Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. 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 Analyst

DigiPlus (PLUS PM): PAGCOR Crackdown Drives De-Rating — But the Rules Change A Long-Term Positive

Shortlist of High Conviction Philippines Equity Ideas - May 2026

Shortlist of High Conviction Philippines Equity Ideas - June 2026

DigiPlus Interactive (PLUS PM): InvestPH Conference Meeting Highlights

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

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

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