Maybank cut its net profit forecast for Philippine online operator DigiPlus by 43–48% in a 5 October report. Analyst Raffy Mendoza now expects PHP 7.8 billion ($124.8 million) in 2026 and PHP 8.6 billion ($137.6 million) in 2027. Earnings per share will drop around 39% this year, reversing an earlier projection of 8% growth. The revision follows weak first-half results and macroeconomic pressure on player spending.
DigiPlus logged 5.75 million monthly active users across BingoPlus, ArenaPlus and GameZone in the second quarter, ahead of Maybank's 4.75 million estimate. But average spending per player came in at just PHP 805 ($12.88), well short of the forecast PHP 1,250 ($20). More users, less money: inflation and sluggish economic growth ate into disposable income. Revenue missed targets even as the base expanded.
Maybank trimmed its DigiPlus revenue outlook for 2026–2028 by 18–32%. The bank now sees PHP 65.4 billion ($1.05 billion) in 2026 and PHP 64.9 billion ($1.04 billion) in 2027 — top line essentially flat. The profit recovery is built on operational efficiency rather than revenue growth. The new model also factors in higher depreciation and a steeper tax rate.
For the market, the takeaway is clear: macro pressure trumps audience growth. If a player will log in but won't spend, the model breaks. Maybank sees upside in rising retention and ARPU, but flags tighter regulation and competition as downside risks.
