The ONE Enterprise: The quiet compounder in Thailand's entertainment boom

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The ONE Enterprise: The quiet compounder in Thailand's entertainment boom

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The ONE Enterprise

The quiet compounder in Thailand's

entertainment boom

Maintain Rating: BUY | PO: 4.10 THB | Price: 2.72 THB

Sector de-rating, asymmetric re-rating 09 June 2026

The valuation discount across the four major K-pop entertainment stocks reflects Equity

sector-wide sentiment compression rather than company-specific deterioration.

According to BofA Global Research, all four K-pop majors (HYBE, JYP, YG and SM – see SuppapongResearch AnalystIemkongaek, CFA, CMT ^^^

linked reports) are trading 1.1 to 1.6 standard deviations below their historical average Kiatnakin Phatra Securities

P/E, with the de-rating attributed explicitly to sector conditions rather than fundamental +66suppapong.iemk@kkpfg.com2 305 9925

reasons. ONEE, at 12.3x, is already trading below its own negative one standard

deviation level of 16.2x, meaning when the sector re-rates on delivery of earnings, ONEE

has more ground to recover than any of its peers. We maintain our Buy rating and PO of

Stock DataBt4.1, the highest on the Street, as we believe the current discount does not reflect

where the fundamentals are heading. Price 2.72 THB

Price Objective 4.10 THB

Fanbase economy Date Established 6-Mar-2026

ONEE has quietly transformed from a television-dependent media company into Investment Opinion B-1-8

Thailand's leading vertically-integrated entertainment platform. Its Idol Marketing 52-Week Range 1.94 THB-3.06 THB

segment now represents 59% of total operating revenue, growing at 64% YoY in 1Q26, Mrkt Val / Shares Out (mn) 198 USD / 2,381.3

while the legacy Content Marketing business continues its structural decline. The market Market Value (mn) 6,477 THB