Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Gross revenue fell 9% quarter-on-quarter to PHP 15.6bn, yet NGR (Net Gaming Revenue) rose 1% to PHP 5.52bn, and EBITDA rose 7% to PHP 2.84bn.</li>
<li>MABD (Monthly Average Bettors and Depositors) rose 26% to 4.68mn, while MAU (Monthly Active Users) held at 5.75mn, indicating a deliberate shift from per-user spend to user count.</li>
<li>At PHP 9.50, the shares trade on 4.2x FY26e earnings, 2.5x EV/EBITDA, 0.96x book and a 7.6% dividend yield on the revised estimates.</li>
</ul>


Gross revenue fell 9% quarter-on-quarter to PHP 15.6bn, yet NGR (Net Gaming Revenue) rose 1% to PHP 5.52bn, and EBITDA rose 7% to PHP 2.84bn.
MABD (Monthly Average Bettors and Depositors) rose 26% to 4.68mn, while MAU (Monthly Active Users) held at 5.75mn, indicating a deliberate shift from per-user spend to user count.
At PHP 9.50, the shares trade on 4.2x FY26e earnings, 2.5x EV/EBITDA, 0.96x book and a 7.6% dividend yield on the revised estimates.


DigiPlus Interactive Corp. (PLUS PM): GGR Decline Disappoints But Metrics Trending Better

Philippine Stock Exchange / Equity Bottom-Up

<ul>
<li>We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>We update our readers on developments in <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> and <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
We update our readers on developments in Asian Terminals (ATI PM) and Philippine Stock Exchange (PSE PM) 


Shortlist of High Conviction Philippines Equity Ideas - June 2025

<ul>
<li>PAGCOR forecasts a strong FY25 industry GGR of 450 bn pesos (20% YoY), of which the share of bingo/casino games is expected to be 50% (~225 bn pesos).</li>
<li>If <a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive (PLUS PM)</a>  maintains a share of 45% (vs last year's 47%), revenue will increase by 33% to 100 bn pesos. </li>
<li>With the recent correction due to the current geopolitical situation, the stock trades at 12.2x/9.5x FY24/FY25e, 35% ROCE, with multiple catalysts, e.g, a great Q1FY25 and expansion in Brazil.</li>
</ul>


PAGCOR forecasts a strong FY25 industry GGR of 450 bn pesos (20% YoY), of which the share of bingo/casino games is expected to be 50% (~225 bn pesos).
If DigiPlus Interactive (PLUS PM)  maintains a share of 45% (vs last year's 47%), revenue will increase by 33% to 100 bn pesos. 
With the recent correction due to the current geopolitical situation, the stock trades at 12.2x/9.5x FY24/FY25e, 35% ROCE, with multiple catalysts, e.g, a great Q1FY25 and expansion in Brazil.


DigiPlus Interactive (PLUS PM): Gleanings From the Annual Report FY24 and Management Meeting

<ul>
<li><span><a target="_blank" rel="noopener">DigiPlus Interactive (PLUS PM)</a> clarified that online gambling by licensed operators is no longer under threat of a government ban (instead, they will target illegal operators: net positive).</span></li>
<li>Despite H2 2025 headwinds from platform delinks and MAU normalization, the company retains a strong cash fortress (₱23.4B), near-zero debt, and best-in-class operator economics.</li>
<li>The stock trades at 5.9x PE and 3.8x EV-EBITDA, with revenue/margin recovery driven by the <a target="_blank" rel="noopener">International Entertainment (1009 HK)</a> convert purchase / Brazil expansion / South Africa license grant as upcoming catalysts.</li>
</ul>


DigiPlus Interactive (PLUS PM) clarified that online gambling by licensed operators is no longer under threat of a government ban (instead, they will target illegal operators: net positive).
Despite H2 2025 headwinds from platform delinks and MAU normalization, the company retains a strong cash fortress (₱23.4B), near-zero debt, and best-in-class operator economics.
The stock trades at 5.9x PE and 3.8x EV-EBITDA, with revenue/margin recovery driven by the International Entertainment (1009 HK) convert purchase / Brazil expansion / South Africa license grant as upcoming catalysts.


DigiPlus Interactive (PLUS PM): InvestPH Conference Meeting Highlights

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The PSEi is the main benchmark of the Philippine Stock Exchange comprising a fixed basket of 30 companies selected on the basis of market capitalization and liquidity thresholds.</li>
<li>In this insight, we look at the potential ADDs/DELs for the PSEi index for the February 2027 index rebal event.</li>
<li>We expect 3 changes based on latest data. However, the reference period is not complete yet and our expectations can change.</li>
</ul>


The PSEi is the main benchmark of the Philippine Stock Exchange comprising a fixed basket of 30 companies selected on the basis of market capitalization and liquidity thresholds.
In this insight, we look at the potential ADDs/DELs for the PSEi index for the February 2027 index rebal event.
We expect 3 changes based on latest data. However, the reference period is not complete yet and our expectations can change.


Quiddity Leaderboard PSEi Feb27 Rebal: First Review Under New Methodology; 3 ADDs/DELs Likely

Philippines

DigiPlus Interactive is a digital entertainment company operating in the Philippines, specializing in online and land-based gaming. The company offers a diverse portfolio of products including bingo, e-casino, specialty games, sports betting, and poker through platforms like BingoPlus, ArenaPlus, SpinPlus, and GameZone. Headquartered in Taguig City, Philippines, the company was founded in 1957.

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DigiPlus Interactive (PLUS PM)

Shortlist of High Conviction Philippines Equity Ideas - June 2025

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety, and updates.

Sameer Taneja