TLDR
- Maybank cut DigiPlus’ core net income forecasts by 43% for 2026 and 48% for 2027.
- Revenue forecasts for 2026 to 2028 were lowered by between 18% and 32%.
- Monthly active users reached 5.75 million, beating Maybank’s forecast of 4.75 million.
- Average monthly spending per user was about PHP805, below the earlier estimate of PHP1,250.
- Maybank expects a gradual recovery in 2027, with casino investments as a possible upside.
Maybank Securities has lowered its earnings forecasts for DigiPlus Interactive Corp., a Philippines-listed online gaming company. The brokerage said the company faces a difficult second half of 2026 as household spending comes under pressure.
In a report released Monday, Maybank analyst Raffy Mendoza said DigiPlus’ fundamentals remain intact. However, he expects any recovery to happen gradually in 2027.
Mendoza cut the forecast for core net income by 43% for 2026 and 48% for 2027. Maybank now expects core net income of about PHP7.8 billion, or US$124.3 million, this year and PHP8.6 billion next year.
The new outlook points to a drop of about 39% in 2026. It then calls for a recovery of about 10% in 2027, supported by higher player spending, customer retention, and returns from expansion projects.
Revenue Forecasts Lowered on Weaker Spending
Maybank reduced its revenue forecasts for 2026 to 2028 by between 18% and 32%. It lowered its assumptions for both monthly active users and average revenue per user.
The brokerage now expects revenue of about PHP65.4 billion in 2026 and around PHP64.9 billion in 2027.
The changes followed a weaker-than-expected first half. Maybank said slow economic growth and high inflation are likely to limit how much money online gaming customers can spend.
DigiPlus runs three platforms in the Philippines. These are BingoPlus, an online bingo site; ArenaPlus, a sportsbook; and GameZone, which offers casual and arcade games.
According to Maybank, the main problem is not the number of users. Instead, it is how much each customer spends.
User Numbers Beat Forecasts but Spending Falls Short
DigiPlus’ monthly active users settled at about 5.75 million in the second quarter. BingoPlus had around 3.35 million users, GameZone had about 1.83 million, and ArenaPlus had roughly 570,000.
That total beat Maybank’s forecast of 4.75 million users. But average monthly spending per active user was only about PHP805, well below the earlier estimate of PHP1,250.
First-half revenue came in at PHP32.9 billion, down about 31% from a year earlier. EBITDA fell around 40% to PHP5.5 billion.
The EBITDA margin narrowed to 16.7% from 19.0% a year earlier. Maybank expects the margin to reach about 18.5% in both 2026 and 2027.
Maybank said returns from DigiPlus’ physical casino investment could lift its forecasts. In June, DigiPlus completed HKD1.6 billion, or US$204.1 million, in convertible note subscriptions issued by International Entertainment Corp.
Full conversion would give DigiPlus a 53.89% stake in the Hong Kong-listed company. That company controls the Manila property promoted as LaVie Resort & Casino Manila.
Maybank has not yet included DigiPlus’ ventures in Brazil and South Africa in its forecasts. It is waiting for more reporting from management.
DigiPlus has said Brazil’s newly announced online betting ban is not expected to materially affect its overall financial or operating position.
The brokerage listed tighter regulation and stronger competition as downside risks. Higher player spending, more customer activity, and better margins could lead to upward revisions in its estimates.
