COMPANY UPDATE

Plan B Media

3 April 2015

PLANB TB / PLANB.BK

Spectacular growth outlook

Sector: Media Neutral

Rating: BUY
Target Price: Bt5.10
Price (2 April 2015): Bt4.80
Key statistics

Investment thesis
Early this week, we accompanied PLANB top executives on a non-deal
roadshow, the feedback during which reaffirmed our strong conviction
about PLANBs forward profitability. The firms robust earnings growth
profile52% net profit growth based on CAGR during 2014-16
driven by revenue and gross margin expansion, should prompt a further
share-price gains. More interestingly, there is also scope for upside to
its long-term earnings from future investments and M&A opportunities,
as the company reiterated that it is debt-free, which should facilitate
such investments without difficulty. Our BUY rating stands.
Full-year effect from new media launched in 2014 and upcoming
projectskey growth drivers for 2015
Even though 2014 was not a good year for the Thai media industry, PLANB
has over the past year continued to innovate and develop new products as
well as explore new advertising space. These moves made the firm ready to
deliver further growth this year, despite the slow pace of recovery in Thai
media. The full-year effect from new media launched in 2014 will be one of
the key growth drivers for 2015. In addition, the many new projects coming
on line throughout 2015 will be another growth driver for the year.
Promising growth outlook for 2015
Based on the current media inventory, management targets sales growth
of more than 25% YoY in 2015, which implies FY15 revenue of around
Bt1.8-1.9bn and a gross profit margin of more than 38%. Year-to-date,
PLANB has already secured revenue of Bt1.2bn for 2015, which should
then make this years sales target achievable, in our view. In addition,
management has set a target to keep SG&A expenses below Bt231m this
year. If the firm achieves these targets, there is a 15% upside potential to
our current FY15 earnings forecast of Bt345m.

Market cap
12-mth price range
12-mth avg daily volume
# of shares (m)
Est. free float (%)
Foreign limit (%)

Consensus
rating
%
100
80
60
40
20
0

USD0.5bn
USD1.9m

BLS Target price BLS earnings

vs. Consensus
vs. Consensus

Buy
50
0 Hold
50

Bt16.8bn
Bt3.9/Bt5.3
Bt60m
3,495
25.0
49.0

Sell

Bt
6.0

Btm
600

4.0

400

2.0

200

0.0 BLS Cons.

BLS Cons.

BLS

0
15E 16E

Financial summary
FY Ended 31 Dec
Revenues (Btm)
Net profit (Btm)
EPS (Bt)
EPS grow th (%)
Core profit (Btm)
Core EPS (Bt)
Core EPS grow th (%)
PER (x)
PBV (x)
Dividend (Bt)
Dividend yield (%)
ROE (%)

CG rating

2014
1,465
207
0.08
+23.1%
207
0.08
-29.8%
60.4
16.5
0.0
0.0
25.7

2015E
2016E
2017E
1,737
2,318
2,555
345
480
553
0.10
0.14
0.16
+26.7% +35.4% +14.9%
345
480
553
0.10
0.14
0.16
+26.7% +35.4% +14.9%
47.6
35.2
30.6
6.1
5.6
5.1
0.1
0.1
0.1
1.0
1.4
1.6
19.6
16.6
17.4

N/A

Scope for earnings and value accretions

As PLANB aims to become a leading media player in ASEAN with Bt5bn
revenue by 2020 by providing the most effective communication channel,
the firm has set a concrete long-term growth strategy to pave the way to
such a goal. Management guided that the firm is focusing on expanding
its outdoor media segment, as there are opportunities to acquire or do
partnership with existing local media players.
such as likely alliance with outdoor digital media player
For instance, if PLANB finally closes the market talk deal for a
partnership with Hello Bangkok, this initiative should help both entities
to achieve a near monooly and dominate the fast-growing outdoor
digital media market. According to an industry source, Hello Bangkoks
annual revenue is around Bt400-500m. Based on general rule of thumb
of a 10-50% revenue share, our analysis suggested that PLANBs
earnings would increase by 3-13% from our base case forecast and
that the YE15 PEG-derived target price would increase Bt0.13-0.68 per
share from our base case target price of Bt5.10.
See disclaimer at the end of report

Cons.

Suppata Srisuk
Securities Fundamental Investment Analyst
suppata@bualuang.co.th
+66 2 618 1343

PLANB : Financial Tables Year

PROFIT & LOSS (Btm)
Revenue
Cost of sales and services
Gross profit
SG&A
EBIT
Interest expense
Other income/exp.
EBT
Corporate tax
After-tax net profit (loss)
Minority interest
Equity earnings from affiliates
Extra items
Net profit (loss)
Reported EPS
Diluted EPS
Core net profit
Core EPS
EBITDA
KEY RATIOS
Revenue growth (%)
Gross margin (%)
EBITDA margin (%)
Operating margin (%)
Net margin (%)
Core profit margin (%)
ROA (%)
ROCE (%)
Asset turnover (x)
Current ratio (x)
Gearing ratio (x)
Interest coverage (x)
BALANCE SHEET (Btm)
Cash & Equivalent
Accounts receivable
Inventory
PP&E-net
Other assets
Total assets
Accounts payable
ST debts & current portion
Long-term debt
Other liabilities
Total liabilities
Paid-up capital
Share premium
Retained earnings
Shareholders equity
Minority interests
Total Liab.&Shareholders' equity
CASH FLOW (Btm)
Net income
Depreciation and amortization
Change in working capital
FX, non-cash adjustment & others
Cash flows from operating activities
Capex (Invest)/Divest
Others
Cash flows from investing activities
Debt financing (repayment)
Equity financing
Dividend payment
Others
Cash flows from financing activities
Net change in cash
Free cash flow (Btm)
FCF per share (Bt)
Key assumptions
Transit revenue (Btm)
Digital revenue (Btm)
Static revenue (Btm)
In-store revenue (Btm)
Gross margin (%)

2013
1,379
(784)
595
(185)
410
(40)
4
374
(82)
292
0
0
(125)
167
0.06
0.06
292
0.11
623

2014
1,465
(942)
523
(202)
322
(55)
4
270
(64)
207
0
0
0
207
0.08
0.08
207
0.08
614

2015E
1,737
(1,039)
698
(252)
446
(15)
5
436
(92)
345
0
0
0
345
0.10
0.10
345
0.10
774

2016E
2,318
(1,353)
966
(359)
606
(6)
6
607
(127)
480
0
0
0
480
0.14
0.14
480
0.14
979

2017E
2,555
(1,460)
1,095
(396)
699
(6)
7
700
(147)
553
0
0
0
553
0.16
0.16
553
0.16
1,101

36.6
43.2
45.1
29.7
12.1
21.2
9.7
12.5
0.8
0.6
1.1
10.3

6.2
35.7
41.9
22.0
14.1
14.1
8.9
10.9
0.6
0.7
1.7
5.8

18.6
40.2
44.6
25.7
19.8
19.8
12.1
14.2
0.6
3.4
0.0
29.6

33.4
41.7
42.2
26.2
20.7
20.7
13.6
16.1
0.7
3.7
0.0
106.9

10.2
42.9
43.1
27.4
21.6
21.6
14.1
16.9
0.7
4.3
0.0
120.8

74
421
0
1,072
489
2,271
408
402
519
3
1,417
260
426
168
854
0
2,271

61
474
0
1,163
448
2,365
275
534
731
3
1,609
260
426
70
756
0
2,365

1,064
530
0
1,028
455
3,311
377
40
40
3
561
351
2,157
242
2,750
0
3,311

1,478
708
0
840
441
3,729
490
41
41
5
701
352
2,193
482
3,027
0
3,729

1,984
780
0
633
424
4,094
529
42
42
5
753
353
2,229
759
3,341
0
4,094

167
212
184
(48)
515
(386)
(3)
(388)
450
461
(22)
(3)
889
1,016
130
0.0
2013
556
358
417
49
43.2%

207
292
(186)
31
344
(375)
0
(375)
344
0
0
0
344
314
(31)
(0.0)
2014
506
447
470
41
35.7%

345
328
45
(3)
714
(175)
(31)
(205)
(1,155)
1,822
(172)
(31)
494
1,003
539
0.2
2015E
572
565
550
50
40.2%

480
373
(64)
(6)
782
(166)
(2)
(168)
2
37
(240)
(2)
(200)
414
616
0.2
2016E
840
824
599
55
41.7%

553
402
(33)
(3)
919
(174)
(1)
(175)
2
37
(277)
(1)
(237)
507
745
0.2
2017E
1,009
860
629
58
42.9%

Revenue growth and asset turnover

Revenue growth (%) (LHS)
Asset turnover (x) (RHS)

%
100

x
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0

80
60
40
20
0
11

12

13

15E 16E 17E

14

A/C receivable & A/C payable days

days

AR / Sales (days)
AP / Cost of Goods (days)

200
150
100
50
0
11

12

13

14

15E

16E

17E

16E

17E

Profit margins
Gross margin (%)
EBIT margin (%)

%
50
40
30
20
10
0
11

12

13

14

15E

Capital expenditure
Capex (Bt,bn)
Capex / Net PPE (%)

Bt,bn
0.5

60
50

0.4

40

0.3

30

0.2

20

0.1

10

0.0

0
11

12

13

14

15E 16E 17E

Debt serviceability
x

(ST debt + Interest) / EBITDA

(Debt + Interest) / EBITDA

3.0
2.5
2.0
1.5
1.0
0.5
0.0
11

12

13

14

15E

16E

17E

Dividend payout
Dividend (Bt)
Payout ratio (%)

Bt/Shr
0.10
0.08

0.07

0.08

30

0.03 0.03

0.02

20
0.01

0.00
11

12

50
40

0.05

0.06
0.04

%
60

13

10

0.00
14

0
15E 16E 17E

PLANB - 2

PLANB : Financial Tables Quarter

QUARTERLY PROFIT & LOSS (Btm)
Revenue
Cost of sales and services
Gross profit
SG&A
EBIT
Interest expense
Other income/exp.
EBT
Corporate tax
After-tax net profit (loss)
Minority interest
Equity earnings from affiliates
Extra items
Net profit (loss)
Reported EPS
Fully diluted EPS
Core net profit
Core EPS
EBITDA
KEY RATIOS
Gross margin (%)
EBITDA margin (%)
Operating margin (%)
Net margin (%)
Core profit margin (%)
BV (Bt)
ROE (%)
ROA (%)
Current ratio (x)
Gearing ratio (x)
Interest coverage (x)
QUARTERLY BALANCE SHEET (Btm)
Cash & Equivalent
Accounts receivable
Inventory
PP&E-net
Other assets
Total assets
Accounts payable
ST debts & current portion
Long-term debt
Other liabilities
Total liabilities
Paid-up capital
Share premium
Retained earnings
Shareholders equity
Minority interests
Total Liab.&Shareholders' equity

4Q13
382
(213)
169
(79)
91
(11)
1
81
(19)
62
0
0
0
62
0.02
0.02
62
0.02
203

1Q14
306
(206)
100
(42)
58
(13)
1
47
(11)
36
0
0
0
36
0.01
0.01
36
0.01
78

2Q14
344
(227)
116
(39)
77
(13)
1
65
(14)
50
0
0
0
50
0.02
0.02
50
0.02
192

3Q14
350
(237)
113
(47)
66
(14)
1
52
(13)
39
0
0
0
39
0.02
0.02
39
0.02
138

4Q14
466
(272)
194
(73)
121
(15)
1
107
(26)
81
0
0
0
81
0.03
0.03
81
0.03
206

44.3
53.1
23.7
16.3
16.3
0.3
21.6
10.0
0.6
1.1
8.1

32.7
25.5
19.0
11.6
11.6
0.6
11.8
5.5
1.1
0.3
4.6

33.8
55.9
22.4
14.6
14.6
0.6
12.9
5.2
1.1
0.3
5.9

32.2
39.4
18.8
11.3
11.3
0.7
9.8
3.2
1.2
0.2
4.6

41.7
44.2
26.0
17.5
17.5
0.3
26.6
8.9
0.7
1.7
7.9

Revenue trend
Bt,bn

Revenue (Bt,bn) (LHS)

Revenue growth (% YoY)

0.5

213
621
94
307
1,267
2,888
169
438
11
80
1,324
0
0
0
1,563
2
2,888

456
753
156
315
2,663
4,899
207
491
7
1,562
3,335
0
0
0
1,544
20
4,899

529
810
175
309
2,731
4,907
212
322
6
1,651
3,191
0
0
0
1,686
29
4,907

61
474
0
1,163
598
2,365
275
534
731
3
1,609
260
0
70
756
0
2,365

25
20

0.4

15

0.3

10

0.2

0.1

0.0

(5)
2Q13

4Q13

2Q14

4Q14

Revenue trend (accumulated)

Accum. Revenue (Bt,bn)
% of FY Revenue

Bt,bn
2
1
1
1
1
1
0
0
0

100

%
120
100
80
60
40
20
0

100

72

68

47

44
21

2Q13

4Q13

2Q14

4Q14

Net profit trend (accumulated)

Accum. Profit (Bt,m)
% of FY Profit

Bt,m
250

100

200

100

%
120

100

100
63

150

80

61

60

42
27

40

17

50

74
421
0
1,072
626
2,271
408
402
519
3
1,417
260
0
168
854
0
2,271

20

0
2Q13

4Q13

2Q14

4Q14

Gross profit margin

FY GPM (%)
Gross margin (%)

%
50
40
30
20
10
0
2Q13

4Q13

2Q14

4Q14

EBIT margin
FY EBIT margin (%)
EBIT margin (%)

40
35
30
25
20
15
10
5
0
2Q13

4Q13

2Q14

4Q14

Company profile
Plan B Media Plc a major diversified out-of-home (OOH) media provider in Thailand, offering advertising space and air-time rental. It was established by Mr. Palin
Lojanagosin in March 2005 with an initial registered capital of Bt10m. The firm offers a wide range of OOH platforms and products to brand owners across a broad
spectrum of industries, and media buyers. PLANB offers integrated media solutions from content development to monitoring and maintenance of sites.

PLANB - 3

Outlook
Early this week, we accompanied PLANB Chief Executive Palin Lojanagosin and Managing
Director Dr. Pinijsorn Luechaikajohnpan on a non-deal roadshow. The feedback that we
gathered reaffirmed our strong confidence in PLANBs forward profitability.
Key discussion topics comprised: 1) progress of new projects to come on stream in 2015, 2)
the firms outlook for 2015, 3) the firms long-term growth strategy and strategic direction, and
4) the firms financial capability to finance future investments. We have summarized the key
discussion points below:
FY2014 effect of new media launched; upcoming projectskey growth drivers for 2015:
Even though 2014 was not a good year for Thai media due to political unrest and economic
slowdown, PLANB has continued its innovation of new products and to explore new
advertising spaces over the past year. These moves made the firm ready to deliver growth this
year, despite a slow recovery in the Thai media industry. The full-year effect from new media
including: 1) digital screens@MRT, 2) Chiang Mai City network project (static outdoor
billboards), 3) Plan B TV project (digital outdoor media), and 4) digital outdoor media for
Central branches nationwidelaunched in 2014, will be one of key growth drivers for 2015.
In addition, many new projects are coming on line throughout 2015, starting with: 1) Hand
grip@MRT, Hanger@MRT, and Bench@MRT in 1Q15, 2) In-mall media at Siam Paragon in
1Q15, 3) digital outdoor screens at Emporium and EmQuatier in 2Q15, 4) Flyover 2.0 project
(static outdoor billboards) in 2Q15, 5) Gateway phase 2 in 2Q15, 6) POS media kiosks in
2Q15, 7) Udon Thani City network project (static outdoor billboards) in 3Q15, 8) Bus wi-fi
project phase 1 (transit media) in 4Q15, and 9) Show DC project (outdoor digital media) in
4Q15. These new projects will be further growth drivers for the year.
Promising growth outlook for 2015: The ad spend of the overall Thai media industry and the
Out-of-Home (OOH) market is expected to recover to with a 5-10% YoY in 2015 after a 10%
and 6% contraction, respectively, last year. Moreover, with political unrest ended, PLANB
expects to recoup revenue lost of at least Bt121m from its transit media (media on buses)
during political upheaval in 1H14 to 2013 levels. Moreover, the full-year realization of revenue
from completed projects in 2014 will increase the firms revenue capacity of Bt638m. Also, the
projects to be launched in 2015 will increase PLANBs revenue capacity by another Bt262m. In
summary, the firms revenue capacity (assuming 100% utilization rate) will reach a new high of
Bt2.5bn in 2015, up 24% YoY. In our view, the firms 2015 revenue capacity seems to be
conservative, as no price increase was assumed.
Based on the current media inventory, management targets sales growth of more than 25%
YoY in 2015, which implies FY15 revenue of around Bt1.8-1.9bn and a gross profit margin of
more than 38%. Year-to-date, PLANB has already secured revenue of Bt1.2bn for 2015, which
should then make this years sales target achievable, in our view. In addition, management aims
to keep SG&A expenses below Bt231m this year. If the firm achieves these targets, there is a
15% upside potential to our current FY15 earnings forecast of Bt345m.
Ample investment opportunities to leapfrog growth, both organic : PLANB aims to
become a leading media player in ASEAN, with Bt5bn revenue by 2020, by providing the most
effective communication channels. To achieve this goal, the firm has set a long-term growth
strategy founded on growth pillars covering three areas: 1) core media, 2) adjacencies media,
and 3) step-out opportunities. Firstly, for core media, the firm will focus on building strong and
well diversified OOH networks by media diversification and by entering new territories.
Secondly, for adjacencies, PLANB will explore opportunities in adjacencies media to enhance
integration. The firm plans to expand into the high potential media segment such as online
media. Lastly, for the step-out opportunities pillar, the firm will seek step-out channels to add to
its portfolio to accelerate growth. It is seeking for strong potential partners to leverage its media
network and a strong financial position with an aim to develop new intiative products or
services such as new mobile applications.

PLANB - 4

Management said that the firm would continue to dominate the local OOH media landscape
through organic and inorganic means. For its core media, PLANB has already secured
concessions to install media on 3,000 new NGV buses (1,500 non-air-conditioned buses and
1,500 air-conditioned buses) of which 489 vehicles are expected to be in service this year and
the remaining are expected to be in service within 2017. PLANB will also offer wi-fi services on
1,500 new air-conditioned buses. Management expects that wi-fi points will be installed on 489
buses this year and will be available on 1,500 by 2017.
In addition, there is an upside potential for the firms long-term growth from the expansion of
MRT lines if the firm were to win the ad space concessions for new lines, such as the Blue
Line extension (Bangsue-Tha Pra and Hua Lampong-Bang Kae) and the Purple Line (Bang
Yai-Bang Sue). But, even under the worst-case scenario where it fails to secure any new ad
space concessions from MRT, the new lines (which will have connections with the BTS, the
Airport Rail Link and bus stations) will substantially increase the value of its existing ad space
because a lot more passengers will be using the original core route than are at present. As
such, the positive impact from new MRT lines on ridership is likely to be spectacular, which
would enable PLANB to ramp up ad rates.
and inorganic meanslooking for M&A opportunities: Even though PLANB has already
been one of the most diversified OOH media providers in Thailand, the company will continue
to pursue growth opportunities to strengthen its leading market position. Management guided
that the firm is now focusing on expanding its outdoor media segment (static billboards and
digital screens), as there are opportunities to acquire or do partnership with the existing local
media players.
For instance, if PLANB finally closes the market talk deal for a partnership with Hello Bangkok,
the initiative should enable both entities to monopolistically dominate the fast-growing outdoor
digital media market. According to an industry source, Hello Bangkoks annual revenue is
around Bt400-500m. Based on the general rule of thumb of 10-50% revenue sharing, our
analysis suggested that PLANBs earnings would increase by 3-13% from our base case
forecast and that the YE15 PEG-derived target price would increase Bt0.13-0.68 per share
from our base case target price of Bt5.10.
Figure 1: Scenario analysis to evaluate potential earnings accretion from potential partnership
Revenue sharing scheme
FY15 revenue (Btm)
Change (%)
FY15 net profit (Btm)
Change (%)
YE15 target price (Bt)

Base case

10%

20%

30%

40%

50%

1,737

1,782

1,827

1,872

1,917

1,962
12.9

na

2.6

5.2

7.8

10.4

345

354

363

372

381

391

na

2.7

5.4

8.0

10.7

13.4

5.10

5.23

5.37

5.51

5.64

5.78

Source: Bualuang Research estimates

Potential growth from regional expansion: Not only PLANB expanding its OOH media
business in Thailand, it plans to establish its regional footprint in tier-1 AEC markets including
Indonesia, Malaysia, Philippines and Singapore. It sees significant market potential in OOH
media, as the total OOH media market value of ASEAN is more than US$1.1bn. Management
said that Indonesia would be the first priority for its regional expansion, as the firm already has
PT Elang Mahkota Teknologi Tbk (Emtek), Indonesias second-largest media provider, as a
strategic partner.
Strong financial capability for future investments: Management budgets Bt300m for
committed organic projects in 2015. We think that the firms cash flow from operations should
be more than sufficient to finance its FY15 CAPEX. Management also pointed out that PLANB
is now a debt-free company, as it used some of its IPO proceeds to repay debt. As such, the
healthy balance sheet coupled with the remaining proceeds from IPO should facilitate the
firms future investments without any difficulities.

PLANB - 5

Recommendation
Maintain a BUY with a YE15 target price of Bt5.10: The key messages from the non-deal
roadshow reaffirmed our views regarding PLANBs promising growth outlook. The firms robust
earnings growth profilea 52% net profit growth CAGR during 2014-16, driven by revenue
and gross margin expansion should catalyze the share price going forward. In addition, there is
a scope for upside to the firms long-term earnings from future investments and M&A
opportunities. Valuation-wise, the share price currently trades at a FY15 PEG of 0.9x, a
discount to VGIs end-Mar 2016 PEG of 1.1x. We therefore maintain our BUY rating with a
YE15 target price of 5.10, pegged to PEG of 1.0x.

PLANB - 6

Regional Comparisons
Bloomberg
Code

Price Market Cap

(local curr.)

Abs-Cbn Corp
Gma Network Inc
Sun Tv Network Ltd
Zee Entertainment Enterprise
Television Broadcasts Ltd
Phoenix Satellite Television

ABS PM
GMA7 PM
SUNTV IN
Z IN
511 HK
2008 HK

Nippon Television Network

Tokyo Broadcasting System
Tv Asahi Corp
Beijing Gehua Catv Network-A
BEC World
GMM Grammy
Major Cineplex Group
MCOT
Plan B Media
RS
VGI Global Media

9404 JP
9401 JP
9409 JP
600037 CH
BEC TB
GRAMMY TB
MAJOR TB
MCOT TB
PLANB TB
RS TB
VGI TB

Workpoint Entertainment
Simple average

WORK TB

PER (x)

(US$
equivalent) 2015E 2016E

EPS Growth (%)

2015E

PBV (x)

ROE (%)

Div Yield (%)

2016E 2015E 2016E 2015E 2016E 2015E 2016E

PHP61.5
PHP6.7
INR456.0
INR340.9
HKD48.1
HKD2.8

1,175
506
2,884
5,254
2,717
1,773

21.5
19.2
23.4
36.6
13.1
25.0

14.8
13.8
20.0
31.6
12.4
19.6

n.a.
16.6
2.2
1.6
264.3
199.7

n.a.
32.5
17.4
17.5
5.1
27.3

1.9
n.a.
5.4
6.8
2.5
2.5

1.7
n.a.
4.9
5.9
2.4
2.3

9.1
18.7
23.9
21.6
18.8
10.5

12.2
23.8
25.5
21.6
18.2
12.0

1.0
3.9
2.7
0.7
5.5
1.9

1.4
2.2
2.8
0.9
5.8
1.7

JPY2,055.0
JPY1,587.0
JPY2,120.0
CNY27.2
THB41.75
THB14.40
THB33.25
THB15.20
THB4.80
THB16.20
THB5.35

4,530
2,525
1,922
4,664
2,571
364
911
322
517
501
1,131

18.4
22.9
20.1
39.5
21.2
n.m.
22.8
19.6
48.9
33.5
35

15.4
24.4
18.0
30.9
20.1
28.0
20.5
18.2
35.2
21.1
25

2.0
15.3
-10.0
27.3
-11.0
n.m.
19.4
5.7
23.5
33.3
-36.6

19.9
-7.1
13.0
27.3
5.9
n.m.
11.2
8.0
38.7
58.8
39.2

1.0
0.7
0.8
4.2
9.7
4
4.4
1.4
6.1
8.4
7.8

0.9
0.7
0.8
3.7
9.0
4
4.2
1.3
5.6
7.1
4.8

5.4
3.1
4.0
11.0
46.6
-26.5
19.9
7.1
19.6
27.1
32.8

6.0
2.9
4.4
12.5
49.0
16.1
21.1
7.5
16.6
37.7
23.4

1.5
1.2
1.4
1.0
4.3
0.0
3.8
3.8
1.0
1.8
2.5

1.7
1.3
1.5
1.2
4.6
0.0
4.2
4.1
1.4
2.8
3.6

THB43.50

559

71.6
29.0

61.7
23.9

676.6
76.9

16.0
20.7

5.7
4.3

5.4
3.8

10.5
14.6

9.2
17.8

0.7
2.2

0.8
2.3

Foreign holding
%

PLANB

Media

40

35.6

30
20
10
0
11/14

12/14

1/15

2/15

3/15

4/15

PLANB - 7

DISCLAIMER

Bualuang Securities Public Company Limited

BUALUANG SECURITIES PUBLIC COMPANY LIMITED (BLS) is a subsidiary of BANGKOK BANK PUBLIC COMPANY LIMITED (BBL). This document
is produced based upon sources believed to be reliable but their accuracy, completeness or correctness is not guaranteed. The statements or
expressions of opinion herein were arrived at after due and careful consideration to use as information for investment. Expressions of opinion contained
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PLAT

Score Range

Score Range

Description

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Excellent

80 89

Very Good

70 79

Good

60 69

Satisfactory

50 59
Below 50

Pass
No logo given

N/A

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does not warrant or guarantee the accuracy or completeness of its research reports. Morgan Stanley reserves copyright and other proprietary rights in
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or reproduced in this research report change.
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BUALUANG RESEARCH RECOMMENDATION FRAMEWORK

STOCK RECOMMENDATIONS

SECTOR RECOMMENDATIONS

BUY: Expected positive total returns of 15% or more over the next 12
months.
HOLD: Expected total returns of between -15% and +15% over the next 12
months.
SELL: Expected negative total returns of 15% or more over the next 12
months.
TRADING BUY: Expected positive total returns of 15% or more over the next
3 months.

OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is

expected to outperform the relevant primary market index over the next 12 months.
NEUTRAL: The industry, as defined by the analyst's coverage universe, is
expected to perform in line with the relevant primary market index over the next 12
months.
UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is
expected to underperform the relevant primary market index over the next 12
months.

PLANB - 8