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>Q1FY26 revenue/profit fell 25%/33% YoY to PHP 17.2B/2.8B, driven by the August 2025 delinking of e-wallet in-app access to licensed gaming platforms/ softer consumer spending.</li>
<li>Cash ended at PHP 20.5B, down PHP 2.9B QoQ, almost entirely explained by the PHP 5.9B first-tranche investment in IEC convertible notes; operating cash flow remained solid at PHP 3.9B.</li>
<li>At PHP 14.80, PLUS trades at 5.4x FY26e P/E and 3.7x EV/EBITDA on a net-cash balance sheet, with a 5.9% forward dividend yield, implying significant undervaluation.</li>
</ul>


Q1FY26 revenue/profit fell 25%/33% YoY to PHP 17.2B/2.8B, driven by the August 2025 delinking of e-wallet in-app access to licensed gaming platforms/ softer consumer spending.
Cash ended at PHP 20.5B, down PHP 2.9B QoQ, almost entirely explained by the PHP 5.9B first-tranche investment in IEC convertible notes; operating cash flow remained solid at PHP 3.9B.
At PHP 14.80, PLUS trades at 5.4x FY26e P/E and 3.7x EV/EBITDA on a net-cash balance sheet, with a 5.9% forward dividend yield, implying significant undervaluation.


DigiPlus Interactive Corp (PLUS PM) Q1FY26: Slow Recovery Underway

<ul>
<li><span><a target="_blank" rel="noopener">DigiPlus Interactive (PLUS PM)</a> reported revenue/profit of 0%/-52% YoY, reflecting a slowdown in revenue due to the e-wallet redirection policy taking effect in mid-August.</span></li>
<li>A&amp;P spends on billboards and events contracted for the full year are effectively fixed costs for the short term, resulting in a higher opex% of sales. </li>
<li>We expect these to normalize and for sales to recover, with PAGCOR announcing a sales recovery in late September/early October.  Stock trades at 8.5x/7.2x PE FY25e/26e.</li>
</ul>


DigiPlus Interactive (PLUS PM) reported revenue/profit of 0%/-52% YoY, reflecting a slowdown in revenue due to the e-wallet redirection policy taking effect in mid-August.
A&amp;P spends on billboards and events contracted for the full year are effectively fixed costs for the short term, resulting in a higher opex% of sales. 
We expect these to normalize and for sales to recover, with PAGCOR announcing a sales recovery in late September/early October.  Stock trades at 8.5x/7.2x PE FY25e/26e.


DigiPlus Interactive (PLUS PM) Q3 FY25: Rearview Mirror On Results, Recovery Underway

<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 focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.</li>
<li>Our focus turns to the Q3 FY25 earnings season, where we provide brief previews on the names we cover as they report earnings over the course of the month. </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.
Our focus turns to the Q3 FY25 earnings season, where we provide brief previews on the names we cover as they report earnings over the course of the month. 


Shortlist of High Conviction Philippines Equity Ideas - November 2025

Philippine Stock Exchange / Equity Bottom-Up

<ul>
<li>We established metrics focused on high ROCE, sustainable 10-15% YoY CAGR, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multibagger opportunities in the Philippines.</li>
<li>Our top picks are: <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, <a href="https://www.smartkarma.com/entities/keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">Keepers (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/international-container-terminal-services-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">International Container Terminal Services (ICT 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>
<li>With 3QFY26 earnings around the corner, we believe Philippine consumer discretionary stocks will be affected by inflationary concerns, but we still expect resilient margins.</li>
</ul>


We established metrics focused on high ROCE, sustainable 10-15% YoY CAGR, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multibagger opportunities in the Philippines.
Our top picks are: Ginebra San Miguel (GSMI PM), Keepers (KEEPR PM), International Container Terminal Services (ICT PM), and Philippine Stock Exchange (PSE PM) 
With 3QFY26 earnings around the corner, we believe Philippine consumer discretionary stocks will be affected by inflationary concerns, but we still expect resilient margins.


Shortlist of High Conviction Philippines Equity Ideas - October 2026

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>The 2025 vintage of "5 High Conviction Ideas" showed a positive return for all five picks.</li>
<li>Our best performer was <a href="https://www.smartkarma.com/entities/arras-minerals-corp-0103ceb3-3087-43a7-8e88-cf54392e4429" target="_blank" data-smartkarma-citation="entities:41542:1" rel="noopener">Arras Minerals (ARK CN)</a>, which was up +150%, closely followed by <a href="https://www.smartkarma.com/entities/solaris-resources-inc" target="_blank" data-smartkarma-citation="entities:40176:1" rel="noopener">Solaris Resources (SLS CN)</a>, which gained 139% for the year. </li>
<li>Our 2025 vintage was heavily copper-focused, our 2026 new favorite list is more diverse across sectors and regions.</li>
</ul>


The 2025 vintage of "5 High Conviction Ideas" showed a positive return for all five picks.
Our best performer was Arras Minerals (ARK CN), which was up +150%, closely followed by Solaris Resources (SLS CN), which gained 139% for the year. 
Our 2025 vintage was heavily copper-focused, our 2026 new favorite list is more diverse across sectors and regions.


Overview of My Winners and Losers in 2025...and 5 High Conviction Ideas Going Into 2026

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DigiPlus Interactive (PLUS PM)

DigiPlus Interactive Corp (PLUS PM) Q1FY26: Slow Recovery Underway

PH #1 digital gaming operator. Q1 FY26 miss on delink; fundamentals intact. Net cash PHP 20.5B, 5.9% fwd yield, 5.4x P/E, 3.7 EV/EBITDA with...

Sameer Taneja