บทวิเคราะห์ (Research)

PLANB reported a 3Q25 net profit of Bt290mn (+3% YoY, +8% QoQ), in line with our forecast and the market consensus. Growth was driven by improved gross margins and higher OOH and engagement marketing revenue, particularly from sports marketing. PLANB’s board approved an interim dividend of Bt0.1674 per share (4.1% yield), with XD on November 24 and payment on December 9. We expect 4Q25F earnings to be flat YoY but improve QoQ on seasonal ad spending. We maintain a Neutral rating with a 1H26F target price of Bt4.7 (20x PE).