoY in Oct
Total ad spending in Oct was Bt8.4bn, up 7% YoY and 2% MoM. Six media categories reported YoY ad expenditure rises—cinema (up 16% YoY but down 8% MoM), transit (up 143% YoY and 18% MoM), in-store (up 25% YoY and 6% MoM), outdoor (up 52% YoY and 1% MoM), radio (up 7% YoY and 10% MoM), and magazines (up 6% YoY but down 5% MoM). Total OOH media (outdoor, in-store, and transit media) receipts jumped 81% YoY and 8% MoM.