Leading Philippine online gaming operator DigiPlus is well positioned to achieve steady long-term growth, although any recovery from recent headwinds will not be seen in 2026 due to ongoing macroeconomic factors continuing to weigh on the disposable income of its core domestic player base, according to Maybank Securities.
Maybank on Monday slashed its core net income projections for DigiPlus by 43% to Php7.8 billion (US$124 million) in 2026 and 48% to Php8.6 billion (US$137 million) in 2027, with the investment bank noting that this will see core earnings per share plummeting by 38% this year versus a previous forecast of 8% growth.
The company’s share price has fallen by 48% since April – a fact attributed to a weaker-than-expected 1H26 performance reported by DigiPlus in August, the potential removal of the company from the Philippine Stock Exchange Index during the Feb 2027 index rebalancing, and most recently the potential ban on online gaming in Brazil.
Despite this, Maybank analyst Raffy Mendoza said DigiPlus’s fundamentals remain strong enough to provide “decent yields of 5% to 8% over the long term.” Mendoza also describes DigiPlus stock as attractive at its current price given upside catalysts.
These catalysts include improving ARPUs (average revenue per user) through player retention for its local online segment, monetization of its physical casino investment (LaVie Resort & Casino in Manila); and clarity on the growth potential of its offshore businesses (in Brazil and South Africa).
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