PLANB: Maintain Positive Outlook Towards Earnings Recovery in 2021

PLANB: Expect Solid Earnings Recovery in 2H21

PLANB: Expect Solid Recovery Period in Mid 4Q21

PLANB: Pandemic Hit Earning Hard but Long-Term Growth Remain Solid

PLANB: Expect Net Loss in 2Q20 to Be Bottom of This Year

HMPRO: The Best Home-Improvement Retailer in Thailand

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<p><strong>We came out from the analyst meeting on 13th November with positive view given the expectation toward 4Q20 solid recovery in earnings driven by V-shape pick up in Out-of-Home Ads expenditure from private sector after period of overturn in 2Q20. We maintain  solid earnings outlook in 2021E supported by revenue recognition of new media capacity, improvement in overall utilization rate for existing assets, and, recovery in marketing revenue after sport event postponements in 2020.</strong></p><p><strong> The story:</strong></p><div><strong>• V-shape recovery for Out-of-Home media business</strong></div><div><strong>• Update on new measurement of OOH media rating</strong></div><p></p><p><strong>We maintain our BUY rating for PLANB with a target price of Bt6.60 The target price derived from 34xPE’21E, Thai consumer discretionary sector.</strong></p>

We came out from the analyst meeting on 13th November with positive view given the expectation toward 4Q20 solid recovery in earnings driven by V-shape pick up in Out-of-Home Ads expenditure from private sector after period of overturn in 2Q20. We maintain  solid earnings outlook in 2021E supported by revenue recognition of new media capacity, improvement in overall utilization rate for existing assets, and, recovery in marketing revenue after sport event postponements in 2020. The story:• V-shape recovery for Out-of-Home media business• Update on new measurement of OOH media ratingWe maintain our BUY rating for PLANB with a target price of Bt6.60 The target price derived from 34xPE’21E, Thai consumer discretionary sector.

PLANB: V-Shape Recovery for Out-Of-Home Media Business

Plan B Media

PLANB: V-Shape Recovery for Out-Of-Home Media Business