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

Shortlist of High Conviction Philippines Equity Ideas - May 2026

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

DigiPlus Interactive (PLUS PM): InvestPH Conference Meeting Highlights

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

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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<li>
<a href="https://www.ggrasia.com/pagcors-new-limits-on-online-cash-rebates-and-cashback-positive-and-necessary-industry-expert" target="_blank" rel="noopener">PAGCOR</a> imposed a PHP 9M/month fee and capped promotional credits to offset GGR share payments, compressing margins and removing a key cashback mechanism, triggering a 23% de-rating to PHP 11.40.</li>
<li>
<strong>Promo cap and fee disproportionately hurt smaller operators</strong> who relied on aggressive promotional credits to offset PAGCOR share; PLUS, with its scale and brand, is better positioned to withstand this.</li>
<li>
<strong>At PHP 11.40, PLUS trades at 4.2x FY26e P/E and 2.6x EV/EBITDA with a 7.6% forward yield</strong>: near historic trough multiples on a PHP 19.8B net cash balance sheet.</li>
</ul>



PAGCOR imposed a PHP 9M/month fee and capped promotional credits to offset GGR share payments, compressing margins and removing a key cashback mechanism, triggering a 23% de-rating to PHP 11.40.

Promo cap and fee disproportionately hurt smaller operators who relied on aggressive promotional credits to offset PAGCOR share; PLUS, with its scale and brand, is better positioned to withstand this.

At PHP 11.40, PLUS trades at 4.2x FY26e P/E and 2.6x EV/EBITDA with a 7.6% forward yield: near historic trough multiples on a PHP 19.8B net cash balance sheet.


DigiPlus（PLUS PM）：PAGCORの取り締まりが格下げにつながるも、ルール変更は長期的にはプラスに働く