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

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<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> confirmed that the government is working with licensed operators to develop a legal framework to ensure responsible gaming/root out illegal gambling/player protection—final hearing this month(December). 
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<li>The company purchased a convertible bond for 1.6 billion HKD (205 million USD), giving it the right to acquire 53.89% of <a href="https://www.smartkarma.com/entities/international-entertainment" target="_blank" data-smartkarma-citation="entities:16536:1" rel="noopener">International Entertainment (1009 HK)</a>, lowering its GGR share. </li>
<li>The stock trades at 7x/5.5x FY25/26PE, based on our numbers, which assume a sequential quarterly recovery (normalized by Q2FY26 levels) as guided by management. </li>
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DigiPlus Interactive (PLUS PM) confirmed that the government is working with licensed operators to develop a legal framework to ensure responsible gaming/root out illegal gambling/player protection—final hearing this month(December). 

The company purchased a convertible bond for 1.6 billion HKD (205 million USD), giving it the right to acquire 53.89% of International Entertainment (1009 HK), lowering its GGR share. 
The stock trades at 7x/5.5x FY25/26PE, based on our numbers, which assume a sequential quarterly recovery (normalized by Q2FY26 levels) as guided by management. 


DigiPlus Interactive (PLUS PM) PSE Webinar Updates + Recent Acquisition - All Positives

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<li><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.</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>
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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

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<a href="https://smartkarma.com/entities/digiplus-interactive-corp">DigiPlus Interactive </a>is experiencing explosive growth in revenue and profitability, driven by its market-leading digital gaming platforms, BingoPlus and ArenaPlus, in the Philippines.</li>
 <li>Significant regulatory uncertainty clouds the company's future, with proposed legislation in the Philippines potentially banning or heavily restricting online gaming, which could severely impact its core business.</li>
 <li>Despite the regulatory overhang, the company maintains a strong balance sheet with a substantial cash position, enabling strategic initiatives such as a significant share buyback program and initial steps toward international expansion.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
DigiPlus Interactive is experiencing explosive growth in revenue and profitability, driven by its market-leading digital gaming platforms, BingoPlus and ArenaPlus, in the Philippines.
  Significant regulatory uncertainty clouds the company's future, with proposed legislation in the Philippines potentially banning or heavily restricting online gaming, which could severely impact its core business.
  Despite the regulatory overhang, the company maintains a strong balance sheet with a substantial cash position, enabling strategic initiatives such as a significant share buyback program and initial steps toward international expansion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: DigiPlus Interactive  (PLUS PM) - Nov 2025

<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

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<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

Philippines

DigiPlus Interactive Corp. provides gaming and leisure facilities. The Company offers multi-gaming platforms, numerous products, and games with a strong distribution network of entertainment facilities in neighborhood sites. DigiPlus Interactive serves customers in the Philippines.

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DigiPlus Interactive (PLUS PM)